Kotak Mahindra Bank recently disclosed its quarterly results for the period of January to March 2024.
The profit after tax (PAT) for this quarter amounted to Rs 13,782 crore, reflecting a significant increase from Rs 10,939 crore recorded in the corresponding quarter of the previous year. This represents a notable 18% rise in annual profit.
Customer Base Expansion
The bank’s customer base has also witnessed substantial growth. As of March 31, 2024, Kotak Mahindra Bank reported a total of 5 crore customers, compared to 4.1 crore customers in the same period last year.
This indicates an addition of 90 lakh new customers within a year. Additionally, Kotak Mahindra Bank has completed the acquisition of Sonata Microfinance.
Dividend Announcement
In conjunction with the quarterly results, the bank has declared a dividend. Eligible investors will receive a dividend of Rs 2 per share with a face value of Rs 5.
Stock Market Performance
Despite favorable financial results, Kotak Mahindra Bank has faced challenges in the stock market over the past year.
The bank’s stock prices have experienced a decline of approximately 20% during this period. According to Trendlyne data, the stock has depreciated by more than 10% in the last six months.
At the close of trading on Friday, Kotak Mahindra Bank shares were priced at Rs 1547.25 on the BSE, reflecting a decrease of 1.81%.
The stock price had dropped to Rs 1544.15 on Friday, reaching the bank’s 52-week low. It’s noteworthy that the bank’s 52-week high in the stock markets stands at Rs 2063.
