Kotak Mahindra Bank Announces Results:Kotak Mahindra Bank Consolidated PAT for Q1FY25 ₹ 7,448 crore, up 79% YoY Standalone PAT for Q1FY25 ₹ 6,250 crore, up 81% YoY

kotak-mahindra-bank-announces-results-kotak-mahindra-bank-consolidated-pat-for-q1fy25-7-448-crore-up-79-yoy-standalone-pat-for-q1fy25-6-250-crore-up-81-yoy

Mumbai, 20th July, 2024.

 

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2024, at the Board meeting held in Mumbai, today.

 

Divestment of stake in Kotak General Insurance to Zurich Insurance Group

 

Q1FY25 saw the completion of a landmark deal in General Insurance sector with Zurich Insurance Group taking a 70% stake in Kotak General Insurance. The alliance brings together Zurich’s global insurance leadership and scale with Kotak’s local expertise and reach. Post this transaction, KMBL holds 30% stake in KGI and will continue to act as corporate agent of KGI for distribution of general insurance products.

The above transaction has resulted in an increase in the consolidated PAT by ₹ 3,013 crore and standalone PAT by ₹2,730 crore.

 

Implementation of RBI’s Master Direction (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks), 2023

 

Bank has implemented above directions w.e.f. April 1, 2024, resulting in fair value gain of ₹ 3,414 crore (post tax) accounted in reserves at June 30, 2024.

 

Consolidated results at a glance

 

Consolidated PAT for Q1FY25 was 7,448 crore, up 79% YoY from 4,150 crore in Q1FY24.

Consolidated PAT for Q1FY25 excluding gains (net of tax) of ₹ 3,013 crore (on divestment of stake in Kotak General Insurance) stood at 4,435 crore.

 

PAT of Bank and key subsidiaries given below:

 

PAT (₹ crore)

Q1FY25

Q1FY24

Kotak Mahindra Bank

6,250*

3,452

Kotak Securities

400

219

Kotak Mahindra Prime

232

218

Kotak Asset Management &

Trustee Company

175

106

Kotak Mahindra Life Insurance

174

193

Kotak Mahindra Investments

138

102

Kotak Mahindra Capital Company

81

55

BSS Microfinance

50

95

*Q1FY25 PAT for Kotak Bank incl. gains on divestment of stake in Kotak General Insurance

 

At the consolidated level, Return on Assets (ROA) for Q1FY25 (annualized) was 3.87% (2.63% for Q1FY24). ROA for Q1FY25 (annualized) excluding gains on divestment of stake in Kotak General Insurance stood at 2.30%.

At the consolidated level, Return on Equity (ROE) for Q1FY25 (annualized) was 22.04% (14.62% for Q1FY24).