Kotak Bank Q4 results: Sees 18% rise in profit at ₹4,133 cr

Private sector lender Kotak Mahindra Bank on Saturday reported an 18 per cent growth in standalone net profit at ₹4,133 crore for the quarter ended March 31, 2024. FILE PHOTO: A man walks past the Kotak Mahindra Bank branch in New Delhi, India, September 6, 2017. REUTERS/Adnan Abidi/File Photo(REUTERS)

In the fourth quarter of 2022-23 fiscal, Kotak Bank had posted a profit of ₹3,496 crore.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

Total income rose to ₹15,285 crore in March quarter of financial year 2023-24, from ₹12,007 crore in the year-ago period.

ALSO READ- Why Kotak Mahindra Bank faces strict RBI curbs: How does it affect you?

For the 2023-24 fiscal, net profit rose 26 per cent to ₹13,782 crore, from ₹10,939 crore in the 2022-23 fiscal.

Total income increased to ₹56,072 crore in 2023-24, from ₹41,334 crore in 2022-23.

ALSO READ- Kotak’s Manian Vies With Federal Bank’s Executives to Be CEO

Net Interest Income (NII) for fiscal 2023-24 increased to ₹25,993 crore, from ₹21,552 crore in 2022-23, registering a 21 per cent on-year increase.

NII in March, 2024 increased to ₹6,909 crore, from ₹6,103 crore in the year-ago period, up 13 per cent.

ALSO READ- Ashneer Grover mocks Kotak Mahindra Bank: ‘LOL! Banks se tech nahi ho rahi’

The Board of Directors of the Bank has recommended a dividend of ₹2 per equity share having face value of ₹5, for the year ended March 31, 2024.

As on March 31, 2024, gross non-performing assets (NPA) was 1.39 per cent and net NPA was 0.34 per cent.