KOTAK MAHINDRA BANK
Kotak Mahindra Finance Limited (KMFL) received a banking license from the Reserve Bank of India (RBI) and became the first non – banking finance company in India to convert into a bank. The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. As of February 2021, it is the third-largest Indian private sector bank by market capitalization, with 1600 branches & 2519 ATMs. In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine, KMBL was ranked 245th among the world’s top 500 banks with a brand valuation of around US$481 million and a brand rating of AA+.
In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued at ₹150 billion (US$2.1 billion). In 2021, the bank acquired a 9.99% stake in Ferbine, an entity promoted by Tata Group, to operate a Pan-India umbrella entity for retail payment systems, similar to the National Payments Corporation of India.
Kotak Mahindra did also take some initiatives like Umang – to educate students from underprivileged communities, Kishori Sehat Abhiyan – to curb anaemia in adolescent girls and create awareness among students about menstrual health, hygiene, nutrition and changes that occur during adolescent years. Jagruti – provides awareness sessions on the concept of ‘appropriate’ and ‘inappropriate’ touch, situations, interactions amongst children. Kotak Education Foundation (KEF) empowers young people from underprivileged families through various education-based initiatives and equips them with employable skills so they can grow and live with dignity. It offers livelihood support to children and youth from Below Poverty Line (BPL) families in Mumbai, Thane and Raigad regions.
The board of directors declared a dividend of Rs.0.90 per equity share for the year ended on 31st March 2021. Meanwhile, Kotak bank total income grew 10.5% and stood at Rs.16,175.87 crores for Q4FY21, as compared to Rs.14,638.98 crores in Q3FY21, net profit is Rs.2589.32 crores (-0.47% less than Q3) in Q4FY21 against Rs.2601.67 crores in Q3FY21. CASA ratio as of March 31, 2021, stood at 60.4% compared to 56.2% as of March 31, 2020, GNPA is 3.25% & NNPA is 1.21%. As of March 31, 2021, and Net Interest Income (NII) for Q4FY21 increased to Rs. 3,843 crores, from Rs. 3,560 crores in Q4FY20. The Q4 results of Kotak Mahindra were rectitude.
