Kotak Mahindra Bank Standalone PAT for FY24 Rs 13,782 crore, up 26% YoY
The Bank’s PAT for FY24 increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26% YoY.
The Board of Directors of Kotak Mahindra Bank has approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2024, at the Board meeting. The Bank’s PAT for FY24 increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26% YoY. PAT for Q4FY24 stood at Rs 4,133 crore, up 18% YoY from Rs 3,496 crore in Q4FY23 (up 38% QoQ from Rs 3,005 crore in Q3FY24).
Net Interest Income (NII) for FY24 increased to Rs 25,993 crore, from Rs 21,552 crore in FY23, up 21% YoY, and for Q4FY24 increased to Rs 6,909 crore, from Rs 6,103 crore in Q4FY23, up 13% YoY (up 5% QoQ from Rs 6,554 crore in Q3FY24).
Net Interest Margin (NIM) was 5.28% for Q4FY24. Fees and services for FY24 increased to Rs 8,464 crore from Rs 6,790 crore in FY23, up 25% YoY, and for Q4FY24 increased to Rs 2,467 crore from Rs 1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from Rs 2,144 crore in Q3FY24).
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYOperating costs increased to Rs 16,679 crore in FY24 (Rs 13,787 crore in FY23). Technology expenses were 10% of total operating costs in FY24. Operating profit for FY24 increased to Rs 19,587 crore from Rs 14,848 crore, up 32% YoY, and for Q4FY24 increased to Rs 5,462 crore from Rs 4,647 crore in Q4FY23, up 18% YoY (up 20% QoQ from Rs 4,566 crore in Q3FY24).
CASA ratio as of March 31, 2024, stood at 45.5%. Average Current deposits grew to Rs 60,160 crore for Q4FY24 compared to Rs 58,415 crore for Q4FY23 up 3% YoY.
As at March 31, 2024, GNPA was 1.39% & NNPA was 0.34% (GNPA was 1.78% & NNPA was 0.37% on March 31, 2023).
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsCapital Adequacy Ratio of the Bank, as per Basel III, as of March 31, 2024, was 20.5% and CET1 ratio of 19.2%. Standalone Return on Assets (ROA) for FY24 was 2.61% and for Q4FY24 was 2.97%. Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.
The Board of Directors of the Bank has recommended a dividend of Rs 2.00 per equity share having a face value of Rs 5, for the year ended March 31, 2024, subject to the approval of shareholders.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh