Kotak Mahindra Bank’s stand-alone Q4 net profit up 40%

Mumbai, April 27 (IANS) Kotak Mahindra Bank on Thursday reported a rise of 40 per cent in its stand-alone net profit for the fourth quarter (Q4) of fiscal 2016-17.

The company's net profit increased to Rs 976 crore from Rs 696 crore reported in the fourth quarter of 2015-16.

The bank's net interest income (NII) during the quarter under review grew by 16 per cent to Rs 2,161 crore on a YoY basis from Rs 1,857 crore earned during 2015-16.

"Net interest margin (NIM) for Q4FY17 at 4.6 per cent up from 4.4 per cent in Q4FY16," the company said in a statement.

The bank's advances as on March 31, 2017, were up 15 per cent YoY to Rs 136,082 crore (Rs 118,665 crore as on March 31, 2016).

"During the year, we completed the integration process. Subsequently, November 8, 2016, has been a game changer for a Digital New India and formalisation of financial savings," said Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank.

"Both these have significant long-term impact on financial services and strengthen our core proposition of concentrated India diversified financials."

Further, the private lender said that as on March 31, 2017, its GNPA (gross non-performing asset) was 2.59 per cent and NNPA (net non-performing assets) was 1.26 per cent.

"As on March 31, 2017, restructured loans considered standard were down to Rs 102 crore i.e. 0.07 per cent of net advances. As on March 31, 2017, SMA2 outstanding was Rs 131 crore (0.10 per cent of net advances)."

In addition, the company's Board of Directors recommended a dividend of Re 0.60 per equity share having face value of Rs 5 for the financial year ended March 31, 2017, subject to shareholders' approval.