Kotak Mahindra Bank posts 6.75% YoY rise in Q3 Net Profit, records robust growth in total income

Kotak Mahindra Bank declared its third-quarter results for the financial year 2023-24, revealing a year-on-year (YoY) increase in standalone net profit by 6.75 percent for the recently concluded December 2023 quarter. The private lender’s standalone total income also exhibited substantial growth, rising approximately 31 percent YoY during this period. Notably, Kotak Bank’s net interest income demonstrated growth both YoY and quarter-on-quarter (QoQ).

As per the latest exchange filing, Kotak Mahindra Bank’s standalone net profit reached ₹4,264.78 crore in Q3FY24, showcasing a 6.75 percent rise compared to ₹3,995.05 crore in the same period of the previous fiscal year. However, on a sequential basis, the net profit experienced a decline from ₹4,461.04 crore in Q2FY24.

The bank’s standalone total income for the October to December 2023 quarter amounted to ₹24,083.15 crore, marking a significant 31 percent increase from ₹18,371.64 crore in the third quarter of the previous financial year. In Q2FY24, Kotak Mahindra Bank’s total income was reported at ₹21,559.52 crore, indicating growth both sequentially and YoY during Q3FY24.

Kotak Mahindra Bank’s standalone net interest income for Q3FY24 reached ₹14,494.96 crore, showing growth both QoQ and YoY. In the first nine months of the current financial year, the bank’s net interest income reached ₹41,080.45 crore, reflecting an impressive 36 percent increase compared to ₹30,169.43 crore in the first nine months of the previous financial year. The results underscore the bank’s sustained financial performance amidst dynamic market conditions.