Kotak Mahindra Bank Q3 results: Net profit increased by 16.10% YoY to Rs. 1,853.50 crores
Kotak Mahindra Bank: It is one of the largest private sector banks in India located in Mumbai. While the bank provides services to banking products, financial services, and retail customers in areas like personal finance, investment banking, life insurance, and wealth management. The present chief executive officer (CEO) of the company is Uday Kotak.
Meanwhile, on Wednesday, January 27th, the shares of the company surge by almost 1% in the stock market. The main reason for this is the company posted its Q3 results for the financial year 2020-21. The companies consolidated net profit increased by 16.10% Year-on-Year (YoY) to Rs. 1,853.50 crores in this quarter ended in December 2020. While the company also posted its consolidated net profit of Rs. 1,596.00 crores in the same quarter last fiscal year.
Besides, the companies net interest income (NII) during this quarter increased by 16.80% YoY to Rs. 4,007 crores as against Rs. 3,430 crores in the same quarter last year. The bank reported its advances during the quarter declined by 1.20% to Rs. 2,14,103 crores as against Rs. 2,16,774 crores in the same period last fiscal year, but 4.50% sequential growth. While the bank deposits increased by 10.80% YoY to Rs. 2,65,304 crores in Q3FY21.
On the other side, the bank’s gross non-performing assets (NPA) during the quarter declined 29 bps to 2.26% QoQ and net non-performing assets (NPA) of the bank decreased 14 bps to 0.50% in the quarter ended in December.
While the provisions and contingencies during the quarter increased by 34.90% Year-to-Year (YoY) to Rs. 599 crores in the quarter ended in December. The non-interest income of the bank declined by 0.50% to Rs. 1,334.38 crores and pre-provision operating profit increased by 29.10% to Rs. 3,083.34 crores in Q3FY21.
During this quarter, the life insurance of the bank reported a marginal increase in profit to Rs. 167 crores compared to Rs. 166 crores in the previous quarter. While Kotak AMC reported its profits at Rs. 91 crores in Q3FY21.
However, the shares of Kotak Mahindra Bank Limited on Wednesday reported a bullish trend in the stock market. It gained 8.40 points with a 0.47% increase and reached 1,801.60 INR. While in BSE, the company gained 7.95 points with a 0.44% increase and reached 1,803.75 INR.
Stock Market on January 27th:
On Wednesday, both Sensex and Nifty continue their bearish trend from the last three sessions of the stock market. The Sensex is trading below 48,000 levels and nifty trading below 14,200 levels in the stock market. The Sensex lost 363.88 points with a 0.74% decrease and reached 47,989.94 levels. While the nifty lost 99.75 points with a 0.70% decrease and reached 14,139.45 levels.
On the other side, the number of coronavirus cases in India reached 1,06,89,527 with almost 1,53,724 deaths.
In the border markets, the S&P BSE SmallCap index reported a bullish trend in the stock market on Wednesday. It gained 16.76 points with a 0.092% increase and reached 18,226.93 levels. Whereas, the S&P BSE MidCap lost 54.18 points with a 0.29% decrease and reached an 18,492.78 level. While the Nifty Bank lost 166.35 points with a 0.53% decrease and reached 31,032.05 level.
Top Gainers on January 27th: Wipro, Tech Mahindra, Grasim Industries, M&M, and SBI Life Insurance are the top gainers in today’s stock market.
Top Losers on January 27th: IOC, Tata Motors, UPL, Sun Pharma, and GAIL India are the top losers in today’s stock market.