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ICICI Direct Report
Kotak Mahindra Bank Ltd. reported a good set of numbers on the operating front with profitability getting a boost from healthy margins, controlled cost and lower provisions.
Though loan book growth remained flat sequentially, the management has indicated there would be a strategic shift in focus from maintaining strong liability franchisee to developing an asset base coupled with customer acquisition and engagement as well.
Covid-19 related outstanding provisions stood at Rs 1279 crore. Total non-specific provisions towards advances (standard, Covid provisions) are now at 177% of bank's net non-performing asset, which ensures low earnings volatility.
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