Kotak Mahindra Bank has announced a dividend payout of Rs 2 per share for the fiscal year 2024, as reported to the stock exchanges on May 4. However, this distribution is subject to the approval of shareholders at the upcoming annual general meeting, the bank clarified.
In the March-ended quarter of the financial year 2023-24, Kotak Mahindra Bank recorded a net profit of Rs 4,133 crore, marking an 18 percent increase from the Rs 3,496 crore reported in the corresponding quarter last year.
The bank’s net interest income for the quarter stood at Rs 6,909 crore, reflecting a 13 percent year-on-year growth from Rs 6,103 crore in the previous year. The net interest margin (NIM) was reported at 5.28 percent.
In terms of asset quality, the gross non-performing assets (GNPA) of the lender decreased to 1.39 percent compared to 1.78 percent last year, while the net non-performing assets (NNPA) dropped to 0.34 percent from 0.37 percent in the previous year.
Advances at Kotak Mahindra Bank surged by 20 percent year-on-year (YoY) in the fiscal year 2023-24, reaching Rs 3.91 lakh crore compared to Rs 3.25 lakh crore in the previous year. Average current deposits for the fourth quarter of FY24 grew to Rs 60,160 crore, up from Rs 58,415 crore in Q4FY23, while average savings deposits rose to Rs 1.23 lakh crore from Rs 1.17 lakh crore. Additionally, the lender’s term deposits expanded to Rs 2.24 lakh crore in Q4FY24, compared to Rs 1.66 lakh crore previously.
