Kotak Mahindra Bank's Q1 Earnings Report Triggers 3% Share Price Dip

24 Jul 2023 , 01:55 PM

Kotak Mahindra Bank witnessed a 3% decline in its share price during early trade on Monday following the release of its June quarter earnings report. The stock fell 3.55%, trading at Rs 1,901.00 per share on the Bombay Stock Exchange (BSE).

Net Profit Surge: Kotak Mahindra Bank, the private lender, reported a remarkable net profit of Rs 3,452 crore for the first quarter of FY24. This marked an impressive 67% increase from Rs 2,071 crore in Q1FY23.

Consolidated Net Profit: On a consolidated basis, the bank’s net profit witnessed a substantial year-on-year rise of 50.62%, amounting to Rs 4,150.19 crore.

Strong Net Interest Income (NII): The bank’s Net Interest Income (NII) for the April-June quarter rose to Rs 6,234 crore from Rs 4,697 crore in Q1FY23, registering a robust year-on-year growth of 33%.

Net Interest Margin (NIM): The Net Interest Margin (NIM) stood at 5.57% in Q1FY24, reflecting a year-on-year increase of 65 basis points. However, it compressed by 18 basis points sequentially. The bank’s management has maintained its guidance of maintaining a NIM of over 5%.

The bank’s Q1FY24 earnings report highlighted its strong performance, impressive profit growth, and consistent net interest income. 
For feedback and suggestions, write to us at [e-mail]