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    500247   INE237A01028

KOTAK MAHINDRA BANK LIMITED

(500247)
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Kotak Mahindra Bank : Financial Results Q1 FY22

07/27/2021 | 05:20am EDT

MEDIA RELEASE

KOTAK MAHINDRA BANK ANNOUNCES RESULTS

Kotak Mahindra Bank Standalone PAT for Q1FY22 Rs. 1,642 crore, up 32% yoy

Mumbai, 26th July, 2021: The Board of Directors of Kotak Mahindra Bank ("the Bank") approved the unaudited standalone and consolidated results for Q1FY22, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

The Bank's PAT for Q1FY22 increased to Rs. 1,642 crore from Rs. 1,244 crore in Q1FY21, up 32%

Net Interest Income (NII) for Q1FY22 increased to Rs. 3,942 crore, from Rs. 3,724 crore in Q1FY21, up 6%. Net Interest Margin (NIM) for Q1FY22 was at 4.60%.

Operating profit for Q1FY22 was Rs. 3,121 crore, up 19% from Rs. 2,624 crore in Q1FY21.

CASA ratio as at June 30, 2021 stood at 60.2% compared to 56.7 % as at June 30, 2020.

Average Current Account deposits grew by 28% to Rs. 46,341 crore for Q1FY22 compared to Rs. 36,066 crore for Q1FY21. Average Savings deposits grew by 10% to Rs. 116,218 crore for Q1FY22 compared to Rs. 105,673 crore for Q1FY21. Average TD Sweep grew by 24% to Rs. 22,208 crore for Q1FY22 compared to Rs. 17,846 crore for Q1FY21.

CASA and TDs below Rs. 5 crore as at June 30, 2021, constituted 92% of total deposits (90 % as at June 30, 2020). TD Sweep deposits as at June 30, 2021 were 8.0% of total deposits (7.2% as at June 30, 2020).

Customer Assets (Advances and Credit substitutes) were Rs. 235,358 crore as at June 30, 2021 compared to Rs. 216,819 crore as at June 30, 2020. Advances as at June 30, 2021 were Rs. 217,465 crore compared to Rs. 203,998 crore as at June 30, 2020.

COVID related provisions as at June 30, 2021 were maintained at Rs. 1,279 crore. In accordance with the Resolution Framework for COVID-19 and MSME announced by RBI, the Bank has implemented total restructuring of Rs. 552 crore as at June 30, 2021.

As at June 30, 2021, GNPA was 3.56% & NNPA was 1.28%. Credit cost on advances was 133 bps (annualized) for Q1FY22 (84 bps for FY21, excl COVID-19 provision).

Capital adequacy ratio of the Bank as per Basel III as at June 30, 2021 was 23.1% and Tier I ratio was 22.2%.

Consolidated results at a glance

Consolidated PAT for Q1FY22 was Rs. 1,806 crore (Rs. 1,853 crore in Q1FY21).

The second wave of COVID 19 has resulted in Kotak Mahindra Life Insurance receiving a significant number of death claims in Q1FY22. The increased claims reported and extra mortality related provisioning has resulted in a net loss on shareholders' account for the quarter ended 30th June, 2021 of Rs 243 crore (Post tax profit for Q1FY21: Rs. 161 crore).

The contribution of other key subsidiaries is given below:

Subsidiaries PAT (Rs. crore)

Q1FY22

Q1FY21

Kotak Securities

236

169

Kotak Asset Management & Trustee Company

107

71

Kotak Mahindra Prime

79

68

Kotak Mahindra Investments

71

43

Kotak Mahindra Capital Company

42

6

Consolidated Capital and Reserves & Surplus as at June 30, 2021 was Rs. 86,768 crore (Rs. 76,443 crore as at June 30, 2020). The Book Value per Share was Rs. 435.

Consolidated Customer Assets were Rs. 264,013 crore as at June 30, 2021 compared to Rs. 245,167 crore as at June 30, 2020.

Total assets managed / advised by the Group as at June 30, 2021 were Rs. 343,708 crore up 32% over Rs. 259,781 crore as at June 30, 2020.

