|
Kotak Mahindra Bank (KMB), on a standalone basis, reported 81% surge in Net Profit to Rs 6249.82 crore in the quarter ended June 2024 (Q1FY2025) over the corresponding quarter of
last year. The bank has registered gains of Rs 3515.9 crore on 70% stake in its subsidiary Kotak Mahindra General Insurance Company, which boosted the bottomline of the bank. The bank has maintained stable asset quality, while its net interest margins (NIMs) declined in Q1FY2025. NIMs of the bank have eased to 5.02% in Q1FY2025 compared with 5.28% in the previous quarter and 5.57% in the corresponding quarter last year.
The cost-to-income rate increased to 46.21% in Q1FY2025 from 44.76% in the previous quarter and 44.49% in the corresponding quarter last year. The credit cost (NPA provisions as an
annualized percentage of loans) moved up to 0.57% in Q1FY2025 from 0.43% in
Q1FY2024. The loan growth was steady at 20% at end June 2024. The business
growth of the bank eased to 17% at end June 2024.
On consolidated front, the bank has reported 79% growth in the Net Profit to Rs 7448.16 crore for the quarter ended June 2024, up from Rs 4150.19 crore in the quarter ended June
2024. NII increased 12% to Rs 9031.54 crore, while other income moved up 18% to
Rs 9239.08 crore. The operating profit improved 13% to Rs 6782.03 crore in the
quarter ended June 2024. Provisions and contingencies have jumped 87% to Rs 774.44
crore, while the effective tax rate was lower at 24.58% in Q1FY2025, compared
with 26.4% in Q1FY2024.
Asset quality stable: The bank has maintained stable asset quality on consolidated as
well as standalone basis, in the quarter ended June 2024.
On standalone basis,
GNPA ratio was nearly steady at 1.39% and NNPA ratio to 0.35% at end June 2024.
The SMA-2 category loans
of the bank rose slightly to Rs 232 crore at end June 2024 from Rs 199 crore a
quarter ago and Rs 203 crore a year ago.
Capital Adequacy ratio
under Basel III including profits stood at 22.40% with the Tier I of 21.30% at
end June 2024.
|
Standalone Asset
Quality Indicators: Kotak Mahindra Bank
|
|
|
Jun-24
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
5477.15
|
5274.78
|
6301.67
|
6087.23
|
5909.24
|
4
|
-7
|
|
Net NPA (Rs Crore)
|
1376.33
|
1270.57
|
1225.26
|
1274.81
|
1301.80
|
8
|
6
|
|
% Gross NPA
|
1.39
|
1.39
|
1.73
|
1.72
|
1.77
|
0
|
-38
|
|
% Net NPA
|
0.35
|
0.34
|
0.34
|
0.37
|
0.40
|
1
|
-5
|
|
% PCR
|
71.00
|
75.90
|
80.60
|
79.10
|
78.00
|
-490
|
-700
|
|
% CRAR - Basel III
|
22.41
|
20.55
|
19.00
|
20.03
|
21.12
|
186
|
129
|
|
Variation in basis
points for figures given in percentages and in % for figures in Rs crore
|
|
Consolidated Asset
Quality Indicators: Kotak Mahindra Bank
|
|
|
Jun-24
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
6251.42
|
6002.53
|
6981.15
|
6765.74
|
6587.43
|
4
|
-5
|
|
Net NPA (Rs Crore)
|
1688.80
|
1567.08
|
1487.03
|
1554.90
|
1579.62
|
8
|
7
|
|
% Gross NPA
|
1.39
|
1.38
|
1.68
|
1.69
|
1.75
|
1
|
-36
|
|
% Net NPA
|
0.38
|
0.36
|
0.36
|
0.39
|
0.43
|
2
|
-5
|
|
% CRAR - Basel III
|
22.41
|
20.55
|
19.00
|
20.03
|
21.12
|
186
|
129
|
|
Variation in basis
points for figures given in percentages and in % for figures in Rs crore
|
Business Highlights: Standalone Business Highlights
The business level of
the bank increased 17% yoy to Rs 837375 crore at end June 2024. The deposits
moved up at slower pace of 16% to Rs 447418 crore, while advances increased 19%
to Rs 389957 crore at end June 2024. The credit-deposit ratio increased to 87.16%
at end June 2024 from 83.77% a quarter ago.
