MUMBAI: Private sector Kotak Mahindra Bank reported a net profit of Rs 4133 crore for the quarter ended March 31, 2024, a year-on-year growth of 18.22 per cent. The bank today announced the results for the quarter and the financial year. The bank has declared a dividend of Rs.2 per share to the shareholders.
Kotak Mahindra Bank
The bank’s net interest income rose 13 percent to Rs 6909 crore in the fourth quarter. Loan business grew by 20 percent year-on-year to Rs 391,729 crore. The bank’s gross NPAs declined to 1.39 per cent in the March 2024 quarter from 1.78 per cent in the fourth quarter of the previous fiscal, while net NPAs fell to 0.34 per cent from 0.37 per cent.
Kotak Mahindra Bank recorded standalone net profit at Rs 4,133 crore for Q4FY24, growing 18.2% over a year-ago period. Net interest income rose 13.2% on-year. #KotakMahindraBank #kotak
— Indian Economy & Market (@indianecomarket) May 6, 2024
Savings deposits in banks increased by five percent to Rs 1 lakh 23 thousand 457 crore as against Rs 1 lakh 17 thousand 824 crore in March 2023. The volume of fixed deposits has increased by 35 percent annually to Rs 2 lakh 24 thousand 703 crores. The bank informed that the standalone return on assets of the bank is 2.61 percent.
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