Kotak Mahindra Q1 profit flat at Rs 4,472 crore as provisions, credit costs rise
reported flat growth in
consolidated net profit
in the June quarter at ₹4,472 crore, as provisions linked primarily to
microfinancing advances
shot up, credit costs spiked, and margins shrank.
The Mumbai-based bank, with the fourth highest Nifty weighting among lenders, had reported a net profit of ₹4,435 crore in the corresponding period last year. At a standalone level, profit was ₹3,282 crore in the June quarter, down 7% on year.
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"There have been some speed bumps," Ashok Vaswani, MD & CEO, Kotak Mahindra Bank, told ET during the post-earnings media call. "In the microfinance business, we started seeing stress in the third quarter of last year. This Q1 (June quarter) we believe, is the peak and in Q2, it will start coming down. This quarter, the retail part of commercial vehicles is clearly showing some stress. We will work through it."
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Net interest income
(NII) was up 6% YoY to ₹7,259 crore, versus ₹6,842 crore, in the same period last year. Net interest margin shrank 37 bps to 4.65% versus 5.02% in the same quarter last year. One basis point is a hundredth of a percentage point. Provisions and contingencies more than doubled from last year to ₹1,208 crore versus ₹578 crore last year. Asset quality also deteriorated with gross non-performing asset ratio increasing to 1.48% versus 1.39% a year ago.
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