Kotak Bank quarterly profit leaps 26%

MUMBAI: Kotak Mahindra Bank has reported a net profit of 3,496 crore for the quarter ended March 2023 an increase of 26% from 2,767 crore in the corresponding quarter last year.
Full-year (2022-23) profit was pegged at 10,939 crore, an increase of 28% from 8,573 crore in the previous year. Kotak declared a dividend of 1.50 per equity share with a face value of 5.
Announcing the results, CEO Uday Kotak said the bank was “hungry” for acquisitions and would look at all inorganic opportunities in the financial sector, including banking.
Responding to a question on whether the bank was interested in IDBI Bank, Kotak said: “It’s not proper for me to talk with reference to any specific bank. I think our template is pretty clear. If we see value in customers and believe we are getting sticky customers at fair value. We will look at all acquisition opportunities.”

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