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Kotak Mahindra Bank reported a 24% YoY rise in consolidated PAT to ₹4,461 crore for Q2 FY24, driven by strong loan growth (21% YoY) and fee income. However, NIM compressed more than expected to 5.22% due to higher liquidity buffers, CRR impact, and short-term fund inflows, with ~15bps considered non-recurring. CASA ratio slipped to 48.3% as customers shifted to term deposits and ActivMoney. Asset quality improved with GNPA at 1.78% and PCR at 79%. Management expects NIM to stabilize as one-offs fade, but cost of funds may rise further. The RBI approved Ashok Vaswani as the next MD & CEO. Key risk: sustained margin pressure if deposit repricing outpaces asset yields.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects NIM to stabilize as ~15bps of one-off drag (CRR, liquidity buffer) is unlikely to repeat next quarter.
- RBI approval received; acquisition of microfinance NBFC Sonata Finance expected to be consummated by Q4 FY24.
- Management expects operating costs to trend downward after a temporary increase from technology investments, likely within six months.
Risks flagged
- Cost of deposits rose ~20bps QoQ, and further repricing could compress NIM if asset yields do not keep pace.
- CASA ratio fell to 48.3% as customers shift to term deposits; management noted industry-wide SA challenges but no clear recovery timeline.
- While management downplayed risks, analysts flagged potential stress in unsecured loans; management acknowledged slight elevation in 90+ days card delinquencies.
Key quotes
- The night watchman piece also reminds me, you would have seen our announcement earlier in the day regarding receipt of the RBI approval for our recommendation of Ashok Vaswani as the next MD and CEO of the bank.
- If you look at just yield on advances, it's about the same level. If you look at cost of deposits, it's up by about 20, yeah? So roughly, that's the NIM drop. The delta 15 is arising out of all the other aspects which Jaimin mentioned. Most of it is unlikely to repeat next quarter.
- I call these invisible changes because if a firm is focused only on the visible front ends and journeys, they can easily lose track of the mega upgrades in talent, processes, and back-end technologies that are required to fortify their own cores.
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