Kotak Mahindra Q4 Results 2022: 65% jump in standalone net profit at Rs 2,767 crore in March quarter; company proposes Rs 1.10 dividend

Kotak Mahindra Bank on Wednesday reported a 65 percent increase in standalone net profit of Rs 2,767.40 crore in the three months ended March 2022, as per PTI reported.

In the same quarter of the previous fiscal year, the private sector lender earned a net profit of Rs 1,682.37 crore.

According to a regulatory filing, the bank's overall income for the January-March quarter increased to Rs 8,892.26 crore, up from Rs 7,953.12 crore in the previous quarter, said PTI.

The lender's net profit increased by 23.1 percent to Rs 8,572.69 crore in FY22, compared to Rs 6,964.84 crore the previous year.

According to PTI, during the same year, total income increased to Rs 33,393.17 crore from Rs 31,846.79 crore.

In terms of asset quality, gross non-performing assets (NPAs) dropped to 2.34 percent of gross advances in March 2022, down from 3.25 percent in March 2021.

In value terms, the gross NPAs stood at Rs 6,469.74 crore as against Rs 7,425.51 crore, said PTI.

Similarly, net NPAs fell from 1.21 percent (Rs 2,705.17 crore) to 0.64 percent (Rs 1,736.71 crore).

In the fourth quarter of the previous fiscal, the net profit jumped 50.3 percent to Rs 3,891.82 crore on a consolidated basis. In the previous year, the figure was Rs 2,589.32 crore, PTI said.

In the three months ended March, consolidated total income increased to Rs 16,794.19 crore, up from Rs 15,725.03 crore a year ago.

According to PTI, the board of directors of Kotak Mahindra Bank has recommended a dividend of Rs 1.10 per equity share from the bank's net profits for the year ending March 31, 2022, subject to approval by the bank's members at the bank's next Annual General Meeting.

In the afternoon session on the BSE, shares of the lender climbed over 2% to Rs 1,807.70.