Kotak Mahindra Bank on Saturday reported a 6.8 per cent increase in profit for the third quarter of FY24, at Rs 4,264.78 crore in comparison to Rs 3,995.05 crore during the same period last year. It posted total income at Rs 24,083.15 crore, up 31.1 per cent in comparison to Rs 18,371.64 crore during the third quarter of FY23. In standalone terms, Kotak Mahindra Bank posted Net Interest Income (NII) for Q3FY24 at Rs 6,554 crore, up 16 per cent from Rs 5,653 crore in Q3FY23.
At the consolidated level, the Return on Assets (ROA) for Q3FY24 (annualized) was 2.46 per cent (2.76 per cent for Q3FY23). Return on Equity (ROE) for Q3FY24 (annualized) was 13.83 per cent (15.04 per cent for Q3FY23). Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2023 was 22.2 per cent and CET I ratio was 21.2 per cent (both including unaudited profits).
Consolidated Capital and Reserves & Surplus as at December 31, 2023 was Rs 1,25,039 crore (Rs 1,07,670 crore as at December 31, 2022). The Book Value per share was Rs 627.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19 per cent YoY from Rs 3,79,820 crore as at December 31, 2022 to Rs 4,51,524 crore as at December 31, 2023.
As at December 31, 2023, GNPA was 1.73 per cent and NNPA was 0.34 per cent (GNPA was 1.90 per cent and NNPA was 0.43 per cent at December 31, 2022). The provision coverage ratio stood at 80.6 per cent.
Customers as at December 31, 2023 were 4.8 crore (3.9 crore as at December 31, 2022). Advances increased 19 per cent YoY to Rs 3,72,464 crore as at December 31, 2023 from Rs 3,13,154 crore as at December 31, 2022. Customer Assets, which comprises Advances and Credit Substitutes, increased by 17 per cent YoY to Rs 4,00,759 crore as at December 31, 2023 from Rs 3,41,733 crore as at December 31, 2022. Unsecured retail advances as a percentage of net advances stood at 11.6 per cent as at December 31, 2023. (9.3 per cent as at December 31, 2022). CASA ratio as at December 31, 2023 stood at 47.7 per cent.
Average Current deposits grew to Rs 59,337 crore for Q3FY24 compared to Rs 56,372 crore for Q3FY23, up 5 per cent YoY. Average Savings deposits grew to Rs 1,23,227 crore for Q3FY24 compared to Rs 1,18,442 crore for Q3FY23, up 4 per cent YoY. Average Term deposit was up 43 per cent YoY from Rs 1,51,470 crore for Q3FY23 to Rs 2,16,344 crore for Q3FY24.