Kotak Mahindra Bank
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Sept 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:
ONE YEAR MCLR AT 8.3% FROM SEPT 16
Further company coverage: KTKM.NS
(([email protected];;))
Sept 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:
ONE YEAR MCLR AT 8.3% FROM SEPT 16
Further company coverage: KTKM.NS
(([email protected];;))
Sept 9 (Reuters) - India's central bank approved ICICI Prudential AMC IICL.NS acquiring an aggregate holding of up to 9.95% in four lenders, including Kotak Mahindra Bank KTKM.NS, parent ICICI Bank said on Wednesday.
Here are more details:
ICICI Prudential AMC can acquire stakes of up to 9.95% in CSB Bank CSBB.NS, DCB Bank DCBA.NS, AU Small Finance Bank AUFI.NS and Kotak.
The Reserve Bank of India's approvals require the asset manager to complete the share purchases within one year, failing which the approvals will lapse.
These standard portfolio investments are passive holdings acquired as part of routine portfolio management rather than for exercising control or influencing the management of a bank.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +91 9558725583;))
Sept 9 (Reuters) - India's central bank approved ICICI Prudential AMC IICL.NS acquiring an aggregate holding of up to 9.95% in four lenders, including Kotak Mahindra Bank KTKM.NS, parent ICICI Bank said on Wednesday.
Here are more details:
ICICI Prudential AMC can acquire stakes of up to 9.95% in CSB Bank CSBB.NS, DCB Bank DCBA.NS, AU Small Finance Bank AUFI.NS and Kotak.
The Reserve Bank of India's approvals require the asset manager to complete the share purchases within one year, failing which the approvals will lapse.
These standard portfolio investments are passive holdings acquired as part of routine portfolio management rather than for exercising control or influencing the management of a bank.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +91 9558725583;))
By Gopika Gopakumar
MUMBAI, Aug 31 (Reuters) - India's Kotak Mahindra Bank KTKM.NS has recommended two internal candidates to succeed Chief Executive Ashok Vaswani when his term ends next year, according to two sources familiar with the matter.
The private lender, India's fourth-largest private bank, has submitted the names of executive directors Anup Saha and Paritosh Kashyap to the Reserve Bank of India for approval, the sources said.
The recommendations represent the first step in choosing a successor to Vaswani, who said he would not seek reappointment when his term ends on December 31, 2026, citing personal reasons.
The appointment will be closely watched as Kotak Mahindra Bank under the leadership of Vaswani had set its sights on becoming India's third-largest private lender by after-tax profit, and the new CEO is expected to accelerate that growth momentum.
India's banking rules require banks to recommend at least two potential candidates for CEO positions. The regulator can either approve one of the names or seek alternatives if they are deemed unsuitable.
Reuters could not ascertain which of the two names was the bank's first choice.
Kotak Mahindra Bank, Saha and Kashyap did not respond to requests for comment.
Vaswani, a former Barclays and Citigroup banker, became CEO on January 1, 2024, succeeding founder Uday Kotak after over two decades. Kotak's family is also the largest shareholder in the bank, owning 26%.
Saha joined Kotak in January this year after leading non-bank lender Bajaj Finance and currently oversees the retail banking business at Kotak. Kashyap is a Kotak veteran who oversees the wholesale banking business.
Shares of Kotak Mahindra Bank had gained 5% over the last five trading sessions.
(Reporting by Gopika Gopakumar, Editing by Louise Heavens)
(([email protected];))
By Gopika Gopakumar
MUMBAI, Aug 31 (Reuters) - India's Kotak Mahindra Bank KTKM.NS has recommended two internal candidates to succeed Chief Executive Ashok Vaswani when his term ends next year, according to two sources familiar with the matter.
The private lender, India's fourth-largest private bank, has submitted the names of executive directors Anup Saha and Paritosh Kashyap to the Reserve Bank of India for approval, the sources said.
The recommendations represent the first step in choosing a successor to Vaswani, who said he would not seek reappointment when his term ends on December 31, 2026, citing personal reasons.
The appointment will be closely watched as Kotak Mahindra Bank under the leadership of Vaswani had set its sights on becoming India's third-largest private lender by after-tax profit, and the new CEO is expected to accelerate that growth momentum.
India's banking rules require banks to recommend at least two potential candidates for CEO positions. The regulator can either approve one of the names or seek alternatives if they are deemed unsuitable.
Reuters could not ascertain which of the two names was the bank's first choice.
Kotak Mahindra Bank, Saha and Kashyap did not respond to requests for comment.
Vaswani, a former Barclays and Citigroup banker, became CEO on January 1, 2024, succeeding founder Uday Kotak after over two decades. Kotak's family is also the largest shareholder in the bank, owning 26%.
Saha joined Kotak in January this year after leading non-bank lender Bajaj Finance and currently oversees the retail banking business at Kotak. Kashyap is a Kotak veteran who oversees the wholesale banking business.
