Kotak Mahindra Bank

** Shares of Kotak Mahindra Bank KTKM.NS fall 2% to 382 rupees

** Among top pct losers on Nifty Bank index .NSEBANK, which is down 1.4%

** Co on Saturday reported Q1 net profit up 26% y/y, net interest income up 9% y/y; net interest margin (NIM) fell to 4.53% from 4.67% last quarter

** Nomura ("buy", PT 460 rupees) flags NIM decline and soft growth in net interest income; says PAT beat due to lower operating expenses, credit costs

** Citi ("buy") cuts PT to 465 rupees from 485 rupees; cuts fiscal 2027 and 2028 earnings estimates by 1-2%

** KTKM on avg rated "buy" by 38 analysts; median PT 462.5 rupees - LSEG-compiled data

** YTD, stock down about 13% vs .NSEBANK down 3.2%

(Reporting by Abhirami G in Bengaluru)

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By Gopika Gopakumar

MUMBAI, July 18 (Reuters) - India's Kotak Mahindra Bank KTKM.NS reported on Saturday a jump in first-quarter profit that beat estimates, supported by strong loan growth and lower provisions for potential bad loans.

The country's fourth-largest private lender's standalone net profit rose 26% to 41.23 billion rupees ($428.23 million) for the quarter ended June 30 from last year. Analysts had expected a profit of 37.37 billion rupees, according to data compiled by LSEG.

The results come after CEO Ashok Vaswani said in June he would step down at the end of his term in December. The bank is in the midst of finding his replacement.

Indian banks have seen a pickup in loan growth since April, with demand for personal credit and loans against gold rising. Small businesses have also stepped up borrowing, in part backed by government default guarantees made available amid disruptions caused by the Iran war.

Earlier in the day, Indian private lender Axis Bank AXBK.NS posted a higher-than-expected profit for the first quarter as core interest income improved and provisions fell.

Kotak Mahindra Bank's net advances expanded 15% in the reporting quarter from a year earlier, mainly driven by retail and corporate loans. Total deposits rose 12%.

Kotak's net interest income — the difference between interest earned on loans and interest paid on deposits — rose 9% ​to 79.28 billion rupees.

Provisions and contingencies rose 30% quarter-on-quarter but fell 42% year-on-year to 7.64 billion rupees.

The lender's gross non-performing asset ratio fell to 1.18% at the end of June, from 1.2% in the year-ago quarter.

($1 = 96.2800 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Harikrishnan Nair and Muralikumar Anantharaman)

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July 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - ONE YEAR MCLR AT 8.45% EFFECTIVE JULY 16

Source text: [ID:]

Further company coverage: KTKM.NS

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** Shares of Kotak Mahindra Bank KTKM.NS slip 3.3% to 383.80 rupees

** Lender reports 15.1% Y/Y loan growth in Q1, with deposits climbing 11.7% Y/Y

** Advances climb 3.2% sequentiallyy, while deposit growth remains flat on Q/Q basis; CASA deposits drop 6.7% Y/Y

** ICICI Direct analysts say muted sequential deposit growth coupled with the decline in CASA balances could keep up the pressure on the bank's funding mix and margins in the near term

** Avg rating of 38 analysts on KTKM at "buy"; median PT is 470 rupees - LSEG-compiled data

** YTD, stock down ~13% vs 2.1% drop in banks index .NSEBANK

(Reporting by Kashish Tandon in Bengaluru)

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July 2 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - ASSIGNED KOTAK MAHINDRA INVESTMENTS LOAN PORTFOLIO OF 95.88 BILLION RUPEES AS OF JULY 1, 2026

Source text: ID:nBSE6tkvLs

Further company coverage: KTKM.NS

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July 1 (Reuters) - ** Shares of Kotak Mahindra Bank KTKM.NS close 2.1% higher at 400.45 rupees

** Deutsche Bank DBKGn.DE says KTKM will acquire its retail banking and wealth management business in India

** Deal for 2.82 billion rupees ($29.67 million)

ANALYSTS SEE STRATEGIC FIT, FLAG SCALE LIMITATIONS

** Citi ("Buy"; PT: ₹485) says deal strategically coherent, consistent with objective of building scaled, customer-centric affluent and SME banking franchise

