Kotak Mahindra Bank on May 4 reported an 18 per cent year-on-year (YoY) jump in its net profit to Rs 4,133.3 crore for the fourth quarter ended March 2024 (Q4 FY24). Its net interest income (NII) during January-March 2024 increased to Rs 6,909 crore, a 13 per cent rise from Rs 6,103 crore in the year-ago period.
Its net profit had stood at Rs 3,496 crore in the corresponding period last year, according to a regulatory filing.
Kotak Mahindra Bank’s net interest margin (NIM) stood at 5.28 per cent for Q4FY24.
Kotak Mahindra Bank’s board also approved a dividend of Rs 2 per equity share for the financial year 2023-24.
“The board of directors of the bank has recommended dividend of Rs 2.00 per equity share having face value of Rs 5, for the year ended March 31, 2024, subject to approval of shareholders,” Kotak Mahindra Bank stated.
For the full financial year 2023-24, Kotak Mahindra Bank’s net profit jumped 26 per cent to Rs 13,782 crore, compared with Rs 10,939 crore a year ago.
Customers as of March 31, 2024, increased to 5 crore, compared with 4.1 crore a year ago.
The lender’s asset quality improved during FY24. As at March 31, 2024, its gross non-performing assets (GNPA) stood at 1.39 per cent and net NPA at 0.34 per cent (GNPA was 1.78 per cent and NNPA was 0.37 per cent at March 31, 2023).
Kotak’s capital adequacy ratio, as per Basel III, as at March 31, 2024, was 20.5 per cent and CET-1 ratio of 19.2 per cent.
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