Kotak Mahindra Bank, reported PAT (profit after tax) for Q1 of FY24 of Rs 3,252cr, up by 67 per cent YoY from 2,071 crore in Q1 of FY23. At the board meeting in Mumbai, Kotak Mahindra Bank’s Board of Directors accepted the unaudited standalone and consolidated results for the quarter ended June 30, 2023. The private lender’s CASA ratio was 49.0 percent as of June 30, 2023.
Net Interest Income (NII) for Q1FY24 increased by 33 per cent YoY to 6,234 crore from 4,697 crore in Q1FY23. For Q1FY24, the Net Interest Margin (NIM) was 5.57 per cent.
The combined Return on Assets (ROA) for Q1FY24 was 2.63 per cent (annualised) (2.04 per cent for Q1FY23). The annualised return on equity (ROE) for Q1FY24 was 14.62 per cent (11.22 percent for Q1FY23).
Kotak Mahindra Bank‘s current deposits increased by 8 per cent YoY to 59,431 crore during the April to June 2023 quarter, compared to 55,081 crore in Q1FY23. The average savings deposit was 119,817 crore on June 30, 2023 (121,521 crore on June 30, 2022). The average term deposit increased by 40 per cent from 130,035 crore in Q1FY23 to 182,047 crore in Q1FY24.
Total assets managed or advised by the Group as of June 30, 2023 were 4,66,878 crore, a 23 per cent increase over the previous year’s total of 3,78,474 crore. The AUM of Alternate Assets (including undrawn commitments, where applicable) grew by 90 per cent YoY to 46,443 crore as of June 30, 2023.
Advances (including IBPC and BRDS) climbed 19 per cent YoY to 3,37, 031 crore on June 30, 2023, up from 282,665 crore on June 30, 2022. Customer Assets, which include Advances (including IBPC and BRDS) and Credit Substitutes, increased by 18 per cent YoY to 3,62,204 crore as of June 30, 2023, from 3,06,123 crore as of June 30, 2022.
The private lender’s fees and services climbed by 20 per cent YoY to 1,827 crore in Q1FY24 from 1,528 crore in Q1FY23.
The private bank’s operating profit for Q1FY24 was Rs 4,950 crore, up 78 per cent YoY (Q1FY23: Rs 2,783 crore).
Customers were 4.35 crore as of June 30, 2023 (3.45 crore as of June 30, 2022). Unsecured retail advances (including Retail Micro Finance) were 10.7 per cent of net advances as of June 30, 2023. (7.9 per cent as of June 30, 2022).