Kotak Mahindra Bank Ltd

Total income of the bank increased by 27% YoY to Rs 15,285.35 crore during the period under review.

While the bank’s net interest income rose by 13% to Rs 6,909 crore, net interest margin, however, declined by 47 basis points to 5.28% in Q4 FY24 as compared with Q4 FY23.

Operating Profit of the bank for the fourth quarter was Rs 5,462 crore, up 18% YoY.

Provision & contingencies jumped by 80% to Rs 264 crore in Q4 FY24 from Rs 147 crore in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 5,198 crore, up by 16% from Rs 4,500 crore in Q4 FY23.

For FY24, Kotak Mahindra Bank has recorded net profit and total income of Rs 13,782 crore (up 26% YoY) and Rs 56,072.01 crore (up 36% YoY).

The customer base of the bank as at 31 March 31, 2024 was 5.0 crore as against 4.1 crore as at 31 March 2023.

While the bank’s advances increased by 18% to Rs 376,075.27 crore, deposits rose by 24% to Rs 448,953.75 crore as on 31 March 2024.

GNPA of the bank was Rs 5,275 crore as on 31 March 2024 as against Rs 5,768 crore as on 31 March 2023 and Rs 6,302 crore as on 31 December 2023.

GNPA ratio was 1.39% as on 31 March 2024 as against 1.78% as on 31 March 2023 and 1.73% crore as on 31 December 2023.

NNPA ratio was 0.34% as on 31 March 2024 as against 0.37% as on 31 March 2023 and 0.34% crore as on 31 December 2023.

Kotak Mahindra Bank is the flagship company of the Kotak Group and has diversified operations covering commercial vehicle financing, consumer loans, corporate finance and asset reconstruction. Through its subsidiaries, the bank is engaged in investment banking, equity broking, securities-based lending and car finance.

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The domestic equity benchmarks traded with modest gains in early trade. The Nifty traded above 22,550 mark. IT, realty, private bank stocks advanced while PSU bank, metal and oil & gas shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 419.25 points or 0.57% to 74,300.81 . The Nifty 50 index added 93.40 points or 0.42% to 22,569.25.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index fell 0.42% and the S&P BSE Small-Cap index lost 0.11%.

The market breadth was positive. On the BSE, 1,543 shares rose and 1,490 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,391.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 690.52 crore in the Indian equity market on 3 May, provisional data showed.

Market participants will focus on the HSBC Services PMI (final) numbers for April, due on May 6.

Economy:

In the third consecutive weekly decline, India’s forex reserves dropped $2.412 billion to $637.922 billion during the seven days ended April 26, according to the RBI data.

For the week ended April 26, the foreign currency assets — a major component of the reserves — decreased $1.159 billion to $559.701 billion, the data released on Friday showed.

Gold reserves decreased $1.275 billion to $55.533 billion during the week. The special drawing rights (SDRs) were up $15 million to $18.048 billion, said the RBI.

India’s reserve position with the IMF was also up $8 million to $4.639 billion in the reporting week, the apex bank data showed.

Politics:

The third phase of voting for the Lok Sabha elections 2024 will be held on 7 May 2024. In the third phase, voting will take place in 96 LS constituencies from 12 states, including Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, and West Bengal. The BJP aims for a third consecutive term, while the opposition, including the Congress, has formed the Indian National Developmental Inclusive Alliance (INDIA) bloc to oppose PM Modi's re-election. These elections span over seven phases from April 19 to June 1, and the results will be announced on June 4.

Stocks in Spotlight:

Kotak Mahindra Bank jumped 4.34% after the Bank reported 18% rise in standalone net profit to Rs 4,133 crore in Q4 FY24 from Rs 3,496 crore in Q4 FY23. Total income of the bank increased by 27% YoY to Rs 15,285.35 crore during the period under review.

Titan Company slipped 4.51%. The Tata Group company reported 7.08% rise in standalone net profit to Rs 786 crore in Q4 FY24 as against Rs 734 crore reported in Q4 FY23. Revenue from operations jumped 17.47% year on year (YoY) to Rs 10,047 crore in the quarter ended 31 March 2024.

