Kotak Mahindra Bank Shares Surge 5% on Strong Q4 Earnings
By Rediff Money Desk, New Delhi May 06, 2024 10:43
Kotak Mahindra Bank shares rallied nearly 5% on Monday after reporting a 25% jump in its March quarter net profit, driven by strong loan growth and narrowing interest margins.
New Delhi, May 6 (PTI) Shares of Kotak Mahindra Bank on Monday rallied nearly 5 per cent after the company reported a 25 per cent growth in its March quarter net profit.
The stock climbed 4.85 per cent to Rs 1,622.35 on the BSE.
On the NSE, it jumped 4.90 per cent to Rs 1,622.50.
It emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms.
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.
The stock climbed 4.85 per cent to Rs 1,622.35 on the BSE.
On the NSE, it jumped 4.90 per cent to Rs 1,622.50.
It emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms.
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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.36 (+ 4.62)
- 96270207
- Franklin Industries
- 3.90 (+ 4.56)
- 27489323
- Vodafone Idea L
- 16.16 ( -3.75)
- 21237250
- Indian Renewable
- 259.80 ( -4.57)
- 14221427
- AvanceTechnologies
- 0.91 ( 0.00)
- 11517405
MORE NEWS
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...
ASK Property Fund Invests Rs 190 Cr in...
ASK Property Fund has invested Rs 190 crore in a real estate project being developed by...
Japan Trade Deficit Shrinks as Exports Rebound
Japan's trade deficit narrowed in the first half of 2023, driven by a recovery in...