The Relationship Value of the customers of Wealth, Priority Banking and Investment Advisory was Rs. 404,000 crore as at June 30, 2021 up 43% from Rs. 282,000 crore as at June 30, 2020.

The financial results of the subsidiaries and associates used for preparation of the consolidated financial results are in accordance with Generally Accepted Accounting Principles in India ('GAAP') specified under Section 133 and relevant provision of Companies Act, 2013. The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 30th June, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, please visit the Company's website at https://www.kotak.com

For further information, please contact

Phiroza Choksi

Sakshi Denis

Rakesh Sharma

Himadri Buch

Kotak Mahindra Bank

Kotak Mahindra Bank

Fortuna PR

Fortuna PR

Phone: +91-98203 63681

Phone: +91 70454 74287

Mobile: +91 98335 37679

Mobile: +91 98203 46715

Phiroza.Choksi@kotak.com

Sakshi.Denis@kotak.com

Rakesh@fortunapr.com

Himadri@fortunapr.com

KOTAK MAHINDRA BANK LIMITED (CONSOLIDATED)

Registered Office: 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021

₹ crore

Quarter ended

Year ended

Sr

Particulars

30-Jun-21

31-Mar-21

30-Jun-20

31-Mar-21

No

(Audited)

(Unaudited)

(Unaudited)

(Audited)

Refer Note 4

1

Interest earned (a+b+c+d)

8,042.82

7,951.77

8,421.69

32,819.83

(a) Interest/discount on advances/bills

5,315.13

5,147.70

5,773.27

21,620.53

(b) Income on investments

2,395.20

2,380.50

2,064.37

9,274.97

(c) Interest on balances with RBI & other

202.29

302.38

478.89

1,480.91

interbank funds

(d) Others

130.20

121.19

105.16

443.42

2

Other income (a+b+c)

4,756.77

8,224.10

3,901.46

23,883.90

(a) Profit/(Loss) on sale of investments

900.82

630.13

1,382.67

4,525.91

including revaluation (insurance business)

(b) Premium on Insurance Business

1,690.20

4,939.82

1,246.56

11,367.40

(c) Other income (Refer Notes 5, 6 & 7)

2,165.75

2,654.15

1,272.23

7,990.59

3

Total income (1+2)

12,799.59

16,175.87

12,323.15

56,703.73

4

Interest expended

2,850.72

2,932.54

3,628.24

12,966.55

5

Operating expenses (a+b+c)

6,342.83

8,664.99

5,140.25

27,309.15

(a) Employees Cost

1,593.37

1,438.18

1,384.32

5,855.70

(b) Policy holders' reserves, surrender expense

3,062.40

5,160.14

2,542.12

15,037.37

and claims (Refer Note 15)

(c) Other operating expenses (Refer Note 6 and

1,687.06

2,066.67

1,213.81

6,416.08

8)

6

Total expenditure (4+5)

9,193.55

11,597.53

8,768.49

40,275.70

(excluding provisions and contingencies)

7

Operating Profit (3-6)

3,606.04

4,578.34

3,554.66

16,428.03

(Profit before provisions and contingencies)

8

Provisions (other than tax) and contingencies

1,086.65

1,214.80

1,119.33

3,259.69

(Refer Note 9)

9

Exceptional items

-

-

-

-

10

Profit from ordinary activities before tax

2,519.39

3,363.54

2,435.33

13,168.34

(7-8-9)

11

Tax expense

724.60

810.28

594.89

3,265.44

12

Net Profit from ordinary activities after tax

1,794.79

2,553.26

1,840.44

9,902.90

before Minority Interest (10-11)

13

Extraordinary items (net of tax expense)

-

-

-

-

14

Net Profit after tax before Minority

1,794.79

2,553.26

1,840.44

9,902.90

Interest (12 -13)

15

Less: Share of Minority Interest

-

-

-

-

16

Add: Share in Profit/(Loss) of associates

11.30

36.06

12.15

87.30

17

Profit after tax (14-15+16)

1,806.09

2,589.32

1,852.59

9,990.20

18

Paid Up Equity Capital - (Face value of 5

991.34

990.92

989.40

990.92

per share)

