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Kotak Mahindra Bank conducted a conference call on 20 July 2024 to discuss its financial results for the quarter ended June 2024. Ashok Vaswani, MD&CEO of the bank addressed the call:
Highlights:
The bank has posted a 79% surge in the consolidated net profit to Rs 7448 crore in Q1FY2024, including post tax gains of Rs 3013 crore from the divestment of a stake in Kotak Mahindra General Insurance.
The bank has offloaded 70% stake in Kotak Mahindra General Insurance Company for a consideration of Rs 5560 crore, which was a wholly owned subsidiary of the company. The bank has generated 45% CAGR return on this investment since 2014. The transaction reflects the true value of the subsidiaries.
The bank evaluates its businesses from the eyes of shareholders.
Consolidated ROE is 13.44% adjusting for divestment gains and RBI investment book valuation impact. Consolidated ROA was at 3.87% including gains and 2.44% excluding the one off items.
With the implementation ...
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