Shares of Kotak Mahindra Bank had gained 5% over the last five trading sessions.
(Reporting by Gopika Gopakumar, Editing by Louise Heavens)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 19 (Reuters) - India's Kotak Mahindra Bank KTKM.NS has accepted bids worth $650 million for its U.S. dollar bonds maturing in five years at a coupon rate 27 basis points lower than the initial price guidance, three bankers said on Wednesday.
Here are a few details:
Kotak Mahindra Bank is the sixth Indian lender to raise dollar funds through sale of bonds under the central bank's discounted swap window
The private lender will pay a coupon of 5.4780%, 108 basis points above U.S. Treasuries
The net proceeds will be used to diversify the bank's funding sources and for general corporate purposes
Indian lenders have raised an aggregate of $6.95 billion since the Reserve Bank of India announced a concessional hedging facility on June 5
ICICI Bank leads the race, followed by Axis Bank; these lenders have raised more than half of the total quantum
Most of the funds raised through these bond issuances would be used for leverage on non-resident deposits
RBI had provided a discounted swap facility to banks for hedging against these deposits, which will close on August 31, a month earlier than planned, leading to a race for raising dollars
(Reporting by Dharamraj Dhutia)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 19 (Reuters) - India's Kotak Mahindra Bank KTKM.NS has accepted bids worth $650 million for its U.S. dollar bonds maturing in five years at a coupon rate 27 basis points lower than the initial price guidance, three bankers said on Wednesday.
Here are a few details:
Kotak Mahindra Bank is the sixth Indian lender to raise dollar funds through sale of bonds under the central bank's discounted swap window
The private lender will pay a coupon of 5.4780%, 108 basis points above U.S. Treasuries
The net proceeds will be used to diversify the bank's funding sources and for general corporate purposes
Indian lenders have raised an aggregate of $6.95 billion since the Reserve Bank of India announced a concessional hedging facility on June 5
ICICI Bank leads the race, followed by Axis Bank; these lenders have raised more than half of the total quantum
Most of the funds raised through these bond issuances would be used for leverage on non-resident deposits
RBI had provided a discounted swap facility to banks for hedging against these deposits, which will close on August 31, a month earlier than planned, leading to a race for raising dollars
(Reporting by Dharamraj Dhutia)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 18 (Reuters) - Four Indian private lenders have fast-tracked plans to raise dollar bonds before the end of August, seeking to take advantage of a central bank swap facility before its early closure, after larger peers ICICI Bank ICBK.NS and Axis Bank AXBK.NS raised more than $1 billion.
Kotak Mahindra Bank KTKM.NS, YES Bank YESB.NS, IDFC First Bank IDFB.NS and Federal Bank FED.NS are together aiming to raise $1.85 billion through bond sales with maturities of up to five years, the bankers added.
Lenders are rushing to raise funds after the Reserve Bank of India last week said it would close a swap facility for FX deposits from non-resident Indians on August 31, a month earlier than planned.
Kotak Bank is leading the race as it has set its final price guidance at 108 basis points above U.S. Treasuries, 22 bps narrower than its initial guidance.
"Kotak Bank should be finalised before the end of this week, leaving the other three lenders scrambling for funds in the last week of August," one of the bankers said.
They all requested anonymity as they are not authorised to speak to the media. None of the banks responded to Reuters emails seeking comment.
YES Bank has appointed merchant bankers for a three-year bond offering, with investor calls scheduled for this week, the bankers said.
This will be the first time the private financier taps the offshore market after defaulting on its perpetual additional tier-1 bonds in 2020.
Federal Bank and IDFC First Bank, which are relatively smaller and are looking to debut in the dollar bond market, have just started scouting the market for investors, the bankers added.
The development comes after ICICI Bank raised $750 million through five-year bonds, 105 bps above Treasuries, while Axis Bank raised $300 million through three-year and three-month dollar bonds at a spread of 95 bps over Treasuries.
Indian banks have collectively raised $6.3 billion since the scheme was implemented on June 5, up from $850 million earlier this year, data from Cbonds showed, notching a record high for any calendar year.
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 18 (Reuters) - Four Indian private lenders have fast-tracked plans to raise dollar bonds before the end of August, seeking to take advantage of a central bank swap facility before its early closure, after larger peers ICICI Bank ICBK.NS and Axis Bank AXBK.NS raised more than $1 billion.
Kotak Mahindra Bank KTKM.NS, YES Bank YESB.NS, IDFC First Bank IDFB.NS and Federal Bank FED.NS are together aiming to raise $1.85 billion through bond sales with maturities of up to five years, the bankers added.
Lenders are rushing to raise funds after the Reserve Bank of India last week said it would close a swap facility for FX deposits from non-resident Indians on August 31, a month earlier than planned.
Kotak Bank is leading the race as it has set its final price guidance at 108 basis points above U.S. Treasuries, 22 bps narrower than its initial guidance.
"Kotak Bank should be finalised before the end of this week, leaving the other three lenders scrambling for funds in the last week of August," one of the bankers said.
They all requested anonymity as they are not authorised to speak to the media. None of the banks responded to Reuters emails seeking comment.
YES Bank has appointed merchant bankers for a three-year bond offering, with investor calls scheduled for this week, the bankers said.
This will be the first time the private financier taps the offshore market after defaulting on its perpetual additional tier-1 bonds in 2020.
Federal Bank and IDFC First Bank, which are relatively smaller and are looking to debut in the dollar bond market, have just started scouting the market for investors, the bankers added.
The development comes after ICICI Bank raised $750 million through five-year bonds, 105 bps above Treasuries, while Axis Bank raised $300 million through three-year and three-month dollar bonds at a spread of 95 bps over Treasuries.
Indian banks have collectively raised $6.3 billion since the scheme was implemented on June 5, up from $850 million earlier this year, data from Cbonds showed, notching a record high for any calendar year.
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 11 (Reuters Breakingviews) - That Indian banks would sport higher book value multiples than their Western peers used to be almost as reliable as the sun coming up in the morning. Even after a lending crisis last decade, the country retained the lead, with $118 billion HDFC Bank HDBK.NS often at the front. Not any longer. A resurgence of players like HSBC HSBA.L and JPMorgan JPM.N as well as the rise of India’s capital markets have both landed blows on the sector. In HDFC’s case, its own governance and margin woes have completed a triple whammy.
The Mumbai-based bank run by Sashidhar Jagdishan currently trades at less than 2 times its estimated book value 12 months from now, per LSEG data. A few years ago, most developed-market peers could only dream of such a level. Now, thanks to resurgent earnings and, in the U.S. at least, a regulatory proposal to cut capital requirements, they sport book multiples most have not worn since the 2008 financial crisis. JPMorgan’s, for example, is now at 2.5 times; the new king of the metric is $206 billion Commonwealth Bank of Australia CBA.AX at 3.7 times.
Meanwhile, many Indian banks are struggling to hoover up low-cost deposits as savers look for higher yields in the stock market. That’s hurting net interest margins, with HDFC’s and Axis Bank's expected to fall again this financial year, per estimates collated by Visible Alpha. Industry-wide bank deposits dropped to around one-third of household financial savings in the 13 years to the end of March 2025, while equity and mutual funds grew sevenfold to over 15%, government data show.
HDFC, though, has also shot itself in the foot. In 2020 the Reserve Bank of India barred it from issuing new credit cards after recurring online shutdowns. A 2023 merger with its mortgage-lender parent failed to live up to its promise. In March its chair resigned citing ethical differences with management. Last month the board fined top executives including Jagdishan for improprieties in deposit pricing while exonerating their actions as "business overreach". The successive crises reflect poorly on Aditya Puri, HDFC's Managing Director and CEO from its inception in 1994 until 2020.
It’s not alone. The $41 billion Kotak Mahindra Bank KTKM.NS trades at 2.5 times forward book value that’s half its 2019 peak, having been beset by a poorly handled leadership transition and business restrictions akin to HDFC's.
Lifting those curbs has done little for either firm’s valuation. Not all the country’s lenders are suffering from valuation blues: $107 billion ICICI Bank ICBK.NS has undergone a successful turnaround and trades at nearly 3 times book. But HDFC’s path back to the top has too many obstacles.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank on July 27 said it would issue warning letters and impose a penalty of 100,000 rupees ($1,045.51) each on CEO Sashidhar Jagdishan, its chief financial officer and its head of retail assets for their role in offering preferential deposit rates to a state agency.
The bank's board concluded that its executives involved in setting deposit rates for the agency had engaged in business overreach, rather than acting for personal gain.
(Editing by Antony Currie; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 11 (Reuters Breakingviews) - That Indian banks would sport higher book value multiples than their Western peers used to be almost as reliable as the sun coming up in the morning. Even after a lending crisis last decade, the country retained the lead, with $118 billion HDFC Bank HDBK.NS often at the front. Not any longer. A resurgence of players like HSBC HSBA.L and JPMorgan JPM.N as well as the rise of India’s capital markets have both landed blows on the sector. In HDFC’s case, its own governance and margin woes have completed a triple whammy.
The Mumbai-based bank run by Sashidhar Jagdishan currently trades at less than 2 times its estimated book value 12 months from now, per LSEG data. A few years ago, most developed-market peers could only dream of such a level. Now, thanks to resurgent earnings and, in the U.S. at least, a regulatory proposal to cut capital requirements, they sport book multiples most have not worn since the 2008 financial crisis. JPMorgan’s, for example, is now at 2.5 times; the new king of the metric is $206 billion Commonwealth Bank of Australia CBA.AX at 3.7 times.
Meanwhile, many Indian banks are struggling to hoover up low-cost deposits as savers look for higher yields in the stock market. That’s hurting net interest margins, with HDFC’s and Axis Bank's expected to fall again this financial year, per estimates collated by Visible Alpha. Industry-wide bank deposits dropped to around one-third of household financial savings in the 13 years to the end of March 2025, while equity and mutual funds grew sevenfold to over 15%, government data show.
