Dolat Capital: Kotak Mahindra Bank Q2 Review - Strong Profitability Despite Loan De-Growth
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Dolat Capital Report
Kotak Mahindra Bank Ltd. reported net interest income and pro-provision operating profit growth of 17% and 31% YoY respectively despite advances de-growth of 4% YoY, led by improvement in cost of funds, higher fee lines, elevated treasury gains and lower provisions.
Including standstill non-performing assets, slippages would have been approximately 1.1% and gross NPA would be stable QoQ at 2.7%.
Provision coverage ratio increased by approximately 700 basis points QoQ to 76% and stood at approximately 72% on a pro forma basis, implying healthy recoveries and low write-offs during the quarter.
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