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Kotak Mahindra Bank Consolidated Bank PAT for Q2FY20 Rs. 2,407 cr up 38%

Posted On: 2019-10-22 22:02:22


The Board of Directors of Kotak Mahindra Bank ('Kotak Bank') took on record the unaudited standalone and consolidated results for Q2FY20, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

Bank's PAT for Q2FY20 increased to Rs. 1,724 cr from Rs. 1,142 cr in Q2FY19 up 51%.

Net Interest Income (NII) for Q2FY20 increased to Rs. 3,350 cr from Rs. 2,676 cr in Q2FY19, up by 25%. Net Interest Margin (NIM) for Q2FY20 at 4.61% up from 4.19% in Q2FY19.

CASA ratio as on September 30, 2019 stood at 53.6% compared to 50.2% as on September 30, 2018. TD Sweep deposits as on September 30, 2019 were 7.1% of the total deposits. Cost of SA for Q2FY20 was 5.37%.

Average Savings deposits grew by 20% to Rs. 80,425 cr for Q2FY20 compared to Rs. 66,892 cr for Q2FY19. Average Current Account deposits grew by 22% to Rs. 33,216 cr for Q2FY20 compared to Rs. 27,231 cr for Q2FY19.

Advances as on September 30, 2019 were up 15% to Rs. 213,299 cr (Rs. 184,940 cr as on September 30, 2018)

Capital adequacy ratio of the Bank, as per Basel III, as on September 30, 2019 is 18.2% and Tier I ratio is 17.6%.

As on September 30, 2019, the Bank had a network of 1,512 full-fledged branches and 2,429 ATMs affording it the capacity and means to serve its customers through its wide presence.

To augment its footprint in the international arena, Kotak Mahindra Bank (Kotak) has launched its very first overseas branch at the Dubai International Financial Centre(DIFC), Dubai,UAE after receiving due regulatory approvals.

As on September 30, 2019,GNPA was 2.32% & NNPA was 0.85%. As on September 30, 2019, SMA2 outstanding was Rs. 431 cr (0.2% of net advances).

Consolidated results at a glance

Consolidated PAT for Q2FY20 increased to Rs. 2,407 cr from Rs. 1,747 cr in Q2FY19 up 38%.

For Q2FY20, the Bank's contribution to the PAT was Rs. 1,724 cr. The subsidiaries & associates net contribution was 28% of the consolidated PAT.

Consolidated Capital & Reserves and Surplus as on September 30, 2019 was Rs. 62,563 cr (Rs. 54,349 cr as on September 30, 2019).

Consolidated Advances were Rs. 248,740 cr as on September 30, 2019.

Total assets managed / advised by the Group as on September 30, 2019 were up 21% at Rs. 242,025 cr (Rs. 199,382 cr as on September 30, 2018).

The Relationship Value of all the customers of Wealth and Priority Banking Offering ~ Rs. 295,000 cr as on September 30, 2019 up from ~ Rs. 248,000 cr as on September 30, 2018.

The market share of Kotak Securities in the cash segment was 9.4% for H1FY20 (8.7% H1FY19).

Digital Update

Post change in regulation, we restarted sourcing 811 OTP account basis Voluntary use of Aadhaar by the customer. The customer can do the full KYC of these OTP account using Biometric. With this being implemented we are back at the monthly acquisition numbers of 811 which we were doing prior to the Honourable Supreme Court ruling.

Digital remains an area of focus for the Group. We launched India's first AI-powered voicebot in the banking sector by the name of 'Keya'. Bank and other subsidiaries like Securities, Insurance, Mutual Fund and Kotak Prime are gaining significant traction and market share. During Q2FY20, the share of Recurring Deposits sourced digitally was 91% and that of Term Deposits was 72%. With the implementation of Open Banking, it has enabled 49 API relationships YTD Q2FY20. ~6.3x increase in Keya chatbox users since Jan 2019.

Kotak Securities mobile transaction total ADVs grew 110% YoY in Q2FY20. 90%of the individual policies written by Kotak Life Insurance were sourced through Genie - tablet based end to end sales solution. Further, 95% of the Banca channel sales in Q2FY20 were through Genie. In the case of Kotak General Insurance, its digital business in terms of volume grew 37% YoY.

Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1628 as compared to the previous close of Rs. 1615.45. The total number of shares traded during the day was 247154 in over 11563 trades.

The stock hit an intraday high of Rs. 1643.35 and intraday low of 1592.4. The net turnover during the day was Rs. 398556531.


Source: Equity Bulls

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