14 may 2020 results review 4qfy20 kotak mahindra bank mahindra bank...kotak mahindra bank: results...
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14 May 2020 Results Review 4QFY20
Kotak Mahindra Bank
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Stronger than most, but expensive
KMB’s earnings were below estimates, due to high COVID-19 related
provisions (a trend seen across banks in 4Q). GNPA growth was contained by
the standstill classification. KMB’s strong capital base, stable & granular
deposit franchise and superior underwriting practices make it one of the best
placed in the sector. A fund-raise, while RoAE dilutive, is not undesirable. It
would (1) partly resolve the promoter stake issue and (2) further strengthen
the bank’s already strong b/s. Our ADD rating (TP of Rs 1,282, 3.0x Mar-22E
ABV + Rs 294 for subs) reflects expensive valuations.
KMB saw strong deposit growth at 16.4/9.8%, driven by 24.5/14.9% CASA
growth. Consequently, the CASA ratio rose 367/247bps YoY/QoQ to 56.2%
(highest in the industry). Wholesale (floating rate) SA grew ~19% QoQ but
a/c for ~16% of the QoQ increase in SA. Strong SA growth is likely to have
been driven by m-share gains as few banks saw a steep decline in deposits in
4QFY20. TD growth was relatively tepid at 3.9% QoQ, and understandable
given the strong CASA growth and slow loan growth. While overall deposit
growth may slow from the current pace, KMB is likely to gain deposit m-
share, as a result of increasing polarisation of deposits.
GNPAs dipped (optically) 7.1% QoQ to Rs 50.3bn (2.25%, +11/-21bps) as
slippages were ~54% lower at Rs 4.91bn (90bps ann.). Pursuant to the RBI’s
Apr-20 circular, slippages and GNPLs were lower by ~Rs 6.6bn. Adj. for this,
slippages would’ve grown ~27/8% to ~Rs 11.5bn (2.1% ann., +30/13bps) and
GNPAs would’ve been ~Rs 56.9bn (~2.6%). Along with the system, KMB is
likely to see higher stress. However, due to calibrated growth in unsecured
and MSME loans, and better underwriting practices (as suggested by
empirical evidence), KMB is likely to perform better than most peers. Our
slippage estimates of ~2.4% over FY21-22E are conservative.
Management commentary on COVID-19: (1) 26% of the borrowers (by
value) availed moratorium until Apr-20, and the quantum has increased
since. A greater proportion of retail loans were under moratorium. (2) The
mgt expressed willingness to participate in the recently announced MSME
relief package, subject to govt. backing. (3) It expressed caution on sectors
such as unsecured personal loans, CV, hospitality, travel and tourism. (4)
Specific loan loss provisions, standard asset provisions and other relevant
provisions were in excess of KMB’s GNPLs. (5) The bank saw material MoM
SA growth in Apr-20 and this is a stark departure from usual trends, as the
bank sees MoM SA de-growth in Apr. Further, this was despite the recent
SA rate cut.
(Rs mn) 4Q
FY20
4Q
FY19
YoY
(%)
3Q
FY20
QoQ
(%) FY19 FY20P FY21E FY22E
Net Interest
Income 35,597 30,479 16.8% 34,295 3.8% 112,590 134,997 151,568 166,163
PPOP 27,253 22,823 19.4% 23,881 14.1% 83,482 100,208 111,714 120,359
PAT 12,666 14,078 -10.0% 15,959 -20.6% 48,653 59,472 62,892 71,273
EPS (Rs) 6.6 7.4 -10.2% 8.4 -20.8% 25.5 31.1 31.8 36.0
Core ROAE (%)
13.0 13.6 11.6 11.1
Core ROAA (%)
1.70 1.78 1.67 1.75
Core ABVPS (Rs)
201 240 292 330
P/E (x)#
33.7 28.9 29.2 24.8
P/ABV (x)# 4.28 3.74 3.17 2.71
Source: Bank, HSIE Research; # Adjusted for subsidiaries value
ADD
CMP (as on 13 May 2020) Rs 1,186
Target Price Rs 1,282
NIFTY 9,384
KEY
CHANGES OLD NEW
Rating ADD ADD
Price Target Rs 1,263 Rs 1,282
EPS % FY21E FY22E
-2.0% 3.3%
KEY STOCK DATA
Bloomberg code KMB IN
No. of Shares (mn) 1,913
MCap (Rs bn) / ($ mn) 2,270/30,141
6m avg traded value (Rs mn) 6,442
52 Week high / low Rs 1,740/1,000
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) (29.8) (26.1) (14.6)
Relative (%) (7.0) (5.9) (0.9)
SHAREHOLDING PATTERN (%)
Dec-19 Mar-20
Promoters 30.0 29.9
FIs & Local MFs 12.2 12.5
FPIs 39.8 39.2
Public & Others 18.0 18.4
Pledged Shares
Source : BSE
Darpin Shah
darpin.shah@hdfcsec.com
+91-22-6171-7328
Aakash Dattani
aakash.dattani@hdfcsec.com
+91-22-6171-7337
Page | 2
Kotak Mahindra Bank: Results Review 4QFY20
Soft loan growth: At 6.8/1.4%, KMB’s loan growth was not only slower vs. our
estimates but also slower vs. non-food credit growth (+7.6% YoY in Mar-20).
Tractor (+18.9/4.3%, 3.4% of loans), mortgages (+15.1/1.9%, 21.3% of loans) were
some of the fastest growing segments. Credit card loans grew (2.1% of loans)
14.6% YoY, but dipped 3.8% QoQ. Corporate & biz. banking loans, the largest
portion of KMB’s loan book (38.6% of loans), grew 5.9/1.7%. We expect KMB’s
loans to grow ~9% over FY20-22E.
