Kotak Mahindra Bank recently announced their third-quarter results for fiscal year 2023-24. The private lender reported a 6.76 per cent year-on-year (YoY) increase in solo net profit, while standalone total income increased by around 31 per cent YoY.
Kotak Mahindra Bank’s latest market report shows a standalone net profit of ₹4,264.78 crore, a 6.75 per cent increase from ₹3,995.05 crore in Q3FY23. Kotak Mahindra Bank‘s standalone net profit in Q2FY24 was ₹4,461.04 crore. This suggests the private lender’s net profit decreased on a sequential basis.
Kotak Mahindra Bank reported ₹24,083.15 crore in standalone total income from October to December 2023, a 31 per cent increase over the previous year’s third quarter of ₹18,371.64 crore. In Q2FY24, Kotak Mahindra Bank’s total income was ₹21,559.52 crore.
In Q3FY24, Kotak Mahindra Bank’s standalone net interest income was ₹14,494.96 crore. In the second quarter of the current fiscal year, the private lender posted net interest income of ₹13,716.56 crore, compared to ₹11,011.29 crore in the same time the previous year.
Kotak Mahindra Bank‘s net interest income in the first nine months of the current fiscal year was ₹41,080.45 crore, up 36 per cent from the previous year’s ₹30,169.43 crore.
As of December 2023, the bank’s Gross Non-Performing Assets (NPA) ratio was 1.73 per cent of gross advances, with a Net NPA ratio of 0.34 per cent. The provision coverage ratio was at 80.6 per cent.
In Q3FY24, the bank’s advances increased by 19 per cent YoY to ₹3.72 lakh crore from ₹3.13 lakh crore the previous year. Average current deposits increased by 5 per cent YoY to ₹59,337 crore from ₹56,372 crore in Q3FY23.
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The operational profit for the first nine months of FY24 grew to ₹14,126 crore from ₹10,201 crore, up 38 per cent YoY. In the third quarter, it was ₹4,566 crore, up 19 per cent YoY from ₹3,850 crore in Q3FY23.
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