Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Companies / News/  Canada Pension Fund to offload 1.6% stake in Kotak Mahindra Bank on 9 June: Report

Canada Pension Fund may partially sell its stake in private lender Kotak Mahindra Bank through block deals on 9 June 2023, according to media reports.

Canada Pension Fund plans to offload 3.3 crore shares or a 1.6 per cent stake in the bank at a price range of 1,792-1,886. The lower end of the floor price is about a 5 per cent discount from the current market price.

As of the March quarter, Canada Pension Fund holds 4.34 per cent stake in Kotak Mahindra Bank, according to BSE. Foreign investors have a stake of 36.7 per cent in the bank. Among other public shareholders, LIC has about 6.21 per cent stake, while mutual funds own 10.99 per cent, according to BSE.

Kotak Mahindra Bank saw healthy growth in March quarter (Q4FY23) net profit driven by expansion in net interest margin (NIM) and lower operating costs. Standalone net profit increased by 26% year-on-year (y-o-y) to around 3,500 crore.

The net interest income (NII) which is the difference between interest earned and expended, recorded 34.97% growth to 6,102.55 crore as against NII of 4,521.4 crore in Q4FY22. However, NII posted a single-digit growth of 7.95% from 5,652.92 crore in Q3FY23.

Provisions were broadly subdued sequentially to 147.57 crore in Q4FY23 versus 148.83 crore in the preceding quarter. Notably, in Q4FY22, the bank's provisions were negative for 306.21 crore.

Gross non-performing assets (GNPA) declined sharply to 1.78% in Q4FY23 versus 2.34% in Q4FY22 and 1.90% in Q3FY23.

Net NPA dipped to 0.37% in Q4FY23 as against 0.64% in Q4FY22 and 0.43% in Q3FY23.

Further, in Q4FY23, the bank's net customer additions was at 2.2 million. Total customers as at March 31, 2023 were 41.2 million versus 32.7 million as at March 31, 2022.

The company's scrip ended 2.68 per cent lower at 1886.35 on BSE. 

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 09 Jun 2023, 08:17 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App