NIMs grew 24/3bps to 4.72%, driven by widening spreads, which in turn were
driven by falling CoF (4.58% calc., -77/-45bps). Falling cost of SA and rising
proportion of CASA have been significant drivers of CoF movement. Margin
expansion was limited by a sharp 745/695bps fall in the CD ratio 83.6% and rise
in liquid assets (+116/179% YoY/QoQ). KMB reduced SA rates by ~150bps in Apr-
20, and this will cushion NIMs even as credit offtake remains weak. We
anticipate calc. NIMs of ~4.3% over FY20-22E. NIMs are also amplified by high
CRAR and any further capital infusion will have the same effect.
Non-tax provisions registered a sharp 512/136% rise to Rs 10.5bn as KMB made
COVID-19 related provisions fo Rs 6.5bn (incl. and more than RBI mandated
provisions, on total overdue loans of Rs 65bn). KMB shored up its coverage (calc.
PCR up 357/457bps YoY/QoQ to 69%). This too was partly aided by the standstill
classification of a/cs. In the medium term, we expect provisions to remain higher
vs. historical trends. We model for LLPs of ~1.15% over FY20-22E.
Other income grew 17.2/11%, driven by a sharp 11.8% QoQ growth in fee income
(+7% YoY, 85% of other income). Opex dipped 2.5% QoQ (+14.1% YoY) as a result
of a 11.2% QoQ de-growth in staff costs (+13.2% YoY). This was optical as KMB
made (one-off) higher provisions for retirement benefits in 2Q. Consequently, the
C-I ratio dipped 392bps QoQ to 46% (-112bps YoY).
Subsidiaries: The share of standalone profits in cosolidated PAT decreased
further to 66.5% (-260/-140bps) as they fell on a/c of higher provisions. Most subs
registered a QoQ decline in PAT, except for K-Sec (8.6% of consol. PAT, +47/27%)
and KMI (4% of consol. PAT, +5/20%). K-Prime continued to see a dip in
advances (Rs 248.6bn, -12/-4%). The proportion of KMI’s and KMP’s loans under
moratorium were lower than that of KMB’s (standalone). KMI and KMP
provided Rs 140mn (24bps of loans) and 500mn (20bps of loans) resp. towards
the impact of COVID-19 in 4Q.
Fund-raise: We have factored in a fund-raise of ~Rs 77bn at Rs 1,185/share into
our estimates. While this would be RoAE dilutive, it is not necessarily
undesirable. It would (1) partly resolve the promoter stake issue and (2)
strengthen the bank’s already strong b/s. The promoter is required to bring down
stake (~30%) to ~26% by Jul-20. Against this backdrop, the potential fund-raise
would result in a ~1% reduction in promoter stake. The remaining mandated
reduction may be achieved through a stake sale, inorganice growth or any
combination of these methods incl. a fund-raise.
Page | 3
Kotak Mahindra Bank: Results Review 4QFY20
SOTP
Rs bn Per Share Rationale
KM Mahindra Bank – Standalone 1,953 987 3.0x Mar-22E core ABV of Rs 330
Kotak Mahindra Prime - Car Finance 163 83 2.0x Mar-22E core NW
Kotak Mahindra Investments – LAS 45 23 2.0x Mar-22E core NW
Kotak Securities – Broking 91 46 18x Mar-22E Earnings
Kotak Mahindra AMC - Asset
Management 139 71 8% of FY22E AUM
Kotak Life - Life Insurance 257 130 FY21 EV + 20x FY22E VNB
KMCC - Investment Banking 11 6 2.0x Mar-22E core NW
Kotak Alternative Assets 11 5 7.5% of FY22E AUM
Offshore Funds 11 5 5% of FY22E AUM
Total Value of Subsidiaries 728 368
Less : 20% Holding Co. Discount 146 74
Total SOTP Value 2,532 1,282
Current Value 2,346 1,186
Upside (%) 8.1% 8.1%
Source: Bank, HSIE Research
Change In Estimates
Rs mn FY21E FY22E
Old New Change Old New Change
NII 139,958 151,568 8.3% 154,443 166,163 7.6%
PPOP 102,715 111,714 8.8% 112,069 120,359 7.4%
PAT 61,915 62,892 1.6% 66,601 71,273 7.0%
ABV (Rs) 255 293 14.7% 295 330 12.1%
Source: Bank, HSIE Research
Page | 4
Kotak Mahindra Bank: Results Review 4QFY20
