Kotak Mahindra Bank has declared its fourth quarter financial results.
Kotak Mahindra Bank Q4 results: The lender has declared a dividend of Rs 1.50 per equity share for the financial year 2022-23
Private sector lender Kotak Mahindra Bank on Saturday reported a 26.31 per cent jump in its standalone net profit at Rs 3,495.59 crore as against Rs 2,767.4 crore. It has also declared a dividend of Rs 1.50 per equity share for the financial year 2022-23.
“The Board of Directors of Kotak Mahindra Bank Limited in its meeting held today, inter alia, recommends a dividend of Rs 1.50 per equity share of face value of Rs 5 each out of net profit for the financial year ended March is of. 31, 2023, subject to the approval of the members in the forthcoming Annual General Meeting of the bank,” Kotak Mahindra Bank said in a regulatory filing.
Kotak Mahindra Bank’s net interest income for Q4 FY23 grew to Rs 6,103 crore from Rs 4,521 crore in Q4 FY22, a growth of 35 per cent. Net interest margin (NIM) stood at 5.33 per cent for FY23 and 5.75 per cent for Q4 FY23, the bank said in a statement.
During the March 2023 quarter, the lender added 2.2 million customers. The subscriber base as on March 31, 2023 is 41.2 million as against 32.7 million at the same time last year.
Customer assets, which include advances (IBPC and BRDS) and credit options, grew by 19 per cent to Rs 3,52,652 crore as on March 31, 2023 from Rs 2,95,273 crore as on March 31, 2022. Net advances grew by over 18 per cent to Rs 3,19,861 crore as on March 31, 2023 from Rs 2,71,254 crore as on March 31, 2022.
The CASA ratio as on March 31, 2023 stood at 52.8 per cent.
As on March 31, 2023, GNPA was 1.78 per cent and NNPA was 0.37 per cent (as on March 31, 2022, GNPA was 2.34 per cent and NNPA was 0.64 per cent). Credit cost on net advances for Q4FY23 was up 24 bps (y.o.y) (including standard provisioning; excluding COVID and restructuring reversal). The provision coverage ratio stood at 79.3 per cent.
The bank’s capital adequacy ratio as on March 31, 2023 stood at 21.8 per cent and CET I ratio at 20.6 per cent.
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