Kotak Mahindra Bank reported a standalone net profit of Rs 4,133 crore for the quarter ended March 2024, up 18% from Rs 3,496 crore a year ago.

The private lender’s net interest income (NII) stood at Rs 6,909 crore, up 13% from Rs 6,103 crore in the same quarter of last year.

Net interest margin (NIM) during the fiscal fourth quarter rose to 5.28% versus 5.22% in Q3 of FY24.

Asset quality

The bank’s gross net performing asset declined to 1.39% in the fourth quarter ended March 2024, from 1.78% a year ago.

Net NPA was at 0.34% versus 0.37 year-on-year.

Advances

The bank’s loan book grew 20% YoY to Rs 3.91 lakh crore as of March-end versus Rs 3.25 lakh crore last year.

Customer assets, which comprises advances and credit substitutes, grew 20% YoY to Rs 423,324 crore.

 Deposits

Average current deposits grew to Rs 60,160 crore for Q4FY24 as against Rs 58,415 crore for Q4FY23, up 3% YoY.

Average savings deposits grew to Rs 1.23 lakh crore compared to Rs 1.17 lakh crore, up 5% YoY. 

The average term deposit grew to Rs 2.24 lakh crore for Q4FY24 compared to Rs 1.66 lakh crore, up 35% YoY.

CASA (current account savings account) ratio as on 31 March 2024 stood at 45.5%.

Full Fiscal

For the full year FY24, the lender's profit grew 26% YoY to Rs 13,782 crore from Rs 10,939 crore in FY23.

NII for FY24 grew 21% YoY to Rs 25,993 crore, from Rs 21,552 crore in FY23.

Operating costs increased to Rs 16,679 crore in FY24, from Rs 13,787 crore in FY23. Technology expenses were 10% of total operating cost in FY24.

Operating profit rose 32% to Rs 19,587 crore in FY24 from Rs 14,848 crore in FY23.

Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.

Kotak Mahindra Bank completed acquisition of Sonata Microfinance, an entity based out of North of India in FY24. 

Dividend

The bank’s board of directors recommended a dividend of Rs 2 per share, subject to approval by shareholders.