Kotak Mahindra Bank net Profit up by 26% of Rs 3,496 cr in Q4 FY24
Mumbai: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the audited standalone and consolidated results for the quarter and fiscal year ended March 31, 2023, at the Board meeting held in Mumbai, today on April 29, 2023.
Kotak Mahindra Bank standalone results for Q4 FY23
The Bank’s PAT for FY23 increased to Rs 10,939 crore from Rs 8,573 crore in FY22, up 28% YoY and for Q4FY23 stood at Rs 3,496 crore, up 26% YoY from Rs 2,767 crore in Q4FY22. Net Interest Income (NII) for FY23 increased to Rs 21,552 crore, from Rs 16,818 crore in FY22, up 28% YoY and for Q4FY23 increased to Rs 6,103 crore, from Rs 4,521 crore in Q4FY22, up 35% YoY. Net Interest Margin (NIM) was 5.33% for FY23 and 5.75% for Q4FY23.Read Also : Shri Ashwini Vaishnaw chaired meeting of Consultative Committee for Ministry of Railways
Fees and services for FY23 increased to Rs 6,790 crore from Rs 5,413 crore in FY22, up 25% YoY and for Q4FY23 increased to Rs 1,928 crore from Rs 1,575 crore in Q4FY22, up 22% YoY. Operating profit for FY23 increased to Rs 14,848 crore from Rs 12,051 crore, up 23% YoY and for Q4FY23 was Rs 4,647 crore, up 39% YoY (Q4FY22: Rs 3,340 crore).
Net customer additions in Q4FY23 were 2.2 mn. Customers as at March 31, 2023, were 41.2 mn (32.7 mn as at March 31, 2022). Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 19% YoY to Rs 3,52,652 crore as at March 31, 2023, from Rs 2,95,273 crore as at March 31, 2022.
Net Advances increased by over 18% to Rs 3,19,861 crore as at March 31, 2023 from Rs 2,71,254 crore as at March 31, 2022.Read Also : Shri P Upadhyay INAS takes over as Director General of Naval Armament
CASA ratio as at March 31, 2023 stood at 52.8%.
As at March 31, 2023, GNPA was 1.78% & NNPA was 0.37% (GNPA was 2.34% & NNPA was 0.64% at March 31, 2022). Credit cost on net advances for Q4FY23 was 24 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 79.3%.
Capital Adequacy Ratio of the Bank, as at March 31, 2023 was 21.8% and CET I ratio of 20.6%. The Board of Directors of the Bank has recommended dividend of Rs 1.50 per equity share having face value of Rs 5, for the year ended March 31, 2023, subject to approval of shareholders.Read Also : Mr Vikraman N takes charge as Director (HR) of BEL
News Must Read
- PFC bids farewell to Shri R.S. Dhillon, CMD
- CIL increased non-coking coal prices by 8%; expects Rs 2703 Cr Revenue
- Coal Minister Pralhad Joshi reviewed NCL's performance
- NMDC delayed commissioning of its newly demerged steel plant
- Power ‘Mini Ratna’ NHPC reports Net Profit up by 8% of Rs 3834 cr during FY23
- Salim G. Purushothaman assumed additional charge of CMD, BCL
- Union Coal Minister Pralhad Joshi inaugurates 1st Mining Start Up Summit at IIT Bombay
- MOIL double its digit production target in FY’24; Reports 250.59 cr profit in FY23
- ISRO launches GSLV NVS-01 mission
- WAPCOS and NLCIL's strategic collaboration for various development projects