Kotak Mahindra Bank's net profit rises 6.75% in Q3 FY24
Kotak Mahindra Bank has shared its Q3 FY24 financial results, showing a 6.75% YoY increase in standalone net profit and a whopping 31% YoY jump in total income. The private bank's net profit reached Rs. 4,264.78 crore, while its total income climbed to Rs. 24,083.15 crore during the October-December 2023 quarter. Plus, its net interest income also saw growth on both a YoY and QoQ basis.
What about standalone net profit?
The bank's standalone net profit of Rs. 4,264.78 crore in Q3 FY24 is higher than the Rs. 3,995.05 crore reported in Q3 FY23. However, it is lower than the Rs. 4,461.04 crore recorded in Q2 FY24, indicating a sequential decline. However, the bank's total income grew both sequentially and YoY, with the Q3 FY24 figure of Rs. 24,083.15 crore, surpassing the Rs. 18,371.64 crore in Q3 FY23 and the Rs. 21,559.52 crore in Q2 FY24.
Growth in net interest income
Kotak Mahindra Bank's standalone net interest income reached Rs. 14,494.96 crore in Q3 FY24. This has gone up from Rs. 13,716.56 crore in Q2 FY24 and Rs. 11,011.29 crore in Q3 FY23. This shows growth in both QoQ and YoY terms. For the first nine months of the present financial year, the bank's net interest income totaled Rs. 41,080.45 crore. This marks a significant 36% increase compared to Rs. 30,169.43 crore during the same period in the previous financial year.
A look at Kotak Mahindra Bank's stock price
On the Bombay Stock Exchange (BSE), Kotak Mahindra Bank opened at Rs. 1,794.75 per share today. It is currently trading at Rs. 1,814.70 apiece, up 2.06% compared to yesterday. Its market cap stands at Rs. 3.61 lakh crore. On the National Stock Exchange (NSE), it is trading at Rs. 1,812 per stock (up by 1.96%).