Avenue Supermarts (Dmart) added 0.84%. The company reported consolidated net profit of Rs 563 crore in Q4 FY24 as against Rs 460 crore reported in Q4 FY23. Revenue from operations rose to Rs 12,727 crore in the quarter ended 31 March 2024 from Rs 10,594 in the quarter ended 31 March 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.36% to 7.123 as compared with previous close 7.149.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4525, compared with its close of 83.4550 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.40% to Rs 70,938.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 105.16.

The United States 10-year bond yield rose 0.16% to 4.505.

In the commodities market, Brent crude for July 2024 settlement gained 15 cents or 0.18% to $ 83.11 a barrel.

Global Markets:

Most of the Asian stocks trading higher on Monday as a softer-than-expected U.S. jobs report fueled hopes that the Federal Reserve could start cutting rates soon. Investors, meanwhile, awaited the Reserve Bank of Australia’s rate decision on Tuesday and China’s April trade data on Thursday. Japan and South Korea’s markets are closed for a public holiday.

U.S. stocks closed sharply higher Friday, as Treasury yields fell after a softer-than-anticipated April jobs report.

The Berkshire Annual Meeting 2024 on Saturday proceeded in Omaha with Warren Buffett, Greg Abel, and Ajit Jain fielding shareholder queries. Buffett spoke on a variety of issues, including the India opportunity, stock market outlook, US dollar, AI, Apple stake cuts, global investments and more.

The U.S. economy added fewer jobs than expected in April while the unemployment rate rose. Nonfarm payrolls increased by 175,000 on the month. The unemployment rate ticked higher to 3.9%, compared to 3.8% in the prior month, according to the Bureau of Labor Statistics.

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Total income of the bank increased by 27% YoY to Rs 15,285.35 crore during the period under review.

While the bank’s net interest income rose by 13% to Rs 6,909 crore, net interest margin, however, declined by 47 basis points to 5.28% in Q4 FY24 as compared with Q4 FY23.

Operating Profit of the bank for the fourth quarter was Rs 5,462 crore, up 18% YoY.

Provision & contingencies jumped by 80% to Rs 264 crore in Q4 FY24 from Rs 147 crore in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 5,198 crore, up by 16% from Rs 4,500 crore in Q4 FY23.

For FY24, Kotak Mahindra Bank has recorded net profit and total income of Rs 13,782 crore (up 26% YoY) and Rs 56,072.01 crore (up 36% YoY).

The customer base of the bank as at 31 March 31, 2024 was 5.0 crore as against 4.1 crore as at 31 March 2023.

While the bank’s advances increased by 18% to Rs 376,075.27 crore, deposits rose by 24% to Rs 448,953.75 crore as on 31 March 2024.

GNPA of the bank was Rs 5,275 crore as on 31 March 2024 as against Rs 5,768 crore as on 31 March 2023 and Rs 6,302 crore as on 31 December 2023.

GNPA ratio was 1.39% as on 31 March 2024 as against 1.78% as on 31 March 2023 and 1.73% crore as on 31 December 2023.

NNPA ratio was 0.34% as on 31 March 2024 as against 0.37% as on 31 March 2023 and 0.34% crore as on 31 December 2023.

Kotak Mahindra Bank is the flagship company of the Kotak Group and has diversified operations covering commercial vehicle financing, consumer loans, corporate finance and asset reconstruction. Through its subsidiaries, the bank is engaged in investment banking, equity broking, securities-based lending and car finance.

The scrip had declined 1.81% to end at Rs 1547.25 on the BSE on Friday.

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Net profit of Kotak Mahindra Bank rose 16.88% to Rs 5337.20 crore in the quarter ended March 2024 as against Rs 4566.39 crore during the previous quarter ended March 2023. Total Operating Income rose 26.50% to Rs 15156.18 crore in the quarter ended March 2024 as against Rs 11981.63 crore during the previous quarter ended March 2023.

For the full year,net profit rose 22.03% to Rs 18213.21 crore in the year ended March 2024 as against Rs 14925.01 crore during the previous year ended March 2023. Total Operating Income rose 33.42% to Rs 56236.63 crore in the year ended March 2024 as against Rs 42151.06 crore during the previous year ended March 2023.

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Kotak Mahindra Bank announced that the Board of Directors of the Company at its meeting held on 04 May 2024, has recommended a Final dividend of Rs.2 per share (i.e.40%), subject to the approval of the shareholders.

