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Kotak Mahindra Bank Q4 Profit Rises 14% To Rs 2,038 Cr

Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period.

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Kotak Mahindra Bank on Tuesday reported 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19.

The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year.

Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing. Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore.

Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018. Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago.

The bank's board at a meeting held on Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19. The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said. Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on Bombay Stock Exchange (BSE).

(PTI)


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