Kotak Mahindra Bank Limited
NSE Symbol KOTAKBANK
Q3 FY 2011 RESULTS REVIEW
Kotak Mahindra Bank has produced better performance in Q3 FY 2011 (q/e December 2010), compared to the corresponding quarter of Q3 FY 2010. The stand alone and the consolidated results are analyzed below :
Interest on Advances : is Rs.878.44 cr (on stand alone Basis) – up by 13.18 from the Q2 FY 11 (previous qtr) and UP by 36.1% from Q3 FY 10 (corresponding Qtr. On a consolidated Basis, the same is Rs.1277.60 cr – up by 16% from Q2 FY 11 and Up by 41.26% from Q3 FY 10.
Income on Investments : on stand alone basis is Rs.248.91 cr – up by 6.16% from Q2 FY 11; and up by 33.34% from Q3 FY 10. On Consolidated basis, the same is Rs.350.75 cr – up by 6.14% from Q2 FY 11; and up by 32.23% from Q3 FY 10.
Total Income : on stand alone basis is Rs.1300.74 cr – up by 12.71% from Q2 FY 11; up by 33.11% from Q3 FY 10; On consolidated basis, the same is Rs.2668.47 cr – Down by 9.27% from Q2 FY 11; and Up by 10.86% from Q3 FY 10.
NII (interest earned – expended) is Rs.571.48 on stand alone basis – up by 5.08% from Q2 FY 11; up by 17.43% from Q3 FY 10; On consolidated basis, the same is Rs.922.93cr – up by 9.45% from Q2 FY 11; and up by 24.76% from Q3 FY 10. There is thus good improvement on YOY basis.
Operating Profit : on stand alone basis is Rs.314.72 cr –down by 3.68% from Q2 FY 11; and down by 6.58% from Q3 FY 10; The same, on consolidated Basis is Rs.595.93 cr – up by 4.83% from Q2 FY 11; but down by 4.38% from Q3 FY 10.
Provisions : are Rs.42.66 cr (on stand alone Basis) – compared to Rs.45.51 cr in Q2 FY 11;and Rs.127.66 cr in Q3 FY 10; The same on consolidated basis is Rs.53.43 cr –compared to Rs.47.45 cr in Q2 FY 11; and Rs.142.28 in Q3 FY 10.
Net Profit : on stand alone basis is Rs.187.87 cr –down by 3.51% from Q2 FY 11; but up by 31.95% from Q3 FY 10; The Net profit on consolidated basis, before minority interest and share of associates, is Rs.381.03 Cr – up by 4.95% from Q2 FY 11; and up by 14.43% from Q3 FY 10.
Consolidated NPT : is Rs.383.57 cr – up by 5.34% from Q2 FY 11; and up by 15.74% from Q3 FY 10.
Capital Adequacy Ratio is quite good at 18.66.
The Face value was Rs.5 in last 2 quarters- while the same was Rs.10 in Q3 FY 10.
Basic EPS is Rs.2.56 in Q3 FY11; compared to Rs.2.72 in Q2 FY 11; and Rs.2.05 (Or Rs.4.1 on FV 10). The Basic EPS on consolidated basis was Rs.5.22 in Q3 FY 11 and Rs.5.08 in Q2 FY 11 and Rs.4.775 (or Rs.9.55 on FV 10) in Q3 FY 10.
% of Gross/Net NPA : on stand alone basis is 0.81 in Q3 FY 11; 0.68 in Q2 FY 11; and Rs.2.18 in Q3 FY 10. The same on consolidated basis was 0.69 in Q3 FY 11; 0.69 in Q2 FY 11; and 1.95 in Q3 FY 10.
Return on Assets is 0.38 on stand alone Basis and 0.6 on consolidated basis.
Thus while income streams have registered increase, the Profit improvement at all levels is rather sluggish on QOQ basis, though good on YOY basis. Employee cost has increased considerably. On stand alone Basis, other operating expenses has also increased considerably. Hopefully, employee cost may not go up from next quarter. There has also been increase in Tax Expense.
All these have depressed the Net profits on QOQ basis, though it I satisfactory on YOY basis. Return on Assets is LOW compared to many other Banks. Asset quality is reasonable.
Kotak Bank’s next quarter performance needs to be watched – for further improvement. It is a Bank with very good performances in most quarters showing both QOQ and YOY basis improvement.