19

Group Reserves (excluding Minority Interest

83,345.53

and Revaluation reserves)

20

Minority Interest

-

21

Analytical Ratios

(i) Capital Adequacy ratio - Basel III

23.11

22.26

21.23

22.26

(standalone)

(ii) Earnings per equity share

- Basic (not annualised)

9.11

12.87

9.57

50.53

- Diluted (not annualised)

9.11

12.86

9.56

50.49

(iii) NPA Ratios (unaudited)

(a) Gross NPA

8,998.55

8,276.29

6,292.55

8,276.29

(b) Net NPA

3,294.86

3,105.50

2,065.28

3,105.50

(c) % of Gross NPA to Gross Advances

3.58

3.22

2.67

3.22

(d) % of Net NPA to Net Advances

1.34

1.23

0.89

1.23

(iv) Return on average Assets (not annualised)

0.37

0.54

0.41

2.16

NOTES:

  1. The consolidated financial results are prepared in accordance with Accounting Standard - 21 (AS-21) "Consolidated
    Financial Statements" and Accounting Standard - 23 (AS-23) "Accounting for investment in associates in Consolidated
    Financial Statements" specified under section 133 and relevant provisions of Companies Act, 2013.
  2. The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with
    Generally Accepted Accounting Principles in India ('GAAP') specified under Section 133 and relevant provision of Companies
    Act, 2013.
  3. The consolidated financial results for quarter ended 30th June, 2021 were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 26th July, 2021. These results were subjected to limited review by the statutory auditors of the Bank and there are no modifications in the Limited Review Report.
  4. The figures of the quarter ended 31st March, 2021 are the balancing figures between audited published figures for financial year ended 31st March, 2021 and the unaudited published figures for nine months ended 31st December, 2020.
  5. Details of other income forming part of the consolidated results are as follows:
    • crore

Quarter ended

Year ended

Particulars

30-Jun-21

31-Mar-21

30-Jun-20

31-Mar-21

(Audited)

(Unaudited)

(Unaudited)

(Audited)

Refer Note 4

Commission, fees, exchange,

2,100.67

2,472.85

1,152.85

7,341.78

brokerage and others

Profit on sale of investments

65.08

181.30

119.38

648.81

(other than insurance business)

Total - Other income

2,165.75

2,654.15

1,272.23

7,990.59

  1. Other income in the consolidated results for the reporting periods is net of sub-brokerage paid in the broking subsidiary amounting to ₹ 34.97 crore for the quarter ended 30th June, 2021 ( 35.87 crore for the quarter ended 31st March, 2021, ₹
    20.57 crore for the quarter ended 30th June, 2020 and 111.04 crore for the year ended 31st March, 2021).
  2. Other income includes non-fund based income such as commission earned from guarantees / letters of credit, financial advisory fees, selling of third party products, earnings from foreign exchange transactions and profit / loss from the sale of securities.
  3. Details of other operating expenditure forming part of consolidated results are as follows:
    • crore

Quarter ended

Year ended

Particulars

30-Jun-21

31-Mar-21

30-Jun-20

31-Mar-21

(Audited)

(Unaudited)

(Unaudited)

(Audited)

Refer Note 4

Brokerage

97.90

222.02

53.59

532.91

Depreciation

112.47

115.66

113.37

461.05

Rent, taxes and lighting

194.50

192.65

190.71

770.12

Others

1,282.19

1,536.34

856.14

4,652.00

Total - Other operating expenses

1,687.06

2,066.67

1,213.81

6,416.08

9. Provisions and contingencies are net of recoveries made against accounts, which have been written off as bad in the previous period / year. Details of Provisions (other than tax) and contingencies forming part of consolidated results are as follows:

  • crore

Quarter ended

Year ended

Particulars

30-Jun-21

31-Mar-21

30-Jun-20

31-Mar-21

(Unaudited)

(Audited)

(Unaudited)

(Audited)

Refer Note 4

Provision towards advances / others

(including provisions for exposures to

881.07

759.85

484.35

2,198.02

entities with Unhedged Foreign Currency

Exposures) (Refer Note 13) (net)

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Kotak Mahindra Bank Limited published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 09:19:02 UTC.


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