Kotak Mahindra Bank on Saturday reported 18.22% year-on-year (YoY) increase in its standalone profit for the quarter ended March 2024 to Rs 4,133.30 crore while its net interest income (NII) in Q4 rose 13% YoY to Rs 6,909 crore. The PAT figure was higher than ET Now poll estimates of Rs 3,406 crore.
Its net interest margin (NIM) during the quarter rose to 5.28% vs 5.22% in Q3 of FY24.
Kotak Bank's advances increased 20% YoY to Rs 391,729 crore as of March-end while customer assets, which comprises advances and credit substitutes, increased 20% YoY to Rs 423,324 crore.
The bank's GNPA declined to 1.39% in Q4 vs 1.78% in Q4 of previous financial year while NNPA stood at 0.34% vs 0.37% YoY. Its advances increased 20% YoY to Rs 391,729 crore as of March-end while customer assets, which comprises advances and credit substitutes, increased by 20% YoY to Rs 423,324 crore.
The average current deposits grew to Rs 60,160 crore for Q4 FY24 as compared to Rs 58,415 crore for Q4 of FY23, up 3% YoY. Average savings deposits grew to Rs 123,457 crore for Q4FY24 compared to Rs 117,824 crore for Q4FY23, up 5% YoY. The average term deposits grew to Rs 224,703 crore for Q4FY24 compared to Rs 166,644 crore for Q4FY23 up 35% YoY.