MEDIA RELEASE
KOTAK MAHINDRA BANK ANNOUNCES RESULTS
Kotak Mahindra Bank Standalone PAT for Q2FY22 ` 2,032 crore, up 24% qoq
Consolidated PAT for Q2FY22 ` 2,989 crore, up 65% qoq
Mumbai, 26th October, 2021: The Board of Directors of Kotak Mahindra Bank ("the Bank") approved the unaudited standalone and consolidated results for Q2FY22, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
Net Interest Income (NII) for Q2FY22 increased to ` 4,021 crore, from ` 3,897 crore in Q2FY21, up 3%. Net Interest Margin (NIM) for Q2FY22 was at 4.45%.
Net Total Income for Q2FY22 was ` 5,833 crore, up 9% from ` 5,330 crore in Q2FY21. Operating profit for Q2FY22 was ` 3,120 crore, from ` 3,262 crore in Q2FY21.
The Bank's PAT for Q2FY22 increased to ` 2,032 crore, up 24% from ` 1,642 crore for Q1FY22 (` 2,184 crore for Q2FY21).
Customer Assets, which includes Advances and Credit substitutes, increased by 17% to ` 256,353 crore as at September 30, 2021 from ` 218,790 crore as at September 30, 2020 (` 235,358 crore as at June 30, 2021). Advances increased by 15% to ` 234,965 crore as at September 30, 2021 from ` 204,845 crore as at September 30, 2020 (` 217,465 crore as at June 30, 2021).
CASA ratio as at September 30, 2021 stood at 60.6% compared to 57.1% as at September 30, 2020.
Current Account deposits grew by 32% to ` 53,280 crore as at September 30, 2021 from ` 40,454 crore as at September 30, 2020. Savings deposits grew by 13% to ` 123,479 crore as at September 30, 2021 from ` 108,990 crore as at September 30, 2020. TD Sweep grew by 20% to ` 24,151 crore as at September 30, 2021 from ` 20,184 crore as at September 30, 2020.
TD Sweep deposits as at September 30, 2021 were 8.3% of total deposits (7.7% as at September 30, 2020).
COVID related provisions as at September 30, 2021 were maintained at ` 1,279 crore. In accordance with the Resolution Framework for COVID-19 related stress of Individuals and Small Businesses, announced by RBI, the Bank has implemented total restructuring of ` 495 crore (0.21% of Advances) as at September 30, 2021. In addition, in accordance with the Resolution Framework for COVID-19 related stress of MSMEs, announced by RBI, the Bank has implemented total restructuring of ` 767 crore (0.33% of Advances) as at September 30, 2021.
As at September 30, 2021, GNPA was 3.19% & NNPA was 1.06%. Credit cost on advances was 63 bps (annualized) for Q2FY22 (133 bps for Q1FY22).
Capital adequacy ratio of the Bank as per Basel III as at September 30, 2021 was 21.8% and Tier I ratio was 20.8%.
Consolidated results at a glance
Consolidated PAT for Q2FY22 was ` 2,989 crore, up 65% from ` 1,806 crore for Q1FY22 (` 2,947 crore for Q2FY21).
For Q2FY22, the Bank's contribution to the consolidated PAT was ` 2,032 crore. The subsidiaries & associates net contribution was 32% of the consolidated PAT
The contribution of other key subsidiaries is given below:
Subsidiaries PAT (` crore) | Q2FY22 | Q2FY21 |
Kotak Securities | 243 | 199 |
Kotak Mahindra Prime | 240 | 133 |
Kotak Mahindra Life Insurance | 155 | 171 |
Kotak Asset Management & Trustee Company | 97 | 84 |
Kotak Mahindra Investments | 89 | 74 |
Kotak Mahindra Capital Company | 58 | 14 |
AUM (Policyholders') of Kotak Mahindra Life Insurance as on September 30, 2021 grew 31% yoy to ` 47,246 crore.
Consolidated Capital and Reserves & Surplus as at September 30, 2021 was ` 89,627 crore (` 79,389 crore as at September 30, 2020). The Book Value per Share was ` 449.
Consolidated Customer Assets grew by 16% from ` 247,432 crore as at September 30, 2020 to ` 287,831 crore as at September 30, 2021.
Total assets managed / advised by the Group as at September 30, 2021 were ` 381,058 crore up 40% over ` 271,769 crore as at September 30, 2020.
The Relationship Value of the customers of Wealth, Priority Banking and Investment Advisory was ~ ` 4,63,000 crore as at September 30, 2021 up 54% from ~ ` 3,00,000 crore as at September 30, 2020.
