Kotak Mahindra Bank Shares Surge 5% on Strong Q4 Earnings
May 06, 2024 16:20
Kotak Mahindra Bank shares rallied 5% on Monday after reporting a 25% growth in its March quarter net profit, driven by strong loan growth and a narrowing of net interest margins.
Illustration: Dominic Xavier/Rediff.com
New Delhi, May 6 (PTI) Shares of Kotak Mahindra Bank on Monday rallied 5 per cent after the company reported a 25 per cent growth in its March quarter net profit.
The stock climbed 5.01 per cent to settle at Rs 1,624.75 on the BSE. During the day, it soared 5.54 per cent to Rs 1,633.
It emerged as the biggest gainer among the BSE Sensex firms.
On the NSE, the stock jumped 5 per cent to Rs 1,624.40 .
The company's market capitalisation (mcap) climbed Rs 15,406.39 crore to Rs 3,22,987.45 crore.
In traded volume terms, 11.27 lakh shares of the company were traded at the BSE and 216.08 lakh shares at the NSE during the day.
Kotak Mahindra Bank on Saturday reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins.
On a standalone basis, the lender's Q4 net profit grew 18 per cent to Rs 4,133 crore.
The FY24 consolidated net profit grew 22 per cent to Rs 18,213 crore.
For the reporting quarter, its core net interest income increased 13 per cent to Rs 6,909 crore on the back of a 20 per cent loan growth and a narrowing of the net interest margin to 5.28 per cent.
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