Kotak Mahindra Bank Announces Results

Mumbai, 21st October, 2023: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the
unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2023, at the Board meeting held in Mumbai, today

Kotak Mahindra Bank standalone results
The Bank’s PAT for Q2FY24 stood at ₹ 3,191 crore, up 24% YoY from ₹ 2,581 crore in Q2FY23

Net Interest Income (NII) for Q2FY24 increased to ₹ 6,297 crore, from ₹ 5,099 crore in Q2FY23, up 23% YoY.Net Interest Margin (NIM) was 5.22% for Q2FY24

Fees and services for Q2FY24 increased to ₹ 2,026 crore from ₹ 1,638 crore in Q2FY23, up 24% YoY.

Operating profit for Q2FY24 was ₹ 4,610 crore, up 29% YoY (Q2FY23: ₹ 3,568 crore)

Customers as at September 30, 2023 were 45.8 mn (36.6 mn as at September 30, 2022

Advances (incl. IBPC & BRDS) increased 21% YoY to ₹ 3,57,012 crore as at September 30, 2023 from
₹ 296,117 crore as at September 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to ₹ 3,80,412 crore as at September 30, 2023 from ₹ 3,23,418 crore as at September 30, 2022

Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.0% as at
September 30, 2023. (8.7% as at September 30, 2022)

CASA ratio as at September 30, 2023 stood at 48.3%.

Average Current deposits grew to ₹ 58,351 crore for Q2FY24 compared to ₹ 53,971 crore for Q2FY23 up
8%. Average Savings deposits stood at ₹ 121,967 crore as at September 30, 2023 (₹ 122,595 crore as at
September 30, 2022). Average Term deposit up 47% from ₹ 139,871 crore for Q2FY23 to ₹ 205,632 crore
for Q2FY24.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 28% QoQ (non-annualised) to ₹ 37,136
crore.
As at September 30, 2023, GNPA was 1.72% & NNPA was 0.37% (GNPA was 2.08% & NNPA was 0.55% at
September 30, 2022). The provision coverage ratio stood at 79.1%.
Capital Adequacy Ratio of the Bank, as at September 30, 2023 was 21.7% and CET I ratio of 20.6% (both
including unaudited profits)

Consolidated results at a glance
Consolidated PAT for Q2FY24 was ₹ 4,461 crore, up 24% YoY from ₹ 3,608 crore in Q2FY23.
PAT of Bank and key subsidiaries given below:

At the consolidated level, the Return on Assets (ROA) for Q2FY24 (annualized) was 2.68% (2.61% for
Q2FY23). Return on Equity (ROE) for Q2FY24 (annualized) was 14.99% (14.09% for Q2FY23).
Consolidated Capital Adequacy Ratio as per Basel III as at September 30, 2023 was 22.9% and CET I ratio
was 21.9% (both including unaudited profits).
Consolidated Capital and Reserves & Surplus as at September 30, 2023 was ₹ 1,20,737 crore (₹ 1,03,578
crore as at September 30, 2022). The Book Value per Share was ₹ 605.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from ₹ 3,59,154 crore as at September 30, 2022 to ₹ 4,28,404 crore as at September 30, 2023.
Total assets managed / advised by the Group as at September 30, 2023 were ₹ 4,98,342 crore up 28% YoY
over ₹ 3,90,741 crore as at September 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 61% YoY to ₹ 44,456 crore as at September 30, 2023