Kotak Mahindra Bank Q3 Results Review - Robust All-Round Performance: ICICI Direct
Net interest income growth came in at 30.4% YoY and 10.9% QoQ to Rs 5653 crore, aided by 30 bps sequential expansion in NIMs.
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ICICI Direct Report
Kotak Mahindra Bank Ltd. reported a robust performance during the quarter. Net interest income growth came in at 30.4% YoY and 10.9% QoQ to Rs 5653 crore, aided by 30 bps sequential expansion in net interest margins to 5.47% and robust growth in advances.
Other income jumped 54% YoY and 7.5% QoQ to Rs 2100 crore, primarily due to strong growth of 23.5% YoY (~5% QoQ) in fee income.
Opex increased 30.2% YoY and 12% QoQ, resulting in cost/income ratio of 50.3% (versus 52.6% in Q3 FY22 and 49.4% in Q2 FY23).
Provisions inched up 8.6% QoQ to Rs 148.8 crore (post utilising Rs 38 crore from restructured provision) though credit cost remained steady on a sequential basis to 27 bps (annualised).
Kotak Mahindra Bank's profit after tax reported growth at 31% YoY and 8.2% QoQ to Rs 2792 crore (inline with our estimates).
Advances growth was healthy at 22.9% YoY and 5.7% QoQ to Rs 3.1 lakh crore, led by growth across retail segments. Of retail loans, credit card, personal and consumer durable and home loans increased 85%, 69% and 29% YoY, respectively.
Corporate loan growth was muted at ~2% YoY whereas small and medim enterprise segment grew 25% YoY.
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