Five quarters at a glance
Source: Bank, HSIE Research
Rs mn 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 YoY
Growth
QoQ
Growth
Income statement
Net interest income 30,479 31,730 33,496 34,295 35,597 16.8% 3.8%
Non-Interest income 12,703 13,047 12,244 13,414 14,894 17.2% 11.0%
Fee income 11,870 11,500 11,620 11,360 12,700 7.0% 11.8%
Operating income 43,182 44,778 45,740 47,710 50,490 16.9% 5.8%
Operating expenses 20,359 20,789 20,654 23,829 23,238 14.1% -2.5%
PPOP 22,823 23,989 25,086 23,881 27,253 19.4% 14.1%
Provision expense 1,713 3,168 4,079 4,440 10,475 511.6% 135.9%
NPA & std. asset prov. 2,397 2,726 3,977 4,320 3,737 55.9% -13.5%
PBT 21,110 20,822 21,006 19,441 16,778 -20.5% -13.7%
Tax expense 7,032 7,220 3,762 3,482 4,112 -41.5% 18.1%
PAT 14,078 13,602 17,245 15,959 12,666 -10.0% -20.6%
Balance Sheet items
Deposits (Rs bn) 2,259 2,329 2,331 2,394 2,628 16.4% 9.8%
CASA (%) 52.5 50.7 53.6 53.7 56.2 367 bps 247 bps
Advances (Rs bn) 2,057 2,080 2,133 2,168 2,197 6.8% 1.4%
CV and CE (%) 9.6 9.6 9.2 8.8 8.8 -82 bps 0 bps
Agri finance (%) 13.1 12.5 12.7 12.8 13.1 -4 bps 29 bps
Mortgage loans (%) 19.8 20.3 20.8 21.2 21.3 154 bps 10 bps
Small biz., PL/CC (%) 16.1 16.2 16.3 16.4 15.6 -52 bps -83 bps
Corp + biz. Banking (%) 38.9 39.1 38.6 38.5 38.6 -33 bps 13 bps
Others (%) 2.4 2.3 2.3 2.3 2.6 16 bps 31 bps
CD ratio (%) 91.1 89.3 91.5 90.6 83.6 -745 bps -695 bps
CAR (%) 17.5 17.8 18.2 18.2 17.9 40 bps -30 bps
Tier I (%) 16.9 17.3 18.0 17.7 17.3 40 bps -40 bps
Profitability (%)
Calc. yield on advances 9.90 10.03 10.04 9.77 9.68 -22 bps -9 bps
Calc. cost of funds 5.36 5.35 5.25 5.03 4.58 -77 bps -45 bps
NIM 4.48 4.49 4.61 4.69 4.72 24 bps 3 bps
Cost-income ratio 47.1 46.4 45.2 49.9 46.0 -112 bps -392 bps
Tax rate 33.3 34.7 17.9 17.9 24.5 -880 bps 660 bps
Asset Quality
Gross NPA (Rs bn) 44.7 46.1 50.3 54.1 50.3 12.5% -7.1%
Net NPA (Rs bn) 15.4 15.2 18.1 19.3 15.6 0.9% -19.1%
Gross NPA (%) 2.14 2.19 2.32 2.46 2.25 11 bps -21 bps
Net NPA (%) 0.75 0.73 0.85 0.89 0.71 -4 bps -18 bps
Slippages (% ann.) 1.81 1.45 1.90 1.98 0.90 -91 bps -108 bps
Coverage ratio (%) 65.4 67.0 64.0 64.4 69.0 357 bps 457 bps
SMA II (%) 0.07 0.16 0.20 0.13 0.04 -2 bps -8 bps
QoQ non-interest income
growth was surprising
The QoQ dip in opex was
on a/c of an 11.2% QoQ
dip in staff costs as the
base qtr incl. one off
provisions of Rs 2bn as a
result of change in
actuarial assumptions.
Non-tax provisions
jumped as KMB made
COVID-19 related
provisions of Rs 6.5bn
CASA ratio is the highest
in the industry
KMB intends to raise
funds, we have factored a
fund-raise of ~R77bn @ Rs
1,185/share into our
estimates
Cost of SA- 5.23% (-43/-
4bps)
Standstill classification
impact on slippages and
GNPL (Rs 6.6bn)
Page | 5
Kotak Mahindra Bank: Results Review 4QFY20
Standalone loan growth slows to just 6.8% YoY Consol advances grew ~2.6% YoY
Source: Company, HSIE Research
Source: Company, HSIE Research
Standalone loan book split: Share of agri and mortgages on the rise; CC dips
(%) 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
CV/CE 7.3 7.5 8.0 8.0 8.0 8.3 9.0 9.1 9.2 9.2 9.6 9.6 9.2 8.8 8.8
Agri 13.7 12.8 13.9 13.0 12.9 12.9 13.5 12.0 12.1 12.1 13.1 12.5 12.7 12.8 13.1
Mortgage 19.4 19.4 19.2 19.3 19.3 19.5 19.1 19.2 19.5 19.5 19.8 20.3 20.8 21.2 21.3
Small
Biz/PL/CC 12.6 12.2 12.8 12.8 13.7 14.4 14.8 14.8 15.7 15.8 16.1 16.2 16.3 16.4 15.6
Corp + Biz
Banking 44.5 45.8 43.8 44.7 44.0 42.7 41.5 42.8 41.4 41.2 38.9 39.1 38.6 38.5 38.6
Others 2.5 2.4 2.3 2.2 2.1 2.2 2.1 2.1 2.0 2.2 2.4 2.3 2.3 2.3 2.6
Consol. loan book split: Share of agri and mortgages on the rise
(%) 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
