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What the record says.
Kotak Mahindra Bank's Q1 FY25 consolidated PAT (ex-KGI transaction) grew 7% YoY to INR 4,435 crore, but bank-level PAT was flat at INR 3,520 crore. NIM compressed 20bps QoQ to 5.02% due to rising deposit costs and a shift away from high-yield unsecured lending amid the RBI embargo on credit cards and digital onboarding. Customer assets grew 20% YoY, driven by corporate and secured retail, while unsecured retail was flat. Credit costs rose to 55bps annualized, reflecting stress in lower-ticket unsecured and microfinance portfolios. Management highlighted progress on RBI-mandated tech upgrades and reiterated a focus on deposit franchise and cost control. The KGI insurance stake sale generated INR 3,013 crore exceptional gain. Risks include sustained margin pressure and asset quality deterioration in unsecured and microfinance segments.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated goal to reach mid-teens as a percentage of total advances once the RBI embargo is lifted.
- Plans to add 150-250 branches per year, focusing on top 68-75 cities, to reach 3,000-3,500 branches over 4-5 years.
- CFO confirmed that incremental costs related to the RBI embargo are within the guidance provided last quarter.
Risks flagged
- NIM fell 20bps QoQ to 5.02% due to rising deposit costs and lower unsecured lending; further pressure could persist if CASA does not recover.
- Credit costs rose to 55bps annualized, driven by delinquencies in lower-ticket credit cards and microfinance; management tightened norms but risk remains.
- Management declined to provide a specific timeline for lifting the embargo, citing dependence on RBI's comfort with progress and sustainability.
- Delinquencies in microfinance rose in states like Tamil Nadu, MP, and UP due to heat waves and elections; recovery expected in H2 but uncertain.
Key quotes
- The power of being a financial services conglomerate... allows us to meet the holistic needs of our customers.
- We are on track, exactly where we thought we wanted to be, maybe even slightly ahead.
- Our goal to kind of get to mid-teens on our unsecured retail book continues, and hopefully we get back to that once the embargo is lifted.
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