External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.</li><li>The stress in the unsecured portfolio has stabilised and is expected to gradually taper, driving credit costs lower.</li><li>Credit costs in the MFI portfolio peaked in Q1 and declined in Q2. The management has also indicated that credit costs in the credit card and PL portfolios will improve in H2 versus H1. </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.

Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.The stress in the unsecured portfolio has stabilised and is expected to gradually taper, driving credit costs lower.Credit costs in the MFI portfolio peaked in Q1 and declined in Q2. The management has also indicated that credit costs in the credit card and PL portfolios will improve in H2 versus H1. 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. - Healthy Growth and Margin Recovery to Drive Sustained Superior RoA

<ul><li>MFI Stress Peaks; Credit Costs to Taper Gradually: The stress in the MFI has peaked, and slippages in this segment are expected to gradually taper from H2 onwards.</li><li>Similarly, the asset quality challenges in the Personal Loans (PL) and Credit Card (CC) segments have stabilised.</li><li>The bank is witnessing emerging stress in the retail CV segment. </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.

MFI Stress Peaks; Credit Costs to Taper Gradually: The stress in the MFI has peaked, and slippages in this segment are expected to gradually taper from H2 onwards.Similarly, the asset quality challenges in the Personal Loans (PL) and Credit Card (CC) segments have stabilised.The bank is witnessing emerging stress in the retail CV segment. 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. - MFI Stress Peaks; Looking to Accelerate Growth in Credit Cards and PL

<ul><li>FY25 was a tough year for Kotak Mahindra Bank (KMB) with the regulatory restrictions on digital on-boarding of customers through the 811 channel and issuing new credit cards, hampering credit growth and weighing on margins for most of the year.</li><li>Despite these challenges, KMB utilised the embargo period to define its go-to-market strategy alongside digitising and automating the customer journey to ensure the easing of banking, while overhauling its tech infrastructure and capabilities.</li><li>The bank’s focus remained on growing the secured assets while maintaining asset quality. </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.

FY25 was a tough year for Kotak Mahindra Bank (KMB) with the regulatory restrictions on digital on-boarding of customers through the 811 channel and issuing new credit cards, hampering credit growth and weighing on margins for most of the year.Despite these challenges, KMB utilised the embargo period to define its go-to-market strategy alongside digitising and automating the customer journey to ensure the easing of banking, while overhauling its tech infrastructure and capabilities.The bank’s focus remained on growing the secured assets while maintaining asset quality. 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. - Potentially Faster NIM Recovery and Growth Pick-Up to Aid Re-Rating!

<ul><li>Focus shifts to calibrated growth in unsecured segments with embargo lifted: With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner</li><li>. The management intends to gradually scale up the share of the unsecured portfolio to 15% from ~10.5% currently.</li><li>The bank has resumed issuance of new credit cards and plans to roll out new cards and initiatives to drive healthy growth in the portfolio. </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.

Focus shifts to calibrated growth in unsecured segments with embargo lifted: With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner. The management intends to gradually scale up the share of the unsecured portfolio to 15% from ~10.5% currently.The bank has resumed issuance of new credit cards and plans to roll out new cards and initiatives to drive healthy growth in the portfolio. 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 - Steady Quarter; Looking to Accelerate Growth in Unsecured Segments

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) reported a standalone PAT of ~INR33b (in line; 10% YoY growth).</li><li>Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25. NII grew 10% YoY to INR71.9b (in line).</li><li>NIM surprised with a 2bp QoQ improvement to 4.93% (vs. our est. of 4.83%), benefitting from a reduction in SA rate.</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) reported a standalone PAT of ~INR33b (in line; 10% YoY growth).Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25. NII grew 10% YoY to INR71.9b (in line).NIM surprised with a 2bp QoQ improvement to 4.93% (vs. our est. of 4.83%), benefitting from a reduction in SA rate.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 - Steady Performance Amid Challenging Macro; RoA Outlook Healthy

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank Ltd. - Healthy Growth and Margin Recovery to Drive Sustained Superior RoA

Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.

Axis Direct

Kotak Mahindra Bank Ltd. - MFI Stress Peaks; Looking to Accelerate Growth in Credit Cards and PL

MFI Stress Peaks; Credit Costs to Taper Gradually: The stress in the MFI has peaked, and slippages in this segment are expected to gradually taper...

Axis Direct

Kotak Mahindra Bank Ltd. - Potentially Faster NIM Recovery and Growth Pick-Up to Aid Re-Rating!

Asset quality challenges were visible in the unsecured segments, while secured segments continued to behave well. Asset quality remained steady in...

Axis Direct

Kotak Mahindra Bank Ltd - Steady Quarter; Looking to Accelerate Growth in Unsecured Segments

With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner

Axis Direct

Kotak Mahindra Bank - Steady Performance Amid Challenging Macro; RoA Outlook Healthy

Kotak Mahindra Bank (KMB) reported a standalone PAT of ~INR33b (in line; 10% YoY growth). Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25....

Motilal Oswal

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