Kotak Mahindra Bank Q3FY24 results: Net profit jumps 6.75%, total income rises 31% YoY

Q3 results today: Kotak Mahindra Bank today declared its third quarter results for the financial year 2023-24. The private lender reported a year-on-year (YoY) rise in standalone net profit to the tune of 6.75 per cent in the recently ended December 2023 quarter whereas its standalone total income grew around 31 per cent YoY in this time. Kotak Bank's net interest income also grew YoY and QoQ. 

Kotak Mahindra Bank Q3 profit

As per the latest exchange filing by Kotak Mahindra Bank, the standalone net profit of the private lender stood at ₹4,264.78 crore, which is 6.75 per cent higher than the standalone net profit of ₹3,995.05 crore in Q3FY23. Kotak Mahindra Bank's standalone net profit in Q2FY24 was at ₹4,461.04 crore. This means the private lender's net profit took a hit on a sequential basis.

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Kotak Mahindra Bank Q3 income

Kotak Mahindra Bank reported standalone total income during the October to December 2023 quarter at ₹24,083.15 crore, which is around 31 per cent higher than its standalone total income of ₹18,371.64 crore in the third quarter of the previous financial year. In Q2FY24, Kotak Mahindra Bank's total income was at ₹21,559.52 crore. This means the private lender's total income grew both sequentially and YoY during Q3FY24.

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In Q3FY24, Kotak Mahindra Bank's standalone net interest income stood at ₹14,494.96 crore. The private lender had reported a net interest income of ₹13,716.56 crore in the second quarter of the current financial year whereas its net interest income stood at ₹11,011.29 crore in the corresponding period of the previous fiscal. This means, Kotak Mahindra Bank's net interest income grew both in quarter-on-quarter (QoQ) and YoY terms.

In the first nine months of the current financial year, Kotak Mahindra Bank's net interest income has come to ₹41,080.45 crore, which is over 36 per cent higher than the private lender's net interest income of ₹30,169.43 crore in the first nine months of the previous financial year.