A robust jump in non-interest income helped Kotak Mahindra Bank report a 40 per cent increase in standalone net profit at Rs 976 crore in the fourth quarter ended March 31, 2017 against Rs 696 crore in the year-ago quarter.
For the full financial year, the private sector bank's standalone net profit soared 63 per cent to Rs 3,411.50 crore (Rs 2,090 crore in FY2016).
The board of directors has proposed a dividend of Re 0.60 (Re 0.50 in the previous year) per share having Rs 5 face value for FY2017.
In the reporting quarter, net interest income was up 16 per cent year-on-year (yoy) at Rs 2,161 crore. Non-interest income jumped 47 per cent yoy to Rs 1,003 crore.
Gross non-performing assets (GNPAs) edged up to 2.59 per cent as at March-end 2017 against 2.36 per cent as at March-end 2016.
Consolidated net profit
The bank's consolidated net profit, which also includes the net profit of associates and subsidiaries such as Kotak Mahindra Prime, Kotak Securities, and Kotak Mahindra Old Mutual Life Insurance, was up 33 per cent yoy in the reporting quarter at Rs 1,404 crore (Rs 1,055 crore in the year-ago period).
For the full financial year, the consolidated net profit soared 43 per cent to Rs 4,940 crore (Rs 3,459 crore in FY2016).