Kotak Mahindra Bank Q3 results – Hefty profit of Rs 3,005 cr, NIM at 5.22%; shares up 1.98% to Rs 1,810.

Kotak Mahindra Bank reported a 7.63% YoY rise in net profit at ₹3,005.01 crore. Interest earnings surged by 31.2% to ₹11,799.02 crore, with NII growing 16% to ₹6,554 crore. The NIM stood at 5.22%. Bank's stock price increased by 1.98% to Rs.1,810 on NSE.
Kotak Mahindra Bank Q3 Sees Robust ₹3,005 Cr Profit

On Saturday, Kotak Mahindra Bank Ltd announced an increase in its standalone net profit by 7.63% year-on-year, reaching Rs 3,005.01 crore for the quarter, compared to Rs 2,791.88 crore in the same quarter of the previous year. The bank experienced a significant 31.2% rise in interest earnings, amounting to Rs 11,799.02 crore, compared to Rs 8,998.61 crore in the same period last year. The net interest income also saw a 16% year-on-year increase to Rs 6,554 crore. The net interest margin for the quarter was reported at 5.22%.

The bank’s income from fees and services also rose 26% year-on-year to Rs 2,144 crore. The customer base expanded from 3.9 crore in the previous year to 4.8 crore at the end of the December quarter.

Regarding asset quality, Kotak Mahindra Bank’s gross non-performing assets (NPAs) decreased to 1.73% from 1.90% in the same quarter last year, while net NPAs were down to 0.34% from 0.43%. The provision coverage ratio stood at 80.6%. The bank’s capital adequacy ratio, according to Basel III norms, was 21.2%, and the CET I ratio was 20.1%, including unaudited profits.

On a consolidated basis, the bank’s net profit rose 6.75% year-on-year to Rs 4,264.78 crore. However, the return on assets (ROA) decreased to 2.46% from 2.76% year-on-year, and the return on equity (ROE) for Q3FY24 was 13.83%, down from 15.04% in the previous year. The consolidated capital adequacy ratio stood at 22.2%, and the CET I ratio was 21.2%. The consolidated capital and reserves & surplus reached Rs 1,25,039 crore, and the book value per share was Rs 627.

The bank’s advances, including IBPC & BRDS, grew by 19% year-on-year to Rs 3,72,464 crore, and customer assets rose to Rs 4,00,759 crore, a 17% increase. The percentage of unsecured retail advances in the bank’s total net advances increased to 11.6% from 9.3% in the previous year.

Kotak Mahindra Bank’s stock price rose 1.98% to Rs.1,810 on NSE on Saturday.

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