CV /CE 5.9 6.1 6.5 6.5 6.5 6.8 7.4 7.5 7.7 7.7 8.1 8.1 7.9 7.6 7.7
Agri 11.2 10.5 11.4 10.6 10.5 10.5 11.1 10.0 10.1 10.2 11.1 10.6 10.9 11.1 11.5
Auto 11.3 11.1 11.0 10.5 10.6 10.2 9.8 9.5 9.4 8.7 8.3 8.0 7.7 7.2 7.0
Mortgage 15.9 15.9 15.6 15.6 15.7 15.8 15.7 15.9 16.2 16.5 16.7 17.2 17.8 18.4 18.8
Small
Biz/PL/CC 10.3 10.0 10.4 10.4 11.1 11.7 12.2 12.3 13.1 13.4 13.6 13.8 14.0 14.2 13.7
Corp + Biz
Banking 40.0 41.1 39.6 39.9 39.7 38.9 38.2 39.5 38.7 38.8 37.1 37.6 37.4 37.5 37.7
Others 5.3 5.3 5.6 6.4 5.8 6.0 5.6 5.2 4.9 4.7 5.1 4.7 4.3 4.0 3.6
Source: Company, HSIE Research
1,2
08
1,2
60
1,2
93
1,3
61
1,4
24
1,5
26
1,5
91
1,6
97
1,7
69
1,8
49
1,9
64
2,0
57
2,0
80
2,1
33
2,1
68
2,1
97
-
5.0
10.0
15.0
20.0
25.0
30.0
-
500
1,000
1,500
2,000
2,500
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
SL Loans (LHS) YoY (%)Rs bn %
1,4
70
1,5
41
1,5
78
1,6
71
1,7
55
1,8
78
1,9
57
2,0
60
2,1
34
2,2
22
2,3
28
2,4
35
2,4
50
2,4
87
2,5
02
2,4
99
-
5.0
10.0
15.0
20.0
25.0
30.0
0
500
1,000
1,500
2,000
2,500
3,000
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
CL Loans (Rs bn) YoY (%)Rs bn %
Page | 6
Kotak Mahindra Bank: Results Review 4QFY20
KMP: total advances Dip 12/4 QoQ LAS customer assets dip sharply QoQ (18%)
Source: Bank, HSIE Research Source: Bank, HSIE Research
Strong deposit growth at 16.4% YoY CASA growth at 24.5% YoY leads deposit growth
Source: Bank, HSIE Research
Source: Bank, HSIE Research
Deposits Break-up : Strong QoQ Growth in SA ; CASA ratio – highest amongst peers (%) 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
CA 15.6 16.2 17.6 17.0 15.5 14.3 16.7 15.1 15.0 14.8 17.2 15.7 16.4 15.4 16.4
SA 23.4 25.8 26.4 26.9 32.3 32.3 34.0 35.1 35.3 35.9 35.3 35.0 37.2 38.3 39.8
TD 61.0 58.0 56.0 56.1 52.2 53.3 49.2 49.7 49.8 49.3 47.5 49.3 46.4 46.3 43.8
Source: Bank, HSIE Research
NIMs expand 24bps YoY to 4.72% Strong QoQ fee income growth
Source: Bank, HSIE Research
Source: Bank, HSIE Research
(20.0)(15.0)(10.0)(5.0)-5.0 10.0 15.0 20.0 25.0 30.0
0
50
100
150
200
250
300
350
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Total Loans Car Loans
Total Loans YoY - RHS Car Loans YoY - RHS
Rs bn %
48
.7
55
.3
59
.6
69
.1
65
.0
72
.3
77
.6
79
.0
77
.1
79
.6
79
.2 92
.4
90
.3
78
.3
71
.5
58
.8
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Rs bn
1,4
00
1,4
10
1,4
94
1,5
74
1,6
35
1,6
57
1,8
08
1,9
26
1,8
97
2,0
58
2,1
38
2,2
59
2,3
29
2,3
31
2,3
94
2,6
28
-
5.0
10.0
15.0
20.0
25.0
30.0
0
500
1,000
1,500
2,000
2,500
3,000
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Deposits (LHS) YoY (%)Rs bn %
52
4
55
0
62
8
69
3
71
8
79
2
84
4
97
8
95
4
1,0
34
1,0
84
1,1
86
1,1
81
1,2
49
1,2
85
1,4
76
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
-
200
400
600
800
1,000
1,200
1,400
1,600
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
CASA (LHS) YoY % Rs bn %
3.9
4.0
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
-
2.0
4.0
6.0
8.0
10.0
12.0
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Calc YoA Calc CoF NIM RHS% %
-
0.5
1.0
1.5
2.0
2.5
3.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Fee income (Rs bn) % of loans (RHS)
Page | 7
Kotak Mahindra Bank: Results Review 4QFY20
Fees drive QoQ non-income growth
Rs mn 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
Fees 6,300 7,250 7,570 8,050 8,100 8,290 10,100 9,890 10,190 10,380 11,870 11,500 11,620 11,360 12,700
% Of loans 2.04 2.27 2.28 2.31 2.20 2.13 2.46 2.28 2.25 2.18 2.36 2.22 2.21 2.11 2.33
Total 8,311 9,102 10,030 9,070 9,540 10,400 11,510 11,650 12,050 9,640 12,703 13,050 12,244 13,414 14,890
% of Total inc 29.4 30.7 31.7 28.8 29.2 30.3 30.8 31.1 30.9 24.7 29.4 29.1 26.8 28.1 29.5
% of Avg.
