Mumbai, July, 2023: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
The Bank’s PAT for Q1FY24 stood at ₹ 3,452 crore, up 67% YoY from ₹ 2,071 crore in Q1FY23.
Net Interest Income (NII) for Q1FY24 increased to ₹ 6,234 crore, from ₹ 4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24.
Fees and services for Q1FY24 increased to ₹ 1,827 crore from ₹ 1,528 crore in Q1FY23, up 20% YoY.
Operating profit for Q1FY24 was ₹ 4,950 crore, up 78% YoY (Q1FY23: ₹ 2,783 crore).
Customers as at June 30, 2023 were 43.5 mn (34.5 mn as at June 30, 2022).
Advances (incl. IBPC & BRDS) increased 19% YoY to ₹ 3,37, 031 crore as at June 30, 2023 from ₹ 282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to ₹ 3,62,204 crore as at June 30, 2023 from ₹ 3,06,123 crore as at June 30, 2022.
Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 10.7% as at June 30, 2023. (7.9% as at June 30, 2022).
CASA ratio as at June 30, 2023 stood at 49.0%.
Average Current deposits grew to ₹ 59,431 crore for Q1FY24 compared to ₹ 55,081 crore for Q1FY23 up 8%. Average Savings deposits stood at ₹ 119,817 crore as at June 30, 2023 (₹ 121,521 crore as at June 30, 2022). Average Term deposit up 40% from ₹ 130,035 crore for Q1FY23 to ₹ 182,047 crore for Q1FY24.
ActivMoney was launched in Q1FY24 and TD sweep balance grew 24% QoQ (non-annualised) to ₹ 28,990 crore.
As at June 30, 2023, GNPA was 1.77% & NNPA was 0.40% (GNPA was 2.24% & NNPA was 0.62% at June 30, 2022). The provision coverage ratio stood at 78.0%.
Capital Adequacy Ratio of the Bank, as at June 30, 2023 was 22.0% and CET I ratio of 20.9% (including unaudited profits).
Consolidated results at a glance
Consolidated PAT for Q1FY24 was ₹ 4,150 crore, up 51% YoY from ₹ 2,755 crore in Q1FY23.
PAT of Bank and key subsidiaries given below:
PAT (₹ crore) Q1FY24 Q1FY23
Kotak Mahindra Bank 3,452 2,071
Kotak Securities 219 219
Kotak Mahindra Prime* 218 157
Kotak Mahindra Life Insurance 193 248
Kotak Asset Management & Trustee Company 106 106
Kotak Mahindra Investments 102 63
BSS Microfinance 95 56
Kotak Mahindra Capital Company 55 51
* Kotak Mahindra Prime Q1FY23 PBT is lower by ₹ 101 crore on account of change in accounting policy with respect to brokerage cost
At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63% (2.04% for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62% (11.22% for Q1FY23).
Consolidated Capital Adequacy Ratio as per Basel III as at June 30, 2023 was 23.3% and CET I ratio was 22.3% (including unaudited profits).
Consolidated Capital and Reserves & Surplus as at June 30, 2023 was ₹ 1,16,500 crore (₹ 1,00,078 crore as at June 30, 2022). The Book Value per Share was ₹ 584.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from ₹ 3,39,606 crore as at June 30, 2022 to ₹ 4,05,775 crore as at June 30, 2023.
Total assets managed / advised by the Group as at June 30, 2023 were ₹ 4,66,878 crore up 23% YoY over
₹ 3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90% YoY to ₹ 46,443 crore as at June 30, 2023.
The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.
