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Kotak Mahindra Bank's Q4 FY25 standalone PAT came in at INR 3,552 crore, though the year-ago quarter included one-offs. The bank navigated the RBI tech embargo and elevated credit costs in unsecured and microfinance segments. NIM improved sequentially to 4.97% on savings rate cuts, while credit cost moderated to 64 bps from 68 bps QoQ. Average advances grew 18% YoY and average deposits 16% YoY, with CASA at 43%. Management guided for asset growth at 1.5-2x nominal GDP and expects microfinance stress to persist for two more quarters. Key risks include global uncertainties from trade tariffs and potential further deterioration in microfinance asset quality.
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Guidance to track
- Management reiterated its philosophy to grow advances at 1.5 to 2 times nominal GDP growth, targeting sustainable franchise building.
- Management expects microfinance credit costs to remain elevated for the next two quarters before normalizing.
- Management expects credit card delinquencies to plateau and then decline in the second half of FY26.
Risks flagged
- Management flagged risks from global trade/tariff arrangements and geopolitical issues that could impact the business environment.
- Management noted uncertainty whether microfinance industry changes are cyclical or structural, which could require business model changes.
- CFO acknowledged that Kotak's credit card book is newer than peers, naturally carrying higher delinquencies, which may persist.
Key quotes
- We are committed to driving our strategy and executing on our mission to move from product centricity to customer centricity.
- The real way to look at this is our cost of funds. You will see our cost of funds still is about the best there is in the industry because of the way we manage CASA, Active Money, and TD.
- We have learned some very, very, very important lessons from this painful episode, and we are committed not to making those mistakes again.
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