External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet</li><li>Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments</li><li>Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances</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: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheetHealthy loan growth (16% YoY) was driven by mortgages, business banking, SME segmentsDeposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balancesContent 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.

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

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>The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12% YoY, a stark improvement vs Sep’25 levels.</li><li>Banks that have reported their provisional updates have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~12.4% YoY credit growth, in-line with industry growth. </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.

The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12% YoY, a stark improvement vs Sep’25 levels.Banks that have reported their provisional updates have reported a healthy sequential growth.We expect banks under our coverage to deliver ~12.4% YoY credit growth, in-line with industry growth. 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.

Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q2FY26 earnings were in line with estimates, on the back of higher growth on both sides of the balance sheet with lower NIM compression and moderation in credit costs</li><li>Healthy loan growth (~16% YoY) was driven by mortgages, business banking, SME, and corporate segments</li><li>Deposit growth (~15% YoY) was strong with CASA ratio improving to 42.3% (+144bps QoQ) on the back of strong traction in CA balances and muted growth in floating-rate SA balances</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: Kotak Mahindra Bank’s (KMB) Q2FY26 earnings were in line with estimates, on the back of higher growth on both sides of the balance sheet with lower NIM compression and moderation in credit costsHealthy loan growth (~16% YoY) was driven by mortgages, business banking, SME, and corporate segmentsDeposit growth (~15% YoY) was strong with CASA ratio improving to 42.3% (+144bps QoQ) on the back of strong traction in CA balances and muted growth in floating-rate SA balancesContent 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.

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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.

<ul><li>The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.</li><li>However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. </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.

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. 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.

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

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)

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity

HDFC Securities

Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12%...

Axis Direct

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance

Kotak Mahindra Bank’s (KMB) Q2FY26 earnings were in line with estimates, on the back of higher growth on both sides of the balance sheet with lower...

HDFC Securities

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

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