Kotak Mahindra Bank Q1 Results: Net Profit Rises 66.6%

 

Private lender Kotak Mahindra Bank has declared its first quarter results for the financial year 2023-24. The Board of Directors of Kotak Mahindra Bank has approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.

Beating the market estimates, Kotak Mahindra Bank reported PAT (Profit After Tax) for Q1FY24 stood at ₹3,452 crore, up 67 per cent YoY from ₹2,071 crore in Q1FY23. CASA ratio of the private lender as on June 30, 2023 stood at 49.0 per cent.

Net Interest Income (NII) for Q1FY24 increased to ₹6,234 crore, from ₹4,697 crore in Q1FY23, up 33 per cent YoY. Net Interest Margin (NIM) was 5.57 per cent for Q1FY24.

At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63 per cent (2.04 per cent for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62per cent (11.22 per cent for Q1FY23).

Consolidated Capital Adequacy Ratio as per Base III as on June 30, 2023 was 23.3 per cent and CET I ratio was 22.3 per cent (including unaudited profits).

Bank deposits grows in Q1FY24

Average Current deposits of Kotak Mahindra Bank grew to ₹59,431 crore during April to June 2023 quarter compared to ₹55,081 crore for Q1FY23, logging YoY gain of 8 per cent. Average Savings deposits stood at ₹119,817 crore as on June 30, 2023 ( ₹121,521 crore as at June 30, 2022). Average Term deposit up 40 per cent from ₹130,035 crore for Q1FY23 to ₹182,047 crore for Q1FY24.

Total assets managed / advised by the Group as at June 30, 2023 were ₹4,66,878 crore up 23 per cent YoY over ₹3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90 per cent YoY to ₹46,443 crore as at June 30, 2023.

Advances (incl. IBPC & BRDS) increased 19 per cent YoY to ₹3,37, 031 crore as at June 30, 2023 from ₹282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18 per cent YoY to ₹3,62,204 crore as at June 30, 2023 from ₹3,06,123 crore as at June 30, 2022.

Fees and services of the private lender for Q1FY24 increased to ₹1,827 crore from s 1,528 crore in Q1FY23, up 20 per cent YoY.

Operating profit of the private bank for Q1FY24 was ₹4,950 crore, up 78 per cent YoY (Q1FY23: ₹2,783 crore).

Customers as at June 30, 2023 were 4.35 crore (3.45 crore as at June 30, 2022). Unsecured retail advances (incl. Retail Micro Finance) as a percentage of net advances stood at 10.7 per cent as at June 30, 2023. (7.9 per cent as at June 30, 2022).