Kotak Mahindra Bank Q4 net profit grows 14.29% to Rs 4,566 cr

Mumbai: Kotak Mahindra Bank on Saturday posted a 14.29 per cent increase in its consolidated net profit at Rs 4,566 crore for the March 2023 quarter.

The private sector lender's standalone net profit grew to Rs 3,496 crore for the January-March 2023 period against Rs 2,767 crore in the year-ago period.  For FY23, the bank's consolidated net profit rose 23 per cent to Rs 14,925 crore.

Its core net interest income came at Rs 6,103 crore compared to Rs 4,521 crore, helped largely by an expansion in the net interest margin to an impressive 5.75 per cent.

It showed an improvement in the asset quality, with the gross non-performing assets ratio improving to 1.78 per cent from 2.34 per cent in the year-ago period and 1.90 per cent in the preceding quarter.