By Kosaku Narioka
Kotak Mahindra Bank Ltd. reported its fourth-quarter results on Monday. Here's what you need to know.
NET PROFIT: Kotak Mahindra Bank's net profit rose 36% from a year earlier to 25.89 billion Indian rupees ($349.4 million) for the quarter ended March 31, missing the estimate of INR26.35 billion expected in a Visible Alpha poll of analysts.
REVENUE: Kotak Mahindra Bank's fourth-quarter revenue jumped 34% from a year earlier to INR161.76 billion.
WHAT WE WATCHED:
--UNEVEN RESULTS: Profit for corporate banking rose 9.8% to INR14.07 billion, but retail banking posted a loss of INR770.6 million. Profit jumped 44% to INR2.44 billion for its broking business and increased 37% to INR2.20 billion for the asset management business, but slid 29% to INR2.19 billion for its insurance business.
--BANKING: Advances rose 1.8% to INR2.237 trillion as of the end of March on a standalone basis, while average savings deposits grew 27% to INR1.088 trillion for the fiscal year ended March and average current account deposits grew 17% to INR394.81 billion. Pandemic-related provisions remained at INR12.79 billion as of the end of March, unchanged from the end of 2020.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
05-03-21 0538ET