Kotak Mahindra Bank shares turned bearish and fell up to 4 per cent after the company released its December quarter results. The lender reported a standalone net profit at Rs 1,596 crore for the third quarter ended December 31, 2019 (Q3FY20), as against Rs 1,290.93 crore in the same quarter in a year-ago period. The company's net profit during the September quarter stood at Rs 1,724.48. In Q3FY20, total revenue of the firm grew 11.9% to Rs 8,077.03 crore from Rs 7,214.21 in Q3FY19.
Following Q3 earnings, shares of Kotak Mahindra Bank touched an intraday low of Rs 1,630, falling 4% on BSE. The stock trades were higher than its 50, 100 and 200-day moving averages but lower than 5 and 20-day moving averages. Kotak Mahindra Bank stock price has moved below its 30-day simple moving average today.
Volume-wise, 1.31 lakh and 40.35 lakh shares changed hands on BSE and NSE counters. Market depth data suggested 92% sellers offering the stock against 10% buyers bidding on the stock price.
The bank's Net NPA stood at Rs 1,925.08 crore in Q3 FY20 as against Rs 1,397.27 crore reported in Q3 FY19, registering a 27% rise. Gross NPA grew 37% on a year-on-year basis to Rs 5,413 crore as against Rs 4,128 crore recorded in a year-ago period.
Lender's CASA ratio as on December 31, 2019, stood at 53.7% compared to 50.7% as on December 31, 2018. Net Interest Income (NII) of the bank, for Q3FY20, increased to Rs 3,430 crore as against Rs 2,926 crore in Q3FY19, registering a rise of 17%. Net Interest Margin(NIM) for Q3FY20 stood at 4.69%, up from 4.31% in Q3FY19.
On a consolidated basis, the company's PAT for Q3FY20 increased 27% higher to Rs 2,349 crore from Rs 1,844 crore in Q3FY19. The company's consolidated Capital & Reserves and Surplus as on December 31, 2019, stood at Rs 65,018 crore, compared to Rs 56,186 crore as on December 31, 2019. Consolidated Advances stood at Rs 250,172 cr as on December 31, 2019.
Edited by Rupa Burman Roy