Assets 1.73 1.83 1.93 1.65 1.65 1.71 1.79 1.74 1.72 1.14 1.45 1.66 1.55 1.68 1.74
Source: Bank, HSIE Research
Standalone asset quality improves Consol. asset quality improves marginally QoQ
Source: Bank, HSIE Research
Source: Bank, HSIE Research
KMI’s NNPAs improve
Source : Bank, HSIE Research
-
0.5
1.0
1.5
2.0
2.5
3.0
-
10.0
20.0
30.0
40.0
50.0
60.0
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
GNPA (LHS) NNPA (LHS)
GNPA (%) NNPA (%)Rs bn%
-
0.5
1.0
1.5
2.0
2.5
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
GNPA (LHS) NNPA (LHS)
GNPA (%) NNPA (%)Rs bn %
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1Q
FY
17
2Q
FY
17
3Q
FY
17
4Q
FY
17
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
KMP KMI%
Page | 8
Kotak Mahindra Bank: Results Review 4QFY20
Consol. PAT contribution: Share of subs increases YoY/QoQ (%) 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
PAT Rs bn 12.0 12.7 14.0 13.5 14.4 16.2 17.9 15.7 17.5 18.4 20.4 19.3 24.1 23.5 19.1
KMB 67.2 69.5 69.5 67.8 69.0 64.8 62.8 65.1 65.4 70.0 69.1 70.4 71.6 67.9 66.5
KMP 10.8 10.5 9.5 9.8 10.4 9.1 8.9 8.8 9.0 7.5 8.0 7.9 7.1 8.0 8.5
Invest. Co. (LAS) 4.4 3.8 4.0 3.3 3.8 3.1 5.3 3.0 2.6 2.2 3.6 3.3 2.8 2.7 4.0
K Sec 7.9 6.7 8.6 9.3 8.2 9.5 7.5 8.3 6.4 5.4 5.4 5.7 6.2 5.4 8.6
Kotak AMC 0.6 1.3 0.9 1.1 1.6 2.3 2.2 3.2 3.0 4.1 3.7 3.8 3.5 3.9 4.6
KMCC (IB) 0.4 0.6 0.8 0.4 (0.1) 2.2 1.4 1.6 0.8 0.2 1.0 2.3 0.0 1.7 (0.4)
Kotak Life 5.2 5.4 7.2 7.6 6.9 6.0 6.4 7.4 7.3 6.8 6.8 6.9 6.0 7.1 8.7
International Sub. 2.6 1.7 1.5 1.3 1.9 2.0 2.1 2.1 2.7 2.0 1.6 1.5 1.4 1.1 1.6
Investment Adv. 0.1 (0.7) (0.9) (0.1) (0.1) 0.7 0.1 1.8 0.7 0.6 0.7 0.9 0.9 1.3 0.4
MI 0.8 1.3 (1.1) (0.5) (1.7) 0.2 3.2 (1.4) 2.2 1.2 0.0 (2.7) 0.4 0.9 (2.4)
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
KMP snapshot: AUM downtrend continues Rs bn 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
Total Loans 233 235 251 276 284 288 280 279 285 279 283 277 273 259 249
YoY (%) 16.5 7.4 12.8 24.5 21.7 22.7 11.5 1.0 0.6 (3.1) 0.9 (0.6) (4.4) (7.4) (12.0)
Car Loans 172 173 182 184 198 200 201 204 207 202 203 196 190 180 175
YoY (%) 9.5 5.3 8.8 9.1 15.0 15.4 10.6 10.9 4.6 1.1 0.8 (4.0) (8.2) (10.9) (13.8)
% of total loans 74.0 73.8 72.4 66.5 69.9 69.3 71.8 73.0 72.7 72.4 71.7 70.5 69.8 69.6 70.3
NII 2.5 2.6 2.7 2.7 2.8 2.9 2.8 2.7 2.7 2.7 2.9 3.0 3.1 3.1 3.1
YoY (%) 4.2 6.5 7.3 12.4 11.7 8.7 5.7 (0.4) (3.6) (4.2) 4.3 10.3 14.7 13.9 7.2
Calc. NIM (%) 4.3 4.5 4.4 4.1 3.9 4.0 3.9 3.9 3.8 3.9 4.2 4.3 4.4 4.7 4.9
Total Income 30.8 31.0 33.0 32.9 34.0 34.7 35.4 32.8 35.5 33.0 37.7 36.2 36.9 37.7 41.2
YoY (%) 3.4 4.4 8.6 11.9 10.4 11.9 7.3 (0.3) 4.4 (4.9) 6.5 10.4 3.9 14.2 9.3
PBT 2.0 2.0 2.0 2.0 2.3 2.3 2.4 2.1 2.4 2.1 2.4 2.4 2.3 2.5 2.0
YoY (%) 1.5 5.2 1.0 10.9 15.7 11.3 20.2 5.4 3.9 (5.8) (1.6) 9.8 (1.7) 17.4 (15.4)
PAT 1.3 1.3 1.3 1.3 1.5 1.5 1.6 1.4 1.6 1.4 1.6 1.5 1.7 1.9 1.6
YoY (%) 2.4 5.6 2.3 10.0 15.4 11.3 20.3 5.3 4.7 (6.1) 2.5 10.1 9.6 34.5 (1.8)
NNPA (Rs mn) 979.1 657.0 904.4 995.1 1,163.3 1,152.0 1,036.7 1,088.4 1,141.8 1,200.0 1,243.8 1,498.4 1,528.7 1,577.2 1,491.8
NNPA (%) 0.42 0.28 0.36 0.36 0.41 0.40 0.37 0.39 0.40 0.43 0.44 0.54 0.56 0.61 0.60
Source : Bank, HSIE Research
Kotak Sec snapshot: Strong PAT growth Rs mn. 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
K Sec Vol. (bn) 73.3 87.4 104.3 109.8 124.1 150.3 158.4 143.7 341.7 380.8 189.0 212.1 NA NA NA
M-Share (%) 2.3 2.2 2.2 1.9 1.9 2.0 1.9 1.7 2.5 2.9 2.6 1.7 1.7 1.6 1.7
Total Income 2,940 2,870 3,660 3,650 3,510 4,520 4,480 4,150 4,070 3,630 3,960 4,110 4,070 4,090 4,630
