Kotak Mahindra Bank today announced its standalone and consolidated financial results for the fiscal year ended March 31, 2024, showcasing robust growth and profitability. The bank’s standalone Profit After Tax (PAT) for FY24 soared to ₹13,782 crore, marking a substantial 26% increase over the previous fiscal year. In Q4FY24 alone, the bank reported a PAT of ₹4,133 crore, reflecting an 18% year-on-year (YoY) growth and a remarkable 38% quarter-on-quarter (QoQ) surge.
The bank’s Net Interest Income (NII) for FY24 witnessed a significant uptick to ₹25,993 crore, up 21% YoY, while operating profit for the fiscal soared to ₹19,587 crore, reflecting a robust 32% YoY increase. Kotak Mahindra Bank’s advances, including IBPC & BRDS, increased by 20% YoY to ₹391,729 crore as of March 31, 2024. Moreover, the bank’s consolidated PAT for FY24 reached ₹18,213 crore, registering a commendable 22% YoY growth. The Consolidated Return on Assets (ROA) for FY24 stood at 2.66%, underlining the bank’s strong financial performance across its subsidiaries.
Commenting on the results, the bank’s spokesperson highlighted, “We are pleased to report yet another year of strong financial performance, driven by robust growth in advances, improved operational efficiency, and sustained focus on customer-centric initiatives.” Furthermore, the Board of Directors recommended a dividend of ₹2.00 per equity share for the fiscal year ended March 31, 2024, subject to shareholder approval, showcasing the bank’s commitment to enhancing shareholder value.