HDFC, though, has also shot itself in the foot. In 2020 the Reserve Bank of India barred it from issuing new credit cards after recurring online shutdowns. A 2023 merger with its mortgage-lender parent failed to live up to its promise. In March its chair resigned citing ethical differences with management. Last month the board fined top executives including Jagdishan for improprieties in deposit pricing while exonerating their actions as "business overreach". The successive crises reflect poorly on Aditya Puri, HDFC's Managing Director and CEO from its inception in 1994 until 2020.
It’s not alone. The $41 billion Kotak Mahindra Bank KTKM.NS trades at 2.5 times forward book value that’s half its 2019 peak, having been beset by a poorly handled leadership transition and business restrictions akin to HDFC's.
Lifting those curbs has done little for either firm’s valuation. Not all the country’s lenders are suffering from valuation blues: $107 billion ICICI Bank ICBK.NS has undergone a successful turnaround and trades at nearly 3 times book. But HDFC’s path back to the top has too many obstacles.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank on July 27 said it would issue warning letters and impose a penalty of 100,000 rupees ($1,045.51) each on CEO Sashidhar Jagdishan, its chief financial officer and its head of retail assets for their role in offering preferential deposit rates to a state agency.
The bank's board concluded that its executives involved in setting deposit rates for the agency had engaged in business overreach, rather than acting for personal gain.
(Editing by Antony Currie; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Q1 profit rises 10.2%, beats estimates; loan book grows 18.6%
Domestic NIM expands 7 bps sequentially to 3%
SBI mobilises $6 bln in subsidised foreign currency deposits, targets $10 bln
Adds details on subsidised foreign currency deposits
By Nishit Navin and Ashwin Manikandan
Aug 7 (Reuters) - State Bank of India SBI.NS posted a larger-than-expected quarterly profit on Friday, helped by healthy loan growth, pushing shares as high as 3.6%.
Credit growth has been robust in Asia's third-largest economy as firms borrow due to rising working capital needs and households make a beeline for consumption and gold-backed loans.
The state-run SBI posted a 10.2% rise in net profit to 211.21 billion rupees ($2.22 billion), above analysts' estimates of 191.02 billion rupees, as per data compiled by LSEG.
Its gross loan book grew 18.63% year-on-year, while deposits grew 9.73%. Loan growth at SBI, the country's largest lender, is closely watched as an indicator of broader economic trends.
Across the sector, analysts and investors have also been closely watching bank margins as strong loan growth has coincided with intense competition for deposits at a time when deposit growth has lagged growth in loans.
SBI's domestic net interest margin expanded 7 basis points to 3% from three months ago. Net interest income, the difference between interest earned on loans and paid on deposits, grew nearly 15% year-on-year to 469.92 billion rupees for the quarter ended June 30.
Top lenders such as HDFC Bank HDBK.NS, Axis Bank AXBK.NS and Kotak Mahindra Bank KTKM.NS reported sequential margin declines in the first quarter.
SBI's gross non-performing assets improved to 1.47% of total loans from 1.49% three months earlier and 1.83% a year earlier.
Slippages, or loans that turned bad, stood at 70.46 billion rupees in the June quarter, compared to 55.21 billion rupees the previous quarter and 79.45 billion rupees a year earlier.
SBI's shares trimmed some gains to close 1.1% higher.
SUBSIDISED FOREIGN CURRENCY DEPOSITS FROM NON-RESIDENT
SBI said it has mobilised $6 billion in subsidised foreign currency deposits till now, helped by the Reserve Bank of India's concessional swap facility, and is on track to raise $10 billion.
The RBI introduced the swap facility in June to encourage foreign currency inflows, and banks have raised $36.73 billion through FCNR(B) deposits as of July 31, according to data from the RBI.
($1 = 95.2725 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected];))
Q1 profit rises 10.2%, beats estimates; loan book grows 18.6%
Domestic NIM expands 7 bps sequentially to 3%
SBI mobilises $6 bln in subsidised foreign currency deposits, targets $10 bln
Adds details on subsidised foreign currency deposits
By Nishit Navin and Ashwin Manikandan
Aug 7 (Reuters) - State Bank of India SBI.NS posted a larger-than-expected quarterly profit on Friday, helped by healthy loan growth, pushing shares as high as 3.6%.
Credit growth has been robust in Asia's third-largest economy as firms borrow due to rising working capital needs and households make a beeline for consumption and gold-backed loans.
The state-run SBI posted a 10.2% rise in net profit to 211.21 billion rupees ($2.22 billion), above analysts' estimates of 191.02 billion rupees, as per data compiled by LSEG.
Its gross loan book grew 18.63% year-on-year, while deposits grew 9.73%. Loan growth at SBI, the country's largest lender, is closely watched as an indicator of broader economic trends.
