The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for Q2FY22, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
Net Interest Income (NII) for Q2FY22 increased to Rs. 4,021 crore, from Rs. 3,897 crore in Q2FY21, up 3%. Net Interest Margin (NIM) for Q2FY22 was at 4.45%.
Net Total Income for Q2FY22 was Rs. 5,833 crore, up 9% from Rs. 5,330 crore in Q2FY21. Operating profit for Q2FY22 was Rs. 3,120 crore, from Rs. 3,262 crore in Q2FY21.
The Bank’s PAT for Q2FY22 increased to Rs. 2,032 crore, up 24% from Rs. 1,642 crore for Q1FY22 (Rs. 2,184 crore for Q2FY21).
Customer Assets, which includes Advances and Credit substitutes, increased by 17% to Rs. 256,353 crore as at September 30, 2021 from Rs. 218,790 crore as at September 30, 2020 (Rs. 235,358 crore as at June 30, 2021). Advances increased by 15% to Rs. 234,965 crore as at September 30, 2021 from Rs. 204,845 crore as at September 30, 2020 (Rs. 217,465 crore as at June 30, 2021).
CASA ratio as at September 30, 2021 stood at 60.6% compared to 57.1% as at September 30, 2020.
Current Account deposits grew by 32% to Rs. 53,280 crore as at September 30, 2021 from Rs. 40,454 crore as at September 30, 2020. Savings deposits grew by 13% to Rs. 123,479 crore as at September 30, 2021 from Rs. 108,990 crore as at September 30, 2020. TD Sweep grew by 20% to Rs. 24,151 crore as at September 30, 2021 from Rs. 20,184 crore as at September 30, 2020.
TD Sweep deposits as at September 30, 2021 were 8.3% of total deposits (7.7% as at September 30, 2020).
COVID related provisions as at September 30, 2021 were maintained at Rs. 1,279 crore. In accordance with the Resolution Framework for COVID-19 related stress of Individuals and Small Businesses, announced by RBI, the Bank has implemented total restructuring of Rs. 495 crore (0.21% of Advances) as at September 30, 2021. In addition, in accordance with the Resolution Framework for COVID-19 related stress of MSMEs, announced by RBI, the Bank has implemented total restructuring of Rs. 767 crore (0.33% of Advances) as at September 30, 2021.
As at September 30, 2021, GNPA was 3.19% & NNPA was 1.06%. Credit cost on advances was 63 bps (annualized) for Q2FY22 (133 bps for Q1FY22).
Capital adequacy ratio of the Bank as per Basel III as at September 30, 2021 was 21.8% and Tier I ratio was 20.8%.
Consolidated results at a glance
Consolidated PAT for Q2FY22 was Rs. 2,989 crore, up 65% from Rs. 1,806 crore for Q1FY22 (Rs. 2,947 crore for Q2FY21).
For Q2FY22, the Bank’s contribution to the consolidated PAT was Rs. 2,032 crore. The subsidiaries & associates net contribution was 32% of the consolidated PAT
The contribution of other key subsidiaries is given below:
| Subsidiaries PAT (Rs. crore) | Q2FY22 | Q2FY21 |
| Kotak Securities | 243 | 199 |
| Kotak Mahindra Prime | 240 | 133 |
| Kotak Mahindra Life Insurance | 155 | 171 |
| Kotak Asset Management & Trustee Company | 97 | 84 |
| Kotak Mahindra Investments | 89 | 74 |
| Kotak Mahindra Capital Company | 58 | 14 |
AUM (Policyholders’) of Kotak Mahindra Life Insurance as on September 30, 2021 grew 31% yoy to Rs. 47,246 crore.
Consolidated Capital and Reserves & Surplus as at September 30, 2021 was Rs. 89,627 crore (Rs. 79,389 crore as at September 30, 2020). The Book Value per Share was Rs. 449.
Consolidated Customer Assets grew by 16% from Rs. 247,432 crore as at September 30, 2020 to Rs. 287,831 crore as at September 30, 2021.
Total assets managed / advised by the Group as at September 30, 2021 were Rs. 381,058 crore up 40% over Rs. 271,769 crore as at September 30, 2020.
The Relationship Value of the customers of Wealth, Priority Banking and Investment Advisory was ~ Rs. 4,63,000 crore as at September 30, 2021 up 54% from ~ Rs. 3,00,000 crore as at September 30, 2020.
The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. However, for the purpose of preparation of the consolidated financial results, the results of the subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.
