Kotak Mahindra Bank has announced its formidable financial performance for the fiscal year 2023-24, showcasing a substantial surge in profits across both standalone and consolidated operations. The bank’s standalone Profit After Tax (PAT) for the fiscal year touched an impressive ₹13,782 crore, marking a significant 26% year-on-year (YoY) growth. This upward trajectory continued in the fourth quarter of FY24, with a PAT of ₹4,133 crore, up by 18% YoY and a remarkable 38% quarter-on-quarter (QoQ) growth.The Bank’s stellar performance was underscored by a robust increase in Net Interest Income (NII), which climbed to ₹25,993 crore for FY24, reflecting a 21% YoY rise. Additionally, fees and services surged to ₹8,464 crore for the fiscal year, up by 25% YoY, further amplifying the bank’s revenue streams.
Operating costs witnessed a notable uptick, reaching ₹16,679 crore for FY24, primarily driven by increased technology expenses. However, this rise was effectively countered by a substantial growth in operating profit, which soared to ₹19,587 crore for FY24, representing a remarkable 32% YoY increase.Furthermore, the bank witnessed a commendable expansion in its customer base, with the number of customers reaching 5.0 crore as of March 31, 2024, compared to 4.1 crore in the previous year.
The consolidated results also reflected a robust performance, with a consolidated PAT of ₹18,213 crore for FY24, marking a substantial 22% YoY growth. Notably, the Return on Assets (ROA) for FY24 stood at 2.66%, underlining the bank’s efficient utilization of its assets to generate profits.The Board of Directors has recommended a dividend of ₹2.00 per equity share for the fiscal year ended March 31, 2024, subject to approval by shareholders, further accentuating the bank’s commitment to value creation for its stakeholders.
