Kotak Mahindra Bank shares surged over 5% on May 3, riding high on the back of outstanding quarterly results, including deposit growth hitting a 22-quarter high and a better-than-expected Net Interest Margin (NIM). The bank’s stellar financial performance has garnered significant attention from investors, propelling its share price to new heights.
The bank reported impressive financial results for the fiscal year 2023-24, highlighting robust growth across key metrics:
Kotak Mahindra Bank had a very good year financially. The bank’s revenue was ₹697.3 billion, which was a big 31% increase from the previous year. The net income also went up greatly to ₹182.1 billion, showing a remarkable 22% growth compared to the year before. Although the profit margin went down a little to 26% from 28% in the previous year due to higher expenses, it was still a healthy number. The earnings per share (EPS) also saw a significant rise, reaching ₹91.45, which was higher than the ₹74.96 EPS in the previous year.
As of 12:10 PM, Kotak Mahindra Bank shares were trading at ₹1,631.85 on the National Stock Exchange (NSE), marking a notable 5.51% increase.