Mumbai, 20th July, 2024.
The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2024, at the Board meeting held in Mumbai, today.
Divestment of stake in Kotak General Insurance to Zurich Insurance Group
Q1FY25 saw the completion of a landmark deal in General Insurance sector with Zurich Insurance Group taking a 70% stake in Kotak General Insurance. The alliance brings together Zurich’s global insurance leadership and scale with Kotak’s local expertise and reach. Post this transaction, KMBL holds 30% stake in KGI and will continue to act as corporate agent of KGI for distribution of general insurance products.
The above transaction has resulted in an increase in the consolidated PAT by ₹ 3,013 crore and standalone PAT by ₹2,730 crore.
Implementation of RBI’s Master Direction (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks), 2023
Bank has implemented above directions w.e.f. April 1, 2024, resulting in fair value gain of ₹ 3,414 crore (post tax) accounted in reserves at June 30, 2024.
Consolidated results at a glance
Consolidated PAT for Q1FY25 was ₹ 7,448 crore, up 79% YoY from ₹ 4,150 crore in Q1FY24.
Consolidated PAT for Q1FY25 excluding gains (net of tax) of ₹ 3,013 crore (on divestment of stake in Kotak General Insurance) stood at ₹ 4,435 crore.
PAT of Bank and key subsidiaries given below:
| PAT (₹ crore) | Q1FY25 | Q1FY24 |
| Kotak Mahindra Bank | 6,250* | 3,452 |
| Kotak Securities | 400 | 219 |
| Kotak Mahindra Prime | 232 | 218 |
| Kotak Asset Management & Trustee Company | 175 | 106 |
| Kotak Mahindra Life Insurance | 174 | 193 |
| Kotak Mahindra Investments | 138 | 102 |
| Kotak Mahindra Capital Company | 81 | 55 |
| BSS Microfinance | 50 | 95 |
*Q1FY25 PAT for Kotak Bank incl. gains on divestment of stake in Kotak General Insurance
At the consolidated level, Return on Assets (ROA) for Q1FY25 (annualized) was 3.87% (2.63% for Q1FY24). ROA for Q1FY25 (annualized) excluding gains on divestment of stake in Kotak General Insurance stood at 2.30%.
At the consolidated level, Return on Equity (ROE) for Q1FY25 (annualized) was 22.04% (14.62% for Q1FY24).
