*Kotak Mahindra Bank Ltd. -S* | *CMP* Rs. 1641 | *M Cap* Rs. 313534 Cr | *52 W H/L* 1735/1210
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
*Growth in Advances came lower at 10.4% Vs qoq 15.3% yoy 35.8%*
Net Interest Income came at Rs. 3429.5 Cr vs expectation of Rs. 3437.1 Cr, YoY Rs. 2939.1 Cr, QoQ Rs. 3349.6 Cr
Non Interest Income came at Rs. 1341.4 Cr vs expectation of Rs. 1280.3 Cr, YoY Rs. 963.9 Cr, QoQ Rs. 1224.4 Cr
PBP came at Rs. 2388.1 Cr vs expectation of Rs. 2589.2 Cr, YoY Rs. 1938.4 Cr, QoQ Rs. 2508.6 Cr
Provisions came at Rs. 444 Cr vs expectation of Rs. 378.3 Cr, YoY Rs. -32.3 Cr, QoQ Rs. 407.9 Cr
Adj. PAT came at Rs. 1595.9 Cr vs expectation of Rs. 1671.3 Cr, YoY Rs. 1290.9 Cr, QoQ Rs. 1724.5 Cr
Gross NPA came at Rs. 5413.2 Cr vs QoQ Rs. 5033.6 Cr at 2.46% vs QoQ 2.32%
Net NPA came at Rs. 1925.1 Cr vs QoQ Rs. 1811.4 Cr at 0.89% vs QoQ 0.85%
Quarter EPS (Standalone) is Rs. 8.4 & Quarter EPS (Consolidated) is Rs. 12.6
Share is trading at P/E of 44.8x FY20E EPS & 5x trailing P/Adj. BV (Consolidated)
Slippages came at Rs. 1062 Cr vs QoQ Rs. 1185 Cr with slippage ratio of 0.49% vs QoQ 0.56%