The Board of Directors of Kotak Mahindra Bank approved the unaudited standalone and consolidated results for the quarter that ended June 30, 2023, at the Board meeting held in Mumbai, today. Kotak Mahindra Bank’s Q1FY24 PAT was ₹3,452 crore, up 67% YoY from Q1FY23. Net Interest Income increased to ₹6,234 crore, with a net interest margin of 5.57%. Fees and services increased to ₹1,827 crore, and operating profit was ₹4,950 crore.
Customer assets increased 19% YoY, and unsecured retail advances remained 10.7%.The consolidated PAT for Q1FY24 was ₹ 4,150 crore, up 51% YoY from ₹ 2,755 crore in Q1FY23. Key subsidiaries’ PATs were ₹ 3,452 to 2,071 crore. Return on Assets (ROA) was 2.63%, and Return on Equity was 14.62%.
Total assets managed by the Group were ₹ 4,66,878 crore, up 23% YoY.Indian subsidiaries and associates’ financial statements follow Indian Accounting Standards, while those outside India use accounting principles in their respective countries. Consolidated financial results are prepared using GAAP, as specified under the Companies Act, 2013.
