Kotak Mahindra Bank Q3 Results Review - NIMs Surge Further; Growth Momentum Intact: ICICI Securities

ICICI Securities Report

Kotak Mahindra Bank Ltd.’s Q3 FY23 earnings once again demonstrated its upbeat stance on repricing benefit, advances growth and credit cost outlook.

Factors driving Kotak Mahindra Bank's earnings beat include surge in net interest margins to 5.47% (up 30 basis points QoQ), advances growth of 23% YoY / 6% QoQ, modest credit cost of 27 bps and treasury hit being contained at Rs 0.51 billion. This was partially offset by opex rising 12% QoQ / 30% YoY.

Building-in credit growth of 23% and estimating NIMs/return on assets/return on equities at more than 4.8%/2.3%/13% respectively.

Key monitorables: ramp-up in retail liabilities, succession planning related to Managing Director and Chief Executive Officer retirement in Dec-23.

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