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Kotak Mahindra Bank Ltd fell 2.26% today to trade at Rs 1587.05. The S&P BSE BANKEX index is down 0.33% to quote at 55815.4. The index is up 3.76 % over last one month. Among the other constituents of the index, ICICI Bank Ltd decreased 0.14% on the day. The S&P BSE BANKEX index went up 13.97 % over last one year compared to the 21.57% surge in benchmark SENSEX.

Kotak Mahindra Bank Ltd has lost 9.65% over last one month compared to 3.76% gain in S&P BSE BANKEX index and 0.66% rise in the SENSEX. On the BSE, 97.59 lakh shares were traded in the counter so far compared with average daily volumes of 3.88 lakh shares in the past one month. The stock hit a record high of Rs 2063 on 31 May 2023. The stock hit a 52-week low of Rs 1561 on 02 May 2024.

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Kotak Mahindra Bank has allotted 10,284 equity shares under ESOS on 29 April 2024.

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Dalmia Bharat Ltd, Bharat Bijlee Ltd, Indian Hotels Co Ltd and Aster DM Healthcare Ltd are among the other losers in the BSE's 'A' group today, 25 April 2024.

Kotak Mahindra Bank Ltd lost 11.25% to Rs 1635.7 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 23.71 lakh shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one month.

Dalmia Bharat Ltd tumbled 8.13% to Rs 1800. The stock was the second biggest loser in 'A' group.On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 12639 shares in the past one month.

Bharat Bijlee Ltd crashed 5.78% to Rs 3126.5. The stock was the third biggest loser in 'A' group.On the BSE, 4800 shares were traded on the counter so far as against the average daily volumes of 3303 shares in the past one month.

Indian Hotels Co Ltd corrected 5.10% to Rs 577.2. The stock was the fourth biggest loser in 'A' group.On the BSE, 3.93 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past one month.

Aster DM Healthcare Ltd shed 3.80% to Rs 368.7. The stock was the fifth biggest loser in 'A' group.On the BSE, 99661 shares were traded on the counter so far as against the average daily volumes of 31.61 lakh shares in the past one month.

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Info Edge (India) Ltd, Jyothy Labs Ltd, MAS Financial Services Ltd, Vodafone Idea Ltd are among the other stocks to see a surge in volumes on BSE today, 25 April 2024.

Kotak Mahindra Bank Ltd clocked volume of 16.39 lakh shares by 10:46 IST on BSE, a 7.42 times surge over two-week average daily volume of 2.21 lakh shares. The stock lost 10.11% to Rs.1,656.75. Volumes stood at 1.43 lakh shares in the last session.

Info Edge (India) Ltd notched up volume of 55892 shares by 10:46 IST on BSE, a 5.58 fold spurt over two-week average daily volume of 10018 shares. The stock rose 0.13% to Rs.5,885.75. Volumes stood at 45023 shares in the last session.

Jyothy Labs Ltd witnessed volume of 1.09 lakh shares by 10:46 IST on BSE, a 5.51 times surge over two-week average daily volume of 19780 shares. The stock increased 2.85% to Rs.434.60. Volumes stood at 18736 shares in the last session.

MAS Financial Services Ltd witnessed volume of 65303 shares by 10:46 IST on BSE, a 5.21 times surge over two-week average daily volume of 12528 shares. The stock increased 5.97% to Rs.316.00. Volumes stood at 27673 shares in the last session.

Vodafone Idea Ltd notched up volume of 10553.36 lakh shares by 10:46 IST on BSE, a 5.18 fold spurt over two-week average daily volume of 2,036.11 lakh shares. The stock rose 2.14% to Rs.13.37. Volumes stood at 3161.73 lakh shares in the last session.

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Kotak Mahindra Bank Ltd fell 9.4% today to trade at Rs 1669.75. The S&P BSE BANKEX index is down 0.93% to quote at 54097.22. The index is up 2.38 % over last one month. Among the other constituents of the index, ICICI Bank Ltd decreased 0.1% on the day. The S&P BSE BANKEX index went up 11.31 % over last one year compared to the 22.01% surge in benchmark SENSEX.

Kotak Mahindra Bank Ltd has lost 4.85% over last one month compared to 2.38% gain in S&P BSE BANKEX index and 1.52% rise in the SENSEX. On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 1.96 lakh shares in the past one month. The stock hit a record high of Rs 2063 on 31 May 2023. The stock hit a 52-week low of Rs 1659 on 25 Apr 2024.

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