Segment wise, Corp &
Business banking recorded loan growth of 21% to Rs 93581 crore, CV/CE 33% to Rs
37941 crore, Agriculture Division 3% to Rs 27324 crore, Tractor Finance 14% to
Rs 15800 crore, Home Loans & LAP 17% to Rs 110850 crore, Consumer Bank WC
(Secured) 26% to Rs 37591 crore, personal loans 22% to Rs 20317 crore, Credit
Cards 29% to Rs 14644 crore and SME 21% to Rs 28186 crore end June 2024 over
June 2024.
The CASA deposits ratio declined
to 43.41% at end June 2024 from 45.51% a quarter ago and 49.01% a year ago. The
cost of saving account deposits was stable at 4.12% at end June 2024.
The bank has added 17 branches
and reduced 12 ATMs in the quarter ended June 2024. The branch and ATMs network
of the bank stood at 1965 branches and 3279 ATMs at end June 2024.
Book Value per share of the bank stood at Rs 534.8 per share at end June
2024. Adjusted book value (net of NNPA and 10% of restructured advances) stood
at Rs 527.7 per share at end June 2024.
Consolidated Business
Highlights
Consolidated customer
assets increased 22% to Rs 494105 crore at end June 2024.
Book Value per share stood at Rs 710.1 per share at end June 2024, while
adjusted book value (net of NNPA) stood at Rs 701.6 per share at end June 2024.
Consolidated Quarterly
Performance:
On the consolidated
front, the bank has reported 79%
increase in the net profit at Rs 7448.16 crore,
with the NII growth of 12% to Rs 9031.54 crore in the quarter ended June 2024. Non-interest
income increased 18% to Rs 9239.08 crore
and net total income moved up 15% to Rs 18270.62 crore in the quarter ended June 2024. The expense
ratio was higher at 62.9%, while the tax rate was lower at 24.6% in the quarter
ended June 2024.
Kotak Prime has reported
19% yoy improvement in the net total income at Rs 656 crore for Q1FY2025, while
net profits rose 6% to Rs 232 crore. Total customer asset moved up 21% yoy to
Rs 35893 crore at end June 2024. Car advances constituting 85.9% of the total
customer assets increased 25% to Rs 30835 crore. Asset quality has moderated
slightly with %NNPA moderating to 0.90% at end June 2024 from 0.80% at end June
2024.
Kotak Mahindra Life
Insurance has reported 8% increase in the gross premium collection to Rs 2857 crore
in Q1FY2025. PAT fell 10% to Rs 174 crore in Q1FY2025. Solvency ratio eased to 2.48%
in Q1FY2025 against 2.68% in Q1FY2024.
Kotak Securities has
reported PAT at Rs 400 crore in Q1FY2025, exhibiting 83% surge from Rs 219 crore
in Q1FY2024. Total income moved up 61% to Rs 1298 crore. Market share declined
to 10.1% at end June 2024 from 10.2% a quarter ago and 7.5% a year ago.
Kotak Mahindra Capital
has reported a net profit of Rs 81 crore, against Rs 55 crore in the
corresponding quarter last year. AUM increased 36% to Rs 636311 crore at end
June 2024 over June 2024.
Kotak Mahindra AMC and
Trustee Co reported 35% surge in Average AUM at Rs 421655 crore in the quarter
ended June 2024. The net profit of the company jumped 65% to Rs 175 crore in
Q1FY2025.
