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Kotak Mahindra Bank reported a solid Q3 FY26 with standalone PAT of INR 3,400 crore, supported by healthy NIM of 4.54% and improving credit costs at 63 bps (down from 79 bps QoQ). Net advances grew 16% YoY and average deposits 15% YoY, driven by granular CASA growth and strong traction in SME (17% YoY) and mortgage (18% YoY) books. Management highlighted continued normalization of credit costs, though retail CV remains under watch. Fee income grew 6% QoQ, aided by capital markets and distribution. Guidance points to moderate NIM improvement in Q4, with deposit repricing tailwinds largely behind. Risk: potential hardening of term deposit rates and lingering stress in retail CV could pressure margins and asset quality.
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Guidance to track
- Management expects NIM to increase moderately in Q4 due to full-quarter benefit of CRR cuts and seasonal aberrations, assuming no further rate cuts.
- Credit cost expected to continue its downward trend in Q4 and Q1, though at a moderated pace, with retail CV stress plateauing.
- Management aims to maintain cost-to-asset ratio in the range of 2.5%-2.6% over the medium term, driven by fixed cost control and digitization.
- Personal loan book expected to return to growth in coming quarters as organic disbursements pick up, while credit card spend growth to follow.
Risks flagged
- Management continues to cautiously monitor the retail commercial vehicle segment, which has shown elevated stress; tighter underwriting and reduced disbursements are in place.
- CFO noted that term deposit rates have inched up in early January, and liquidity tightening could pressure cost of funds in Q4.
- Draft ECL circular could require additional provisions; management estimates impact at less than 2% of net worth, but final circular may differ.
- Core fee income growth has been weaker than loan growth; management attributes it to muted credit card fees and expects gradual improvement.
Key quotes
- Our strategy is clear, execution is progressing well, and we are seeing good traction in customer acquisitions, deposit, and asset levels.
- The unsecured credit cost is behind us now, and that's what is effectively resulting in the reduction what we saw during the quarter.
- We look at every single transaction that comes up in the marketplace... we essentially have three criteria: strategic fit, valuation, and integration bandwidth.
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