Top Pvt Bank Declares Dividend: Bank Stock Sets March 5 As Record Date

Private sector lender Kotak Mahindra Bank Ltd on Thursday declared a dividend of Rs. 0.405 per PNCPS (Perpetual Non-Cumulative Preference Shares), to be paid on a pro-rata basis to the eligible holders of PNCPS for the period from April 1, 2023 to March 13, 2024 (being the Extinguishment Date) (both dates inclusive). Current market price of Kotak Mahindra Bank shares on BSE is Rs 1724.55 apiece with intraday fall of 1.23%. The bank has a market capitalisation of Rs 3,42,822.42 crore. Check details below:

Kotak Mahindra Bank Sets Record Date: The bank fixed March 5, 2024 as the record date for the purpose of reckoning the holders of PNCPS whose names would appear in the Register of Members / List of Beneficial Owners to be furnished by the National Securities Depository Limited ("NSDL") and the Central Depository Services (India) Limited ("CDSL"), who would be entitled to receive payment of the face value of PNCPS held by them ("Call Option Price") as also the dividend declared thereon.

Earlier on Feb 19 Kotak Mahindra Bank Ltd informed BSE that the meeting of the Board of Directors of the Company has been scheduled on 22/02/2024 to consider and approve proposal to exercise Call Option available on the 100,00,00,000 nos. of 8.10% Perpetual Non-Cumulative Preference Shares and to pay dividend thereon, if declared.

Kotak Mahindra Bank Shares Performance & Return: The 52-week high price of Kotak Mahindra Bank shares on BSE is Rs 2063.00 apiece and 52-week low price is Rs 1644.20 apiece, respectively. Kotak Mahindra Bank shares declined 9% year-to-date, fell 2% in last 6-months, and gave return of over 1% in last 1-year. In last 3-years, Kotak Mahindra Bank stock declined over 11%. In last 5-years, Kotak Mahindra Bank shares surged 38%.

Kotak Mahindra Bank Financials: The bank on January 20 declared its Q3 FY24 net profit at Rs 3005 crore, up 7.6% as compared to Rs 2791.88 crore in the corresponding quarter of last year. The Q3 results of Kotak included 143 crore provision (post-tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI's circular dated December 19, 2023, as per the BSE filing. The bank's net interest income declared at Rs 6,554 crore for Q3 FY24, up 15.9% from Rs 5,652.9 crore for October to December quarter of FY 23.

Kotak Mahindra About: Kotak Mahindra is one of India's leading banking and financial services groups, offering a wide range of financial services that encompass every sphere of life. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd, as per its official website.

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