The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai.Kotak Mahindra Bank’s standalone Q1FY24 results showed a 67% YoY increase in PAT (Price at Acquisition) to 3,452 crore, with net interest income (NII) increasing to 6,234 crore, and net interest margin (NIM) at 5.57. The bank’s customer assets increased by 19% YoY to 3,37,031 crore, with unsecured retail advances at 10.7%.
The bank’s CASA ratio stood at 49.0%. Average current deposits grew to 59,431 crore, with savings deposits at 119,817 crore and term deposits at 182,047 crore. ActivMoney was launched in Q1FY24, and the bank’s provision coverage ratio was 78.0%.
The consolidated PAT for Q1FY24 was 4,150 crore, up 51% YoY from 2,755 crore in Q1FY23. Kotak Mahindra Prime Q1FY23 PBT is lower by 101 crore due to a change in accounting policy. The consolidated return on assets (ROA) was 2.63%, and return on equity was 14.62%. The book value per share was 584. The Group’s total assets managed/advised were 4,66,878 crore, up 23% YoY. Alternate Assets’ AUM increased by 90% YoY to 46,443 crore.
