New Delhi (Anish Yande): Kotak Mahindra Bank announced its results for the quarter ended March 2021. Shares of the private sector lender had closed at Rs 1,748.80 per share on April 30 ahead of the Q4 results.
Shares of Kotak Mahindra Bank surged to an intraday high of Rs 1,759.00 per share after opening at Rs 1,735.00 per share. The shares declined to an intraday low of Rs 1,685.00 per share later in the day.
Kotak Mahindra Bank March quarter results:
Kotak Mahindra Bank reported a consolidated net profit of Rs 1,905 crore in the March quarter of FY20. The consolidated net profit of the private sector lender grew to Rs 2,589 crore in the quarter ended March 31, 2021. The bank's consolidated net profit grew by 36 percent YoY.
Deposits of the bank rose by 6.6 percent year-on-year to Rs 2.8 lakh crore in March quarter 2021.
In the quarter ended on March 2020, Reliance Industries Ltd's standalone net profit was recorded at Rs 1,267 crore. The standalone net profit rose to Rs 1,682 crore, at an increase of 33 percent on a year-on-year basis.
Net interest income of Kotak Mahindra Bank rises 8% YoY:
Net interest income of Kotak Mahindra Bank rose to Rs 3,842.81 crore in the quarter ended March 2021. The NII has recorded at Rs 3,560 crore in Q4FY20. The bank's NII increased by 8 percent as compared to the same quarter a year ago.
Other income of the private sector lender rose by 31 percent to Rs 1,949 crore as compared to Rs 1,489 crore in the corresponding period in the previous financial year.
The loan book of the Kotak Mahindra Bank rose to Rs 2.23 trillion at the end of March 31, 2021, increasing by 4.5 percent as compared to the previous fiscal. The loan book of the lender was at Rs 2.19 trillion in the March 2020 quarter.
In the financial year FY21, Kotak Mahindra Bank's profit rose to Rs 6,965 crore, a growth of 17.1 percent. The net interest income of the private sector lender increased to Rs 15,340 crore, at an increase of 13.6 percent as compared to the previous fiscal.
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