Private sector lender Kotak Mahindra Bank on Saturday reported that its net profit or profit after tax (PAT) grew 18.22% year-on-year (YoY) to Rs 4,133.30 in Q4 FY24. It grew 38% sequentially. Its net interest income (NII) in Q4 rose 13% YoY to Rs 6,909 crore, while its net interest margin (NIM) in Q4 rose to 5.28% vs 5.22% in Q3 of FY24.
> PAT growth: Q4FY24: 38% (QoQ); 18% (YoY); FY24: 26% (YoY)
> NIM Q4FY24: 5.28% Q3FY24: 5.22%; FY24: 5.32%, FY23: 5.33%
> CASA Ratio: 45.5%, CD Ratio: 83.8%, NNPA: 0.34%
> AIF provision release Rs 157 cr in Q4FY24 basis RBI circular of 27th March 24
> RoE: Q4FY24: 16.85%; FY24: 15.08%
> RoA: Q4FY24: 2.92%; FY24: 2.66%
The Gross NPA of Kotak Mahindra Bank stood at 1.39% versus 1.78% in Q4 FY23 and NNPA was at 0.34% compared to 0.37% last year.
GNPA Rs 5,275 in Q4 FY24 Rs 5,768 in Q4 FY23
NNPA Rs 1,271 Rs 1,193
GNPA (%) 1.39% 1.78%
NNPA (%) 0.34% 0.37%
CRP 75.9% 79.3%
The private lender’s advances increased 20% YoY to Rs 391,729 crore as of March-end while customer assets, which comprises advances and credit substitutes, increased 20% YoY to Rs 423,324 crore.
The bank declared a dividend of Rs 2.00 per Equity Share of the face value of Rs. 5/- each, out of the net profits for the financial year ended March 31, 2024.
Banking details
The bank’s average current deposits grew 3% YoY to Rs 60,160 crore for Q4 FY24 as compared to Rs 58,415 crore for Q4 of FY23.
Average savings deposits grew to Rs 123,457 crore for Q4FY24 compared to Rs 117,824 crore for Q4FY23, a surge of 5% YoY. The average term deposits grew to Rs 224,703 crore for Q4FY24 compared to Rs 166,644 crore for Q4FY23 up 35% YoY.
Kotak’s capital adequacy ratio, as per Basel III, as at March 31, 2024, was 20.5 per cent and CET-1 ratio of 19.2 per cent.
Fees and services for FY24 increased to Rs 8,464 crore from Rsv 6,790 crore in FY23, up 25% YoY and for Q4FY24 increased to Rs 2,467 crore from Rs 1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from Rs 2,144 crore in Q3FY24).
Operating costs increased to Rs 16,679 crore in FY24 (Rs 13,787 crore in FY23). Technology expenses were 10% of total operating cost in FY24.
Operating profit for FY24 increased to Rs 19,587 crore from Rs 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 Rs 4,566 crore in Q3FY24).
Customers as at March 31, 2024 were 5.0 crore (4.1 cr as at March 31, 2023).
Dividend
A dividend of Rs 2.00 per Equity Share of the face value of Rs. 5/- each was announced.
“This is to inform you that the Board of Directors of Kotak Mahindra Bank Limited (“Bank”) have, at their meeting held today, inter alia, recommended a dividend of Rs. 2.00 per Equity Share of the face value of Rs. 5 /- each, out of the net profits for the financial year ended March 31, 2024, subject to the approval of the members at the ensuing Annual General Meeting of the Bank,” the bank said.
Others
Consolidated Networth as on March 31, 2024 was Rs 129,892 crore. The Book Value per Share was Rs 653. Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew to ₹ 479,169 crore as at March 31, 2024 from Rs 393,882 crore as at March 31, 2023, up 22% I and.
Total Assets Under Management as at March 31, 2024 were Rs 560,140 crore up 33% YoY over Rs 420,880 crore as at March 31, 2023. The Domestic MF Equity AUM increased by 58% YoY to Rs 246,771 crore as at March 31, 2024.
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