YoY (%) 8.9 25.9 62.7 53.4 19.4 57.5 22.4 13.7 16.0 (19.7) (11.6) (1.0) - 12.7 16.9
Yield (calc.) 0.07 0.05 0.06 0.06 0.05 0.05 0.05 0.05 0.02 0.02 0.03 0.03 NA NA NA
PBT 1,440 1,250 1,820 1,870 1,770 2,310 2,010 1,960 1,690 1,490 1,650 1,680 1,810 1,710 2,180
YoY (%) 20.0 50.6 142.7 103.3 22.9 84.8 10.4 4.8 (4.5) (35.5) (17.9) (14.3) 7.1 14.8 32.1
PAT 960 850 1,210 1,250 1,180 1,540 1,340 1,300 1,120 990 1,110 1,100 1,490 1,280 1,630
YoY (%) 23.1 54.5 137.3 108.3 22.9 81.2 10.7 4.0 (5.1) (35.7) (17.2) (15.4) 33.0 29.3 46.8
Page | 9
Kotak Mahindra Bank: Results Review 4QFY20
Kotak AMC snapshot: Average AUM up 24/5% Rs mn 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
AUM (Rs bn) 1,207 1,331 1,413 1,522 1,692 1,829 1,825 1,992 1,994 2,032 2,253 2,368 2,420 2,630 2,258
Debt (%) 42.9 44.7 43.1 44.2 41.6 39.2 36.8 40.0 39.0 39.0 39.0 39.0 37.0 38.0 42.0
Equity (%) 16.0 16.8 19.6 21.3 23.9 25.6 26.8 26.0 27.0 29.0 28.0 29.0 30.0 30.0 26.0
Alt assets (%) 9.0 8.2 5.1 4.3 3.6 3.0 2.7 3.0 3.0 3.0 5.0 5.0 6.0 6.0 7.0
Offshore Funds
(%) 17.3 16.5 17.4 15.6 16.9 18.0 18.9 17.0 17.0 16.0 14.0 13.0 13.0 12.0 10.0
Insurance (%) 14.2 13.0 13.7 13.0 12.3 12.1 12.7 12.0 12.0 12.0 12.0 12.0 13.0 13.0 14.0
PMS (%) 0.6 0.8 1.1 1.5 1.7 2.0 2.1 2.0 2.0 1.0 2.0 2.0 1.0 1.0 1.0
PBT 110 240 200 210 340 570 580 770 790 1150 1160 1110 1040 1220 1170
YoY (%) (54.2) 84.6 (37.5) (27.6) 209.1 137.5 190.0 266.7 132.4 101.8 100.0 44.2 31.6 6.1 0.9
PAT 70 160 130 150 230 380 390 510 520 760 750 730 850 910 880
YoY (%) (69.6) 300.0 (48.0) (21.1) 228.6 137.5 200.0 240.0 126.1 100.0 92.3 43.1 63.5 19.7 17.3
Source : Bank, HSIE Research
K M Investment (LAS) snapshot: NNPAs see sharp QoQ dip Rs mn 2Q FY17 3Q FY17 4Q FY17 1Q FY18 2Q FY18 3Q FY18 4Q FY18 1Q FY19 2Q FY19 3Q FY19 4Q FY19 1Q FY20 2Q FY20 3Q FY20 4Q FY20
Customer Assets 55,320 59,590 69,050 65,000 72,300 77,620 79,000 77,050 79,550 79,150 92,420 90,300 78,280 71,470 58,750
YoY (%) 37.5 25.2 44.0 33.4 30.7 30.3 14.4 18.5 10.0 2.0 17.0 17.2 (1.6) (9.7) (36.4)
NII 720 740 770 730 760 770 780 720 610 680 920 870 890 870 1000
YoY (%) 14.3 5.7 8.5 9.0 5.6 4.1 1.3 (1.4) (19.7) (11.7) 17.9 20.8 45.9 27.9 8.7
Calc. NIM (%) 5.5 5.2 4.8 4.4 4.4 4.1 4.0 3.7 3.1 3.4 4.3 3.8 4.2 4.6 6.1
Total Income 930 850 1,000 800 1,000 930 1,530 880 850 800 1,350 1,140 1,120 1,090 1,190
YoY (%) 36.8 16.4 17.6 11.1 7.5 9.4 53.0 10.0 (15.0) (14.0) (11.8) 29.5 31.8 36.3 (11.9)
PBT 760 710 830 690 840 770 1380 740 700 610 1110 940 870 840 1030
YoY (%) 38.2 18.3 10.7 13.1 10.5 8.5 66.3 7.2 (16.7) (20.8) (19.6) 27.0 24.3 37.7 (7.2)
PAT 530 480 560 450 550 500 950 480 450 400 730 630 670 640 770
YoY (%) 47.2 23.1 12.0 12.5 3.8 4.2 69.6 6.7 (18.2) (20.0) (23.2) 31.3 48.9 60.0 5.5
NNPA 66.4 53.6 48.3 58.5 43.4 38.8 7.9 - 31.8 372.0 268.0 577.9 665.4 929.1 393.6
NNPA (%) 0.12 0.09 0.07 0.09 0.06 0.05 0.01 - 0.04 0.47 0.29 0.64 0.85 1.30 0.67
Source : Bank, HSIE Research
Peer set comparison
MCap
(Rs
bn)
CMP
(Rs) Rating
TP
(Rs)
ABV (Rs) P/E (x) P/ABV (x) ROAE (%) ROAA (%)
FY20E FY21E FY22E FY20E FY21E FY22E FY20E FY21E FY22E FY20E FY21E FY22E FY20E FY21E FY22E
AUBANK 121 399 ADD 549 124 137 163 19.5 19.1 15.7 3.11 2.82 2.37 16.6 13.3 14.1 1.61 1.35 1.39
AXSB# 1,168 414 BUY 541 268 292 341 68.5 12.0 9.0 1.48 1.35 1.15 2.1 10.4 12.4 0.19 0.98 1.20
CUBK 96 130 BUY 176 66 72 83 12.6 12.7 11.8 1.97 1.80 1.57 14.6 12.7 12.1 1.61 1.47 1.43
DCBB 22 72 ADD 114 94 101 116 6.2 5.9 5.5 0.77 0.71 0.62 11.0 10.4 10.2 0.96 0.92 0.90