Across the sector, analysts and investors have also been closely watching bank margins as strong loan growth has coincided with intense competition for deposits at a time when deposit growth has lagged growth in loans.
SBI's domestic net interest margin expanded 7 basis points to 3% from three months ago. Net interest income, the difference between interest earned on loans and paid on deposits, grew nearly 15% year-on-year to 469.92 billion rupees for the quarter ended June 30.
Top lenders such as HDFC Bank HDBK.NS, Axis Bank AXBK.NS and Kotak Mahindra Bank KTKM.NS reported sequential margin declines in the first quarter.
SBI's gross non-performing assets improved to 1.47% of total loans from 1.49% three months earlier and 1.83% a year earlier.
Slippages, or loans that turned bad, stood at 70.46 billion rupees in the June quarter, compared to 55.21 billion rupees the previous quarter and 79.45 billion rupees a year earlier.
SBI's shares trimmed some gains to close 1.1% higher.
SUBSIDISED FOREIGN CURRENCY DEPOSITS FROM NON-RESIDENT
SBI said it has mobilised $6 billion in subsidised foreign currency deposits till now, helped by the Reserve Bank of India's concessional swap facility, and is on track to raise $10 billion.
The RBI introduced the swap facility in June to encourage foreign currency inflows, and banks have raised $36.73 billion through FCNR(B) deposits as of July 31, according to data from the RBI.
($1 = 95.2725 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 4 (Reuters Breakingviews) - India's banks may need to take some lessons in layoffs from Wall Street. Staffing levels at HDFC Bank HDBK.NS, ICICI, Axis AXBK.NS and Kotak Mahindra KTKM.NS fell by up to 4% during the 12 months to the end of March after years of increases. It's largely the result of businesses maturing, revenue growth slowing and more tasks getting automated. Goldman Sachs GS.N, Morgan Stanley MS.N and others routinely dump more. But India generally frowns on making people redundant. AI is likely to force its financial services firms – and others – to look past the taboo and embrace deeper cuts.
Western lenders and investment banks tend to slash their ranks when a downturn hits. But some, like Goldman, also oust those performing poorly – as much as 5% of employees – each year. By that metric, their Indian peers are only dabbling. Moreover, natural attrition seems to account for most, if not all, of the reductions.
That does the job for now as the businesses weaken somewhat. Total revenue at $41 billion Axis for the financial year to the end of March grew at nearly a quarter of its pace the previous year, while Kotak's fell slightly. Yet the compensation ratio for both, and for $122 billion HDFC, stayed flat, suggesting the softly-softly downsizing is working, Breakingviews calculates, using data disclosed by the lenders. Increased outsourcing of tasks like loan collection and IT management weighs on headcount too.
The rise of automation, though, whether due to AI or less advanced technology, is likely to increase pressure to reduce staff numbers. A substantial share of new business, for example, now comes from attracting new retail customers digitally, reducing the need to keep expanding and staffing branches. And AI capabilities are making humans increasingly redundant at routine functions like fraud monitoring and data analysis.
At Axis Bank, where staff numbers fell 3%, CEO Amitabh Chaudhry has set targets that include using AI to automate and augment half of its customer calls in the current financial year. HDFC, which reported a 2% workforce reduction, is applying AI to retail credit decisions and trade transactions.
As banks commit to adopting AI across a growing chunk of their operations, more job functions will have to go, though they are likely to find more productive jobs for some. The impact will eventually show up at government-owned lenders like State Bank of India SBI.NS and intensify a slow-burn shrinkage underway there for years.
Their executives are likely to rely on natural attrition, retirements and reduced hiring for as long as possible. But the bigger the impact of AI and the more their businesses mature, the greater the chance that they will have to follow Wall Street's lead by breaking with convention to give more people the boot.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank reported an up to 4% year-on-year fall in their employee counts as of March 31.
In its annual report for the 12 months ended March, released on July 11, HDFC said the number of permanent employees on its rolls stood at 211,178, 2% lower than the level as on March 31, 2025. ICICI's filings show a 4% fall in the metric to 124,029, while Axis and Kotak reported declines of 3% and 1% respectively.
(Editing by Antony Currie; Production by Aditya Srivastav and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 4 (Reuters Breakingviews) - India's banks may need to take some lessons in layoffs from Wall Street. Staffing levels at HDFC Bank HDBK.NS, ICICI, Axis AXBK.NS and Kotak Mahindra KTKM.NS fell by up to 4% during the 12 months to the end of March after years of increases. It's largely the result of businesses maturing, revenue growth slowing and more tasks getting automated. Goldman Sachs GS.N, Morgan Stanley MS.N and others routinely dump more. But India generally frowns on making people redundant. AI is likely to force its financial services firms – and others – to look past the taboo and embrace deeper cuts.
Western lenders and investment banks tend to slash their ranks when a downturn hits. But some, like Goldman, also oust those performing poorly – as much as 5% of employees – each year. By that metric, their Indian peers are only dabbling. Moreover, natural attrition seems to account for most, if not all, of the reductions.
