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Kotak Mahindra Bank
(KMB), on a standalone basis, reported robust 18% growth in Net Profit to Rs 4133.30
crore in the quarter ended March 2024 (Q4FY2024) over the corresponding quarter
of last year. The bank has exhibited healthy improvement in asset quality,
while improved its net interest margins (NIMs) in Q4FY2024 on sequential basis.
NIMs of the bank have improved to 5.28% in Q4FY2024 compared with 5.22% in the
previous quarter, while declined from 5.75% in the corresponding quarter last
year.
The
cost-to-income rate has improved to 44.76% in Q4FY2024 from 48.41% in the
previous quarter and rose from 43.93% in the corresponding quarter last year. The
credit cost (NPA provisions as an annualized percentage of loans) rose slightly
to 0.29% in Q4FY2024 from 0.21% in Q4FY2023. The bank exhibited some acceleration
in loan growth to 20% at end March 2024. The business growth of the bank also improved
to 21% at end March 2024.
On consolidated
front, the bank has reported 17% growth in the Net Profit to Rs 5337.20 crore
for the quarter ended March 2024, up from Rs 4566.39 crore in the quarter ended
March 2024. NII increased 15% to Rs 8944.02 crore, while other income moved up 45%
to Rs 12751.15 crore. The operating profit improved 18% to Rs 7217.07 crore in
the quarter ended March 2024. Provisions and contingencies have surged 198% to
Rs 442.05 crore, while the effective tax rate was lower at 22.62% in Q4FY2024,
compared with 24.4% in Q4FY2023.
Asset quality improves:
The bank has improved the asset quality on consolidated as well as standalone
basis, in the quarter ended March 2024.
On
standalone basis, GNPA ratio has improved to 1.39% and NNPA ratio to 0.34% at
end March 2024.
The
restructured loan book of the bank has dipped to Rs 383 crore or 0.13% of the
loan book end March 2024.
The
SMA-2 category loans of the bank also dipped to Rs 199 crore at end March 2024
from Rs 210 crore a quarter ago and Rs 204 crore a year ago.
Capital
Adequacy ratio under Basel III including profits stood at 20.50% with the Tier
I of 19.20% at end March 2024.
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Standalone Asset
Quality Indicators: Kotak Mahindra Bank
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Mar-24
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Dec-23
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Sep-23
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Jun-23
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Mar-23
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Variation
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QoQ
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YoY
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Gross NPA (Rs Crore)
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5274.78
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6301.67
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6087.23
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5909.24
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5768.32
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-16
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-9
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Net NPA (Rs Crore)
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1270.57
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1225.26
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1274.81
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1301.80
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1193.30
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4
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6
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% Gross NPA
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1.39
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1.73
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1.72
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1.77
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1.78
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-34
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-39
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% Net NPA
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0.34
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0.34
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0.37
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0.40
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0.37
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0
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-3
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% PCR
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75.90
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80.60
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79.10
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78.00
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79.30
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-470
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-340
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% CRAR - Basel III
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20.55
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19.00
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20.03
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21.12
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21.80
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155
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-125
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Variation in basis points
for figures given in percentages and in % for figures in Rs crore
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Consolidated Asset
Quality Indicators: Kotak Mahindra Bank
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Mar-24
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Dec-23
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Sep-23
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Jun-23
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Mar-23
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Variation
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QoQ
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YoY
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Gross NPA (Rs Crore)
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6002.55
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6981.15
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6765.74
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6587.43
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6418.67
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-14
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-6
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Net NPA (Rs Crore)
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1567.08
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1487.03
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1554.90
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1579.62
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1478.64
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5
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6
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% Gross NPA
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1.38
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1.68
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1.69
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1.75
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1.76
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-30
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-38
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% Net NPA
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0.36
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0.36
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0.39
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0.43
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0.41
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0
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-5
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% CRAR - Basel III
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20.55
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19.00
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20.03
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21.12
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21.80
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155
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-125
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Variation in basis
points for figures given in percentages and in % for figures in Rs crore
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Business Highlights: Standalone Business
Highlights
The
business level of the bank increased 21% yoy to Rs 825029 crore at end March
2024. The deposits moved up 24% to Rs 448954 crore, while advances increased 18%
to Rs 376075 crore at end March 2024. The credit-deposit ratio eased to 83.77% at
end March 2024 from 88.00% a quarter ago.
