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Both in this quarter and in FY24, Kotak Mahindra Bank has seen tremendous growth in its profits. With standalone PAT for FY24 at ₹13,782 Crore, up 26% YoY and Q4FY24 at ₹4,133 crore, up 18% YoY and 38% QoQ, the bank has more such numbers that indicate the growth it has achieved in this FY24. The bank’s Board of Directors have also recommended a dividend of ₹2.00 per equity share having face value of ₹5.
Kotak Mahindra Bank, which was initially called Kotak Mahindra Finance Ltd. (KMFL) was launched in 1985. The bank, however, has quickly become one of India’s most popular and trusted financial institutions today. Post the establishment of KMFL, in the year 1987 the company entered into the lease and hire purchase business. Then, three years down the line in 1990, KMFL launched its finance division for financing passenger cars and in 1991 it set up its investment banking division. The year 1995 saw a major collaboration between KMFL and Goldman Sachs when they launched Kotak Mahindra Capital Company Ltd. for investment banking purposes. It was then in the year 1998 that our country saw the launch of its very first gift fund through Kotak Mahindra Asset Management Company. 2003 was a big year for KMFL as it became India’s very first non-banking finance company to convert into a commercial bank. After its merger with ING Vysya Bank in 2014, Kotak Mahindra Bank launched India’s first ever unique full-service digital banking ecosystem-811, in 2017.
Additional Read: Kotak Mahindra Bank Share Price
Kotak Mahindra Bank’s Q4 FY2023-24 results have provided insight into the steady growth of the company. Here are the five key financial highlights of Kotak Mahindra Bank’s Q4 results:
Additional Read: Quarterly Results
Additional Read: Raymond Q4 Results
This Q4 has been particularly good for Kotak Mahindra Bank. With a standalone PAT for Q4FY24 at ₹4,133 Crore, up 18% YoY and 38% QoQ and the consolidated PAT at Q4FY24 at ₹5,337 Crore, up 17% YoY and 25% QoQ the bank’s profits have been very promising. Additionally, Kotak Mahindra Bank also saw a net Interest Income for Q4FY24 at ₹6,909 Crore, up 13% from ₹ 6,103 crore in Q4FY23. The Net Interest Margin (NIM) stood at 5.28% for Q4FY24. The Average Current deposits grew to ₹60,160 Crore in Q4FY24 up by 3% from ₹58,415 Crore for Q4FY23 YoY while the average savings deposits grew to ₹123,457, up by 5% from ₹117,824 Crore in Q4FY23 YoY.
Additional Read: Britannia Q4 Results
Metrics | Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 |
Interest Earned | 15156.8 | 14494.96 | 11981.63 | 56236.63 | 42151.06 |
Other Income | 12751.15 | 9588.19 | 8784.88 | 38037.28 | 25990.97 |
Total Income | 27907.33 | 24083.15 | 20766.51 | 94273.91 | 68142.03 |
Total Expenditure | 20690.26 | 17807.56 | 14629.45 | 68438.06 | 48056.17 |
Profit After Tax | 5337.2 | 4264.78 | 4566.39 | 18213.21 | 14925.01 |
Paid up Equity Capital (Face Value ₹5 per share) | 993.96 | 993.83 | 993.28 | 993.96 | 993.28 |
In the years that it has been around, Kotak Mahindra Bank has experienced remarkable growth across all its sectors. In Q4FY24 particularly, there has been a massive step in both the standalone and consolidated PATs of Q4FY24 and FY24 as a whole. The bank’s fees and services for Q4FY24 also increased to ₹2,467 Crore up 28% from ₹1,928 Crore in Q4FY23. The consolidated result for Return on Assets for Q4FY24 at 2.92% while the Return on Equity (ROE) for Q4FY24 was at 16.85%. With the numbers coming out in its Q4 results, Kotak Mahindra Bank seems to be on a profitable journey towards FY25.
Additional Read: Blue Dart Express Q4 Results
From being a non-banking finance company to becoming a commercial bank, Kotak Mahindra Bank has come a long way. With the bank’s Board of Directors recommending a dividend of ₹2.00 per equity share having face value of ₹5, and the PAT numbers coming to the fore, the fourth quarter of FY24 has proven to be a truly profitable one for Kotak Mahindra Bank.
Results for the Fourth Quarter and Full Year Ended March 31, 2024
Source:
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