Kotak Mahindra Bank reported a 26.31 per cent increase in standalone net profit to Rs 3,495.59 crore on Saturday, up from Rs 2,767.4 crore. It also declared a dividend of Rs 1.50 per equity share for fiscal year 2022-23.
“The board of directors of Kotak Mahindra Bank Limited have, at their meeting held today, inter alia, recommended a dividend of Rs 1.50 per equity share of the face value of Rs 5 each, out of the net profits for the financial year ended March 31, 2023, subject to the approval of the Members at the ensuing annual general meeting of the bank,”Kotak Mahindra Bank said in a regulatory filing.
Kotak Mahindra Bank’s net interest income increased by 35 per cent in Q4 FY23 to Rs 6,103 crore from Rs 4,521 crore in Q4 FY22. According to a bank announcement, the net interest margin (NIM) for FY23 was 5.33 per cent and 5.75 per cent for Q4 FY23.
The lender added 2.2 million customers during the March 2023 quarter. Customers as of March 31, 2023 were 41.2 million, up from 32.7 million at the same period last year.
Customer assets, which include advances (IBPC and BRDS) and credit substitutes, climbed 19 per cent year on year to Rs 3,52,652 crore as of March 31, 2023, up from Rs 2,95,273 crore as of March 31, 2022.
Net Advances grew by more than 18 per cent to Rs 3,19,861 crore on March 31, 2023, up from Rs 2,71,254 crore on March 31, 2022.
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