Kotak Mahindra Bank Q4 result: Net profit up 17% at Rs 5,337.2 cr

Private sector lender Kotak Mahindra Bank reported 16.88 per cent year-on-year (Y-o-Y) increase in its consolidated net profit to Rs 5,337.2 crore during the Jan-March period as compared to Rs 4,566.39 crore during the same period of the previous year.

On a standalone basis, the bank’s net profit was Rs 4,133.3 cr, up 18.24 per cent year-on-year on the back of healthy loan growth and rise in fee income

 

Net interest income – the difference between interest earned and interest expended – grew by 13 per cent on year to Rs 6,909 crore while fee income increased 28 per cent to Rs 2,467 crore during the quarter under review.

For the full year, standalone net profit increased 26 per cent to Rs 13,782 crore. Operating costs increased to Rs 16,679 crore in FY24 from 13,787 crore in FY23. Technology expenses were 10 per cent of total operating cost in FY24, the bank said.

The bank reported a loan growth of 20 per cent to Rs 3.91 trillion, as of March 31, 2024.  

“Customer Assets, which comprises Advances and Credit Substitutes, increased by 20 per cent Y-o-Y to Rs 423,324 crore as at March 31, 2024 from Rs 352,652 crore as at March 31, 2023,” the bank said.

Unsecured retail advances (including Retail Micro Finance) as a percentage of net advances stood at 11.8 per cent as at March 31, 2024 as compared to 10.0 per cent as at March 31, 2023.

On the liabilities side, the average term deposits increased by 35 per cent Y-o-Y in the fourth quarter to Rs 2.25 trillion while current and savings account deposits increased by 3 per cent and 5 per cent on a year-on-year basis respectively.

As at March 31, 2024, gross NPA was 1.39 per cent and net NPA was 0.34 per cent as compared to 1.78 per cent and 0.37 per cent respectively at March 31, 2023.

Capital Adequacy Ratio of the bank, as per Basel III, as at March 31, 2024 was 20.5 per cent and CET1 ratio of 19.2 per cent.

First Published: May 04 2024 | 2:11 PM IST