External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>KMB saw a strong quarter with beat on all fronts as loan growth, NIM, opex and asset quality were better.</li><li>Hence core PPoP beat PLe by 3.0%; core PAT was inline at due to higher provisions driven by increase in PCR by 175bps QoQ to 73% which was a positive.</li><li>Sequential loan growth was broad based but healthy at 3.6% QoQ considering (1) RBI embargo is still effective (2) acquisition of StanChart’s PL portfolio of Rs41bn is yet to be accounted (likely in Q4FY25) and (3) system credit accretion is weakening.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KMB saw a strong quarter with beat on all fronts as loan growth, NIM, opex and asset quality were better.Hence core PPoP beat PLe by 3.0%; core PAT was inline at due to higher provisions driven by increase in PCR by 175bps QoQ to 73% which was a positive.Sequential loan growth was broad based but healthy at 3.6% QoQ considering (1) RBI embargo is still effective (2) acquisition of StanChart’s PL portfolio of Rs41bn is yet to be accounted (likely in Q4FY25) and (3) system credit accretion is weakening.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank (KMB IN) - Stronger Balance Sheet to Cushion Earnings

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Channelizing growth despite embargo: KMB is utilising the embargo period to define the bank’s go-to-market strategy and digitising and automating customer journey to ensure easing of banking with KMB.</li><li>While the ‘811’ channel to source granular deposits, Personal Loan (PL), and Credit Card (CC) continue to remain impacted due to the embargo, the focus remains on growing the secured assets while maintaining asset quality.</li><li>After lifting the embargo, KMB will eye resuming its growth trajectory in the unsecured portfolio, scaling it to 15% vs ~10% currently, with growth led by CC and PL. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Channelizing growth despite embargo: KMB is utilising the embargo period to define the bank’s go-to-market strategy and digitising and automating customer journey to ensure easing of banking with KMB.While the ‘811’ channel to source granular deposits, Personal Loan (PL), and Credit Card (CC) continue to remain impacted due to the embargo, the focus remains on growing the secured assets while maintaining asset quality.After lifting the embargo, KMB will eye resuming its growth trajectory in the unsecured portfolio, scaling it to 15% vs ~10% currently, with growth led by CC and PL. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd. - Inline Quarter; Eyeing Growth in Secured Book Amidst Embargo!

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Kotak Mahindra Bank (KMB) posted a standalone PAT of ~INR33.4b (5% miss, 5% YoY growth).</li><li>Consol. PAT stood at INR50.4b (13% YoY growth) in 2QFY25. NII grew 11.5% YoY to INR70.2b (inline).</li><li>NIM moderated 11bp QoQ to 4.91%. Other income grew 16% YoY to INR26.8b (11% miss). Total revenue thus grew 12.7% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank (KMB) posted a standalone PAT of ~INR33.4b (5% miss, 5% YoY growth).Consol. PAT stood at INR50.4b (13% YoY growth) in 2QFY25. NII grew 11.5% YoY to INR70.2b (inline).NIM moderated 11bp QoQ to 4.91%. Other income grew 16% YoY to INR26.8b (11% miss). Total revenue thus grew 12.7% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank - Operating Performance Inline

<ul><li>Chasing Growth – Both Organic and Inorganic: KMB’s growth in the Credit Cards and Personal Loan portfolio amidst the embargo and in the microfinance book given stress in certain geographies and customer over-leveraging, continues to remain subdued.</li><li>Thus, the focus has shifted towards growing secured businesses and corporate lending.</li><li>In the wholesale portfolio, the bank, in line with its strategy is making strides to improve market share and grow the granular book at a faster pace. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chasing Growth – Both Organic and Inorganic: KMB’s growth in the Credit Cards and Personal Loan portfolio amidst the embargo and in the microfinance book given stress in certain geographies and customer over-leveraging, continues to remain subdued.Thus, the focus has shifted towards growing secured businesses and corporate lending.In the wholesale portfolio, the bank, in line with its strategy is making strides to improve market share and grow the granular book at a faster pace. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd. - NIM Contraction Continues

<ul><li>Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.</li><li>Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.</li><li>Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd. - NIMs Surprise Negatively, Growth Strong

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)