Kotak Mah Bank

By Research Desk
about 9 years ago
Kotak Mah Bank

Kotak Mahindra Bank’s performance for Q1FY16 was truly disappointing. There was a drop in both profitability as well as stress on asset quality came forth. Its consolidated net profit fell 26% (YoY) at Rs.517 crore though NII rose 43% at Rs.2163 crore. Provisions showed a sharp rise from Rs.78 crore to Rs.322 crore (QoQ).

In terms asset quality, Gross NPA rose from 1.56% to 2.04% and net NPA too showed a rise – from 0.79% to 0.93%. There was further disappointment when the Bank said that it expects its credit costs to jump this fiscal year as it makes more provisions related to its purchase of ING Vysya Bank. It expects to complete ING Vysya integration process by April’16.

 

1785.8 (+10.15)

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