Segment
wise, Corp & Business Banking recorded loan growth of 21% to Rs 87310 crore,
CV/CE 33% to Rs 36833 crore, Agriculture Division 1% to Rs 27850 crore, Tractor
Finance 14% to Rs 15802 crore, Home Loans & LAP 15% to Rs 106726 crore, Consumer
Bank WC (Secured) 22% to Rs 35997 crore, PL, BL and Consumer Durables 27% to Rs
20049 crore, Credit Cards 44% to Rs 14505 crore and SME 18% to Rs 27247 crore
end March 2024 over March 2024.
The
CASA deposits ratio eased to 45.51% at end March 2024 from 47.73% a quarter ago
and 52.83% a year ago. The cost of saving account deposits was stable at 4.13% at
end March 2024.
The
bank has added 79 branches and 52 ATMs in the quarter ended March 2024. The
branch and ATMs network of the bank stood at 1948 branches and 3291 ATMs at end
March 2024.
Book Value per share of the bank
stood at Rs 486.1 per share at end March 2024. Adjusted book value (net of NNPA
and 10% of restructured advances) stood at Rs 479.5 per share at end March
2024.
Consolidated
Business Highlights
Total
assets of the bank increased 24% to Rs 767667 crore at end March 2024. Consolidated
customer assets increased 22% to Rs 479169 crore at end March 2024.
Book Value per share stood at Rs 653.4
per share at end March 2024, while adjusted book value (net of NNPA) stood at
Rs 645.5 per share at end March 2024.
Consolidated
Quarterly Performance:
On
the consolidated front, the bank has reported 17% increase
in the net profit at Rs 5337.20 crore, with
the NII growth of 15% to Rs 8944.02 crore in
the quarter ended March 2024. Non-interest income increased 45% to Rs 12751.15 crore and net
total income moved up 31% to Rs 21695.17 crore
in the quarter ended March 2024. The expense ratio was higher at 66.7%, while
the tax rate was lower at 22.6% in the quarter ended March 2024.
Kotak Prime has reported 18% yoy
improvement in the net total income at Rs 619 crore for Q4FY2024, while net
profits was flat at Rs 223 crore. Total customer asset moved up 20% yoy to Rs 34481
crore at end March 2024. Car advances constituting 86.4% of the total customer assets
increased 29% to Rs 29784 crore. Asset quality has improved with %NNPA showing
decline to 0.80% at end March 2024 from 0.90% at end March 2024.
Kotak Mahindra Life Insurance
has reported 21% increase in the gross premium collection to Rs 7478 crore in
Q4FY2024. PAT declined 47% to Rs 109 crore in Q4FY2024. Solvency ratio eased to
2.56% in Q4FY2024 against 2.83% in Q4FY2023.
Kotak Securities
has reported PAT at Rs 378 crore in Q4FY2024, exhibiting 108% surge from Rs 182
crore in Q4FY2023. Total income moved up 78% to Rs 1214 crore. Market share was
steady on sequential basis at 10.2% at end March 2024 from 10.3% a quarter ago,
while jumped from 6.4% a year ago.
Kotak Mahindra Capital
has reported a net profit of Rs 97 crore, against Rs 48 crore in the
corresponding quarter last year. AUM increased 33% to Rs 560140 crore at end
March 2024 over March 2024.
Kotak Mahindra AMC and Trustee Co
reported 32% surge in Average AUM at Rs 384007 crore in the quarter ended March
2024. The net profit of the company declined 22% to Rs 150 crore in Q4FY2024.
Standalone
Financial Performance - FY2024:
For
the year ended March 2024 (FY2024), the bank posted 26% jump in the net profit
to Rs 13781.58 crore. The net interest income increased 21% to Rs 25993.20 crore,
while the non-interest income improved 45% to Rs 10273.10 crore in FY2024. Expense
ratio dipped sharply to 46.0% in FY2024 compared to 48.1% in FY2023. The
provision and contingencies zoomed 244% to Rs 1573.73 crore FY2024. The profit
before tax jumped 25% to Rs 18013.72 crore in FY2024. The effective tax rate
was lower at 23.5% in FY2024 compared to 24.0% in FY2023. Net profit surged 26%
to Rs 13781.58 crore in FY2024.
