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Motilal Oswal Report
Kotak Mahindra Bank Ltd. reported a miss on our expectations as profit after tax stood at Rs 16.8 billion (14% below our estimate), affected by lower net interest income and higher provisions.
Loan book grew 4.5% quarter-on-quarter led by steady traction in home loans, commercial vehicle/construction equipment, and the agri business.
Current account and savings account growth remains steady, driving further improvement in the Current Account Saving Account mix to 60.4%.
Asset quality trends were broadly stable, with gross non-performing asset/net-non performing asset ratio at 3.25%/1.21% (versus 3.27%/1.25% on a pro forma basis in Q3 FY21).
Total slippages stood at Rs 54 billion (2.4% of loans) in FY21.
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