Nirmal Bang: Kotak Mahindra Bank - Unwinding The Cautious Stance; Turning Focus Towards Growth
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Nirmal Bang Report
Kotak Mahindra Bank Ltd. reported results above our expectations.
Net interest income grew by 16.8% YoY and 5.1% QoQ on account of net interest margin expansion, which was mainly led by reduction in cost of deposits.
During the quarter, the reported savings account rate declined further to 3.87% from 4.22% in Q1 FY21 and 5.37% in Q2 FY20.
While there remains more room for further reduction as per the management, the same would be done strategically over time and not immediately.
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