July 22nd 2023.
The Board of Directors of Kotak Mahindra Bank on Saturday approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023. The board meeting was held in Mumbai, and the company made an exchange filing to make the announcement.
Kotak Mahindra Bank standalone results revealed that the Bank’s PAT for Q1FY24 stood at ₹ 3,452 crore, a rise of 67% compared to ₹ 2,071 crore in Q1FY23. Net Interest Income also increased by 33% YoY to ₹ 6,234 crore from ₹ 4,697 crore in Q1FY23. The Net Interest Margin was 5.57% for Q1FY24.
Fees and services for Q1FY24 increased by 20% YoY to ₹ 1,827 crore from ₹ 1,528 crore in Q1FY23. The operating profit for Q1FY24 was ₹ 4,950 crore, a 78% YoY increase. The number of customers as at June 30, 2023 was 43.5 mn.
Advances increased by 19% YoY to ₹ 3,37, 031 crore as at June 30, 2023 from ₹ 282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances and Credit Substitutes, increased by 18% YoY to ₹ 3,62,204 crore as at June 30, 2023 from ₹ 3,06,123 crore as at June 30, 2022. Unsecured retail advances as a % of net advances stood at 10.7% as at June 30, 2023.
The CASA ratio as at June 30, 2023 stood at 49.0%.Average Current deposits grew to ₹ 59,431 crore for Q1FY24 compared to ₹ 55,081 crore for Q1FY23, an 8% increase. Average Savings deposits stood at ₹ 119,817 crore as at June 30, 2023. Average Term deposits increased by 40% from ₹ 130,035 crore for Q1FY23 to ₹ 182,047 crore for Q1FY24.
The Bank also launched ActivMoney in Q1FY24 and TD sweep balance grew 24% QoQ to ₹ 28,990 crore. The GNPA was 1.77% and NNPA was 0.40% as at June 30, 2023. The provision coverage ratio stood at 78.0%.
The Capital Adequacy Ratio of the Bank as at June 30, 2023 was 22.0% and CET I ratio of 20.9%. Consolidated PAT for Q1FY24 was ₹ 4,150 crore, up 51% YoY from ₹ 2,755 crore in Q1FY23. The Return on Assets for Q1FY24 was 2.63% and Return on Equity for Q1FY24 was 14.62%.
Consolidated Capital Adequacy Ratio as per Basel III as at June 30, 2023 was 23.3% and CET I ratio was 22.3%. Consolidated Capital and Reserves & Surplus as at June 30, 2023 was ₹ 1,16,500 crore. The Book Value per Share was ₹ 584. Consolidated Customer Assets which comprises Advances and Credit Substitutes grew by 19% YoY from ₹ 3,39,606 crore as at June 30, 2022 to ₹ 4,05,775 crore as at June 30, 2023.
Total assets managed/advised by the Group as at June 30, 2023 were ₹ 4,66,878 crore, a 23% YoY increase over ₹ 3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM increased by 90% YoY to ₹ 46,443 crore as at June 30, 2023. To top it off, the Bank issued NCDs worth Rs 7,000 crore.
Overall, the results of the quarter ended June 30, 2023 show a positive trend for Kotak Mahindra Bank. The Bank has consistently grown in terms of customers, assets, and profits, and the Board of Directors is satisfied with the performance.
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