20 Oct 2023 , 10:05 AM
Result date: October 21, 2023
Recommendation: Reduce
Target price: Rs. 1,850
(Source: IIFL Research)
Kotak Mahindra Bank could post strong loan growth for the September 2023 quarter, on the back of continued momentum in mortgage loans and unsecured loans. Growth in liabilities is also likely to be healthy. Net Interest Income (NII) could grow by 24% as compared to the year-ago quarter.
Net Interest Margin (NIM) though could see some moderation owing to higher cost of funds. Pre-Provisioning Operating Profit (PPOP) could grow 27% over the year-ago quarter. Overall asset quality is likely to remain stable with slippages and credit costs being under control.
Profit After Tax (PAT) could grow 22% as compared to the year-ago quarter.
Important management insights to watch out for:
Rs. Million |
June 2023 estimates |
YoY change |
QoQ change |
NII |
63,345 |
24.2% |
1.6% |
PPOP |
45,405 |
27.3% |
(8.3)% |
Profit After Tax |
31,377 |
21.6% |
(9.1)% |
Source: Brokerage Reports
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