Kotak Mahindra Bank reported an 18% rise in standalone net profit for the quarter ended March 31, 2024, reaching Rs 4,133 crore. Total income also grew significantly.
New Delhi, May 4 (PTI) Private sector lender Kotak Mahindra Bank on Saturday reported an 18 per cent growth in standalone net profit at Rs 4,133 crore for the quarter ended March 31, 2024.
In the fourth quarter of 2022-23 fiscal, Kotak Bank had posted a profit of Rs 3,496 crore.
Total income rose to Rs 15,285 crore in March quarter of financial year 2023-24, from Rs 12,007 crore in the year-ago period.
For the 2023-24 fiscal, net profit rose 26 per cent to Rs 13,782 crore, from Rs 10,939 crore in the 2022-23 fiscal.
Total income increased to Rs 56,072 crore in 2023-24, from Rs 41,334 crore in 2022-23.
Net Interest Income (NII) for fiscal 2023-24 increased to Rs 25,993 crore, from Rs 21,552 crore in 2022-23, registering a 21 per cent on-year increase.
NII in March, 2024 increased to Rs 6,909 crore, from Rs 6,103 crore in the year-ago period, up 13 per cent.
The Board of Directors of the Bank has recommended a dividend of Rs 2 per equity share having face value of Rs 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.
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