** Believes cross-sell potential substantial as Kotak's product suite addresses white spaces for Deutsche Bank customers

** Flags customer attrition during transition phase, execution of integration and regulatory timelines as key things to monitor

** CLSA ("Outperform"; ₹392.95) calls acquisition "decent" since no additional equity/debt capital required; estimates adds 6% to KTKM loan book

* HSBC ("Buy"; PT: ₹460) says larger acquisition required to boost strategic positioning, improve low ROE, help balance sheet growth and create new customer footprints

** Brokerage believes a post-merger Kotak's balance sheet will grow 15%-18% YoY, with growth diluting the acquisition's impact.

** Jefferies ("Buy"; PT: ₹450) says while deal looks accretive, comes days after KTKM CEO chose not to renew term, which remains key overhang

($1 = 95.0450 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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June 30 (Reuters) - DEUTSCHE BANK AG DBKGn.DE:

• KOTAK MAHINDRA BANK TO ACQUIRE DEUTSCHE BANK'S RETAIL BANKING, PRIVATE BANKING AND WEALTH MANAGEMENT BUSINESS IN INDIA

• CLOSING, INCLUDING ONBOARDING OF CUSTOMER RELATIONSHIPS, EMPLOYEES AND ASSOCIATED PRODUCTS, IS EXPECTED BY SEPTEMBER 2027

• AT CLOSING, TRANSACTION IS EXPECTED TO BE ROE ACCRETIVE FOR KOTAK BANK AND CET1 ACCRETIVE FOR DEUTSCHE BANK

Further company coverage: [DBKGn.DE]

(Gdansk Newsroom)

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** Shares of Kotak Mahindra Bank KTKM.NS drop 2.4% at 398.85 rupees

** Lender's CEO, MD Ashok Vaswani says he will not seek reappointment after his term ends on December 31

** Analysts say the departure introduces near-term uncertainty, even as the bank's underlying fundamentals remain intact

** Jefferies calls the move another "surprise" for investors and warns that a succession process that could take up to six months, including the evaluation of external candidates, may create an overhang on the stock

** Morgan Stanley says the development "creates some near-term uncertainty" but does not alter the lender's fundamentals

** Citi describes it as a "sentiment-driven uncertainty rather than a fundamental risk"

** YTD, stock down 9.5% vs banks index's .NSEBANK 2.6% drop and Nifty 50's .NSEI 7.9% drop

(Reporting by Kashish Tandon in Bengaluru)

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Kotak Mahindra Bank’s Managing Director and CEO Ashok Vaswani has informed the board that he does not wish to seek reappointment when his term ends on December 31, 2026. The bank said Vaswani cited personal reasons for his decision, which came to the board at its meeting on June 27. The board has accepted his decision and initiated the process to identify a new MD and CEO, which it aims to complete within regulatory timelines. Vaswani took charge as MD and CEO in January 2024, succeeding Uday Kotak, and his announcement removes the expectation of continuity beyond 2026.

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Adds analyst quote in 5,6, CEO's quote in 8,9. Shares closing in para 10

By Gopika Gopakumar and Rishika Sadam

June 27 (Reuters) - Kotak Mahindra Bank KTKM.NS said on Saturday its CEO and managing director, Ashok Vaswani, will not seek reappointment after his term ends on December 31, 2026 for personal reasons, prompting India's fourth-largest private lender to begin a search for a successor.

The bank said the process will be completed within applicable regulatory timelines. Vaswani, a former Barclays and Citigroup banker, took charge as CEO on 1 January, 2024.

The succession process comes as Kotak Mahindra Bank emerges from a period of regulatory scrutiny and looks to accelerate growth. The bank is aiming to become India's third-largest private lender by after-tax profit, Vaswani told Reuters earlier this month.

His resignation adds another bank to the list of large lenders with management uncertainty and could lead to a correction in the stock, Executive Director Anand Dama from market research firm Nuvama Institutional Equities said.

