Mumbai, Apr 29: Private sector lender Kotak Mahindra Bank on Saturday reported 26.31% year-on-year rise in standalone net profit at Rs 3,495.59 crore for the fourth quarter ending March 2023 (Q4FY23).
The bank had posted a net profit of Rs 2,767.40 crore in the corresponding period of the previous financial year 2021-22.
Kotak Mahindra Bank’s net non-performing asset (NPA) came down to Rs 1,193.30 crore in March quarter from Rs 1,736.71 crore in the same quarter a year ago. The NPA too declined sequentially.
Net Interest Income (NII) for Q4FY23 increased to Rs 6,103 crore from Rs 4,521 crore in Q4FY22, up 35% YoY.
The bank added 2.2 million new customers in the fourth quarter of FY23. As per the bank’s regulatory filing to stock exchanges, it had 41.2 million customers as at March 31, 2023 as compared to 32.7 million as at March 31, 2022.
The bank said that its standalone profit after tax (PAT) for FY23 increased to Rs 10,939 crore from Rs 8,573 crore in FY22, up 28% YoY.
“Net Interest Income (NII) for FY23 increased to Rs 21,552 crore, from Rs 16,818 crore in FY22, up 28% YoY and for Q4FY23 increased to Rs 6,103 crore, from Rs 4,521 crore in Q4FY22, up 35% YoY. Net Interest Margin (NIM) was 5.33% for FY23 and 5.75% for Q4FY23,” the bank said in a media release.
The Board of Directors of the Bank has recommended a dividend of Rs 1.50 per equity share having face value of Rs 5 for the year ended March 31, 2023, subject to approval of shareholders.