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Kotak Mahindra Bank reported consolidated PAT of INR 4,265 crore for Q3 FY24, up 6.8% YoY, driven by strong performance in securities, vehicle finance, and microfinance. Standalone PAT was INR 3,005 crore, impacted by INR 190 crore AIF provision and INR 168 crore MTM loss on OIS. Net interest income grew 16% YoY to INR 6,554 crore, with NIM stable at 5.22%. Advances grew 19% YoY, led by unsecured retail (11.6% of advances) and mid-corporate segments. Asset quality remained healthy with GNPA at 1.73%. Management highlighted deposit competition and margin pressure but expects high-teens loan growth. Key risk: rising cost of deposits and potential RBI tightening on unsecured lending could compress NIMs.
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Guidance to track
- Management indicated comfort in growing unsecured retail advances to early-to-mid teens as a percentage of net advances, from current 11.6%.
- CFO stated that historically, loan growth has been 1.75-2 times nominal GDP, and current environment supports high-teens growth.
- Management noted current cost-to-assets above 3% is partly due to investment mode, with intention to bring it down over time.
Risks flagged
- Intense competition for deposits may increase cost of funds, compressing NIMs despite asset mix improvements.
- RBI's increased risk weights on personal loans and NBFC loans could slow growth or require higher pricing, affecting volumes.
- Management noted emerging risks in credit cards due to customer leverage buildup, though currently under control.
- The bank's bond swap strategy led to INR 168 crore MTM loss this quarter; similar volatility could recur.
Key quotes
- Scaling is not just for the sake of size. Scaling is for remaining and becoming relevant as India steps up to become the third-largest economy in the world.
- Our philosophy that our profit growth should grow faster than our asset growth, remains our abiding principle in this business.
- We will have to keep on innovatively looking at sources of funding for the purpose of our balance sheet, and also look at how do you optimize cost of funds.
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