Kotak Mahindra Bank on Wednesday reported a 10 per cent year-on-year (YoY) fall in standalone net profit at Rs 1,267 crore for the March quarter against Rs 1,408 crore posted in the same quarter last year.
The figure, however, beat ET NOW poll estimate of Rs 1,200 crore profit for the quarter.
The bank said it made Covid-19-related general provisions worth Rs 650 crore for the quarter, which were higher than the RBI requirement.
bank's provisions and contingencies for the said quarter stood at Rs 1,047 crore, over five times the Rs 171 crore-provisions the private lender reported in the corresponding quarter of last year.
Total provisioning towards advances were higher than the GNPA of the bank, Kotak said.
Net Interest Income (NII) for the quarter rose 17.25 per cent to Rs 3,560 crore from Rs 3,036 crore in the year-ago qaurter.
The bank said 26 per cent of borrowers by value at account level availed the RBI moratorium. Covid provisioning, it said, stood at 10 per cent of account level.
Gross non-performing assets (NPAs) for the quarter stood at 2.25 per cent, which was higher than December quarter's 2.14 per cent but lower than 2.46 per cent in the year-ago quarter.
Total slippages for the quarter more than halved to Rs 491 crore in Q4 from Rs 1,062 crore in the same quarter last year.
Advances at the end of March quarter were up 7 per cent YoY at Rs 2,19,748 crore against Rs 2,05,695 crore in the corresponding quarter last year.
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