Kotak Mahindra Bank released its financial results for the third quarter (October-December) of 2023 today. The bank's total income, which is the money it earned from its core operations, reached ₹9,588 crore during this period. This represents a significant increase of 31% compared to the same quarter last year.
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The total income of the private bank, Kotak Mahindra, increased both quarter-on-quarter and year-on-year in the third quarter of FY24. |
Kotak Mahindra Bank's profit also grew year-over-year. Its net profit, the money remaining after expenses are deducted from income, rose by 6.75% to ₹3,005 crore in the December quarter. Additionally, the bank's net interest income, which is the earnings from its lending and borrowing activities, grew compared to the previous quarter and the same quarter last year.
Kotak Mahindra Bank's Q3 results show positive growth in both income and profit. This indicates that the bank is performing well financially.
Kotak Mahindra Bank's Q3 Financial Performance
Net Profit:
• Higher year-on-year (YoY): Compared to Q3 of the previous year, Kotak Mahindra Bank's net profit grew by 6.75%.
• Lower sequentially (QoQ): However, compared to Q2 of the current year, net profit dropped slightly.
Total Income:
• Strong Growth: Total income increased by 31% YoY and continued to grow sequentially from Q2.
Net Interest Income (NII):
• Positive Trends: NII rose both YoY and QoQ, reaching ₹14,494.96 crore in Q3.
• Strong First Nine Months: In the first nine months of the financial year, NII grew by over 36% compared to the same period last year.
| Metric | Q3FY24 | Q2FY24 | Q3FY23 | YoY Change | QoQ Change |
| Net Profit | ₹4,264.78 crore | ₹4,461.04 crore | ₹3,995.05 crore | +6.75% | -4.4% |
| Total Income | ₹24,083.15 crore | ₹21,559.52 crore | ₹18,371.64 crore | +31.0% | +11.7% |
| Net Interest Income | ₹14,494.96 crore | ₹13,716.56 crore | ₹11,011.29 crore | +31.6% | +5.7% |
Kotak Mahindra Bank's Q3 financials showed mixed results. While net profit dipped slightly from Q2, it remained higher than last year. Total income and NII continued to grow steadily, reflecting strong business performance. The first nine months of the financial year further highlight the bank's positive trajectory.