Kotak Mahindra Bank on Saturday reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins.
On a standalone basis, the city-headquartered lender s Q4 net profit grew 18 per cent to Rs 4,133 crore.
The FY24 consolidated net profit grew 22 per cent to Rs 18,213 crore.
Kotak Mahindra Bank s loan and deposit growth are likely to be affected after the Reserve Bank of India (RBI) asked the private-sector lender not to take on board new customers through the bank s online and mobile banking channels and not to issue any new credit cards, according to analysts.
The bank s share price fell 10.85 per cent on Thursday to close the day at Rs 1,643 on the BSE.
The RBI s action came after market hours on Wednesday.
Two whole-time directors KVS Manian and Shanti Ekambaram of Kotak Mahindra Bank are in the race for the post of managing director and CEO, the position vacated by Uday Kotak last week.
Kotak stepped down as MD and CEO of the bank effective September 1, 2023, four months ahead of his term was to end.
The RBI will soon decide on Kotak s replacement as the new MD and CEO of Kotak Mahindra Bank, as the new person has to take charge on or before January 1, 2024.