"Vaswani served for just one term and hopefully a credible long-term replacement, either internally or externally, should ease the concerns and then the stock should track its fundamentals," he said.

Kotak Mahindra reported a 13% rise in its net profit to 40.27 billion rupees in the fourth-quarter of 2025-26, helped by stronger lending growth and lower provisions.

In an internal letter to employees, seen by Reuters, Vaswani said he would work with the chairman and the board, calling the six months ahead "some of the most important months in Kotak's journey."

The bank's shares closed at 409 rupees on Thursday.

(Reporting by Gopika Gopakumar and Ashwin Manikandan in Mumbai; Writing by Rishika Sadam, Editing by Andrew Heavens, Alexandra Hudson)

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By Ashwin Manikandan, Gopika Gopakumar and Ira Dugal

MUMBAI, June 23 (Reuters) - Kotak Mahindra Bank KTKM.NS is looking for acquisitions, including loan portfolios, while further expanding into alternative assets and other non-banking businesses, its chief executive said, as the Indian lender looks to deploy excess capital to drive growth.

Founded by billionaire Uday Kotak, it aims to become India's third-largest private lender by after-tax profit, CEO Ashok Vaswani told Reuters in an interview on Monday afternoon.

"I have very high ambitions," Vaswani said. He said he was interested in "both organic and inorganic" growth when the right opportunity came along. He declined to give a number for a potential acquisition size.

Kotak Mahindra ranks behind HDFC Bank, ICICI Bank and Axis Bank among India's private sector lenders in terms of after-tax profit.

It had initially expressed interest in buying a stake in government-owned IDBI Bank but later exited the process over concerns about high valuations. It has also been in discussions to acquire Deutsche Bank's India retail business. Those talks remain "in the works," Vaswani said, without giving details.

It acquired Standard Chartered's personal loan portfolio in India in 2025 and micro lender Sonata Finance in 2023.

It will continue to target alternative assets as long as strong returns remain on offer, he said.

The bank, which has an investment in commodity exchange MCX, is looking for other opportunities in infrastructure that underpins financial markets.

"We really, really like financial markets infrastructure," Vaswani said. "I'm very interested in that space."

The pressure to deploy funds comes as its surplus capital drags down the return on capital, a key profitability measure. Its capital adequacy ratio is 23%, above the regulatory minimum of 9% and the 16% to 19% for the country's top three private banks.

Vaswani expects to expand the loan book at a faster pace than the overall banking industry by focusing on affluent customers and what he called "core India", including the country's middle class and small businesses.

TECH, AI TO CURB HIRING GROWTH

While the lender faced regulatory curbs between 2024 and 2025 due to IT infrastructure lapses, it is now spending about 13% of its operating expenses on technology.

This level of spending will continue as the bank invests in cybersecurity and pushes to improve efficiency by using AI.

Kotak has expanded its balance sheet by over 17% over the past year without increasing overall headcount, Vaswani said.

While hiring will continue, workforce growth will be "far smaller" than balance-sheet growth, he said.

($1 = 94.6775 Indian rupees)

(Reporting by Ashwin Manikandan, Gopika Gopakumar and Ira Dugal in Mumbai; Editing by David Dolan)

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MUMBAI, May 25 (Reuters) - India's Kotak Mahindra Prime is planning to raise up to 7 billion rupees ($73.40 million), including a greenshoe option of 1.5 billion rupees, through sale of bonds maturing in five years and one month, three bankers said on Monday.

It will pay a coupon of 8.28% and has invited commitment bids for the issue on Tuesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 25:

* Size includes base plus greenshoe for some issues

($1 = 95.3675 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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May 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• ONE YEAR MCLR AT 8.4% FROM MAY 16

Further company coverage: KTKM.NS

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MUMBAI, May 13 (Reuters) - India's Kotak Mahindra Prime [RIC:RIC:KTKMP.UL] has accepted bids worth 5 billion rupees ($52.33 million) in a sale of bonds maturing in four years and 11 months, three bankers said on Wednesday.

