Kotak Mahindra Bank on Monday posted a 15.11 per cent increase in its net profit at ₹1,124.05 crore for the quarter ended March 31, 2018. The bank had registered a net profit of Rs 976.48 crore in the fourth quarter of last fiscal.
Net profit for 2017-18 rose even more sharply by 19.72 per cent to ₹4,084.30 crore compared with ₹3,411.50 crore in 2016-17.
The Kotak Mahindra Bank stock hit a new 52-week high of ₹1,218.30 in intra-day trade today. At about 2.45 pm, the stock was trading at ₹1,207.50, up 1.59 per cent or ₹18.95, on the BSE.
“The board of directors has re-designated Uday Kotak as Managing Director and CEO with effect from May 1, 2018, in line with good governance practice,” it said in a regulatory filing. Till now, he was designated Executive Vice-Chairman and MD, Kotak Mahindra Bank.
NPAs scorecard
Its gross non-performing assets as a percentage of its gross advances eased to 2.22 per cent by March 31, 2018, as against 2.31 per cent in the third quarter and 2.59 per cent in the fourth quarter of 2016-17.
Net NPAs as a percentage of advances also improved to 0.98 per cent (1.26 per cent) in the fourth quarter of 2017-18.
However, in absolute terms, gross NPAs rose to ₹3,825.38 crore by March 31, 2018 (₹3,578.61 crore).
Provisions for the quarter rose to ₹307 crore (₹267 crore).
The board of directors of the bank has proposed a dividend of ₹0.70 per share for the year 2017-18.
Prakash Apte to be new part-time Chairman
With part-time Chairman of Kotak Mahindra Bank Shankar Acharya set to retire on July 19, the board has approved the appointment of Prakash Apte as the new part-time Chairman.
Apte is a non-executive Independent Director of the bank since March 2011 and also Independent Director on the board of Kotak Mahindra Life Insurance Company.