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Kotak Mahindra Bank stock zooms 5%; among top Nifty gainers

BSE has sought clarification from Kotak Mahindra Bank on a news report in Financial Express that said “Kotak Mahindra Bank to acquire Axis Bank soon”.
Shares of Kotak Mahindra Bank gained over 5% on the BSE. The exchange sought clarification from Kotak Mahindra Bank on a news report in Financial Express that said “Kotak Mahindra Bank to acquire Axis Bank soon”. The bank has clarified that the news in Financial Express is speculative and incorrect.

The stock is currently trading at Rs1,262.05, up by Rs51.7 or 4.27% from its previous closing of Rs1,210.35 on the BSE. The scrip opened at Rs1,228.75 and has touched a high and low of Rs1,287.75 and Rs1,222.90 respectively.

KMB has presence across all financial verticals including banking, securities, investment banking, asset management, consumer finance and life insurance. The bank’s Q3FY18 advances consisted of 59% retail and 41% corporate segment loans. For Q3FY18, the banks consolidated loan book stood at ~Rs1.96 lakh cr; GNPA was at 2.01%; NNPA was at 0.94%; net interest margin was 4.2% and capital adequacy ratio was at 18.4%. Cost-to-income ratio for Q3FY18 stood at 39.12%. The CASA ratio for the bank stood at 46.7%.