Private sector lender Kotak Mahindra Bank reported higher
than expected numbers in the quarter ended June 2012, but there was an increase
in non-performing asset.
Consolidated net profit of the bank rose by 6.5%
year-on-year to Rs 443 crore in the first quarter of FY13. Net interest income
went up by 19.63% to Rs 1,100.6 crore during the quarter.
Analysts on an average had expected net profit of Rs 481
crore and Rs 1,067 crore in the April-June quarter.
However, consolidated net interest margin (NIM) declined
further to 4.7% in the quarter as against 5% in a year ago period, though it
was on expected lines. Analysts had expected in the range of 4.5%-4.7%.
NIM has been steadily declined for Kotak Mahindra Bank due
to rising credit costs. In the financial year 2009-10, NIM was at 5.8%, in FY11
at 5.2% and FY12 at 4.8%. In the first quarter of previous financial year 2011-12,
net interest margin was at 5%.
Consolidated gross non-performing assets (NPAs) increased at
1.34% during the quarter as against 1.31% in previous quarter and net NPAs too
moved up at 0.66% versus 0.51% QoQ.
Advances grew by 28% to Rs 57,049 crore in the April-June
quarter and Capital adequacy ratio stood at 17.5% in the same quarter.
At 12:21 hours IST, the share was trading at Rs 584.90, down
1.56% amid large volumes.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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