That does the job for now as the businesses weaken somewhat. Total revenue at $41 billion Axis for the financial year to the end of March grew at nearly a quarter of its pace the previous year, while Kotak's fell slightly. Yet the compensation ratio for both, and for $122 billion HDFC, stayed flat, suggesting the softly-softly downsizing is working, Breakingviews calculates, using data disclosed by the lenders. Increased outsourcing of tasks like loan collection and IT management weighs on headcount too.
The rise of automation, though, whether due to AI or less advanced technology, is likely to increase pressure to reduce staff numbers. A substantial share of new business, for example, now comes from attracting new retail customers digitally, reducing the need to keep expanding and staffing branches. And AI capabilities are making humans increasingly redundant at routine functions like fraud monitoring and data analysis.
At Axis Bank, where staff numbers fell 3%, CEO Amitabh Chaudhry has set targets that include using AI to automate and augment half of its customer calls in the current financial year. HDFC, which reported a 2% workforce reduction, is applying AI to retail credit decisions and trade transactions.
As banks commit to adopting AI across a growing chunk of their operations, more job functions will have to go, though they are likely to find more productive jobs for some. The impact will eventually show up at government-owned lenders like State Bank of India SBI.NS and intensify a slow-burn shrinkage underway there for years.
Their executives are likely to rely on natural attrition, retirements and reduced hiring for as long as possible. But the bigger the impact of AI and the more their businesses mature, the greater the chance that they will have to follow Wall Street's lead by breaking with convention to give more people the boot.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank reported an up to 4% year-on-year fall in their employee counts as of March 31.
In its annual report for the 12 months ended March, released on July 11, HDFC said the number of permanent employees on its rolls stood at 211,178, 2% lower than the level as on March 31, 2025. ICICI's filings show a 4% fall in the metric to 124,029, while Axis and Kotak reported declines of 3% and 1% respectively.
(Editing by Antony Currie; Production by Aditya Srivastav and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
July 30 (Reuters) - India's Kotak Investment Banking said on Thursday it had elevated Deputy Chief Executives V. Jayasankar and Sourav Mallik to co-CEOs and managing directors, effective August 1.
Here are some details:
The company, a unit of Kotak Mahindra Bank KTKM.NS, also named Ramesh Srinivasan as non-executive vice chairman of the board for a three-year term, effective August 1.
The leadership changes are aimed at ensuring continuity and supporting the firm's next phase of growth, it said.
Kotak Investment Banking advises companies on mergers and acquisitions, capital-raising transactions, initial public offerings and debt issuances.
(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9558725583;))
July 30 (Reuters) - India's Kotak Investment Banking said on Thursday it had elevated Deputy Chief Executives V. Jayasankar and Sourav Mallik to co-CEOs and managing directors, effective August 1.
Here are some details:
The company, a unit of Kotak Mahindra Bank KTKM.NS, also named Ramesh Srinivasan as non-executive vice chairman of the board for a three-year term, effective August 1.
The leadership changes are aimed at ensuring continuity and supporting the firm's next phase of growth, it said.
Kotak Investment Banking advises companies on mergers and acquisitions, capital-raising transactions, initial public offerings and debt issuances.
(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9558725583;))
Adds graphic
By Kashish Tandon
July 20 (Reuters) - Indian banks slid on Monday, led by a more than 5% drop in top private lender HDFC Bank HDBK.NS, as weaker-than-expected lending margin raised concerns about profitability.
Private lenders HDFC Bank, ICICI Bank ICBK.NS , Axis Bank AXBK.NS and Kotak Mahindra Bank KTKM.NS reported their June quarter results over the weekend, with loan growth strong, but margins under pressure amid greater competition and higher funding costs.
India's private bank shares .NIFPVTBNK slid 2.3%, financials .NIFTYFIN declined 1.2% and the Nifty banks index .NSEBANK fell 1%. The broader Nifty 50 .NSEI inched 0.4% lower.
"HDFC Bank was relatively weaker" among major private lenders this quarter, Jefferies said, noting that its push into faster-growing corporate loans came at the cost of margins.
The lender's net interest margin, a key gauge of profitability, stood at 3.26%, below the 4% level before its merger with parent HDFC in 2023.
Citi trimmed its fiscal 2028 earnings estimates for HDFC Bank by 1%-2% on softer fee income and weaker-than-expected net interest income.
"While margins were expected to contract this quarter, those of HDFC and Axis disappointed as they dropped more than expected and that can be seen in the market reaction as well," said Anand Dama, executive director and head of BFSI at Nuvama Institutional Equities.
"Meanwhile, ICICI Bank and Federal Bank were outliers as their results were a positive surprise," Dama said.
Investec downgraded HDFC Bank to "hold" from "buy" while Bernstein upgraded ICICI Bank to "outperform" from "neutral".
