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Systematix Research Report
Kotak Mahindra Bank Ltd.'s Q4 FY22 net interest income and pre-provision operating profit were in line with our estimates.
Reported net profit of Rs 27.7 billion, adjusted for Covid-19 related contingent provision write-back of Rs 4.53 billion, was 1.7% higher than our estimate.
Higher margins and write-back of contingent provision led to higher net profit. On the volume front, Kotak Mahindra Bank utilised its networth to fund Rs 98.3 billion of incremental earning assets, which aided margins, due to mere Rs 48 billion fresh addition to interest bearing liabilities.
The funding of earning assets by equity funds during FY22 was the highest since the acquisition of erstwhile ING Vysya Bank in FY16.
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