Kotak Mahindra Bank to raise Rs 10,000 crore via NCD
Kotak Mahindra Bank on Saturday said that its board has approved the raising of funds worth Rs 10,000 crore via the NCD route.
«This is to inform you that the Board of Directors of Kotak Mahindra Bank have, at their meeting held today, inter alia, approved a proposal to enable the Board of Directors of the Bank to raise funds by way of issuance of Unsecured, Redeemable, Non-Convertible Debentures, on a private placement basis, for an amount up to Rs. 10,000 crore,» Kotak said in an exchange filing.
The NCDs would be issued in one or more tranches during FY 2024-25, subject to shareholder and other approvals, the bank said after a board meeting.
Earlier in the day, the lender announced its December quarter results in which PAT stood at Rs 3,005 crore, up 8% YoY from Rs 2,792 crore in Q3 FY23.
Its net interest income or NII rose 16% YoY to Rs 6,554 crore while the net interest margin came in at 5.22%.
Provisions and contingencies surged to Rs 579 crore from Rs 149 crore a year ago.
Pre-provision operating profit increased 19% YoY to Rs 4,566.21 crore but declined nearly 1% sequentially.
On the asset quality front, the gross non-performing assets as a percentage of total loans was 1.73% as of December end compared to 1.90% a year ago, and 1.72% a quarter ago.
Total advances were at Rs 3.72 lakh crore as of December end, 19% higher from the last year. Customer assets, which comprise advances and credit substitutes, were Rs 4 lakh crore, up 17% YoY.
CASA ratio as of December end stood at 47.7%.
Average current deposits grew to Rs 59,337 crore from Rs 56,372 crore a year ago. Average savings deposits grew to Rs 1.23 lakh crore from Rs 1.18 lakh crore a year ago.
Following the announcement of quarterly numbers, the