ICICI Bank, which analysts described as the sector's strongest performer, rose 1.1% after an earnings beat and was the top gainer on the private bank index. Federal Bank FED.NS ended 0.5% higher.
Loan growth among major private banks remained in the 15%-20% range during the quarter, according to Jefferies.
Axis Bank AXBK.NS dropped 5.5% and Kotak Mahindra Bank KTKM.NS declined 2% after posting results that were in line with estimates.
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; 8800437922;))
Adds graphic
By Kashish Tandon
July 20 (Reuters) - Indian banks slid on Monday, led by a more than 5% drop in top private lender HDFC Bank HDBK.NS, as weaker-than-expected lending margin raised concerns about profitability.
Private lenders HDFC Bank, ICICI Bank ICBK.NS , Axis Bank AXBK.NS and Kotak Mahindra Bank KTKM.NS reported their June quarter results over the weekend, with loan growth strong, but margins under pressure amid greater competition and higher funding costs.
India's private bank shares .NIFPVTBNK slid 2.3%, financials .NIFTYFIN declined 1.2% and the Nifty banks index .NSEBANK fell 1%. The broader Nifty 50 .NSEI inched 0.4% lower.
"HDFC Bank was relatively weaker" among major private lenders this quarter, Jefferies said, noting that its push into faster-growing corporate loans came at the cost of margins.
The lender's net interest margin, a key gauge of profitability, stood at 3.26%, below the 4% level before its merger with parent HDFC in 2023.
Citi trimmed its fiscal 2028 earnings estimates for HDFC Bank by 1%-2% on softer fee income and weaker-than-expected net interest income.
"While margins were expected to contract this quarter, those of HDFC and Axis disappointed as they dropped more than expected and that can be seen in the market reaction as well," said Anand Dama, executive director and head of BFSI at Nuvama Institutional Equities.
"Meanwhile, ICICI Bank and Federal Bank were outliers as their results were a positive surprise," Dama said.
Investec downgraded HDFC Bank to "hold" from "buy" while Bernstein upgraded ICICI Bank to "outperform" from "neutral".
ICICI Bank, which analysts described as the sector's strongest performer, rose 1.1% after an earnings beat and was the top gainer on the private bank index. Federal Bank FED.NS ended 0.5% higher.
Loan growth among major private banks remained in the 15%-20% range during the quarter, according to Jefferies.
Axis Bank AXBK.NS dropped 5.5% and Kotak Mahindra Bank KTKM.NS declined 2% after posting results that were in line with estimates.
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; 8800437922;))
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)
(([email protected];))
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)
(([email protected];))
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
(([email protected];;))
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
(([email protected];;))
** 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)
** 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)
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
(([email protected];))
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
(([email protected];))
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)
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)
Updates with price in second paragraph
FRANKFURT, June 30 (Reuters) - Deutsche Bank DBKGn.DE said on Tuesday that Kotak Mahindra Bank KTKM.NS would acquire its retail banking and wealth management business in India, as the German bank aims to streamline operations and redeploy capital.
Kotak Mahindra said the price was around $30 million.
The business with around 1,000 employees comprises around €2.7 billion ($3 billion) in loans and serves 150,000 customers, Deutsche Bank said.
The exit "represents a further step in simplifying our business and focusing on our strengths as we further enhance our profitability", said Deutsche Bank board member Claudio de Sanctis.
Reuters reported last year that Deutsche Bank was seeking bids from domestic and foreign lenders in the country.
Despite a rising number of wealthy individuals in India, one of the world's fastest-growing economies, foreign banks have struggled to boost revenues due to stiff competition from local players and regulatory limitations.
Ashok Vaswani, managing director and CEO of Kotak Mahindra, said the acquisition was a "strong strategic fit".
($1 = 0.8778 euros)
(Reporting by Tom Sims, editing by Miranda Murray and Thomas Seythal)
Updates with price in second paragraph
FRANKFURT, June 30 (Reuters) - Deutsche Bank DBKGn.DE said on Tuesday that Kotak Mahindra Bank KTKM.NS would acquire its retail banking and wealth management business in India, as the German bank aims to streamline operations and redeploy capital.
Kotak Mahindra said the price was around $30 million.
The business with around 1,000 employees comprises around €2.7 billion ($3 billion) in loans and serves 150,000 customers, Deutsche Bank said.
The exit "represents a further step in simplifying our business and focusing on our strengths as we further enhance our profitability", said Deutsche Bank board member Claudio de Sanctis.
Reuters reported last year that Deutsche Bank was seeking bids from domestic and foreign lenders in the country.
Despite a rising number of wealthy individuals in India, one of the world's fastest-growing economies, foreign banks have struggled to boost revenues due to stiff competition from local players and regulatory limitations.
Ashok Vaswani, managing director and CEO of Kotak Mahindra, said the acquisition was a "strong strategic fit".
