Kotak Mahindra Bank reported on April 29 that its standalone net profit rose 26% to Rs 3,495 crore in the March quarter. Net profit for the same period last year was Rs 2,767 crore.

A poll of brokerages estimated a net profit of Rs 2,925.7 crore for the fourth quarter.

The private lender’s net interest income (NII) in Q4FY23 rose 35% to Rs 6.103 crore from Rs 4,521 crore in Q4FY22. In a press release, the bank said the net interest margin (NIM) for FY23 was 5.33%, compared to 5.75% for Q4FY23.

Kotak Mahindra Bank added 2.2 million customers in the March quarter. As of March 31, 2023, the number of customers was 41.2 million, compared to 32.7 million in the same period last year.

The bank’s asset quality continued to improve. The gross NPA (non-performing assets) ratio is 1.78%, and the net NPA ratio is 0.37% as of end-March 2023. This compares to 1.90% for the GNPA and 0.43% for the NNPA in the December 2022 quarter.

Provisions for the quarter were Rs 147.6 crore as against Rs 148.7 crore in the preceding quarter.

Apart from the results, the bank has declared a dividend of Rs 1.50 per equity share with a face value of Rs 5 for FY23.

At a consolidated level, the bank’s return on assets (ROA) was 2.62% in FY23, compared to 2.36% in FY22. Return on equity (ROE) is 14.4% in FY23, compared with 13.4% in FY22, the lender said in a bourse filing.