Kotak Mahindra Bank has registered a net profit of Rs 4,133 crore for the January-March quarter of fiscal 2023-24, exhibiting a robust 18% y-o-y growth. The private-sector lender’s net profit was Rs 3,496 crore for the quarter ended March of the previous fiscal. In terms of net interest income, which is the excess of interest earned over interest expended, the growth is 13.2% y-o-y to Rs 6,909 crore. The net interest margin was 5.28% in Q4FY24.
Kotak Mahindra Bank’s loan book witnessed robust growth, with advances increasing 20% YoY to Rs 3.91 lakh crore, compared to Rs 3.25 lakh crore in the same period last year. The lender’s current account deposits grew to Rs 60,160 crore, while savings deposits rose to Rs 1.23 lakh crore. Additionally, term deposits grew to Rs 2.24 lakh crore for Q4FY24.
The asset quality of the bank showed improvement. The gross non-performing asset (GNPA) ratio stood at 1.39%, lower than 1.78% in the same quarter last year. The net non-performing asset (NNPA) ratio was at 0.34%, compared to 0.37% in the corresponding period of the previous fiscal.
For the full financial year 2023-24, Kotak Mahindra Bank reported a 26% YoY increase in its net profit, which rose to Rs 13,782 crore from Rs 10,939 crore in FY23.