Kotak Mahindra Bank consolidated Q4 net up 27% to Rs 17.89 billion
Posted on 30th April 2018 |
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Kotak Mahindra Bank on Friday reported 27 per cent rise in its fourth quarter consolidated net profit for 2017-18 on healthy growth in advances and higher base of low cost deposits.
Profit after tax on a consolidated level rose to Rs 17.89 billion for the quarter ended March 2018, from Rs 14.04 billion in the year ago period.
Consolidated advances grew 23.3 per cent to Rs 2.06 trillion year-on-year (YoY) at the end of March 2018.
For the full year 2017-18, the bank’s net profit grew 25.5 per cent to Rs 62 billion.
At the standalone level, the bank reported a 15 per cent rise in its net profit to Rs 11.24 billion, against Rs 9.76 billion in the year ago quarter.
Gross non-performing assets (GNPA) as a percentage of total advances on a consolidated basis moderated to 1.95 per cent for the quarter, against 2.01 per cent in the December 2017 quarter and 2.25 per cent a year ago.
Net NPA stood at 0.86 per cent for the present quarter, down 8 basis points sequentially and 23 basis points YoY.
Provisioning for the March quarter stood at Rs 3.13 billion, up from Rs 2.99 billion in the year ago quarter and Rs 2.26 billion in the December quarter.
Consolidated capital adequacy ratio improved to 18.82 per cent as on March 2018, up from 16.77 per cent a year ago.
Its consolidated net interest income (NII) for increased by 17 per cent to Rs 33.89 billion in Q4 FY17. Net interest margin (NIM) for March 2018 quarter stood at 4.3 per cent, up 10 basis points sequentially but down 30 basis points YoY.
For the standalone bank, average savings deposits grew by 58 per cent while average current account deposits were up 25 per cent. As a result, the ratio of current and savings accounts to total deposits grew from 44 per cent a year ago to 50.8 per cent in March 2018.
The bank also announced that Uday Kotak would be redesignated as MD and CEO in line with good governance practice. Uday Kotak was the chairman of the corporate governance committee, constituted by the market regulator Securities and Exchange Board of India, which submitted its report in October 2017.
Shankar Acharya, who is the bank’s part-time chairman since 2006, will retire in July 2018, and did not seek reappointment. The board appointed Prakash Apte as part-time chairman subject to regulatory approvals. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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