News Wrap: Kotak Bank's Net Profit Up By 64%; LIC IPO Booked Almost 65%; January 16 as National Startup Day; RBI Raised Repo Rate By 40 Bps
May 4, 2022
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Kotak Bank’s Net Profit Margin Climbs By 64%
Kotak Mahindra Bank Ltd reported a 64.5% growth in net profit to Rs 2,767.4 crore in the March quarter, exceeding expectations by a wide margin, thanks to increased net interest income and provision writebacks.
In the third quarter, net interest income increased by 17.6% to Rs 4,521 crore. Non-interest income increased by 21.4% to Rs 1826 crore year over year. Net interest margin (NIM), a crucial indicator of profitability, was 4.78% this year, up 39 basis points (bps) from the previous year.
In the fourth quarter, the bank wrote back Rs 453 crore in Covid provisions, resulting in a provision and contingency write-back of Rs 306 crore. In the previous year, it had made provisions of Rs 734 crore. Despite the write-back of certain Covid provisions, the bank still has Rs 547 crore in Covid-related provisions at the end of the March 2022 quarter.
LIC IPO Booked Almost 65% On The Very First Day
The subscription period for the Life Insurance Corporation of India's initial public offering (IPO) began today. On May 9, the public problem will come to an end. Prior to the IPO, the insurance behemoth said that it had raised $5,627 crore from anchor investors.
LIC policyholders have taken the lead in the opening round of buying in the insurer's IPO, having subscribed for 1.99 times the amount set aside for them. The amount earmarked for employees has been purchased 117%, while the portion intended for retail investors has been subscribed 60%. Non-institutional investors have purchased 27% of the granted quota of 3.95 crore shares, while eligible institutional purchasers have purchased 33% of the allotted quota.’
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