*Kotak Mahindra Bank Ltd.* | *CMP* Rs. 1917 | *M Cap* Rs. 380314 Cr | *52 W H/L* 2253/1626
(Nirmal Bang Retail Research)
*Result is above expectations*
Net Interest Income came at Rs. 4334 Cr vs expectation of Rs. 4211 Cr, YoY Rs. 4007 Cr, QoQ Rs. 4021 Cr
Non Interest Income came at Rs. 1364 Cr vs expectation of Rs. 1914 Cr, YoY Rs. 1334 Cr, QoQ Rs. 1813 Cr
PBP came at Rs. 2701 Cr vs expectation of Rs. 3261 Cr, YoY Rs. 3083 Cr, QoQ Rs. 3120 Cr
Provisions came at Rs. -132 Cr vs expectation of Rs. 474 Cr, YoY Rs. 599 Cr, QoQ Rs. 424 Cr
Credit cost stood at 35 bps annualized (excl COVID reversal) vs QoQ 63 bps
Adj. PAT came at Rs. 2131 Cr vs expectation of Rs. 2074 Cr, YoY Rs. 1854 Cr, QoQ Rs. 2032 Cr
Gross NPA came at Rs. 6983 Cr vs QoQ Rs. 7658 Cr at 2.71% vs QoQ 3.19%
Net NPA came at Rs. 2004 Cr vs QoQ Rs. 2491 Cr at 0.79% vs QoQ 1.06%
SMA 2 book came at Rs. 298 Cr (0.12%) vs QoQ Rs. 388 Cr (0.17%)
Restructured book stands at Rs. 1364 Cr (0.54%) vs QoQ Rs. 1262 Cr (0.54%)
Slippage was at Rs. 750 Cr (1.2%) QoQ figure was not declared previously. (Slippage ratio is lowest among large Pvt banks)
Quarter EPS (Standalone) is Rs. 10.7 & Quarter EPS (Consolidated) is Rs. 12.6
Stock is trading at 4.2x trailing P/Adj. BV (adj. for subsidiaries)