Mumbai, Jul 27 (IANS): Private sector lender Kotak Mahindra Bank on Monday reported a decline of 8.52 per cent in its standalone net profit for the first quarter of 20-21.

According to the bank, its Q1 net profit fell to Rs 1,244 crore from Rs 1,360 crore reported for the corresponding period of the previous financial year .

"Net Interest Income (NII) for Q1FY21 increased to Rs 3,724 crore from Rs 3,161 crore in Q1FY20 up 17.8 per cent," the bank said in a statement.

"Net Interest Margin (NIM) for Q1FY21 was at 4.4 per cent."

As per the statement, the bank has made an additional COVID-19 related general provision of Rs 616 crore in Q1FY21.

"Covid related provisions as at June 30, 2020 stand at Rs 1,266 crore (0.62 per cent of net advances). Total provisioning towards Advances (including specific, standard and Covid provisions) is higher than the GNPA of the bank," the statement said.

"Capital adequacy ratio of the Bank as per Basel III, as on June 30, 2020 is 21.2 per cent and Tier I ratio is 20.6 per cent. During the quarter , the bank raised Rs 7,442 crore through a QIP issuance of 6.5 crore equity shares."

Accordingly, as on June 30, 2020, GNPA was 2.70 per cent and NNPA was 0.87 p er cent.

"As on June 30, 2020, SMA2 outstanding was Rs 96 crore (0.05 per cen t of net advances)," the statement said.

On a consolidated basis, net profit during the quarter under review fell by 4 .08 per cent to Rs 1,853 crore from Rs 1,932 crore reported for the previous financial year.

"For Q1FY21, the Bank's contribution to the PAT was Rs 1,244 crore. The subsidiaries & associates net contribution was 33 per cent of th e consolidated PAT," the statement said.