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Last Updated : May 03, 2019 04:03 PM IST | Source: Moneycontrol.com

Hold Kotak Mahindra Bank; target of Rs 1500: ICICI Direct

ICICI Direct recommended hold rating on Kotak Mahindra Bank with a target price of Rs 1500 in its research report dated May 02, 2019.

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ICICI Direct's research report on Kotak Mahindra Bank


Kotak Mahindra Bank reported a healthy operational performance with PPP at Rs 2282 crore, up 13.1% YoY, on back of healthy NII growth & strong core fee income. Net interest income (NII) on back of healthy credit growth of ~21% YoY & improvement of 13 bps YoY in margins of 4.48% came in at Rs 3048 crore, up 18.1% YoY. Other income grew at ~10% YoY at Rs 1270 crore led by strong growth of ~14% YoY in core fee income. Controlled operational expenditure & lower provisions (led by write back in investment provisions) led to strong earnings growth of 25.2% YoY at ~Rs 1408 crore.


Outlook


We maintain our HOLD rating with revised SoTP target of Rs 1500 (earlier Rs 1400) led by insurance (EV Rs7300 crore) and AMC upgrade. Hearing of case between bank and RBI postponed to January 2020 still remains an overhang.


For all recommendations report, click here


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First Published on May 3, 2019 04:03 pm
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