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  • Corporate Results - Detailed News
Kotak Mahindra Bank
23-Jul-19   09:41 Hrs IST
Kotak Mahindra Bank (KMB), on a standalone basis, reported robust 33% growth in Net Profit to Rs 1360.20 crore in the quarter ended June 2019 (Q1FY2020) over the corresponding quarter of last year. The bank has maintained stable asset quality, while further improved its net interest margins (NIMs) in Q1FY2020. NIMs of the bank have improved to 4.49% in Q1FY2020 compared with 4.48% in the previous quarter and 4.28% in the corresponding quarter last year.

The cost-to-income rate has improved to 46.43% in Q1FY2020 from 47.15% in the previous quarter, while it rose from 45.76% in the corresponding quarter last year. The credit cost (NPA provisions as an annualized percentage of loans) declined to 0.52% in Q1FY2020 from 0.59% in Q1FY2019. However, the bank exhibited some moderation in loan growth to 18% at end June 2019. The business growth of the bank was steady at to 20% at end June 2019.

On consolidated front, the bank has reported 23% growth in the Net Profit to Rs 1932.21 crore for the quarter ended June 2019, up from Rs 1574.48 crore in the quarter ended June 2018. NII increased 22% to Rs 4159.12 crore, while other income moved up 27% to Rs 3815.37 crore. The operating profit improved 16% to Rs 3263.38 crore in the quarter ended June 2019. Provisions and contingencies declined 30% to Rs 350.22 crore, while the effective tax rate was marginally higher at 33.86% in Q1FY2020, compared with 33.3% in Q1FY2019.

Asset quality stable: The bank has maintained stable the asset quality on consolidated as well as standalone basis, in the quarter ended June 2019.

  • On standalone basis, GNPA ratio was stable at 2.19% and NNPA ratio at 0.73% at end June 2019.
  • The SMA-2 category loans of the bank increased to Rs 332 crore at end June 2019 from Rs 138 crore a quarter ago and Rs 189 crore a year ago.
  • Capital Adequacy ratio under Basel III including profits stood at 17.80% with the Tier I of 17.30% at end June 2019.
  • The bank has improved provision coverage ratio of 67.0% end June 2019.
Standalone Asset Quality Indicators: Kotak Mahindra Bank
Jun-19Mar-19Dec-18Sep-18Jun-18Variation
QoQYoY
Gross NPA (Rs Crore)4613.524467.944128.684033.073899.45318
Net NPA (Rs Crore)1524.381544.371397.271500.761527.14-10
% Gross NPA2.192.142.072.152.1752
% Net NPA0.730.750.710.810.86-2-13
% PCR67.065.466.262.860.8160620
% CRAR - Basel III17.8017.4517.0417.0417.76354
% CRAR - Tier I - Basel III17.3016.9016.4016.4017.104020
Variation in basis points for figures given in percentages and in % for figures in Rs crore

Consolidated Asset Quality Indicators: Kotak Mahindra Bank
Jun-19Mar-19Dec-18Sep-18Jun-18Variation
QoQYoY
Gross NPA (Rs Crore)5020.644789.234458.104302.174163.65521
Net NPA (Rs Crore)1732.831695.821554.191617.661637.2426
% Gross NPA2.021.941.891.911.9389
% Net NPA0.710.700.670.730.771-6
% CRAR - Basel III18.4017.9017.0017.6017.765064
% CRAR - Tier I - Basel III17.9017.4016.6017.0017.405050
Variation in basis points for figures given in percentages and in % for figures in Rs crore

Business Highlights:

Standalone Business Highlights

The business level of the bank increased 20% yoy to Rs 440961 crore at end June 2019. The deposits moved up 23% to Rs 232931 crore, while advances increased 18% to Rs 208030 crore at end June 2019. The credit-deposit ratio eased to 89.31% at end June 2019 from 91.06% a quarter ago.

Home loans & LAP loans increased 24%, while small business and personal loans also increased 29% at end June 2019 over June 2018. The commercial vehicle & construction equipment (CV&CE) loan increased 24% and agriculture loans 22%, while corporate and business banking loan rose 7% end June 2019 over June 2018.

The CASA deposits ratio of the bank was healthy at 50.71% at end June 2019 compared with 52.50% a quarter ago and 50.26% a year ago. The cost of saving account deposits declined to at 5.51% at end June 2019.

The bank has added 3 branches and 42 ATMs in the quarter ended June 2019. The branch and ATMs network of the bank stood at 1503 branches and 2394 ATMs at end June 2019.

Book Value per share of the bank stood at Rs 231.9 per share at end June 2019. Adjusted book value (net of NNPA) stood at Rs 224.0 per share at end June 2019.

Consolidated Business Highlights

Total assets of the bank increased 16% to Rs 398665 crore at end June 2019. Consolidated Advances increased 15% to Rs 244990 crore at end June 2019. The NIM improved to 4.44% in Q1FY2020 from and 4.23% in the corresponding quarter last year.

Book Value per share stood at Rs 315.4 per share at end June 2019, while adjusted book value (net of NNPA) stood at Rs 306.4 per share at end June 2019.

