Kotak Mahindra Bank on April 29 reported 26 percent jump in its standalone net profit at Rs 3,495 crore for the March quarter. Net profit stood at Rs 2,767 crore in the year-ago period.
A poll of brokerages had estimated net profit at Rs 2,925.7 crore for the fourth quarter.
The private lender's net interest income (NII) for Q4 FY23 increased to Rs 6,103 crore, from Rs 4,521 crore in Q4 FY22, up 35 percent. Net interest margin (NIM) was 5.33 percent for FY23 and 5.75 percent for Q4 FY23, the bank said in a press release.
Kotak Mahindra Bank added 2.2 million customers in the March quarter. Customers as at March 31, 2023 stood at 41.2 million compared to 32.7 million, same time last year.
The bank's asset quality continued to improve. Gross NPA (non performing assets) ratio was 1.78 percent and net NPA ratio was 0.37 percent as of March 2023 end. Compared to this, GNPA stood at 1.90 percent and NNPA at 0.43 percent in the December 2022 quarter.
Provisions for the quarter stood at Rs 147.6 crore against Rs 148.7 crore in the previous quarter.
Along with the results, the bank also announced dividend of Rs 1.50 per equity share having face value of Rs 5, for FY23.
At the consolidated level, the bank's return on assets (ROA) came in 2.62 percent for FY23 compared to 2.36 percent for FY22. Return on equity (ROE) stood at 14.4 percent for FY23 against 13.4 percent for FY22, the lender said in an exchange filing.
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