“Kotak Mahindra Bank: Strong Financial Performance in FY23-24″Kotak Mahindra Bank.

On Saturday, private sector lender Kotak Mahindra Bank reported an 18% increase in standalone net profit to Rs 4,133 crore for the quarter ending March 31, 2024. This is compared to a profit of Rs 3,496 crore in the same quarter of the previous fiscal year. Kotak Mahindra Bank Total income also increased to Rs 15,285 crore in Q4 FY23-24, up from Rs 12,007 crore in Q4 FY22-23.

For the entire fiscal year 2023-24, Kotak Mahindra Bank net profit increased by 26% to Rs 13,782 crore, compared to Rs 10,939 crore in the previous year. Total income also rose to Rs 56,072 crore in 2023-24 from Rs 41,334 crore in 2022-23

Net Interest Income (NII) for the fiscal year 2023-24 increased to Rs 25,993 crore, up from Rs 21,552 crore in 2022-23, registering a 21% YoY increase. In March 2024, NII increased to Rs 6,909 crore, up 13% from Rs 6,103 crore in the year-ago period.

The Kotak Mahindra Bank’s Board of Directors has recommended a dividend of Rs 2 per equity share with a face value of Rs 5 for the year ending March 31, 2024.

As of March 31, 2024, the gross non-performing assets (NPA) of the bank stood at 1.39%, and the net NPA was 0.34%Kotak Mahindra Bank.