AgenciesNEW DELHI: Private sector lender Kotak Mahindra Bank on Saturday beat Street estimates by reporting 26.3% year-on-year (YoY) rise in its March quarter standalone net profit at Rs 3,495.6 crore while its net interest income (NII) jumped 35% YoY to Rs 6,102.6 crore.
The bank's net NPA decreased to Rs 1,193.30 crore in Q4 vs Rs 1,736.71 crore in the year-ago period. In percentage terms, the net NPA improved further to 0.37% of net advances as against 0.64% in the corresponding quarter of FY22.
Kotak's net interest margin (NIM) increased to 5.75% vs 4.78% on a year-on-year basis. The bank's operating profit rose 39.14% YoY during the quarter to Rs 4,647.37 crore.
The credit cost on net advances for Q4 was 24 bps, including standard provisioning but excluding reversal of COVID & restructuring. The provision coverage ratio stood at 79.3%.
The capital adequacy ratio of the bank as of March 31, 2023, was 21.8% and CET-I ratio at 20.6%. CASA ratio as of March quarter end stood at 52.8%.
In terms of asset quality, slippages came in at Rs 823 crore, which was 0.3% of net advances. The total provisions during the quarter came in at Rs 6,508 crore.
The bank's deposits rose 16.5% to Rs 363,096 crore at the end of FY23 vs Rs 311,684 crore at FY22-end. Net advances increased by over 18% to Rs 3,19,861 crore as of March 31, 2023, from Rs 2,71,254 crore as of March 31, 2022.
At the board meeting held today, the board of directors of the lender also proposed a dividend of Rs 1.50 per share for FY23.
During the quarter, the Uday-Kotak-led bank added 2.2 million customers, taking its total customer base to 41.2 million as of FY23-end.
At a consolidated level, Kotak Mahindra Bank's return on assets (ROA) improved to 3.06% in Q4 vs 2.94% in Q4 of FY22. Similarly, the ROE (return on equity) also rose to 16.88% vs 16.64% in Q4FY22.
Among its subsidiaries, Kotak Mahindra Life Insurance's profit decreased to Rs 205 crore in Q4 vs Rs 267 crore in the year-ago period. Kotak Securities saw its Q4 profit falling to Rs 182 crore vs Rs 252 crore on a YoY basis while Kotak AMC's profit jumped to Rs 192 crore from Rs 102 crore in the year-ago quarter.
The total assets handled at the group level rose 10% YoY to Rs 4,20,880 crore. The group's consolidated PAT for FY23 jumped 23% to Rs 14,925 crore, 73% of which came from the banking business.
The bank's net NPA decreased to Rs 1,193.30 crore in Q4 vs Rs 1,736.71 crore in the year-ago period. In percentage terms, the net NPA improved further to 0.37% of net advances as against 0.64% in the corresponding quarter of FY22.
Kotak's net interest margin (NIM) increased to 5.75% vs 4.78% on a year-on-year basis. The bank's operating profit rose 39.14% YoY during the quarter to Rs 4,647.37 crore.
The credit cost on net advances for Q4 was 24 bps, including standard provisioning but excluding reversal of COVID & restructuring. The provision coverage ratio stood at 79.3%.
The capital adequacy ratio of the bank as of March 31, 2023, was 21.8% and CET-I ratio at 20.6%. CASA ratio as of March quarter end stood at 52.8%.
In terms of asset quality, slippages came in at Rs 823 crore, which was 0.3% of net advances. The total provisions during the quarter came in at Rs 6,508 crore.
The bank's deposits rose 16.5% to Rs 363,096 crore at the end of FY23 vs Rs 311,684 crore at FY22-end. Net advances increased by over 18% to Rs 3,19,861 crore as of March 31, 2023, from Rs 2,71,254 crore as of March 31, 2022.
At the board meeting held today, the board of directors of the lender also proposed a dividend of Rs 1.50 per share for FY23.
During the quarter, the Uday-Kotak-led bank added 2.2 million customers, taking its total customer base to 41.2 million as of FY23-end.
At a consolidated level, Kotak Mahindra Bank's return on assets (ROA) improved to 3.06% in Q4 vs 2.94% in Q4 of FY22. Similarly, the ROE (return on equity) also rose to 16.88% vs 16.64% in Q4FY22.
Among its subsidiaries, Kotak Mahindra Life Insurance's profit decreased to Rs 205 crore in Q4 vs Rs 267 crore in the year-ago period. Kotak Securities saw its Q4 profit falling to Rs 182 crore vs Rs 252 crore on a YoY basis while Kotak AMC's profit jumped to Rs 192 crore from Rs 102 crore in the year-ago quarter.
The total assets handled at the group level rose 10% YoY to Rs 4,20,880 crore. The group's consolidated PAT for FY23 jumped 23% to Rs 14,925 crore, 73% of which came from the banking business.
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