ICICI Direct's research report on Kotak Mahindra Bank
Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at 26% and strong promoter led management. It has a presence across financial services value chain.CASA forms 60.2% of total deposits aiding lower costs Strong RoA of 1.8%and RoE of 12-13% make it a good profitable bank
We retain our BUY rating on the stock, expecting growth pick-up from Q3FY22 while strong promoter holding provides comfort We value standalone bank at ~3.9x FY23E ABV and subsidiaries at Rs 455 post holding company discount giving SOTP target of Rs 2040
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