Kotak Mahindra Bank Reports 18% Net Profit Growth in Q4FY24, Shares Up By 5%

Kotak Mahindra Bank's shares witnessed a surge of more than 5 per cent on Monday after the private sector lender announced an 18 per cent increase in its net profit to Rs 4,133 crore from Rs 3,496 crore recorded in the Q4FY23.

On a sequential basis, the net profit rose by 38 per cent from Rs 3,005 crore in the previous quarter.

For FY24, the Net interest income (NII) of the Kotak Mahindra Bank soared to Rs 25,993 crore, from Rs 21,552 crore recorded in FY23, up by 21 per cent. Net Interest Margin (NIM) was 5.28 per cent for Q4FY24 as compared to 5.22 per cent recorded in the previous quarter.

Also Read: How RBI's Action On Kotak Mahindra Bank Will Affect Its Business

At 11:10 am, the shares of the bank were trading at Rs 1,628 price level, up by 5.27 per cent on the National Stock Exchange. 

For FY24, advances witnessed a 20 per cent year-on-year increase, reaching Rs 391,729 crore from Rs 325,543 crore in the previous fiscal year. 

Customer assets, including advances, also rose by 20 per cent year-on-year, totaling Rs 423,324 crore as compared to Rs 352,652 crore in the preceding year. As of March 31, 2024, unsecured retail advances constituted 11.8 per cent of net advances, up from 10 per cent in the same quarter of the previous year. Meanwhile, the CASA ratio stood at 45.5 per cent as of March 31, 2024.

Operating costs increased to Rs 16,679 crore in FY24 as compared to Rs 13,787 crore recorded in FY23. Technology expenses constituted 10 per cent of total operating costs in FY24.

On an annual basis, the shares of Kotak Mahindra Bank have given a negative return of 16 per cent on NSE.