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.
|
Kotak Mahindra Bank: Standalone
Results
|
|
Particulars
|
2406 (3)
|
2306 (3)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Interest Earned
|
12746.11
|
10500.00
|
21
|
45798.91
|
34250.85
|
34
|
|
Interest Expended
|
5903.76
|
4266.31
|
38
|
19805.71
|
12698.93
|
56
|
|
Net Interest Income
|
6842.35
|
6233.69
|
10
|
25993.20
|
21551.92
|
21
|
|
Other Income
|
2933.04
|
2683.26
|
9
|
10273.10
|
7083.05
|
45
|
|
Net Total Income
|
9775.39
|
8916.95
|
10
|
36266.30
|
28634.97
|
27
|
|
Operating Expenses
|
4517.28
|
3967.38
|
14
|
16678.85
|
13786.99
|
21
|
|
Operating Profits
|
5258.11
|
4949.57
|
6
|
19587.45
|
14847.98
|
32
|
|
Provisions &
Contingencies
|
578.48
|
364.31
|
59
|
1573.73
|
456.99
|
244
|
|
Profit Before Tax
|
4679.63
|
4585.26
|
2
|
18013.72
|
14390.99
|
25
|
|
EO
|
3515.90
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
PBT after EO
|
8195.53
|
4585.26
|
79
|
18013.72
|
14390.99
|
25
|
|
Provision for Tax
|
1945.71
|
1132.96
|
72
|
4232.14
|
3451.69
|
23
|
|
PAT
|
6249.82
|
3452.30
|
81
|
13781.58
|
10939.30
|
26
|
|
EPS*(Rs)
|
71.8
|
69.5
|
|
69.3
|
55.0
|
|
|
Adj BV (Rs)
|
527.7
|
431.0
|
|
479.5
|
413.8
|
|
|
* Annualized on current equity of
Rs 993.98 crore. Face Value: Rs 5 , Figures in Rs crore,
|
|
Source: Capitaline Corporate
Database
|
|
Kotak Mahindra Bank: Consolidated
Results
|
|
Particulars
|
2406 (3)
|
2306 (3)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Interest Earned
|
15836.79
|
12868.93
|
23
|
56236.63
|
42151.06
|
33
|
|
Interest Expended
|
6805.25
|
4834.08
|
41
|
22567.24
|
14411.13
|
57
|
|
Net Interest Income
|
9031.54
|
8034.85
|
12
|
33669.39
|
27739.93
|
21
|
|
Other Income
|
9239.08
|
7854.98
|
18
|
38037.28
|
25990.97
|
46
|
|
Net Total Income
|
18270.62
|
15889.83
|
15
|
71706.67
|
53730.90
|
33
|
|
Operating Expenses
|
11488.59
|
9889.62
|
16
|
45870.82
|
33645.04
|
36
|
|
Operating Profits
|
6782.03
|
6000.21
|
13
|
25835.85
|
20085.86
|
29
|
|
Provisions &
Contingencies
|
774.44
|
413.78
|
87
|
1972.47
|
439.68
|
349
|
|
Profit Before Tax
|
6007.59
|
5586.43
|
8
|
23863.38
|
19646.18
|
21
|
|
EO
|
3803.40
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
PBT after EO
|
9810.99
|
5586.43
|
76
|
23863.38
|
19646.18
|
21
|
|
Provision for Tax
|
2411.60
|
1477.10
|
63
|
5886.55
|
4865.74
|
21
|
|
PAT Before Minority
Interest
|
7399.39
|
4109.33
|
80
|
17976.83
|
14780.44
|
22
|
|
Share of minority
interest
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
Share in profits of
associates
|
48.77
|
40.86
|
19
|
236.38
|
144.57
|
64
|
|
PAT
|
7448.16
|
4150.19
|
79
|
18213.21
|
14925.01
|
22
|
|
EPS*(Rs)
|
92.1
|
83.5
|
|
91.6
|
75.1
|
|
|
Adj BV (Rs)
|
701.6
|
578.3
|
|
645.5
|
557.6
|
|
|
* Annualized on current equity of
Rs 993.98 crore. Face Value: Rs 5 , Figures in Rs crore,
|
|
Source: Capitaline Corporate
Database
|
|