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%
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Muted loan growth on the back of severe contraction in CV/CE portfolio; growth came-off in other segments too
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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
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Asset quality was largely stable; Net NPLs increased on lower incremental provisioning
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Kotak Prime – growth continued to slow here also Rate Market Performer with 9-month target price of Rs682
| (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 |
***Note: This is a
NSE Chart
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