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Kotak Mahindra Bank’s June-End Quarter Profit Rises To Rs 1,642 Crore

Kotak Mahindra Bank's June-End Quarter Profit Rises To Rs 1,642 Crore

Kotak Mahindra Bank’s web revenue for first quarter of present fiscal went up by 32 per cent

Kotak Mahindra Bank on Monday recorded a leap of 32 per cent in its web revenue for the primary quarter of 2021-22 because it stood at Rs 1,642 crore from Rs 1,244 crore throughout the corresponding interval of final yr.

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The non-public lender’s web curiosity revenue additionally went up 6 per cent to Rs 3,942 crore in June-end quarter of the present fiscal from Rs 3,724 crore within the corresponding interval of the earlier fiscal.

Its working revenue for the primary quarter of 2021-22 was Rs 3,121 crore, up from Rs 2,624 crore.

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The financial institution’s present account deposits grew by 28 per cent to Rs 46,341 throughout the June-end quarter of the present monetary yr, as towards Rs 36,066 crore for the corresponding interval 2020-21.

Kotak Mahindra Bank’s Covid-related provisions as on June 30 had been maintained at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 introduced by the Reserve Bank of India, the non-public lender mentioned it has applied complete restructuring of Rs 552 crore to this point.

As at June 30, gross non-performing property had been 3.56 per cent and web non-performing property had been 1.28 per cent. 

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