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Kotak Mahindra Bank (Q2 FY14)

Kotak Bank delivered a below expected loan growth of 11% yoy with the book being flat on sequential basis.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs707, Target Rs672, Downside 4.9%
  • Advances flat qoq on contraction in CV/CE portfolio; yoy growth moderated across segments

  • Deposit mix improves; branch addition pace accelerates

  • NIM improvement was a major positive surprise

  • Fee growth disappointed; C/I ratio increases on lower treasury income

  • Stable asset quality allayed concerns of Q1 

  • Asset and earnings growth decelerated at Kotak Prime

  • Rate Market Performer with 9-month target price of Rs672  

Result table (Stand-alone Bank) 
(Rs mn)
Q2 FY14
Q1 FY14
% qoq
Q2 FY13
% yoy
Total Interest Income
21,723
21,900
(0.8)
19,237
12.9
Interest expended
(12,482)
(12,734)
(2.0)
(11,656)
7.1
Net Interest Income
9,241
9,167
0.8
7,581
21.9
Other income
2,971
4,624
(35.7)
2,508
18.5
Total Income
12,213
13,791
(11.4)
10,089
21.0
Operating expenses
(6,147)
(6,003)
2.4
(5,267)
16.7
Provisions
(723)
(1,689)
(57.2)
(706)
2.4
PBT
5,343
6,099
(12.4)
4,116
29.8
Tax
(1,817)
(2,071)
(12.3)
(1,312)
38.5
Reported PAT
3,526
4,028
(12.5)
2,804
25.7
EPS
18.4
21.0
(12.6)
15.1
21.7

Key  Ratios
Q2 FY14
Q1 FY14
chg qoq
Q2 FY13
chg yoy
NIM (%)
4.6
4.5
0.1
4.4
0.2
Cost of Funds* (%)
7.3
7.2
0.1
7.8
(0.6)
CASA (%)
29.2
28.8
0.4
27.1
2.1
C/D (x)
0.96
0.96
(0.00)

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