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 the 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.
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 September, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,622 branches and 2,601 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 AND HALF YEAR ENDED 30TH SEPTEMBER, 2021
₹ crore | |||||||
Sr | Quarter ended | Half year ended | Year ended | ||||
Particulars | 30-Sep-21 | 30-Jun-21 | 30-Sep-20 | 30-Sep-21 | 30-Sep-20 | 31-Mar-21 | |
No | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
1 | Interest earned (a+b+c+d) | 8,225.63 | 8,042.82 | 8,312.79 | 16,268.45 | 16,734.48 | 32,819.83 |
(a) Interest/discount on | 5,373.40 | 5,315.13 | 5,448.51 | 10,688.53 | 11,221.78 | 21,620.53 | |
advances/bills | |||||||
(b) Income on investments | 2,450.41 | 2,395.20 | 2,419.14 | 4,845.61 | 4,483.51 | 9,274.97 | |
(c) Interest on balances with | 278.66 | 202.29 | 334.04 | 480.95 | 812.93 | 1,480.91 | |
RBI & other interbank funds | |||||||
(d) Others | 123.16 | 130.20 | 111.10 | 253.36 | 216.26 | 443.42 |
2 | Other income (a+b+c) | 7,116.02 | 4,528.00 | 5,235.54 | 11,644.02 | 9,165.94 | 23,476.64 |
(a) Profit/(Loss) on sale of | |||||||
investments including | 1,413.13 | 901.16 | 681.65 | 2,314.29 | 2,079.57 | 4,536.89 | |
revaluation (insurance | |||||||
business) | |||||||
(b) Premium on Insurance | 2,981.55 | 1,690.20 | 2,468.07 | 4,671.75 | 3,714.63 | 11,367.40 | |
Business | |||||||
(c) Other income | 2,721.34 | 1,936.64 | 2,085.82 | 4,657.98 | 3,371.74 | 7,572.35 | |
(Refer Notes 4, 5 & 6) | |||||||
3 | Total income (1+2) | 15,341.65 | 12,570.82 | 13,548.33 | 27,912.47 | 25,900.42 | 56,296.47 |
4 | Interest expended | 2,880.22 | 2,850.72 | 3,285.51 | 5,730.94 | 6,913.75 | 12,966.55 |
5 | Operating expenses | 8,096.37 | 6,342.83 | 5,918.21 | 14,439.20 | 11,058.46 | 27,309.15 |
(a+b+c) | |||||||
(a) Employees Cost | 1,853.02 | 1,593.37 | 1,496.56 | 3,446.39 | 2,880.88 | 5,855.70 | |
(Refer Note 15) | |||||||
(b) Policy holders' reserves, | |||||||
surrender expense and claims | 4,257.75 | 3,062.40 | 2,990.08 | 7,320.15 | 5,532.20 | 15,037.37 | |
(Refer Note 13) | |||||||
(c) Other operating expenses | 1,985.60 | 1,687.06 | 1,431.57 | 3,672.66 | 2,645.38 | 6,416.08 | |
(Refer Note 5 and 7) | |||||||
Total expenditure (4+5) | |||||||
6 | (excluding provisions and | 10,976.59 | 9,193.55 | 9,203.72 | 20,170.14 | 17,972.21 | 40,275.70 |
contingencies) | |||||||
Operating Profit (3-6) | |||||||
7 | (Profit before provisions and | 4,365.06 | 3,377.27 | 4,344.61 | 7,742.33 | 7,928.21 | 16,020.77 |
contingencies) | |||||||
8 | Provisions (other than tax) and | 434.18 | 857.88 | 430.14 | 1,292.06 | 1,578.41 | 2,852.43 |
contingencies (Refer Note 8) | |||||||
9 | Exceptional items | - | - | - | - | - | - |
10 | Profit from ordinary | 3,930.88 | 2,519.39 | 3,914.47 | 6,450.27 | 6,349.80 | 13,168.34 |
activities before tax (7-8-9) | |||||||
11 | Tax expense | 990.17 | 724.60 | 981.01 | 1,714.77 | 1,575.90 | 3,265.44 |
Net Profit from ordinary | |||||||
12 | activities after tax before | 2,940.71 | 1,794.79 | 2,933.46 | 4,735.50 | 4,773.90 | 9,902.90 |
Minority Interest (10-11) | |||||||
13 | Extraordinary items (net of tax | - | - | - | - | - | - |
expense) | |||||||
14 | Net Profit after tax before | 2,940.71 | 1,794.79 | 2,933.46 | 4,735.50 | 4,773.90 | 9,902.90 |
Minority Interest (12 -13) | |||||||
15 | Less: Share of Minority | - | - | - | - | - | - |
Interest | |||||||
16 | Add: Share in Profit/(Loss) of | 48.03 | 11.30 | 13.16 | 59.33 | 25.31 | 87.30 |
associates | |||||||
17 | Profit after tax (14-15+16) | 2,988.74 | 1,806.09 | 2,946.62 | 4,794.83 | 4,799.21 | 9,990.20 |
