Kotak Mahindra Bank Q4FY24 results: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2024, at the Board meeting held in Mumbai, today. The Bank’s PAT for FY24 increased to ₹13,782 crore from ₹10,939 crore in FY23, up 26% YoY. PAT for Q4FY24 stood at ₹4,133 crore, up 18% YoY from ₹3,496 crore in Q4FY23 (up 38% QoQ from ₹3,005 crore in Q3FY24). Bank customers as on March 31, 2024 were 5.0 crore, which stood at 4.1 crore as on March 31, 2023. Kotak Mahindra Bank completed acquisition of Sonata Microfinance, an entity based out of North of India in FY24. CASA ratio as on March 31, 2024 stood at 45.5%. While declaring the Q4 results today, the board of directors of Kotak Mahindra Bank recommended ₹2 per share dividend, which is subject to approval by the bank’s shareholders.
Net Interest Income (NII) for FY24 increased to ₹25,993 crore, from ₹21,552 crore in FY23, up 21% YoY and for Q4FY24 increased to ₹6,909 crore, from ₹6,103 crore in Q4FY23, up 13% YoY (up 5% QoQ from ₹6,554 crore in Q3FY24). Net Interest Margin (NIM) was 5.28% for Q4FY24.
Fees and services for FY24 increased to ₹8,464 crore from ₹6,790 crore in FY23, up 25% YoY and for Q4FY24 increased to ₹2,467 crore from ₹1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from ₹2,144 crore in Q3FY24). Operating costs increased to ₹16,679 crore in FY24 ( ₹13,787 crore in FY23). Technology expenses were 10% of total operating cost in FY24.
Operating profit for FY24 increased to ₹19,587 crore from ₹14,848 crore, up 32% YoY and for Q4FY24 increased to ₹5,462 crore from ₹4,647 crore in Q4FY23, up 18% YoY (up 20% QoQ from ₹4,566 crore in Q3FY24).
Advances (incl. IBPC & BRDS) increased 20% YoY to ₹391,729 crore as at March 31, 2024 from ₹325,543 crore as at March 31, 2023. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 20% YoY to ₹423,324 crore as at March 31, 2024 from ₹352,652 crore as at March 31, 2023.
Average Current deposits grew to ₹60,160 crore for Q4FY24 compared to ₹58,415 crore for Q4FY23 up 3% YoY. Average Savings deposits grew to ₹123,457 crore for Q4FY24 compared to ₹117,824 crore for Q4FY23, up 5% YoY. Average Term deposit grew to ₹224,703 crore for Q4FY24 compared to ₹166,644 crore for Q4FY23 up 35% YoY.
Standalone Return on Assets (ROA) for FY24 was 2.61% and for Q4FY24 was 2.97%. Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.
₹2 per share dividend
The Board of Directors of the Kotak Mahindra Bank has recommended dividend of ₹2 per equity share having face value of ₹5, for the year ended March 31, 2024, subject to approval of shareholders.
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