Kotak Mahindra Bank (Q3 FY14)

India Infoline News Service | Mumbai |

Deposits grew in-line with advances at 4% qoq and 6% yoy. The share of CASA deposits improved to 29.7% from 29.2% at the end of previous quarter.

CMP Rs706, Target Rs682, Downside 3.4%
  • Muted loan growth on the back of severe contraction in CV/CE portfolio; growth came-off in other segments too 

  • CASA improves; substantial branch addition continues 

  • NIM was stable; could trend upwards in the medium term 

  • Fee growth weakens; C/I ratio increases on muted income growth

  • Asset quality was largely stable; Net NPLs increased on lower incremental provisioning 

  • Kotak Prime – growth continued to slow here also Rate Market Performer with 9-month target price of Rs682

Result table (Stand-alone Bank) 
(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Total Interest Income
21,923
21,723
0.9
20,946
4.7
Interest expended
(12,796)
(12,482)
2.5
(12,717)
0.6
Net Interest Income
9,127
9,241
(1.2)
8,229
10.9
Other income
2,997
2,971
0.9
3,049
(1.7)
Total Income
12,124
12,213
(0.7)
11,277
7.5
Operating expenses
(6,277)
(6,147)
2.1
(5,551)
13.1
Provisions
(697)
(723)
(3.6)
(424)
64.5
PBT
5,151
5,343
(3.6)
5,303
(2.9)
Tax
(1,750)
(1,817)
(3.7)
(1,686)
3.8
Reported PAT
3,401
3,526
(3.5)
3,617
(6.0)
EPS
17.7
18.4
(3.7)
19.4
(9.0)

Key  Ratios
Q3 FY14
Q2 FY14
chg qoq
Q3 FY13
chg yoy
NIM (%)
4.6
4.6
(0.0)
4.4
0.2
Cost of Funds* (%)
7.6
7.3
0.3
7.7
(0.2)
CASA (%)
29.7
29.2
0.5
25.9
3.8
C/D (x)
0.97
0.96
BSE 1,029.00 4 (0.39%)
NSE 1,030.10 5.45 (0.53%)

***Note: This is a NSE Chart

 

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