FB 86 43 BUY 71 65 67 77 5.3 5.2 5.0 0.67 0.65 0.56 11.5 10.8 10.2 0.95 0.89 0.84
ICICIBC# 2,186 338 BUY 442 155 173 201 18.0 9.9 7.9 1.42 1.24 1.05 6.3 10.9 12.1 0.77 1.23 1.39
IIB 318 448 ADD 575 459 512 575 7.0 10.8 7.6 0.98 0.88 0.78 14.7 8.1 10.2 1.51 0.93 1.21
KMB# 2,347 1,187 ADD 1,282 240 292 330 28.9 29.2 24.8 3.74 3.17 2.71 13.6 11.6 11.1 1.78 1.67 1.75
KVB 20 25 REDUCE 33 56 53 62 8.3 5.0 4.3 0.44 0.46 0.40 3.7 6.0 6.9 0.33 0.53 0.59
RBK 62 122 REDUCE 136 185 194 215 12.2 12.7 7.5 0.66 0.63 0.57 5.6 4.5 7.2 0.60 0.53 0.84
SBIN# 1,554 174 BUY 316 179 183 227 3.6 2.9 2.2 0.36 0.35 0.27 7.0 8.2 9.6 0.43 0.50 0.60
Source: Company, HSIE Research, # Adjusted for subsidiaries value
Page | 10
Kotak Mahindra Bank: Results Review 4QFY20
Financials Income statement
(Rs mn) FY15 FY16 FY17 FY18 FY19 FY20P FY21E FY22E
Interest earned 97,199 163,842 176,989 197,485 239,432 269,296 288,733 310,076
Interest expended 54,961 94,838 95,728 102,168 126,842 134,300 137,165 143,913
Net interest income 42,237 69,004 81,261 95,317 112,590 134,997 151,568 166,163
Other income 20,285 26,122 34,772 40,522 46,040 53,721 57,126 61,521
Fee income (CEB) 12,263 17,644 21,207 27,645 33,908 37,797 38,950 41,977
Treasury income 3,148 2,132 4,416 2,123 709 1,750 2,750 2,750
Total income 62,522 95,126 116,033 135,839 158,630 188,718 208,694 227,684
Total operating expenses 32,547 54,715 56,185 64,257 75,148 88,509 96,980 107,325
Employee expense 14,667 28,170 27,685 29,502 31,836 38,776 43,880 48,919
PPOP 29,975 40,411 59,848 71,582 83,482 100,208 111,714 120,359
Provisions & contingencies 1,645 9,174 8,367 9,400 9,624 22,162 27,667 25,113
Prov. For NPAs (Incl. Std Prov.) 2,582 7,478 7,004 7,375 9,589 21,260 28,167 25,613
PBT 28,330 31,237 51,481 62,182 73,858 78,047 84,046 95,246
Tax expenses 9,670 10,339 17,366 21,339 25,205 18,575 21,154 23,973
PAT 18,660 20,898 34,115 40,843 48,653 59,472 62,892 71,273
Source: Bank, HSIE Research
Statement of assets and liabilities
(Rs mn) FY15 FY16 FY17 FY18 FY19 FY20P FY21E FY22E
Sources of funds
Share Capital 3,862 9,172 9,204 9,528 9,544 9,565 9,890 9,890
Reserves 137,579 230,419 266,956 365,288 414,440 475,588 611,224 678,046
Shareholders' funds 141,441 239,591 276,161 374,817 423,984 485,153 621,114 687,936
Savings deposits 140,361 294,947 415,039 655,292 796,847 1,046,090 1,203,004 1,353,379
Current deposits 131,813 232,817 277,608 322,458 389,010 430,130 451,637 474,218
Term deposits 476,429 858,666 881,611 948,683 1,072,947 1,151,990 1,224,160 1,314,428
Total deposits 748,603 1,386,430 1,574,259 1,926,433 2,258,804 2,628,210 2,878,800 3,142,025
Borrowings 121,497 209,787 210,973 251,563 327,504 384,962 327,222 278,143
Other liabilities 48,580 86,790 84,507 96,521 111,430 104,192 114,611 126,072
Total Liabilities 1,060,121 1,922,598 2,145,900 2,649,334 3,121,721 3,602,517 3,941,747 4,234,176
Application of funds
Cash & bank balances 62,624 108,760 225,720 196,201 246,755 532,923 628,109 587,191
Investments 286,591 512,602 450,742 645,623 711,891 750,515 820,077 878,007
G-Secs 228,817 407,610 361,899 517,577 580,630 619,060 676,518 722,666
Advances 661,607 1,186,653 1,360,821 1,697,179 2,056,948 2,197,482 2,360,616 2,623,591
Fixed assets 12,067 15,516 15,376 15,272 16,516 16,231 17,043 17,895
Other assets 37,232 99,067 93,240 95,059 89,611 105,365 115,902 127,492
Total assets 1,060,121 1,922,598 2,145,900 2,649,334 3,121,721 3,602,517 3,941,747 4,234,176
Source: Bank, HSIE Research
Page | 11
Kotak Mahindra Bank: Results Review 4QFY20
