Mumbai, January, 2024.
The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and nine monthsended December 31, 2023, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
The Bank’s PAT for 9MFY24 increased to ₹ 9,648 crore from ₹ 7,444 crore in 9MFY23, up 30% YoY. PATfor Q3FY24 stood at ₹3,005 crore, up 8% YoY from ₹ 2,792 crore in Q3FY23. Q3FY24 results for the Bank include ₹143 cr provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023.
Net Interest Income (NII) for 9MFY24 increased to ₹ 19,084 crore, from ₹ 15,449 crore in 9MFY23, up 24% YoY and for Q3FY24 increased to ₹ 6,554 crore, from ₹ 5,653 crore in Q3FY23, up 16% YoY. Net Interest Margin (NIM) was 5.22% for Q3FY24.
Fees and services for 9MFY24 increased to ₹ 5,998 crore from ₹ 4,861 crore in 9MFY23, up 23% YoY and for Q3FY24 increased to ₹ 2,144 crore from ₹ 1,695crore in Q3FY23, up 26% YoY.
Operating profit for 9MFY24 increased to ₹ 14,126 crore from ₹ 10,201 crore, up 38% YoY and for Q3FY24 was ₹ 4,566crore, up 19% YoY (Q3FY23: ₹ 3,850 crore).
Customers as at December31, 2023 were 4.8cr (3.9cr as at December 31, 2022).
Advances (incl. IBPC & BRDS) increased 19% YoY to ₹ 3,72,464crore as at December 31, 2023 from
₹ 3,13,154 crore as at December 31, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 17% YoY to ₹4,00,759crore as at December 31, 2023 from ₹ 3,41,733 crore as at December 31, 2022.
Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.6% as at December 31, 2023. (9.3% as at December 31, 2022).
CASA ratio as at December 31, 2023 stood at 47.7%.
Average Current deposits grew to ₹ 59,337 crore for Q3FY24 compared to ₹ 56,372 crore for Q3FY23 up 5% YoY. Average Savings deposits grew to ₹ 1,23,227 crore for Q3FY24 compared to ₹ 1,18,442 crorefor Q3FY23up 4% YoY . Average Term deposit up 43% YoY from ₹ 1,51,470 crore for Q3FY23 to ₹ 2,16,344 crore for Q3FY24.
ActivMoneywas launched in Q1FY24 and TD sweep balance grew 13% QoQ(non-annualised) to ₹ 41,784 crore.
As at December 31, 2023, GNPA was 1.73%& NNPA was 0.34% (GNPA was 1.90% & NNPA was 0.43% at December 31, 2022). The provision coverage ratio stood at 80.6%.
Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2023 was 21.2% and CET I ratio of 20.1% (both including unaudited profits).
Consolidated results at a glance
Consolidated PAT for 9MFY24 increased to ₹ 12,876 crore from ₹ 10,359 crore in 9MFY23, up 24% YoY and for Q3FY24 was ₹ 4,265 crore, up 7% YoY from ₹ 3,995 crore in Q3FY23.
PAT of Bank and key subsidiaries given below:
| PAT (₹crore) | 9MFY24 | 9MFY23 | Q3FY24 | Q3FY23 |
| Kotak Mahindra Bank | 9,648* | 7,444 | 3,005* | 2,792 |
| Kotak Securities | 849 | 683 | 306 | 241 |
| Kotak Mahindra Prime | 666 | 604 | 239 | 225 |
| Kotak Mahindra Life Insurance | 580 | 848 | 140 | 330 |
| Kotak Mahindra Investments | 386 | 227 | 157 | 86 |
| Kotak Asset Management & Trustee Company | 375 | 363 | 146 | 150 |
| BSS Microfinance | 307 | 208 | 104 | 82 |
| Kotak Mahindra Capital Company | 117 | 101 | 35 | 28 |
*Q3FY24 results for the Bank include ₹143 cr provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023.
At the consolidated level, the Return on Assets (ROA) for Q3FY24 (annualized)was 2.46% (2.76% for Q3FY23). Return on Equity (ROE) for Q3FY24 (annualized) was 13.83% (15.04% for Q3FY23).
Consolidated Capital Adequacy Ratio as per Basel III as at December31, 2023 was 22.2% and CET I ratio was 21.2% (both including unaudited profits).
Consolidated Capital and Reserves & Surplus as at December 31, 2023 was ₹ 1,25,039 crore (₹ 1,07,670 crore as at December31, 2022). The Book Value per Share was ₹ 627.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from ₹ 3,79,820crore as at December31, 2022 to ₹ 4,51,524crore as at December 31, 2023.
Total assets managed / advised by the Group as at December 31, 2023 were ₹5,33,365crore up 32% YoY over ₹ 4,05,269 crore as atDecember 31, 2022. The Domestic MF Equity AUM increased by 44% YoY to ₹ 2,29,168 crore as at December 31, 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.
