“This is to inform you that the Board of Directors of Kotak Mahindra Bank have, at their meeting held today, inter alia, approved a proposal to enable the Board of Directors of the Bank to raise funds by way of issuance of Unsecured, Redeemable, Non-Convertible Debentures, on a private placement basis, for an amount up to Rs. 10,000 crore,” Kotak said in an exchange filing.
The NCDs would be issued in one or more tranches during FY 2024-25, subject to shareholder and other approvals, the bank said after a board meeting.
Earlier in the day, the lender announced its December quarter results in which PAT stood at Rs 3,005 crore, up 8% YoY from Rs 2,792 crore in Q3 FY23.
Its net interest income or NII rose 16% YoY to Rs 6,554 crore while the net interest margin came in at 5.22%.
Provisions and contingencies surged to Rs 579 crore from Rs 149 crore a year ago. Pre-provision operating profit increased 19% YoY to Rs 4,566.21 crore but declined nearly 1% sequentially.
On the asset quality front, the gross non-performing assets as a percentage of total loans was 1.73% as of December end compared to 1.90% a year ago, and 1.72% a quarter ago.Total advances were at Rs 3.72 lakh crore as of December end, 19% higher from the last year. Customer assets, which comprise advances and credit substitutes, were Rs 4 lakh crore, up 17% YoY.
CASA ratio as of December end stood at 47.7%. Average current deposits grew to Rs 59,337 crore from Rs 56,372 crore a year ago. Average savings deposits grew to Rs 1.23 lakh crore from Rs 1.18 lakh crore a year ago.
Following the announcement of quarterly numbers, the stock ended 2.3% higher at Rs 1,806 on BSE.
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