Private sector Kotak Mahindra Bank’s standalone net profit rose 65 per cent to Rs 2,767.40 crore for the quarter ended March 2022. The bank gave this information on Wednesday. The private sector bank had posted a net profit of Rs 1,682.37 crore in the same quarter of the previous financial year.
Along with this, the Board of Directors of Kotak Mahindra Bank has recommended a dividend of Rs 1.10 per equity share out of net profit for the financial year ended March 31, 2022. The approval of the members will be taken in the annual general meeting of the bank.
Income earned: The bank’s net income on a standalone basis rose to Rs 8,892.26 crore during the January-March quarter as against Rs 7,953.12 crore in the year-ago period.
Year-round: Kotak Bank’s net profit for the full financial year 2021-22 rose 23.1 per cent to Rs 8,572.69 crore from Rs 6,964.84 crore in the previous fiscal. The total income of the bank increased from Rs 31,846.79 crore to Rs 33,393.17 crore during the financial year.
On the asset quality front, the total non-performing assets (NPAs) stood at 2.34 per cent of total advances as of March, 2022 from 3.25 per cent as of March, 2021. In value terms, the total NPAs stood at Rs 6,469.74 crore as against Rs 7,425.51 crore earlier.