Kotak Mahindra Bank Standalone PAT For FY23 Rs 10,939 Crore, Up 28% YoY Q4FY23 Rs 3,496 Crore, Up 26% YoY

* Consolidated PAT for FY23 ?14,925 crore, up 23% YoY Q4FY23 Rs 4,566 crore, up 17% YoY

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2023, at the Board meeting held in Mumbai,

Kotak Mahindra Bank standalone results

 The Bank’s PAT for FY23 increased to Rs 10,939 crore from Rs 8,573 crore in FY22, up 28% YoY and for Q4FY23 stood at Rs 3,496 crore, up 26% YoY from Rs 2,767 crore in Q4FY22.

Net Interest Income (NII) for FY23 increased to Rs 21,552 crore, from Rs 16,818 crore in FY22, up 28% YoY and for Q4FY23 increased to Rs 6,103 crore, from Rs 4,521 crore in Q4FY22, up 35% YoY. Net Interest Margin (NIM) was 5.33% for FY23 and 5.75% for Q4FY23.

Fees and services for FY23 increased to Rs 6,790 crore from Rs 5,413 crore in FY22, up 25% YoY and for Q4FY23 increased to Rs 1,928 crore from Rs 1,575 crore in Q4FY22 , up 22% YoY.

Operating profit for FY23 increased to Rs 14,848 crore from Rs 12,051 crore, up 23% YoY and for Q4FY23 was Rs 4,647 crore, up 39% YoY (Q4FY22: Rs 3,340 crore).

Net customer additions in Q4FY23 was 2.2 mn. Customers as at March 31, 2023 were 41.2 mn (32.7 mn as at March 31, 2022).

Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 19% YoY to Rs  3,52,652 crore as at March 31, 2023 from Rs 2,95,273 crore as at March 31, 2022. Net Advances increased by over 18% to ? 3,19,861 crore as at March 31, 2023 fromRs 2,71,254 crore as at March 31, 2022.

CASA ratio as at March 31, 2023 stood at 52.8%.

As at March 31, 2023, GNPA was 1.78% & NNPA was 0.37% (GNPA was 2.34% & NNPA was 0.64% at March 31, 2022). Credit cost on net advances for Q4FY23 was 24 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 79.3%.

Capital Adequacy Ratio of the Bank, as at March 31, 2023 was 21.8% and CET I ratio of 20.6%.

The Board of Directors of the Bank has recommended dividend of Rs 1.50 per equity share having face value of Rs 5, for the year ended March 31, 2023, subject to approval of shareholders.

Consolidated results at a glance

 Consolidated PAT for FY23 increased to Rs 14,925 crore from Rs 12,089 crore in FY22, up 23% YoY and for Q4FY23 was Rs 4,566 crore, up 17% YoY from Rs 3,892 crore in Q4FY22.