Sharekhan's research report on Kotak Mahindra Bank
Q3FY25 numbers were stable despite an RBI embargo and sectoral headwinds but timelines relating to lifting of RBI embargo remain unclear. Core PPoP (excl. treasury gains & other income) grew by 11% y-o-y/ 4% q-o-q. Most key operating metrics did well - NIMs were stable, loan growth was better than expectation, deposit growth was also healthy and most importantly, asset quality trends were stable.
Outlook
We maintain Buy rating with an unchanged SOTP-based PT of Rs. 2,100. The stock is trading at 2.0x/1.7x/1.5x its FY2025E/FY2026E/FY2027E core BV estimates.
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