The Bank’s PAT for Q1FY22 increased to Rs. 1,642 crore from Rs. 1,244 crore in Q1FY21, up 32%.
Net Interest Income (NII) for Q1FY22 increased to Rs. 3,942 crore, from Rs. 3,724 crore in Q1FY21, up 6%. Net Interest Margin (NIM) for Q1FY22 was at 4.60%.
Operating profit for Q1FY22 was Rs. 3,121 crore, up 19% from Rs. 2,624 crore in Q1FY21.
CASA ratio as at June 30, 2021 stood at 60.2% compared to 56.7 % as at June 30, 2020.
Average Current Account deposits grew by 28% to Rs. 46,341 crore for Q1FY22 compared to Rs. 36,066 crore for Q1FY21. Average Savings deposits grew by 10% to Rs. 116,218 crore for Q1FY22 compared to Rs. 105,673 crore for Q1FY21. Average TD Sweep grew by 24% to Rs. 22,208 crore for Q1FY22 compared to Rs. 17,846 crore for Q1FY21.
CASA and TDs below Rs. 5 crore as at June 30, 2021, constituted 92% of total deposits (90 % as at June 30, 2020). TD Sweep deposits as at June 30, 2021 were 8.0% of total deposits (7.2% as at June 30, 2020).
Customer Assets (Advances and Credit substitutes) were Rs. 235,358 crore as at June 30, 2021 compared to Rs. 216,819 crore as at June 30, 2020. Advances as at June 30, 2021 were Rs. 217,465 crore compared to Rs. 203,998 crore as at June 30, 2020.
COVID related provisions as at June 30, 2021 were maintained at Rs. 1,279 crore. In accordance with the Resolution Framework for COVID-19 and MSME announced by RBI, the Bank has implemented total restructuring of Rs. 552 crore as at June 30, 2021.
As at June 30, 2021, GNPA was 3.56% & NNPA was 1.28%. Credit cost on advances was 133 bps (annualized) for Q1FY22 (84 bps for FY21, excl COVID-19 provision).
Capital adequacy ratio of the Bank as per Basel III as at June 30, 2021 was 23.1% and Tier I ratio was 22.2%.
Consolidated results at a glance
Consolidated PAT for Q1FY22 was Rs. 1,806 crore (Rs. 1,853 crore in Q1FY21).
The second wave of COVID 19 has resulted in Kotak Mahindra Life Insurance receiving a significant number of death claims in Q1FY22. The increased claims reported and extra mortality related provisioning has resulted in a net loss on shareholders’ account for the quarter ended 30th June, 2021 of Rs. 243 crore (Post tax profit for Q1FY21: Rs. 161 crore).
The contribution of other key subsidiaries is given below:
|Subsidiaries PAT (Rs. crore)||Q1FY22||Q1FY21|
|Kotak Asset Management & Trustee Company||107||71|
|Kotak Mahindra Prime||79||68|
|Kotak Mahindra Investments||71||43|
|Kotak Mahindra Capital Company||42||6|
Consolidated Capital and Reserves & Surplus as at June 30, 2021 was Rs. 86,768 crore (Rs. 76,443 crore as at June 30, 2020). The Book Value per Share was Rs. 435.
Consolidated Customer Assets were Rs. 264,013 crore as at June 30, 2021 compared to Rs. 245,167 crore as at June 30, 2020.
Total assets managed / advised by the Group as at June 30, 2021 were Rs. 343,708 crore up 32% over Rs. 259,781 crore as at June 30, 2020.
The Relationship Value of the customers of Wealth, Priority Banking and Investment Advisory was ~ Rs. 404,000 crore as at June 30, 2021 up 43% from ~ Rs. 282,000 crore as at June 30, 2020.
The financial results of the subsidiaries and associates used for preparation of the consolidated financial results are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013. 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.