Kotak Mahindra Bank Q4 results: Net Profit soars 18% to Rs 4133 crore; NII up 13.2% YoY

Kotak Mahindra Bank Q4The GNPA of the lender stood at 1.39 percent versus 1.78 percent last year and NNPA was at 0.34 percent compared to 0.37 percent last year. For the full year FY24, the lender's profit increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26 percent YoY.

Private sector lender Kotak Mahindra Bank on May 4 reported a net profit of Rs 4133 crore for the January-March quarter of financial year 2023-24, up by 18 percent from Rs 3496 crore reported in the corresponding quarter of last year.

The lender's net interest income came at Rs 6,909 crore, up by 13 percent YoY from Rs 6,103 crore last year. The net interest margin (NIM) of the lender was at 5.28 percent for Q4FY24.

The GNPA of the lender stood at 1.39 percent versus 1.78 percent last year and NNPA was at 0.34 percent compared to 0.37 percent last year.

The advances of the bank increased 20 percent YoY to Rs 3.91 lakh crore as versus Rs 3.25 lakh crore last year. Average current deposits grew to Rs 60,160 crore for Q4FY24 compared to Rs 58,415 crore for Q4FY23 and average savings deposits grew to Rs 1.23 lakh crore compared to Rs 1.17 lakh crore. Lender's term deposit grew to Rs 2.24 lakh crore for Q4FY24 compared to ₹ 1.66 lakh crore.

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

Shares of the bank closed for trading on May 3 at Rs 1547.25 a piece, down by 1.81 percent.