The company will pay a coupon of 8%, and had invited commitment bids for the issue on Tuesday, they said.

It did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 13:

* Size includes base plus greenshoe for some issues

($1 = 95.5425 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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May 7 (Reuters) - Jammu and Kashmir Bank Ltd JKBK.NS:

• RBI APPROVAL TO KOTAK MAHINDRA BANK FOR ACQUIRING AGGREGATE HOLDING UP TO 9.99% IN JAMMU AND KASHMIR BANK

Source text: ID:nNSE6wPSVX

Further company coverage: JKBK.NS

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May 6 (Reuters) - HDFC Bank Ltd HDBK.NS:

• RBI APPROVES HDFC BANK GROUP TO BUY UP TO 9.95% IN ICICI AND KOTAK

Source text: ID:nNSE96X61r

Further company coverage: HDBK.NS

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** Kotak Mahindra Bank KTKM.NS shares fall about 2% to 347.60 rupees

** Bank reported 13.4% y/y Q4 net profit rise, supported by lower provisions and improved asset quality

** However, net interest margin (NIM) was 4.67% vs 4.97% a year ago

MARGIN OUTLOOK, GROWTH MIX WEIGH ON SENTIMENT

** Jefferies ("Buy"; TP: 450 rupees) says profit beat estimates but weaker margin outlook due to rising deposit costs led to earnings cuts

** Nomura ("Buy"; TP: 460 rupees) says cost pressures likely to drag profitability in FY27

** Systematix ("Buy"; TP: 475 rupees) also flags continued pressure on margins into FY27 as higher term deposit rates lift funding costs

** Elara Securities ("Buy"; TP: 473 rupees) says pricing pressures and margin risks warrant a cautious outlook

($1 = 94.8425 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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Mumbai, May 2 (Reuters) - India's Kotak Mahindra Bank KTKM.NS reported a jump in fourth-quarter profit that beat estimates on Saturday, supported by strong loan growth and lower provisions for potential bad loans.

The country's third-largest private lender's standalone net profit rose 13% to 40.27 billion rupees for the quarter ended March 31 from last year. Analysts had expected a profit of 37.37 billion rupees, according to data compiled by LSEG.

Loan demand in India gained momentum in the second half of the fiscal year ended in March ​as easing inflation and lower taxes supported household spending and corporate borrowing.

The lender's net advances expanded 16% in the quarter from a year earlier, mainly driven by retail and corporate loans. Total deposits rose by 15%.

Last month, larger peers HDFC Bank HDBK.NS and ICICI Bank ICBK.NS beat profit views aided by strong loan growth.

Net interest income – the difference between interest earned on loans and interest paid on deposits - rose 8% ​to 78.76 billion rupees.

Provisions and contingencies fell 36% quarter-on-quarter and 43% year-on-year to 5.16 billion rupees.

The lender's gross non-performing asset ratio fell to 1.2% at the end of March, from 1.42% in the year-ago quarter.

(Reporting by Ashwin Manikandan, Jayshree P Upadhyay in Mumbai and Nishit Navin in Bangalore; Editing by Harikrishnan Nair and Peter Graff)

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MUMBAI, April 23 (Reuters) - India's Kotak Mahindra Prime accepted bids worth 7 billion rupees ($74.41 million) in a sale of bonds maturing in three years and two months, three bankers said on Thursday.

It will pay an annual coupon of 7.74% and has invited commitment bids for the issue on Thursday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 23:

*Size includes base plus greenshoe for some issues

($1 = 94.0712 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected], [email protected]))

** Kotak Mahindra Bank KTKM.NS falls 2.2% to 350.10 rupees

** Private lender's net advances, total deposits rise 16.2% and 5.5% y/y as of March 31 2026, respectively

** Citi says loan growth slowing slightly vs last quarter, but still tracking longer-term trend

** Adds although deposits grew well, led by current and savings accounts, it still slightly lagged peers

** Stock rated "buy" on avg; median PT is 495 rupees, per data compiled by LSEG

** YTD, KTKM down ~20%

(Reporting by Urvi Dugar in Bengaluru)

