- 22 Jul 2024
- ICICIdirect Research
KOTAK MAHINDRA BANK REPORTED HEALTHY PERFORMANCE
KOTAKBANK - 2226 Change: 21.20 (0.96 %)News: Kotak Mahindra Bank reported healthy performance with one-off gains of ₹2730 crore, from stake sale in general insurance. Advances growth continued at 18.7% YoY to ₹ 389957 crore, driven by uptick in corporate book. Traction in retail loans remained steady with marginal moderation seen in unsecured segment. Liabilities accretion came at 15.8% YoY, led by accretion in term deposit while CASA dipped ~210 bps QoQ. Despite increase in CD ratio, higher accretion in term deposit led to decline in 26 bps in margin at 5.02%. Asset quality continued to remain prudent with slippages at 0.3% of advances, flat GNPA ratio at 1.39% and NNPA ratio at 0.35%.
View: Despite forbearance bank delivered healthy traction on business growth and operational performance. Lifting of RBI ban on customer onboarding remains key.
Impact: Positive