Kotak Mahindra Bank net profit up 26% to ₹3,495 crore in Q4FY23, to pay ₹1.50 dividend

Private lender Kotak Mahindra Bank has announced the results of Q4FY23 i.e. fourth quarter (January-March) on Monday (April 24). The bank's standalone net profit for the quarter grew 26% year-on-year (YoY) to Rs 3,495 crore. The board of directors of the bank has also declared a dividend of Rs 1.50 per equity share for the shareholders.
The bank had registered a net profit of Rs 2,767 crore in the same quarter last year. The bank's net interest income (NII) grew 35% year-on-year (YoY) to Rs 6,103 crore in the March quarter. At the same time, the bank's net interest income was Rs 4,521 crore in the same quarter last year.
The bank's Net Interest Margin (NIM) stood at 5.75% in the March quarter, compared to 5.33% for the full financial year. The bank added 22 lakh new customers in the March quarter. At the end of this quarter, the total number of customers of the bank stood at 4.12 crore, which was 3.27 crore at the end of the same quarter a year ago.
The asset quality of the bank is also continuously improving. The bank's gross non-performing assets (Gross NPA) declined to 1.78% at the end of the March quarter, from 1.90% in the previous quarter (Q4FY23). At the same time, the bank's Net NPA came down to 0.37% in the March quarter, which was 0.43% in the previous quarter.
Shares of Kotak Mahindra Bank closed at Rs 1,933.00 on Friday (April 28), up 1.28% on the NSE. The bank's shares have gained nearly 12% in the last one month. At the same time, in the last year, the stock of the bank has seen a gain of about 8%.