Kotak Mahindra Bank Q4 profit down 4% to Rs 1,952 cr

Kotak Mahindra Bank reported 4 per cent decline in consolidated net profit at Rs 1,951.82 crore for the fourth quarter ended March 2020 due to COVID-19 related provisions.

The private sector lender clocked a profit of Rs 2,038.27 crore in the same quarter of the previous financial year.

Total income declined to Rs 12,084.71 crore during the latest quarter, down from Rs 13,823.33 crore in the year-ago period, the bank said in statement.

During the quarter, the standalone profit also came down by 10 per cent to Rs 1,267 crore as compared to Rs 1,408 crore in the same period a year ago.

However, total income grew to Rs 8,294.07 crore as against Rs 7,672.56 crore in the year-ago period.

Gross non-performing assets (NPAs) or bad loans of the lender were 2.25 per cent of the gross loans as on March 31, 2020, slightly up from 2.14 per cent at March-end 2019.

However, net NPAs were marginally down at 0.71 per cent from 0.75 per cent a year ago.

 

Asianet.in/ Desk: Asianet Online