By Financial Performance Overview
Kotak Mahindra Bank Ltd announced its financial results for the third quarter of FY24, closing with an after-tax profit (PAT) of Rs 3,005 crore. This figure marks a notable increase from about Rs 2,792 crore recorded in Q3FY23, as stated in a regulatory filing.
Key Highlights
- The Q3FY24 results include a provision of Rs 143 crore (post-tax) on applicable Alternate Investment Fund (AIF) investments, in compliance with RBI’s circular dated December 19, 2023.
- Net Interest Income (NII) for Q3FY24 surged to Rs 6,554 crore, reflecting a 16% year-on-year (YoY) increase from Rs 5,653 crore in Q3FY23.
- The Net Interest Margin (NIM) stood at 5.22% for Q3FY24.
- Total interest income during the period under review amounted to Rs 11,799.2 crore, showing significant growth from Rs 8,998.61 crore in the corresponding period of the previous year.
Asset Quality
As of December 31, 2023, Kotak Mahindra Bank’s gross non-performing assets (NPAs) stood at Rs 6,301.67 crore, compared to Rs 5,994.57 crore as of December 31, 2022. Meanwhile, net NPAs amounted to Rs 1,225.26 crore, down from Rs 1,344.77 crore in the previous year-end.
The bank’s performance in Q3FY24 underscores its resilience and ability to navigate through evolving market conditions, maintaining steady growth in key financial metrics while addressing regulatory requirements.