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March 24 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KMIL TO STOP NEW LOAN SANCTIONING FROM APRIL 1, 2026; TO SERVICE EXISTING FACILITIES

• BUSINESS ACTIVITIES OF KOTAK MAHINDRA INVESTMENTS WILL BE CONDUCTED DEPARTMENTALLY WITHIN BANK

Source text: ID:nNSE9ClvtM

Further company coverage: KTKM.NS

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March 23 (Reuters) - India's Kotak Mahindra Bank is set to acquire Deutsche Bank's India retail business in a deal estimated at about 45 billion rupees ($480.3 million), the Economic Times reported on Monday, citing multiple people familiar with the matter.

Kotak KTKM.NS was chosen as the preferred bidder over Federal Bank FED.NS, the newspaper said, adding that the deal could be announced as early as next week and that the final price may be adjusted at closing.

Deutsche Bank DBKGn.DE and Kotak Mahindra Bank did not immediately respond to Reuters' requests for comment.

In 2022, Citi sold its credit card and retail businesses for more than $1 billion as it exited certain global consumer units over shrinking market share. Last year, Standard Chartered sold its India personal loan portfolio of $488 million to Kotak Mahindra Bank.

Deutsche Bank wants to exit its India retail banking operations, which spans 17 branches, sources told Reuters last year.

The lender's retail banking revenue in India for the financial year ended March 31, 2025 stood at $278.3 million, per its disclosures.

($1 = 93.6850 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sumana Nandy)

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March 21 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - KMCC TO SELL PART OF INFINA STAKE FOR RS. 12.94 BILLION

Source text: ID:nBSE9vqmbP

Further company coverage: KTKM.NS

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MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to public.

Reliance did not respond to Reuters queries.

Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee and Joe Bavier)

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March 17 (Reuters) - GNG Electronics Ltd GNGL.NS:

• ENTERS SUPPLEMENTAL AGREEMENT WITH KOTAK MAHINDRA BANK ON MARCH 16, 2026

• SIZE OF AGREEMENT IS 750 MILLION RUPEES

Source text: ID:nNSE81nF4r

Further company coverage: GNGL.NS

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-- Source link: https://tinyurl.com/3bd4mymn

-- Note: Reuters has not verified this story and does not vouch for its accuracy

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Recasts throughout, changes sourcing

March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.

The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.

India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.

Bloomberg News reported the development first.

The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.

IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.

Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.

Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.

(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)

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March 6 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• RBI APPROVED APPOINTMENT OF ANUP KUMAR SAHA ON BOARD OF BANK

Further company coverage: KTKM.NS

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MUMBAI, Feb 13 (Reuters) - India's western state of Gujarat has appointed veteran banker Uday Kotak as the chairman of GIFT City, replacing former bureaucrat Hasmukh Adhia, according to a notice by the state government.

Gujarat International Finance Tec-City, or GIFT City, offers easier tax rules and regulations as it seeks to attract global capital to compete with financial centres such as Singapore and Dubai.

Earlier this month, India's federal government doubled the tax holiday for businesses establishing operations in GIFT City to 20 years.

Uday Kotak is the largest shareholder in India's Kotak Mahindra Bank and his financial empire includes an alternative investment business, asset management and insurance, among others.

(Reporting by Sumit Khanna in Ahmedabad and Jayshree Upadhyay in Mumbai; Editing by Shilpi Majumdar)

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Adds details from government spokesperson and holdings from paragraph 3

Feb 7 (Reuters) - India's Kotak Mahindra Bank KTKM.NS said in an exchange filing on Saturday that it has not submitted a financial bid for IDBI Bank IDBI.NS.

Reuters on Friday reported that the private lender was one of the bidders for the state-owned bank.

The government has received bids for the bank, Divestment Secretary Arunish Chawla said on Friday, without disclosing details.

The Indian government and state-owned Life Insurance Corporation of India (LIC) (LIFI.NS) together plan to sell 60.7% of the lender as part of a broader government privatisation programme. The government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

(Reporting by Sai Ishwarbharath B; Editing by Sam Holmes)