Kotak Mahindra Bank today reported a standalone net profit of Rs 6,250 crore for the quarter ended June 30, 2024, which was up by 81% over Rs 3,452 crore reported by the lender in the year ago period. The profit after tax (PAT) was above the Street’s estimates of Rs 3,682 crore.
The net interest income (NII) for the reported quarter stood at Rs 6,842 crore which was up by 10% YoY versus Rs 6,234 crore reported by the company in the year ago period.
Bank’s consolidated profit after tax (PAT) jumped to Rs 7,448.16 crore versus Rs 4,150.19 crore in Q1FY24 which was higher by 79%.
Net Interest Margin (NIM) was reported at 5.02% for Q1FY25.
Other key takeaways
- Fees and services for Q1FY25 increased to Rs 2,240 crore from Rs 1,827 crore in Q1FY24, which was up 23% YoY.
- Operating profit for Q1FY25 increased to Rs 5,254 crore from Rs 4,950 crore in Q1FY24, up 6% YoY.
- Customers as at June 30, 2024 were 5.1 crore versus 4.3 crore as at June 30, 2023.
- Advances increased 20% YoY to Rs 405,957 crore as at June 30, 2024 from Rs 337,031 crore as at June 30, 2023. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 20% YoY to Rs 435,827 crore as at June 30, 2024 from Rs 362,204 crore as at June 30, 2023.
- Unsecured retail advances including retail microcredit as a percentage of net advances stood at 11.6% as at June 30, 2024.
- Average total deposits grew to Rs 435,603 crore for Q1FY25 compared to Rs 361,295 crore for Q1FY24 up 21% YoY.
- Average current deposits grew to Rs 62,200 crore for Q1FY25 compared to Rs 59,431 crore for Q1FY24 up 5% YoY.
- Average savings deposits grew to Rs 122,105 crore for Q1FY25 compared to Rs 119,817 crore for Q1FY24 up 2% YoY.
- Average term deposits grew to Rs 251,298 crore for Q1FY25 compared to Rs 182,047 crore for Q1FY24 up 38% YoY.
- CASA ratio as at June 30, 2024 stood at 43.4%.
- As at June 30, 2024, GNPA (gross non-performing assets) was 1.39% and NNPA was 0.35% versus GNPA of 1.77% and NNPA was 0.40% at June 30, 2023.
- Capital adequacy Ratio of the Bank, as per Basel III, as at June 30, 2024 was 22.4% and CET1 ratio of 21.3% (including unaudited profits).
- Standalone Return on Assets (ROA) for Q1FY25 on the annualised basis was 4.22% versus 2.81% for Q1FY24.
