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Dolat Capital Report
Kotak Mahindra Bank Ltd. reported in line net interest income growth of 8% YoY, impacted by high slippages and few one-offs (previous quarter's interest reversal, compound interest waiver of Rs 1.1 billion).
Operating profits benefitted from higher treasury gains and better fee lines, growing by 25% YoY.
Sequential loan growth of 4.5% YoY was driven by home loan (10% QoQ) and small and medium enterprise (6-7%), commercial vehicle (9%), and agri loans (9%).
Pro-forma slippages at 4% for Q4 FY21 and 2.5% for FY21 seemed higher than peers.
The bank's higher cost of fund in previous cycle and associated asset side risks could be playing out in our view.
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