Consolidated Quarterly Performance:

On the consolidated front, the bank has reported 23% increase in the net profit at Rs 1932.21 crore, with the NII growth of 22% to Rs 4159.12 crore in the quarter ended June 2019. Non-interest income increased 27% to Rs 3815.37 crore and net total income moved up 25% to Rs 7974.49 crore in the quarter ended June 2019. The expense ratio was higher at 59.1% and tax rate at 33.9% in the quarter ended June 2019.

Kotak Prime has reported 10% yoy improvement in the net total income at Rs 362 crore for Q1FY2020, while net profits increased 10% to Rs 153 crore. Total customer assets declined 1% yoy to Rs 27749 crore at end June 2019. Car advances constituting 70.5% of the total customer assets fell 4% to Rs 19554 crore. Asset quality has deteriorated with %NNPA rising to 0.54% at end June 2019 from 0.39% at end June 2018.

Kotak Mahindra Life Insurance has reported 42% increase in the gross premium collection to Rs 1640 crore in Q1FY2020. PAT increased 15% to Rs 134 crore in Q1FY2020. Solvency ratio eased to 3.02% in Q1FY2020 against 3.11% in Q1FY2019.

Kotak Securities has reported PAT at Rs 110 crore in Q1FY2020, exhibiting 15% declined from Rs 130 crore in Q1FY2019. Total income fell 1% to Rs 411 crore. Market share was flat at 1.7% at end June 2019 over a year ago level.

Kotak Mahindra Capital has reported a net profit of Rs 45 crore, against Rs 25 crore in the corresponding quarter last year. Total income of the company jumped 66% to Rs 93 crore. AUM increased 19% to Rs 236798 crore at end June 2019 over June 2018.

Kotak Mahindra AMC and Trustee Co reported 25% surge in Average AUM at Rs 161339 crore in the quarter ended June 2019. The net profit of the company jumped 43% to Rs 73 crore in Q1FY2020.

Standalone Annual Financial Performance:

For the year ended March 2019 (FY2019), the bank posted 19% jump in the net profit to Rs 4865.33 crore. The net interest income increased 18% to Rs 11258.96 crore, while the non-interest income improved 14% to Rs 4604.03 crore in FY2019. Expense ratio was flat at 47.4% in FY2019 compared to 47.3% in FY2018. The provision and contingencies rose 2% to Rs 962.39 crore FY2019. The profit before tax jumped 19% to Rs 7385.79 crore in FY2019. The effective tax rate was marginally lower at 34.1% in FY2019 compared to 34.3% in FY2018. Net profit surged 19% to Rs 4865.33 crore in FY2019.

Consolidated Annual Financial Performance:

For the year ended March 2019 (FY2019), the bank posted 16% increase in the net profit to Rs 7204.13 crore. The net interest income improved 16% to Rs 14748.15 crore, while non-interest income jumped 17% to Rs 15968.60 crore in FY2019. Expense ratio was higher at 62.2% in FY2019 compared to 61.2% in FY2018. The provision and contingencies rose 2% to Rs 1045.36 crore in FY2019. The profit before tax improved 15% to Rs 10575.72 crore in FY2019. The effective tax rate was slightly lower at 32.7% in FY2019 compared to 32.9% in FY2018. The net profit increased 16% to Rs 7204.13 crore in FY2019.

Kotak Mahindra Bank: Standalone Financial Results

 

Particulars1906 (3)1806 (3)Var %1903 (12)1803 (12)Var %
Interest Earned6639.885479.702123943.2119748.4921
Interest Expended3466.842896.802012684.2510216.8124
Net Interest Income3173.042582.902311258.969531.6818
Other Income1304.731164.59124604.034052.2114
Net Total Income4477.773747.491915862.9913583.8917
Operating Expenses2078.851714.96217514.816425.7217
Operating Profits2398.922032.53188348.187158.1717
Provisions & Contingencies316.76469.63-33962.39939.952
Profit Before Tax2082.161562.90337385.796218.2219
Provision for Tax721.96537.96342520.462133.9218
PAT1360.201024.94334865.334084.3019
EPS*(Rs)28.4921.4725.4821.39
* Annualized on current equity of Rs 954.74 crore. Face Value: Rs 5 , Figures in Rs crore,
Source: Capitaline Corporate Database

Kotak Mahindra Bank: Consolidated Financial Results

 

Particulars1906 (3)1806 (3)Var %1903 (12)1803 (12)Var %
Interest Earned8314.196903.372029934.7625131.0819
Interest Expended4155.073498.651915186.6112466.8522
Net Interest Income4159.123404.722214748.1512664.2316
Other Income3815.373000.192715968.6013592.5917
Net Total Income7974.496404.912530716.7526256.8217
Operating Expenses4711.113590.013119095.6716073.8519
Operating Profits3263.382814.901611621.0810182.9714
Provisions & Contingencies350.22498.98-301045.361024.742
Profit Before Tax2913.162315.922610575.729158.2315
Provision for Tax986.31771.35283456.023011.0915
PAT Before Minority Interest1926.851544.57257119.706147.1416
Share of minority interest 0.000.00-0.0056.67-
Share in profits of associates 5.3629.91-8284.43110.50-24
PAT1932.211574.48237204.136200.9716
EPS*(Rs)40.4832.9837.7332.47
* Annualized on current equity of Rs 954.74 crore. Face Value: Rs 5 , Figures in Rs crore,
Source: Capitaline Corporate Database

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