Dolat Capital: Kotak Mahindra Bank’s Strong Footing Despite Growth Concerns
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Dolat Capital Report
Kotak Mahindra Bank Ltd. reported a healthy operating performance with net interest income and core pre provision operation profit growing at 17% YoY each.
Nil treasury gains impacted overall PPoP. Loan growth declined YoY by 2% (7% QoQ) and has been a key dampener for net interest margin (down 30 basis points QoQ), apart from surplus liquidity.
Moratorium at 9.7% declined from 26% in April-end, where the bank has extended moratorium 2.0 only to fundamentally viable customers, 80% of which are secured. Total Covid-19 related provisions stood at 0.6% of advances for the bank.
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