Kotak Mahindra Bank said its net interest margin stood at 4.48% for the March quarterKotak Mahindra Bank on Tuesday reported a net profit of Rs1,407.80 crore for the quarter ended March 31.
That marked an increase of 25.24 per cent compared with the net profit Rs 1,124.05 crore for the corresponding period a year ago.Shares in Kotak Mahindra Bank fell as much as2.04 per cent to an intraday low of Rs1,351.05 apiece on the National Stock Exchange (NSE), after the earnings announcement, before reversing direction to gain as much as 1.29 per cent.Its total income increased18.5 per cent to Rs 7,672.56 crore for the fourth quarter of financial year 2018-19.Kotak Mahindra Bank's gross non-performing loans as a percentage of total advances increased to 2.14 per cent at the end of March, from 2.07 per cent in the previous quarter.The private sector bank's net interest income rose 18.15 per cent to Rs 3,047.87 crore in the quarter ended March 31, 2019, from Rs 2,579.75 crore in the year-ago period.Kotak Mahindra Bank said its net interest margin (NIM) - a gauge of profitability - stood at 4.48 per cent for the March quarter, and4.33 per cent for the financial year 2018-19.For the full year ended March 31, the net profit stood at Rs 4,865.33 crore, as against Rs 4,084.30 crore for the corresponding period a year ago, Kotak Mahindra Bank said in its regulatory filing.The lender's boardrecommended a dividend of Rs 0.80 per equity share for the year ended March 31.
Thedividend will be paid after the approval of shareholders at the annual general meeting, it noted.At 2:58 pm, Kotak Mahindra Bank shares traded 0.69 per cent higher at Rs 1,388.70 apiece on the NSE, outperforming the broader markets which were down 0.23 per cent.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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