Kotak Mahindra Bank Q4FY24 results: PAT jumps 26% YoY, NII rises 21%, board recommends ₹2 per share dividend

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Kotak Mahindra Bank Q4FY24 results: The Board of Directors of Kotak Mahindra Bank (“the Bank") approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2024, at the Board meeting held in Mumbai, today. The Bank’s PAT for FY24 increased to ₹13,782 crore from ₹10,939 crore in FY23, up 26% YoY. PAT for Q4FY24 stood at ₹4,133 crore, up 18% YoY from ₹3,496 crore in Q4FY23 (up 38% QoQ from ₹3,005 crore in Q3FY24).

Bank customers as on March 31, 2024 were 5.0 crore, which stood at 4.1 crore as on March 31, 2023. Kotak Mahindra Bank completed acquisition of Sonata Microfinance, an entity based out of North of India in FY24. CASA ratio as on March 31, 2024 stood at 45.5%.

While declaring the Q4 results today, the board of directors of Kotak Mahindra Bank recommended ₹2 per share dividend,, whichh is suubject to approval by the bank's shareholders. Net Interest Income (NII) for FY24 increased to ₹25,993 crore, from ₹21,552 crore in FY23, up 21% YoY and for Q4FY24 increased to ₹6,909 crore, from ₹6,103 crore in Q4FY23, up 13% YoY (up 5% QoQ from ₹6,554 crore in Q3FY24). Net Interest Margin (NIM) was 5.28% for Q4FY24.

Fees and services for FY24 increased to ₹8,464 crore from ₹6,790 crore in FY23, up 25% YoY and for Q4FY24 increased to ₹2,467 crore from ₹1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from ₹2,144 crore in Q3FY24). Operating costs increased to ₹16,679 crore in FY24 ( ₹13,787 crore in FY23). Technology expenses were 10% of total operating cost in FY24.