The private sector lender said that the Kotak Mahindra Bank has posted a 14.94% year-on-year YoY jump in its standalone net profit at Rs 2,131 crore, compared to Rs 1,854 crore in the same period last fiscal year.
The bank's consolidated profit after tax PAT was up 31% from Rs 2,602 crore posted in the corresponding quarter last year. Net Interest Income NII for Q 3 FY 22 increased to Rs 4,334 crore, from Rs 3,876 crore in Q 3 FY 21.
Net Interest Margin NIM for Q 3 FY 22 was 4.62%. Net Income for Q 3 FY 22 was Rs 5,698 crore, up 10% from Rs 5,166 crore in Q 3 FY 21. Other income of Q 3 FY 22 includes MTM gain loss on investments of Rs 484 cr Q 3 FY 21 : Rs 5 crore Operating profit for Q 3 FY 22 was Rs 2,701 crore Q 3 FY 21 : Rs 2,908 crore The bank's push for growth is a factor in the higher operating expenditure.
In Q 3 FY 21 there was 1 million against that of 0.8 million. As of December 31, 2022, the bank's customers were 30.7 million 25 million as of December 31, 2021, a 2021 increase of 20% to Rs 274,569 crore from Rs 228,791 crore as at December 31, 2021, as at September 30, 2021, the private lender stated in the filing.
Advances increased 18% to Rs 252,935 crore as at December 31, 2021 from Rs 214,085 crore as at December 31, 2020. The CASA ratio as at September 30, 2021 stood at 59.9% as at December 31, 2021, compared to 58.9% at December 31, 2020.
The average current deposits rose to Rs 49,417 crore for 9 MFY 22 compared to Rs 37,533 crore for 9 MFY 21. The average savings deposits for 9 MFY 22 9 MFY 21: Rs 107,363 crore Average TD Sweep increased from Rs 19,568 crore for 9 MFY 21 to Rs 23,429 crore for 9 MFY 22, according to the bank.
COVID related provisions stood at 1,000 crore on December 31, 2021, as of December 31, 2021. As of December 31, 2021, the bank has a standard restructured fund-based outstanding of Rs 1,364 core 0.54% of Advances in accordance with the COVID and MSME Resolution Frameworks announced by RBI.
Credit cost on advances for Q 3 FY 22 was 35 bps annualised excluding the reversal of COVID provision 63 bps for Q 2 FY 22 Total provisions including specific, standard, COVID-19 related etc. were 2.71% as at December 31, 2021, NNPA was 0.79%. As on December 31, 2021, the number stood at 7,269 crore. The bank's capital adequacy ratio was 23.3% as of December 31, 2021, and the Tier I ratio was 22.4%.
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The private sector lender posted a consolidated profit after tax PAT of Rs 3,403 crore in the quarter ended December Q 3 FY 22, up 31% from Rs 2,602 crore posted last fiscal year.
Non-bank entities' net contribution was 37% of the consolidated PAT reported in Q 3 FY 22.
The return on assets ROA was 2.60% for Q 3 FY 22 2.21% for Q 3 FY 21 and the Return on Equity ROE annualized for Q 3 FY 22 was 14.8% and 14.8% for Q 3 FY 21. Kotak Mahindra added in its filing.
The Consolidated Capital adequacy ratio, including unaudited profits, was 24.5% as per Basel III as of December 31, 2021, and the Tier I ratio was 23.7%.
As at December 31, 2021, the Consolidated Capital and Reserves Surplus had a value of Rs 93,141 crore and 82,116 crore as of December 31, 2020. The Book Value per share was Rs 467.
As of December 31, 2021, AUM policyholders of Kotak Mahindra Life Insurance grew 23.8% YoY to Rs 49,221 crore. The total customer assets were up 21% from Rs 255,768 crore as of December 31, 2020 to Rs 309,042 crore as at December 31, 2021.
The relationship value of the customers of Wealth, Priority Banking and Investment Advisory was Rs 649,000 crore as at December 31, 2021, up 73% from Rs 375,000 crore as at December 31, 2020, the bank stated in its filing.