Published on 26/10/2020 6:46:19 PM | Source: IANS

Kotak Mahindra Bank`s Q2FY21 standalone net profit up 27%

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Kotak Mahindra Bank on Monday reported a rise of 27 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.

The bank's PAT for Q2FY21 increased to Rs 2,184 crore from Rs 1,724 crore in Q2FY20.

The lender said that tax rate in Q2FY20 was lower on account of amendment of tax laws in September 2019.

Besides, its net interest income (NII) for Q2FY21 increased by 17 per cent to Rs 3,913 crore, from Rs 3,350 crore in Q2FY20.

Similarly, net interest margin (NIM) for Q2FY21 was at 4.52 per cent.

"CASA ratio as on September 30, 2020 stood at 57.1 per cent compared to 53.6 per cent as on September 30, 2019," the lender said in a statement.

"Average savings deposits grew by 32 per cent to Rs 106,442 crore for H1FY21 compared to Rs 80,425 crore for H1FY20."

Furthermore, the bank reported that consolidated PAT for Q2FY21 increased to Rs 2,947 crore from Rs 2,407 crore in Q2FY20, up 22 per cent.

"For Q2FY21, the bank's contribution to the consolidated PAT was Rs 2,184 crore. The subsidiaries & associates net contribution was 26 per cent of the consolidated PAT," the lender said.