Paid Up Equity Capital | |||||||
18 | (Face value of ₹ 5 per | 991.54 | 991.34 | 989.60 | 991.54 | 989.60 | 990.92 |
share) | |||||||
Group Reserves (excluding | |||||||
19 | Minority Interest and | 83,345.53 | |||||
Revaluation reserves) |
₹ crore | |||||||
Sr | Quarter ended | Half year ended | Year ended | ||||
Particulars | 30-Sep-21 | 30-Jun-21 | 30-Sep-20 | 30-Sep-21 | 30-Sep-20 | 31-Mar-21 | |
No | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
20 | Minority Interest | - | |||||
21 | Analytical Ratios | ||||||
(i) Capital Adequacy ratio - | 21.76 | 23.11 | 22.05 | 21.76 | 22.05 | 22.26 | |
Basel III (standalone) | |||||||
(ii) Earnings per equity share | |||||||
- Basic (not annualised) ₹ | 15.07 | 9.11 | 14.89 | 24.19 | 24.51 | 50.53 | |
- Diluted (not annualised) ₹ | 15.06 | 9.11 | 14.89 | 24.17 | 24.51 | 50.49 | |
(iii) NPA Ratios (unaudited) | |||||||
(a) Gross NPA | 8,564.19 | 8,998.55 | 6,055.01 | 8,564.19 | 6,055.01 | 8,276.29 | |
(b) Net NPA | 2,897.01 | 3,294.86 | 1,636.82 | 2,897.01 | 1,636.82 | 3,105.50 | |
(c) % of Gross NPA to | 3.16 | 3.58 | 2.55 | 3.16 | 2.55 | 3.22 | |
Gross Advances | (Refer Note 11) | (Refer Note 11) | |||||
(d) % of Net NPA to Net | 1.09 | 1.34 | 0.70 | 1.09 | 0.70 | 1.23 | |
Advances | (Refer Note 11) | (Refer Note 11) | |||||
(iv) Return on average Assets | 0.60 | 0.37 | 0.64 | 0.97 | 1.06 | 2.16 | |
(not annualised) | |||||||
NOTES: |
-
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. - 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. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. 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.
- The consolidated financial results for quarter and half year ended 30th September, 2021 were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 26th October, 2021. These results were subjected to limited review by the joint statutory auditors (Walker Chandiok & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank and there are no modifications in their Limited Review Report. The previous period results were reviewed/ audited by Walker Chandiok & Co LLP, Chartered Accountants.
- Details of other income forming part of the consolidated results are as follows:
- crore
Quarter ended | Half year ended | Year ended | ||||
Particulars | 30-Sep-21 | 30-Jun-21 | 30-Sep-20 | 30-Sep-21 | 30-Sep-20 | 31-Mar-21 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
Commission, fees, exchange, | 2,478.37 | 2,100.67 | 1,872.15 | 4,579.04 | 3,025.00 | 7,341.78 |
brokerage and others (net) | ||||||
Profit/(Loss) on sale and | ||||||
provisions/(write-back) of | ||||||
mark-to-market depreciation on | 242.97 | (164.03) | 213.67 | 78.94 | 346.74 | 230.57 |
investments (other than | ||||||
insurance business) | ||||||
Total - Other income | 2,721.34 | 1,936.64 | 2,085.82 | 4,657.98 | 3,371.74 | 7,572.35 |
- Other income in the consolidated results for the reporting periods is net of sub-brokerage paid in the broking subsidiary amounting to ₹ 38.93 crore for the quarter and ₹ 73.90 crore for the half year ended 30th September, 2021 (₹ 34.97 crore for the quarter ended 30th June, 2021, for the quarter and half year ended 30th September, 2020, ₹ 28.58 crore and ₹ 49.15 crore respectively and ₹ 111.04 crore for the year ended 31st March, 2021).
- 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, profit / loss from the sale of securities and provision / (write-back) of mark-to-market depreciation on investments.
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Kotak Mahindra Bank Limited published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 13:45:04 UTC.