Mumbai, 14th May, 2020: The Board of Directors of Kotak Mahindra Bank (“Kotak Bank”) took on record the audited standalone and consolidated results for Q4FY20 and FY20, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
Net Interest Income (NII) for FY20 increased to Rs.13,500 cr from Rs.11,206 cr in FY19 and for Q4FY20 increased to Rs.3,560 cr from Rs.3,036 cr in Q4FY19.
Net Interest Margin (NIM) for Q4FY20 at 4.72%.
Bank PAT for FY20 increased to Rs.5,947 cr from Rs.4,865 cr in FY19 and for Q4FY20 decreased to Rs.1,267 cr from Rs.1,408 cr in Q4FY19.
Advances as on March 31, 2020 were up 7% to Rs.219,748 cr (Rs.205,695 cr as on March 31, 2019). Bank has made a COVID 19 related general provision of Rs.650 cr, which is higher than the RBI requirement. Total provisioning towards Advances (including specific, standard and Covid provisions) is higher than the GNPA of the Bank.
CASA ratio as on March 31, 2020 stood at 56.2% compared to 52.5% as on March 31, 2019. Average Savings deposits grew by 21% to Rs.85,656 cr for FY20 compared to Rs.70,990 cr for FY19. Average Current Account deposits grew by 17% to Rs.33,699 cr for FY20 compared to Rs.28,742 cr for FY19. TD Sweep deposits as on March 31, 2020 were 6.6% of the total deposits.
The Relationship Value of all the customers of Wealth, Priority Banking and Investment Advisory ~ Rs.270,000 cr as on March 31, 2020.
Capital adequacy ratio of the Bank as per Basel III, as on March 31, 2020 is 17.9% and Tier I ratio is 17.3%.
As on March 31, 2020, the Bank had a national network of 1,600 branches and 2,519 ATMs, and branches in GIFT City and DIFC (Dubai), affording it the capacity and means to serve its customers through its wide presence.
As on March 31, 2020, GNPA was 2.25% & NNPA was 0.71%. As on March 31, 2020, SMA2 outstanding was Rs.96 cr (0.04% of net advances).
In accordance with RBI Circular, dated April 17, 2020, the Board of Directors of Kotak Bank has not recommended any dividend for FY20.
Consolidated results at a glance
Consolidated PAT for FY20 increased to Rs.8,593 cr from Rs.7,204 cr in FY19 and for Q4FY20 decreased to
Rs.1,905 cr from Rs.2,038 cr in Q4FY19.
For FY20, the Bank’s contribution to the PAT was Rs.5,947 cr. The subsidiaries and associates net contribution was 31% of the consolidated PAT. The contribution of key subsidiaries is given below:
|Subsidiaries PAT (Rs.cr)||FY20||FY19|
|Kotak Mahindra Prime||673||599|
|Kotak Mahindra Investments||270||207|
|Kotak Mahindra Life Insurance||608||507|
|Kotak AMC & TC||337||255|
The Embedded Value (IEV methodology) of Kotak Mahindra Life Insurance as on March 31, 2020 was Rs.8,388 cr. The Value of New Business (VNB) for FY20 was Rs.643 cr and the New Business (VNB) Margin for FY20 was 28.8%. The 13th month persistency as on YTD February 2020 was 87.8%.
The market share of Kotak Securities in the cash segment was 9.1% for FY20 (FY19 – 9.1%).
COVID 19 related general provision of Rs.714 cr has been made at the consolidated level, which includes Rs.650 cr at the Bank level.
Consolidated Capital & Reserves and Surplus as on March 31, 2020 was Rs.67,134 cr (Rs.58,280 cr as on March 31, 2019). The Book Value per Share was Rs.348.3.
Consolidated Advances were Rs.249,879 cr as on March 31, 2020 (Rs.243,462 cr as on March 31, 2019)
Total assets managed / advised by the Group as on March 31, 2020 were ~ Rs.226,000 cr.