KOTAK MAHINDRA BANK ANNOUNCES RESULTS

Mumbai, January, 2023.

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the standalone and consolidated results for Q3FY23, at the Board meeting held in Mumbai.

The Bank’s PAT for Q3FY23 stood at ₹ 2,792 crore, up 31% from ₹ 2,131 crore in Q3FY22 (₹ 2,581 in Q2FY23).

Net Interest Income (NII) for Q3FY23 increased to ₹ 5,653 crore, from ₹ 4,334 crore in Q3FY22, up 30% YoY. Net Interest Margin (NIM) was 5.47% for Q3FY23.

Fees and services for Q3FY23 was ₹ 1,847 crore, up 23% YoY.

Operating profit for Q3FY23 was ₹ 3,850 crore, up 43% YoY (Q3FY22: ₹ 2701 crore).

Customers as at December 31, 2022 were 39.0 mn (30.7 mn as at December 31, 2021).

Customer Assets, which comprise Advances and Credit substitutes, increased by 24% to ₹ 3,39,313 crore as at December 31, 2022 from ₹ 2,74,569 crore as at December 31, 2021 (₹ 3,21,324 crore as at September 30, 2022). Advances increased by over 23% to ₹ 3,10,734 crore as at December 31, 2022 from ₹ 2,52,935 crore as at December 31, 2021 (₹ 2,94,023 crore as at September 30, 2022).

As at December 31, 2022, COVID related provisions stood at ₹ 400 crore. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of ₹  281crore (0.09% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of ₹ 484 crore (0.16% of Advances) as at December 31, 2022.

As at December 31, 2022, GNPA was 1.90% & NNPA was 0.43%. Credit cost on advances for Q3FY23 was  27 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 77.6% .

At the consolidated level, the Return on Assets (ROA) (annualized) was 2.76% for Q3FY23 (2.60% for Q3FY22) and the Return on Equity (ROE) (annualized) was 15.04% for Q3FY23 (14.81% for Q3FY22)

Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2022 was 23.2% and CET I ratio was 22.3%. (including unaudited profits)

Consolidated Capital and Reserves & Surplus as at December 31, 2022 was ₹ 1,07,670 crore (₹ 93,141 crore as at December 31, 2021). The Book Value per Share was ₹ 540.

Consolidated Customer Assets grew by 22% from ₹ 3,09,042 crore as at December 31, 2021 to ₹ 3,77,400 crore as at December 31, 2022.

Total assets managed / advised by the Group as at December 31, 2022 were ₹ 4,05,269 crore up 5% over ₹ 3,86,465 crore as at December 31, 2021.