Kotak Mahindra Bank Q4 results: Kotak Mahindra Bank announced a net profit of Rs 4,133 crore for the January-March quarter of the fiscal year 2023-24, marking an 18 percent increase from the Rs 3,496 crore reported in the same quarter of the previous year. –
The bank’s net interest income reached Rs 6,909 crore, reflecting a 13 percent year-on-year rise from Rs 6,103 crore in the previous year. The net interest margin (NIM) stood at 5.28 percent for Q4FY24.
The Gross Non-Performing Assets (GNPA) ratio for the bank was 1.39 percent, down from 1.78 percent the previous year, while the Net Non-Performing Assets (NNPA) ratio was at 0.34 percent, compared to 0.37 percent in the previous year. -Kotak Mahindra Bank Q4 results
The bank‘s advances surged by 20 percent year-on-year to reach Rs 3.91 lakh crore, compared to Rs 3.25 lakh crore in the previous year. Average current deposits for Q4FY24 rose to Rs 60,160 crore, up from Rs 58,415 crore in Q4FY23, while average savings deposits increased to Rs 1.23 lakh crore from Rs 1.17 lakh crore. Term deposits for Q4FY24 grew to Rs 2.24 lakh crore, compared to Rs 1.66 lakh crore previously.
In the full fiscal year FY24, the bank’s profit soared to Rs 13,782 crore, marking a 26 percent year-on-year increase from Rs 10,939 crore in FY23.
Also Read: Coforge share price
The bank’s shares concluded trading on May 3 at Rs 1547.25 each, marking a decrease of 1.81 percent.
