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Motilal Oswal Report
Kotak Mahindra Bank Ltd. reported an in line operating performance, though lower provisions versus our estimate led to standalone profit after tax growth of 32% y-o-y (5% beat).
Consolidated profit after tax declined by 3% y-o-y on account of weaker performance from subsidiaries, mainly Kotak Life and Kotak Prime.
Loan book fell ~3% q-o-q (up 6.6% y-o-y) to ~Rs 2.2 trillion, led by a decline across most segments.
On the liability front, Kotak Mahindra Bank's current account and savings account growth remains steady, driving CASA mix to 60.2% (highest in the industry).
On the asset quality front, slippages stood elevated at Rs 15 billion (annualised 2.8% of loans) mainly from tractors, commercial vehicle/ construction equipment, and the small commercial segment.
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