External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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Equity Bottom-Up

<ul><li>Kotak Mahindra Bank (KMB) has underperformed the Bank Nifty by ~20% over the past few months on the back of three key developments: CEO transition, regulatory embargo on client acquisition through digital channels, and senior management attrition</li><li>Of these, we believe that the RBI-imposed embargo is the only material event that impacts forecasts - hence, we argue that the bank needs to disproportionately invest in restoring regulatory confidence, the most critical aspect that needs fixing</li><li>While investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with adequate levers to sustain RoAs north of 2.3% (FY24: 2.5%).</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) has underperformed the Bank Nifty by ~20% over the past few months on the back of three key developments: CEO transition, regulatory embargo on client acquisition through digital channels, and senior management attritionOf these, we believe that the RBI-imposed embargo is the only material event that impacts forecasts - hence, we argue that the bank needs to disproportionately invest in restoring regulatory confidence, the most critical aspect that needs fixingWhile investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with adequate levers to sustain RoAs north of 2.3% (FY24: 2.5%).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: Sweating a high-quality franchise, upgrade to BUY

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>Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2% YoY in 4QFY24 aided by steady revenue growth and one-off gains from the reversal of AIF provisions (INR1.57b), interest on IT refund (INR1.4b), and tax credit (INR2b).</li><li>Consol. PAT grew 16.9% YoY to INR53.4b. NII grew 13% YoY to INR69.1b (in line; up 5.4% QoQ) as NIM improved 6bp QoQ to 5.28%. Other income grew 36.2% YoY (17% beat) for the quarter.</li><li>Outlook KMB delivered a steady quarter with a beat on earnings and margins improving sequentially.</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.

Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2% YoY in 4QFY24 aided by steady revenue growth and one-off gains from the reversal of AIF provisions (INR1.57b), interest on IT refund (INR1.4b), and tax credit (INR2b).Consol. PAT grew 16.9% YoY to INR53.4b. NII grew 13% YoY to INR69.1b (in line; up 5.4% QoQ) as NIM improved 6bp QoQ to 5.28%. Other income grew 36.2% YoY (17% beat) for the quarter.Outlook KMB delivered a steady quarter with a beat on earnings and margins improving sequentially.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 - Strong Quarter; One-Off Gains Boost Earnings Further

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF provisions (Rs1.6bn), and lower tax rate @21%.</li><li>Its CASA ratio has slipped by 1,500bps in the last 2Y to 45.5%; this, coupled with the recent RBI embargo on digital customer sourcing (incl.</li><li>Kotak 811) and slower branch expansion vs peers, could further hurt the bank amid the raging war for retail deposits.</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.

Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF provisions (Rs1.6bn), and lower tax rate @21%.Its CASA ratio has slipped by 1,500bps in the last 2Y to 45.5%; this, coupled with the recent RBI embargo on digital customer sourcing (incl.Kotak 811) and slower branch expansion vs peers, could further hurt the bank amid the raging war for retail deposits.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 - Strong Earnings Beat, but CASA Continues to Retreat

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>Operational Performance: KMB’s advances growth was strong at 18/5% YoY/QoQ, driven by Consumer Banking (+22/7% YoY/QoQ), CV/CE (+33/9% YoY/QoQ) and Retail MFI (+60/17% YoY/QoQ).</li><li>Corporate book grew by 21/4% YoY/QoQ. Deposit growth was impressive at 24/10% YoY/QoQ, led by TDs which grew by 43/15% YoY/QoQ.</li><li>CASA Deposits grew by 5% QoQ, CASA ratio stood at 45.5% vs. 52.8/47.7% YoY/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 growth was strong at 18/5% YoY/QoQ, driven by Consumer Banking (+22/7% YoY/QoQ), CV/CE (+33/9% YoY/QoQ) and Retail MFI (+60/17% YoY/QoQ).Corporate book grew by 21/4% YoY/QoQ. Deposit growth was impressive at 24/10% YoY/QoQ, led by TDs which grew by 43/15% YoY/QoQ.CASA Deposits grew by 5% QoQ, CASA ratio stood at 45.5% vs. 52.8/47.7% YoY/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. - Strong Quarter

<ul><li>Emkay Global Financial's research report onKotak Mahindra Bank The RBI has barred Kotak Mahindra Bank (KMB) from onboarding new customers via online/mobile banking channels or issuing new credit cards, mainly due to unaddressed supervisory concerns emerging from the Regulator’s IT examination for FY22/23 and from the frequent tech-outages (latest being on 15-Apr-2024).</li><li>Notably, similar punitive action was taken earlier in case of HDFCB.</li><li>The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12 months.</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.

Emkay Global Financial's research report onKotak Mahindra Bank The RBI has barred Kotak Mahindra Bank (KMB) from onboarding new customers via online/mobile banking channels or issuing new credit cards, mainly due to unaddressed supervisory concerns emerging from the Regulator’s IT examination for FY22/23 and from the frequent tech-outages (latest being on 15-Apr-2024).Notably, similar punitive action was taken earlier in case of HDFCB.The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12 months.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 - RBI’s Ban on Online/Card Customer Acquisition to Hurt Growth

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)

Kotak Mahindra Bank: Sweating a high-quality franchise, upgrade to BUY

While investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with...

HDFC Securities

Kotak Mahindra Bank - Strong Quarter; One-Off Gains Boost Earnings Further

Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2%...

Motilal Oswal

Kotak Mahindra Bank - Strong Earnings Beat, but CASA Continues to Retreat

Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn)

Emkay

Kotak Mahindra Bank Ltd. - Strong Quarter

Operational Performance: KMB’s advances growth was strong at 18/5% YoY/QoQ, driven by Consumer Banking (+22/7% YoY/QoQ), CV/CE (+33/9% YoY/QoQ) and...

Axis Direct

Kotak Mahindra Bank - RBI’s Ban on Online/Card Customer Acquisition to Hurt Growth

The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12...

Emkay

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