NEW DELHI: Kotak Mahindra Bank on Tuesday reported a 7% fall in its standalone net profit at Rs 2,032 crore compared with Rs 2,184 crore posted in the corresponding quarter last year.
Net interest income (NII ) for the bank rose 3% YoY to Rs 4,021 crore from Rs 3,897 crore in the same quarter last year.
Net interest margin (NIM) for the quarter came in at 4.45%, the private lender said in a regulatory filing. Gross non-performing assets (GNPA) ratio stood at 3.19%in the September quarter, higher than 2.70% (pro-forma) in the year-ago quarter.
Provisions and contingencies for the quarter fell sequentially to Rs 424 crore from Rs 704 crore in the preceding quarter but was higher than Rs 333 crore in the year-ago quarter.
The bank said total provisions, including specific, standard, Covid-19-related ones, stood at Rs 7,637 crore, nearly 100% of gross NPAs.
It included Rs 1,279 crore in Covid-19 provisions, which were not utilised.