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Kotak Mahindra Bank Q2FY19E Result Expectation

Kotak Mahindra Bank Q2FY19E Result Expectation

Consensus expectations for Q2FY19E:

  • Net interest income: Rs3,580cr, up 16% yoy and 5% qoq
  • Pre-provision profit: Rs2,850cr, up 18% yoy and 1% qoq
  • PAT:  Rs1,680cr, up 16% yoy and 6% qoq
Q1FY19 performance highlights:
  • Net interest income: Rs3,400cr, up 13% yoy and 0% qoq
  • Pre-provision profit: Rs2,810cr, increase of 26% yoy and decline of 2% qoq
  • PAT: Rs1,570cr, up 17% yoy and down 12% qoq
Remarks:
  • We expect loan growth to continue to be strongly aided by corporate and CV segments.
  • Advances growth is likely to be robust at 22% yoy. Growth is likely to be spread across segments, except where the bank maintains a cautious stance ‐ auto finance and business banking.
  • Savings deposits should continue to see strong traction. NII growth to be driven by credit growth and stable NIMs.
  • Asset quality is likely to remain stable.
  • Key factors to watch for: 1) commentary on stake reduction by Mr. Uday Kotak, 2) outlook on SMEs and stress in these portfolios.

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