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Kotak Mahindra Bank reported consolidated PAT of INR 5,337 crore for Q4 FY24, up 17% YoY, with full-year PAT of INR 18,213 crore, up 22% YoY. The bank's standalone PAT grew 38% QoQ to INR 4,133 crore, aided by tax reversals and AIF provision write-backs. Customer assets grew 20% YoY to INR 423,324 crore, while CASA moderated to 45.5%. The RBI order on April 24 restricting digital onboarding and credit card issuance is a near-term headwind, with management estimating a PBT impact of INR 300-450 crore annually. The bank plans to accelerate tech spending (currently 10% of opex) to address regulatory concerns, while deepening existing customer relationships. Key risk: prolonged regulatory restrictions could dampen customer acquisition momentum and competitive positioning.
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Guidance to track
- Management reiterated aspiration to grow unsecured loans to mid-teens as a percentage of total advances, driven by personal loans, business loans, and microfinance.
- The bank plans to continue adding around 150 branches annually, focusing on under-penetrated areas.
- Technology expenditure will remain around 10% of total operating expenses, with a shift toward risk resilience and capacity.
- The bank aims to grow customer assets at 1.5-2 times nominal GDP growth, implying continued above-system growth.
Risks flagged
- The RBI order stopping digital customer acquisition and credit card issuance could last longer than expected, impacting growth and market share.
- Slippages in unsecured loans have inched up; a sharper-than-expected deterioration could pressure credit costs.
- CASA ratio declined to 45.5% and deposit costs are rising; continued pressure could compress NIMs.
- Recent senior-level departures, including the group president, raise questions about bench strength and execution continuity.
Key quotes
- We've developed a plan to mitigate the impact on these businesses. The plan focuses on protecting our existing customer base and deepening relationships with them.
- Our efforts have fallen short of the expectations of the regulator. This, in our view, is on account of, number one, that tech changes take time to play out, and number two, demand is growing at an ever-increasing pace.
- We are not going to go for a wholesale change in risk appetite, not so early out, right? We will continue to grow the business. We will seek to grow the business faster than competitors.
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