Shares of Kotak Mahindra Bank surged nearly 5% on Monday following the announcement of a strong financial performance in the March quarter.
The stock price increased by 4.85% to reach Rs 1,622.35 on the BSE, while on the NSE, it rose by 4.90% to reach Rs 1,622.50. Kotak Mahindra Bank was the biggest gainer among the BSE Sensex and NSE Nifty firms.
The bank reported a 25% growth in its March quarter net profit at Rs 5,302 crore, which was limited by a drop in the core income due to narrow interest margins.
On a standalone basis, the bank’s Q4 net profit grew 18% to Rs 4,133 crore. The FY24 consolidated net profit grew 22% to Rs 18,213 crore.
In the reporting quarter, its core net interest income increased by 13% to Rs 6,909 crore on the back of a 20% loan growth and a narrowing of the net interest margin to 5.28%.