Kotak Mahindra Bank shares up 5%, after Q4 earnings
Upstox
2 min read • Updated: May 6, 2024, 11:40 AM
Summary
Kotak Mahindra Bank shares witnessed a significant surge of nearly 5% on Monday, following the announcement of a 25% growth in its net profit for the March quarter. This positive performance made it the top gainer among both the BSE Sensex and NSE Nifty firms.
Shares of Kotak Mahindra Bank on Monday rallied nearly 5% after the company reported a 25% growth in its March quarter net profit. On the NSE, it jumped 4.90% to ₹1,622.50. It emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms.
Kotak Mahindra Bank on Saturday reported a 25% growth in its March quarter net profit at ₹5,302 crore, limited by a drop in the core income due to narrow interest margins. On a standalone basis, the lender's Q4 net profit grew 18% to ₹4,133 crore. The FY24 consolidated net profit grew 22% to ₹18,213 crore.
For the reporting quarter, its core net interest income increased 13% to ₹6,909 crore on the back of a 20% loan growth and a narrowing of the net interest margin to 5.28%.
Q4 results:
Kotak Mahindra Bank's standalone net profit came in at ₹4,133 crore in the quarter ended March 31, 2024, higher by 18% as against the year-ago period. The net interest income increased by 13% YoY to ₹6,909 crore, as compared to ₹6,103 crore in Q4FY23.
Advances increased 20% YoY to ₹3.91 lakh crore as of March 31, 2024 from ₹3.25 lakh crore in the year-ago period. Customer assets, which comprises advances and credit substitutes, increased 20% YoY to ₹4.23 lakh crore at the end of Q4FY24 from ₹3.52 lakh crore at the end of Q4FY23.
At 11:30 PM, shares of Kotak Mahindra Bank traded 5.57% higher at ₹1,632.90 on NSE on 6 May, 2024.
With inputs from PTI.