Key Ratios
FY15 FY16 FY17 FY18 FY19 FY20P FY21E FY22E
Valuation ratios
EPS (Rs) 24.2 11.4 18.5 21.4 25.5 31.1 31.8 36.0
Earnings growth (%) 24.2 12.0 63.2 19.7 19.1 22.2 5.8 13.3
BVPS (Rs) 176.0 126.4 145.3 183.7 208.9 248.2 308.7 342.5
Core ABVPS (Rs) 168.1 119.5 136.0 175.0 200.8 240.0 292.2 329.7
DPS (Rs) 0.5 0.5 0.6 0.8 0.8 0.0 0.8 0.9
RoAA (%) 1.94 1.41 1.68 1.72 1.70 1.78 1.67 1.75
RoAE (%) 14.7 11.4 13.7 13.2 13.0 13.6 11.6 11.1
P/E (x) 38.0 92.8 55.4 42.1 33.7 28.9 29.2 24.8
P/ABV (x) 5.45 8.84 7.55 5.15 4.28 3.74 3.17 2.71
P/PPOP (x) 15.3 26.9 18.2 15.8 13.6 11.3 10.5 9.7
Dividend Yield (%) 0.0 0.0 0.1 0.1 0.1 - 0.1 0.1
Profitability ratios (%)
Yield on advances 12.53 13.49 10.52 9.63 9.79 9.87 9.62 9.47
Yield on investments 7.88 8.65 7.64 7.17 7.18 7.19 7.10 7.10
Cost of funds 6.91 7.69 5.66 5.16 5.32 4.80 4.41 4.34
Cost of deposits 6.84 7.37 5.56 5.11 5.26 4.98 4.27 4.23
Core spread 5.62 5.80 4.86 4.48 4.46 5.07 5.21 5.12
NIM 4.73 4.41 4.39 4.32 4.20 4.29 4.30 4.37
Operating efficiency (%)
Cost/avg. asset ratio 3.4 3.7 2.8 2.7 2.6 2.6 2.6 2.6
Cost-income ratio (excl. treasury) 54.8 58.8 50.3 48.1 47.6 47.3 47.1 47.7
Balance sheet structure ratios (%)
Loan growth 24.8 79.4 14.7 24.7 21.2 6.8 7.4 11.1
Deposit growth 26.7 85.2 13.5 22.4 17.3 16.4 9.5 9.1
C/D ratio 88.4 85.6 86.4 88.1 91.1 83.6 82.0 83.5
Equity/assets 13.3 12.5 12.9 14.1 13.6 13.5 15.8 16.2
Equity/advances 21.4 20.2 20.3 22.1 20.6 22.1 26.3 26.2
CASA 36.4 38.1 44.0 50.8 52.5 56.2 57.5 58.2
Capital adequacy ratio (CAR) 17.2 16.3 16.8 18.2 17.5 17.9 20.3 20.4
W/w Tier I CAR 16.2 15.2 15.9 17.6 16.9 17.3 20.0 20.2
Asset quality
Gross NPLs (Rs bn) 12.4 28.4 35.8 38.3 44.7 50.3 87.3 88.1
Net NPLs (Rs bn) 6.1 12.6 17.2 16.7 15.4 15.6 32.7 25.4
Gross NPLs (%) 1.9 2.4 2.6 2.2 2.1 2.3 3.7 3.4
Net NPLs (%) 0.9 1.1 1.3 1.0 0.8 0.7 1.4 1.0
Slippages (%) 1.3% 3.1% 1.4% 1.2% 1.1% 1.6% 2.8% 2.1%
Coverage ratio (%) 50.8 55.5 52.0 56.5 65.4 69.0 62.5 71.2
Provision/avg. loans (%) 0.4 0.8 0.5 0.5 0.5 1.00 1.24 1.03
RoAA Tree
Net interest income 4.36% 4.63% 3.99% 3.98% 3.90% 4.02% 4.02% 4.06%
Non-interest income 2.10% 1.75% 1.71% 1.69% 1.60% 1.60% 1.51% 1.50%
Treasury income 0.33% 0.14% 0.22% 0.09% 0.02% 0.05% 0.07% 0.07%
Operating cost 3.36% 3.67% 2.76% 2.68% 2.60% 2.63% 2.57% 2.63%
Provision costs 0.17% 0.62% 0.41% 0.39% 0.33% 0.66% 0.73% 0.61%
Provisions For NPAs 0.20% 0.47% 0.30% 0.26% 0.29% 0.42% 0.73% 0.60%
Tax expense 1.00% 0.69% 0.85% 0.89% 0.87% 0.55% 0.56% 0.59%
RoAA 1.93% 1.40% 1.68% 1.70% 1.69% 1.77% 1.67% 1.74%
Leverage (x) 7.33 7.83 7.89 7.37 7.22 7.40 6.82 6.25
RoAE 14.13% 10.97% 13.23% 12.55% 12.18% 13.08% 11.37% 10.89%
Source: Bank, HSIE Research
Page | 12
Kotak Mahindra Bank: Results Review 4QFY20
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: > 10% Downside return potential
Date CMP Reco Target
2-May-19 1,387 BUY 1,481
9-Jul-19 1,475 BUY 1,481
22-Jul-19 1,454 NEU 1,531
22-Sep-19 1,539 NEU 1,584
9-Oct-19 1,612 NEU 1,638
23-Oct-19 1,614 NEU 1,622
9-Jan-20 1,655 NEU 1,690
21-Jan-20 1,618 NEU 1,681
2-Mar-20 1,620 ADD 1,725
15-Apr-20 1,173 ADD 1,263
20-Apr-20 1,178 ADD 1,263
14-May-20 1,186 ADD 1,282
From 2nd March 2020, we have moved to new rating system
RECOMMENDATION HISTORY
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
Ma
y-1
9
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan
-20
Feb
-20
Ma
r-2
0
Ap
r-2
0
Ma
y-2
0
Kotak Mahindra Bank TP
Page | 13
Kotak Mahindra Bank: Results Review 4QFY20
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