KOTAK MAHINDRA BANK LIMITED Consolidated PAT for Q1FY16 ` 517 cr
Bank PAT for Q1FY16 ` 190 cr
Post significant provisions on merger Mumbai, July 30, 2015: The Board of Directors of Kotak Mahindra Bank ("The Bank‟ or "KMBL‟) took on record the unaudited standalone and consolidated results for Q1FY16 at the Board meeting held in Mumbai today.
The Bank received approval from the Reserve Bank of India (RBI) for the merger of ING Vysya
Bank ("IVBL‟) with effect from April 1, 2015 and accordingly the results for the quarter ended June
30, 2015 are for the merged entity and hence not comparable with previous periods.
Advances as on June 30, 2015 were ` 103,614 cr
Deposits as on June 30, 2015 were up to ` 116,812 cr. Savings deposits as on June 30, 2015 grew to ` 22,730 cr. CASA ratio stood at 34%
Capital Adequacy Ratio of the Bank including unaudited profits as per Basel III as on June 30,
2015 is 16.5% and Tier I ratio is 15.3%
Net Interest Income (NII) for Q1FY16 was ` 1,598 cr
Net Interest Margin (NIM) for Q1FY16 stood at 4.18%
Profit After Tax (PAT) for Q1FY16 of ` 190 cr which includes the impact of the following post significant provisions on merger:
Retiral benefits of employees of erstwhile IVBL amounting to ` 339 cr
Provisions and contingencies of ` 305 cr of which a significant portion is from erstwhile
IVBL
Integration cost of ` 63 cr, including stamp duty
Payment of additional interest on savings accounts of erstwhile IVBL amounting to ~ ` 30 cr, in view of the higher rate of 6% (for balance above ` 1 lac) offered to the Bank customers as against 4% offered by erstwhile IVBL
Kotak Mahindra Bank had pre-merger network of 684 full-fledged branches (as on March 31,
2015) with deeper presence in the West and North. As on June 30, 2015, the Bank has a network of 1,260 full-fledged branches and 1,942 ATMs having both breadth and depth given the strong geographic complementarity of the merger.
As on June 30, 2015, the Branch footprint was as under
Branches | erstwhile IVBL | KMBL | KMBL (Combined) |
West 12% 46% 30% North 22% 34% 27% South 62% 14% 38% East 4% 6% 5%
Total | 577 | 683 | 1,260 |
The Bank believes the merger benefits will flow in due course from both, revenue synergies as well as cost efficiencies, resulting from significant geographical and product complementarities, fuller customer segment coverage, economies of scale and improved productivity and efficiency.
Announcing the results, Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank said, "We have taken significant provisioning costs in the first quarter of the combined bank post-merger. Going forward, we are excited with the opportunities and synergies that this merger brings and are confident that it will lead us on a new trajectory of excellence and leadership."
The merger has consolidated Kotak Mahindra Bank‟s positioning as the 4th largest Private Sector
Bank creating a ` 200,000 cr institution at the Group level.
Consolidated PAT for Q1FY16 was ` 517 cr
Consolidated Advances up ` 125,522 cr as on June 30, 2015
Consolidated NIM for Q1FY16 stood at 4.29%
Consolidated Capital Adequacy Ratio including unaudited profits as per Basel III as on June 30,
2015 is 17.2% and Tier 1 ratio is 16.1%
Total assets managed / advised by the Group as on June 30, 2015 were ` 94,225 cr
Consolidated Networth for Q1FY16 was ` 30,226 cr
Other major subsidiaries profit after tax are as under:
` cr | Q1FY16 |
Kotak Mahindra Prime | 119 |
Kotak Securities | 67 |
Kotak Mahindra Old Mutual Life Insurance | 66 |
Kotak Mahindra Investments | 30 |
Kotak Mahindra AMC & Trustee Co | 20 |
About Kotak Mahindra Group
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non- banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd..
Effective April 1, 2015, ING Vysya Bank Ltd. has merged with Kotak Mahindra Bank Ltd. creating a
` 2 trillion institution (consolidated). As on June 30, 2015, the merged entity - Kotak Mahindra
Bank Ltd, has a significant national footprint of 1,260 branches and 1,942 ATMs spread across
641 locations, affording it the capacity and means to serve even better.
The consolidated net worth of the Group stands at ` 302 billion (approx. US$ 5 billion) as on June
30, 2015. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore.
For more information, please visit the company‟s website at http://www.kotak.com/
For further information, please contact:
Rohit Rao
Kotak Mahindra Bank Phone: +91-22-6166-0001 rohit.rao@kotak.com
Jaydeep Raval
Kotak Mahindra Bank
Phone: +91-22-6166-0001
Jaydeep.raval@kotak.com
Ketan Bondre
Genesis Burson-Marsteller Mobile: +91-98205-36572 ketan.bondre@bm.com
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