RESULTS TABLE :
| kotak bank | 31-Dec-10 | 30-Sep-10 | 31-Dec-09 | |||
| Interest on Advances | 87844.17 | 77614.03 | 64543.33 | 127760.33 | 110137.05 | 90440.47 |
| Interest on Advances | 87844.17 | 13.18 | 36.1 | 127760.33 | 16 | 41.26 |
| Income on Investments | 24890.99 | 23447.55 | 18667.48 | 35074.65 | 33044.79 | 26525.33 |
| Income on Investments | 24890.99 | 6.16 | 33.34 | 35074.65 | 6.14 | 32.23 |
| Income on Balances With RBI | 795.87 | 363.48 | 13.3 | 976.19 | 409.8 | 110.14 |
| Others | 9 | 47.19 | 17.74 | 1569.12 | 1334.93 | 1394.12 |
| Interest Earned | 113540.03 | 101472.25 | 83241.85 | 165380.29 | 144926.57 | 118470.06 |
| Other Income | 16534.01 | 13932.66 | 14478.67 | 101467.09 | 149169.78 | 122243.93 |
| Total Income | 130074.04 | 115404.91 | 97720.52 | 266847.38 | 294096.35 | 240713.99 |
| Total Income | 130074.04 | 12.71 | 33.11 | 266847.38 | -9.27 | 10.86 |
| Interest Expended | 56391.87 | 47089.18 | 34576.38 | 73087.2 | 60603.92 | 44491.57 |
| NII | 57148.16 | 54383.07 | 48665.47 | 92293.09 | 84322.65 | 73978.49 |
| NII | 57148.16 | 5.08 | 17.43 | 92293.09 | 9.45 | 24.76 |
| Employees Cost | 19848.82 | 16874.34 | 13261.42 | 39671.79 | 37322.37 | 31226.87 |
| Other Operating Expenses | 22361.07 | 18765.94 | 16193.48 | 94495.8 | 139321.46 | 102670.86 |
| Operating Expenses | 42209.89 | 35640.28 | 29454.9 | 134167.59 | 176643.83 | 133897.73 |
| Operating Profit | 31472.28 | 32675.45 | 33689.24 | 59592.59 | 56848.6 | 62324.69 |
| Operating Profit | 31472.28 | -3.68 | -6.58 | 59592.59 | 4.83 | -4.38 |
| Provisions | 4265.84 | 4550.78 | 12765.52 | 5343.49 | 4744.56 | 14228.07 |
| Profit before tax | 27206.44 | 28124.67 | 20923.72 | 54249.1 | 52104.04 | 48096.62 |
| Profit before tax | 27206.44 | -3.26 | 30.03 | 54249.1 | 4.12 | 12.79 |
| Tax Expense | 8419.08 | 8654.28 | 6685.31 | 16145.77 | 15797.83 | 14797.32 |
| Net Profit | 18787.36 | 19470.39 | 14238.41 | 38103.33 | 36306.21 | 33299.3 |
| Net Profit | 18787.36 | -3.51 | 31.95 | 38103.33 | 4.95 | 14.43 |
| minority interest | 613.96 | 349.37 | 502.46 | |||
| share of associates | -867.19 | -453.95 | -342.8 | |||
| consolidated NPT | 38356.56 | 36410.79 | 33139.64 | |||
| consolidated NPT | 38356.56 | 5.34 | 15.74 | |||
| Face Value(in Rs.) | 5 | 5 | 10 | 5 | 5 | 10 |
| Paid-up Equity | 36815.07 | 36670.34 | 34769.59 | 36815.07 | 36670.34 | 34769.59 |
| Capital Adequacy Ratio | 18.66 | 19.43 | 17.1 | - | - | - |
| Basic EPS | 2.56 | 2.72 | 4.1 | 5.22 | 5.08 | 9.55 |
| Diluted EPS | 2.54 | 2.7 | 4.06 | 5.19 | 5.04 | 9.44 |
| Gross/Net NPA | 23528.33 | 25301.11 | 46751.57 | 27471.95 | 33196.85 | 57254.08 |
| % of Gross/Net NPA | 0.81 | 0.68 | 2.18 | 0.69 | 0.69 | 1.95 |
| Return on Assets | 0.38 | 0.44 | 0.4 | 0.6 | 0.59 | 0.67 |
| Public Shareholding (%) | 54.39 | 54.21 | 51.73 | - | - | - |
ANNOUNCEMENTS
TO NSE
10-03-2011 Kotak Mahindra Bank Limited has informed the Exchange regarding a press release dated March 09, 2011, titled "Kotak To Launch US$300 Million India Infrastructure Funds".
20-01-2011 Kotak Mahindra Bank Limited has informed the Exchange regarding a press release dated January 20, 2011 titled "Kotak Mahindra Bank announces results; Bank PAT for Q3FY11 up 32% to Rs 188 cr. Consolidated PAT for Q3FY11 up 16% to Rs 384 cr" along with Earnings Update - Q3FY11 Results.
20-01-2011 Kotak Mahindra Bank Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2010 as follows: Interest earned of Rs. 165380.29 lacs for the quarter ending on 31-DEC-2010 against Rs. 118470.06 lacs for the quarter ending on 31-DEC-2009. Interest expended of Rs. 73087.2 lacs for the quarter ending on 31-DEC-2010 against Rs. 44491.57 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 38356.56 lacs for the quarter ending on 31-DEC-2010 against Rs. 33139.64 lacs for the quarter ending on 31-DEC-2009.
20-01-2011 Kotak Mahindra Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Interest earned of Rs. 113540.03 lacs for the quarter ending on 31-DEC-2010 against Rs. 83241.85 lacs for the quarter ending on 31-DEC-2009. Interest expended of Rs. 56391.87 lacs for the quarter ending on 31-DEC-2010 against Rs. 34576.38 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 18787.36 lacs for the quarter ending on 31-DEC-2010 against Rs. 14238.41 lacs for the quarter ending on 31-DEC-2009.
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