Kotak Mahindra Bank Q4 Net Profit soars 18%

(20 second reading) Kotak Mahindra Bank reported a net profit of Rs 4133 crore for the Q4 FY24, up by 18 percent from Rs 3496 crore reported in the corresponding quarter of last year.
The lender’s net interest income came at Rs 6,909 crore, up by 13 percent YoY from Rs 6,103 crore last year. The net interest margin (NIM) of the lender was at 5.28 percent for Q4FY24.
The GNPA of the lender stood at 1.39 percent versus 1.78 percent last year and NNPA was at 0.34 percent compared to 0.37 percent last year.
The advances of the bank increased 20 percent YoY to Rs 3.91 lakh crore as versus Rs 3.25 lakh crore last year. For the full year FY24, the lender’s profit increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26 percent YoY.