• Sun. Feb 5th, 2023

Kotak Mahindra Bank Announces Results

Jan 23, 2023

Bengaluru, 23 January 2023: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the standalone and consolidated results for Q3FY23, at the Board meeting held in Mumbai, today. 

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q3FY23 stood at ₹ 2,792 crore, up 31% from ₹ 2,131 crores in Q3FY22 (₹ 2,581 in Q2FY23).

Net Interest Income (NII) for Q3FY23 increased to ₹ 5,653 crore, from ₹ 4,334 crores in Q3FY22, up 30% YoY. Net Interest Margin (NIM) was 5.47% for Q3FY23.

Fees and services for Q3FY23 was ₹ 1,847 crore, up 23% YoY.

Operating profit for Q3FY23 was ₹ 3,850 crore, up 43% YoY (Q3FY22: ₹ 2701 crore).

Customers as at December 31, 2022, were 39.0 mn (30.7 mn as at December 31, 2021).

Customer Assets, which comprise Advances and Credit substitutes, increased by 24% to ₹ 3,39,313 crore as at December 31, 2022, from ₹ 2,74,569 crore as at December 31, 2021 (₹ 3,21,324 crore as at September 30, 2022). Advances increased by over 23% to ₹ 3,10,734 crore as at December 31, 2022, from ₹ 2,52,935 crore as at December 31, 2021 (₹ 2,94,023 crore as at September 30, 2022).

CASA ratio as at December 31, 2022, stood at 53.3%.

As at December 31, 2022, COVID-related provisions stood at ₹ 400 crores. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of ₹  281crore (0.09% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of ₹ 484 crores (0.16% of Advances) as at December 31, 2022.

As at December 31, 2022, GNPA was 1.90% & NNPA was 0.43%. Credit cost on advances for Q3FY23 was  27 bps (annualized) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 77.6%. 

The Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2022, was 21.7% and the CET I ratio of 20.7% (including unaudited profits) 

Consolidated results at a glance 

Consolidated PAT for Q3FY23 was ₹ 3,995 crore, up 17% from ₹ 3,403 crores in Q3FY22 (₹ 3,608 crores for Q2FY23).

PAT of Bank and key subsidiaries given below:

PAT ( crore) Q3FY23 Q3FY22
Kotak Mahindra Bank 2,792 2,131
Kotak Mahindra Life Insurance 330 247
Kotak Securities 241 270
Kotak Mahindra Prime 225 254
Kotak Asset Management & Trustee Company 150 149
Kotak Mahindra Investments 86 111
BSS Microfinance 82 26
Kotak Mahindra Capital Company 28 103

AUM (Policyholders’) of Kotak Mahindra Life Insurance as on December 31, 2022, grew 15% YoY to ₹ 56,643 crore.

At the consolidated level, the Return on Assets (ROA) (annualized) was 2.76% for Q3FY23 (2.60% for Q3FY22) and the Return on Equity (ROE) (annualized) was 15.04% for Q3FY23 (14.81% for Q3FY22)

Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2022, was 23.2% and the CET I ratio was 22.3%. (including unaudited profits)

Consolidated Capital and Reserves & Surplus as at December 31, 2022, was ₹ 1,07,670 crore (₹ 93,141 crores as at December 31, 2021). The Book Value per Share was ₹ 540.

Consolidated Customer Assets grew by 22% from ₹ 3,09,042 crore as at December 31, 2021, to ₹ 3,77,400 crore as at December 31, 2022.

Total assets managed/advised by the Group as at December 31, 2022, were ₹ 4,05,269 crore up 5% over ₹ 3,86,465 crore as at December 31, 2021.

 The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provisions of the Companies Act, 2013.