BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Kotak Mahindra Bank Ltd. posted strong net interest income growth at 26.8% YoY and 8.6% QoQ to Rs 5099 crore, aided by 25 basis points sequential expansion in net interest margins to 5.17% and robust growth in advances.
Other income grew ~8% YoY and jumped 57.1% QoQ to Rs 1954 crore, as there was trading and mark-to-market hit in Q1 FY23. Fee income grew 24% YoY and 6.3% on QoQ basis at Rs 1760 crore.
Kotak Mahindra Bank's opex increased 28.5% YoY and 10.4% QoQ. As a result, the cost/income ratio increased 291 bps YoY but de-grew 373 bps QoQ to 49.4%. Credit cost inched up marginally on sequential basis to 26 bps. Profit after tax reported a strong growth at 27% YoY and 25% QoQ to Rs 2580.7 crore.
Advances growth was healthy at 25.1% YoY and 4.9% QoQ to Rs 2.94 lakh crore, led by personal and consumer durable, credit card and home loans that increased 82%, 81% and 40% YoY respectively.
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