Consolidated
Financial Performance - FY2024:
For
the year ended March 2024 (FY2024), the bank posted 22% surge in the net profit
to Rs 18213.21 crore. The net interest income improved 21% to Rs 33669.39 crore,
while non-interest income jumped 46% to Rs 38037.28 crore in FY2024. Expense
ratio was higher at 64.0% in FY2024 compared to 62.6% in FY2023. The provision
and contingencies jumped 349% to Rs 1972.47 crore in FY2024. The profit before
tax jumped 21% to Rs 23863.38 crore in FY2024. The effective tax rate was steady
at 24.7% in FY2024 compared to 24.8% in FY2023. The net profit increased 22% to
Rs 18213.21 crore in FY2024.
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Kotak Mahindra Bank: Standalone
Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Interest Earned
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12307.06
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9820.94
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25
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45798.91
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34250.85
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34
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Interest Expended
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5397.71
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3718.39
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45
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19805.71
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12698.93
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56
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Net Interest Income
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6909.35
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6102.55
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13
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25993.20
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21551.92
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21
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Other Income
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2978.29
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2186.29
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36
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10273.10
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7083.05
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45
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Net Total Income
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9887.64
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8288.84
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19
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36266.30
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28634.97
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27
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Operating Expenses
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4426.08
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3641.47
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22
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16678.85
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13786.99
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21
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Operating Profits
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5461.56
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4647.37
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18
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19587.45
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14847.98
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32
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Provisions &
Contingencies
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263.73
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147.57
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79
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1573.73
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456.99
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244
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Profit Before Tax
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5197.83
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4499.80
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16
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18013.72
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14390.99
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25
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Provision for Tax
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1064.53
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1004.21
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6
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4232.14
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3451.69
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23
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PAT
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4133.30
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3495.59
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18
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13781.58
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10939.30
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26
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EPS*(Rs)
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83.2
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70.3
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69.3
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55.0
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Adj BV (Rs)
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479.5
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413.8
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479.5
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413.8
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* Annualized on current equity of
Rs 993.96 crore. Face Value: Rs 5 , Figures in Rs crore,
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Source: Capitaline Corporate
Database
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Kotak Mahindra Bank: Consolidated
Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Interest Earned
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15156.18
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11981.63
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26
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56236.63
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42151.06
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33
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Interest Expended
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6212.16
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4229.65
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47
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22567.24
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14411.13
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57
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Net Interest Income
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8944.02
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7751.98
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15
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33669.39
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27739.93
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21
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Other Income
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12751.15
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8784.88
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45
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38037.28
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25990.97
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46
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Net Total Income
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21695.17
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16536.86
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31
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71706.67
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53730.90
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33
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Operating Expenses
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14478.10
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10399.80
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39
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45870.82
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33645.04
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36
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Operating Profits
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7217.07
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6137.06
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18
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25835.85
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20085.86
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29
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Provisions &
Contingencies
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442.05
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148.34
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198
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1972.47
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439.68
|
349
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Profit Before Tax
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6775.02
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5988.72
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13
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23863.38
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19646.18
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21
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Provision for Tax
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1532.77
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1459.20
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5
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5886.55
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4865.74
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21
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PAT Before Minority
Interest
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5242.25
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4529.52
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16
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17976.83
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14780.44
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22
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Share of minority
interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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Share in profits of
associates
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94.95
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36.87
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158
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236.38
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144.57
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64
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PAT
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5337.20
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4566.39
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17
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18213.21
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14925.01
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22
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EPS*(Rs)
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107.4
|
91.9
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91.6
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75.1
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Adj BV (Rs)
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645.5
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557.6
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645.5
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557.6
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* Annualized on current equity of
Rs 993.96 crore. Face Value: Rs 5 , Figures in Rs crore,
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Source: Capitaline Corporate
Database
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