2024-05-05 16:42:18
New Delhi: Private sector Kotak Mahindra Bank and IDBI Bank have announced their March quarter results. There has been a bumper jump in the profits of both the banks. Kotak Bank’s net profit has increased by 18 percent. At the same time, the profit of IDBI Bank has increased by 44 percent. Both banks have declared dividends for investors. Kotak Mahindra Bank’s net profit on standalone basis has increased by 18 percent to Rs 4,133 crore in the March quarter of the last financial year. The net profit of the company in the same quarter of the financial year 2022-23 was Rs 3,496 crore. The company said on Saturday that its total income in the March quarter has increased to Rs 15,285 crore, which was Rs 12,007 crore in the same quarter last year.
increase in income
The company’s net profit for the entire last financial year has increased by 26 percent to Rs 13,782 crore, which was Rs 10,939 crore in the financial year 2022-23. The total income of the company increased to Rs 56,072 crore in the last financial year, which was Rs 41,334 crore in the financial year 2022-23. The company’s net interest income (NII) for the last financial year increased by 21 percent to Rs 25,993 crore from Rs 21,552 crore in the financial year 2022-23. The board of directors of the company has recommended a dividend of Rs 2 per equity share of face value Rs 5 for the last financial year. At the end of the last financial year, the bank’s gross non-performing assets (NPAs) were 1.39 percent and net NPAs were 0.34 percent.
IDBI Bank’s profit increased
The net profit of private sector IDBI Bank has jumped 44 percent to Rs 1,628 crore in the March quarter of the last financial year. The net profit of the bank in the same quarter of financial year 2022-23 was Rs 1,133 crore. The bank said on Saturday that its total income in the January-March quarter increased to Rs 7,887 crore, from Rs 7,014 crore in the same quarter last year. The bank’s net profit for the last financial year has increased by 55 per cent to an all-time high of Rs 5,634 crore. The net profit of the bank in the financial year 2022-23 was Rs 3,645 crore. The total income of the company was Rs 30,037 crore for FY 2023-24, which was Rs 24,942 crore in FY 2022-23.
declaration of dividend
IDBI Bank’s net interest income rose 12 per cent to Rs 3,688 crore in the March quarter from Rs 3,280 crore in the same quarter last year. The net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024, from 0.92 per cent as on March 31, 2023. The board of directors of IDBI Bank has proposed a 15 per cent dividend which is subject to shareholders’ approval.
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