Kotak Mahindra Bank Q4 consolidated net rises 17.3% to Rs 4,566 crore
[ad_1]
The bank posted a consolidated net profit of Rs 3,891.8 crore in the same period a year ago. On a full-year basis (FY23), the consolidated net profit was up 23 per cent to Rs 14,925 crore compared to Rs 12,089 crore for the previous year.
The Board of Directors recommended a dividend of Rs 1.50 per equity share (of face value of Rs 5 each) for Fy23, subject to the approval of shareholders.
Kotak said the financial sector around the world is going through a tough period.
The net interest income (NII), the difference between interest earned and interest expended, grew by 35 per cent year-on-year to Rs 6,103 crore in the January-March period as against Rs 4,521 crore during the same period in the previous financial year. The Net Interest Margin (NIM) was 5.33 per cent for FY23 and 5.75 per cent for Q4FY23.
Jaimin Bhatt, Group President & Group Chief Financial Officer, said the NIMs would continue to remain high in FY24.
Fees and services income for the fourth quarter expanded by 22 per cent year on year to Rs 1,928 crore. The private sector lender’s net advances increased by over 18 per cent to Rs 3.20 trillion as of March 31, 2023, from Rs 2.71 trillion as of March 31, 2022.
Referring to growth in corporate credit, KVS Manian, Whole Time Director said some pockets are beginning to see investment-led borrowing, but there is still no very strong capacity creation and credit demand. The corporate book could see growth of 15-20 per cent, he said.
The deposits grew by 16.49 per cent on year to Rs 3.63 trillion at the end of March 2023. However, the share of low-cost deposits – Current Account and Savings Account (CASA) declined to 52.8 per cent at the end of March 2023 from 60.7 per cent a year ago.
The asset quality profile of the bank improved with gross non-performing assets (NPA) declining to 1.78 per cent in March 2023 from 2.34 per cent in March 2022. The net NPAs also declined to 0.37 per cent in March 2023 from 0.64 per cent a year ago. The provision Coverage Ratio (CAR) stood at 79.3 per cent at the end of March 2023.
The capital adequacy is comfortable and has the potential to grow business organically and inorganically, Kotak added.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
[ad_2]
Source link