Prabhudas Lilladher’s Research Report
Prabhudas Lilladher recommended hold rating on Kotak Mahindra Bank(KMB IN) with a target of Rs 1586. The stock KMB’s loan earnings of Rs 17.2bn was beyond expectations due to lower tax rate and decent beat in NII & lower opex. Loan growth further has come off to 15% YoY due to slower from corporate and auto loans.
- Robust retail deposits accretion especially CASA leads to industry-leading CASA mix of 53%
- NIIM further improves by 12 bps to 4.61% on strong tailwinds from the lowered cost of deposits
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