($1 = 0.8778 euros)
(Reporting by Tom Sims, editing by Miranda Murray and Thomas Seythal)
** 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)
** 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)
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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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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June 27 (Reuters) - India's fourth largest private lender Kotak Mahindra Bank KTKM.NS said on Saturday its CEO and managing director, Ashok Vaswani, will not seek reappointment after the end of his term on December 31, 2026 for personal reasons.
The board has started the process of appointing a new CEO, the bank said in an exchange filing.
(Reporting by Rishika Sadam in Hyderabad; Editing by Andrew Heavens)
(([email protected];))
June 27 (Reuters) - India's fourth largest private lender Kotak Mahindra Bank KTKM.NS said on Saturday its CEO and managing director, Ashok Vaswani, will not seek reappointment after the end of his term on December 31, 2026 for personal reasons.
The board has started the process of appointing a new CEO, the bank said in an exchange filing.
(Reporting by Rishika Sadam in Hyderabad; Editing by Andrew Heavens)
(([email protected];))
Kotak aims to become India's third-largest private lender by after-tax profit
Its capital adequacy ratio stands at 23% versus the regulatory minimum of 9%
Vaswani said talks to acquire Deutsche Bank's India retail business remain in the works
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)
(([email protected];))
Kotak aims to become India's third-largest private lender by after-tax profit
Its capital adequacy ratio stands at 23% versus the regulatory minimum of 9%
Vaswani said talks to acquire Deutsche Bank's India retail business remain in the works
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)
(([email protected];))
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | five years and 1 month | 8.28 | 5.5+1.5 | May 26 | AAA(Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 95.3675 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | five years and 1 month | 8.28 | 5.5+1.5 | May 26 | AAA(Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 95.3675 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
May 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:
ONE YEAR MCLR AT 8.4% FROM MAY 16
Further company coverage: KTKM.NS
(([email protected];;))
May 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:
ONE YEAR MCLR AT 8.4% FROM MAY 16
Further company coverage: KTKM.NS
(([email protected];;))
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | 4 years and 11 months | 8 | 5 | May 12 | AAA(Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 95.5425 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | 4 years and 11 months | 8 | 5 | May 12 | AAA(Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 95.5425 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
May 7 (Reuters) - AU Small Finance Bank Ltd AUFI.NS:
AU SMALL FINANCE BANK LTD - RBI APPROVES KOTAK MAHINDRA BANK TO BUY UP TO 9.99% IN AU SFB
Source text: ID:nBSE2TJsq3
Further company coverage: AUFI.NS
(([email protected];))
May 7 (Reuters) - AU Small Finance Bank Ltd AUFI.NS:
AU SMALL FINANCE BANK LTD - RBI APPROVES KOTAK MAHINDRA BANK TO BUY UP TO 9.99% IN AU SFB
Source text: ID:nBSE2TJsq3
Further company coverage: AUFI.NS
(([email protected];))
- RBI cleared HDFC Bank, as promoter-sponsor for its group entities, to lift aggregate stakes in ICICI Bank, Kotak Mahindra Bank up to 9.95% each.
- Approval runs for one year through May 5, 2027, subject to the 9.95% cap at all times.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HDFC Bank Limited published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: X2SX3HK6Z547D30Z) on May 06, 2026, and is solely responsible for the information contained therein.
- RBI cleared HDFC Bank, as promoter-sponsor for its group entities, to lift aggregate stakes in ICICI Bank, Kotak Mahindra Bank up to 9.95% each.
- Approval runs for one year through May 5, 2027, subject to the 9.95% cap at all times.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HDFC Bank Limited published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: X2SX3HK6Z547D30Z) on May 06, 2026, and is solely responsible for the information contained therein.
** 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)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** 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)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
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)
(([email protected];))
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)
(([email protected];))
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | 3 years and 2 months | 7.74 | 7 | April 23 | AAA (Crisil, Care) |
Triumph Composites | 5 years | 10.50 (quarterly) | 12.56 | April 24 | AA- (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.0712 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)
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:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Kotak Mahindra Prime | 3 years and 2 months | 7.74 | 7 | April 23 | AAA (Crisil, Care) |
Triumph Composites | 5 years | 10.50 (quarterly) | 12.56 | April 24 | AA- (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.0712 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)
** 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)
(([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)
(([email protected];))
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Popular questions
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What does Kotak Mahindra Bank do?
Kotak Mahindra Bank offers a wide suite of products including Savings and Current Accounts, Term Deposits, Home Loans and Loans Against Property, Personal Loans, Consumer Finance, Business Banking, Credit Cards, Priority Banking, Small Business Loans, Private Banking, Rural Housing, Business Loans and FASTags.
Who are the competitors of Kotak Mahindra Bank?
Kotak Mahindra Bank major competitors are Axis Bank, Federal Bank, AU Small Fin. Bank, Indusind Bank, Yes Bank, IDFC First Bank, RBL Bank. Market Cap of Kotak Mahindra Bank is ₹4,12,728 Crs. While the median market cap of its peers are ₹73,633 Crs.
Is Kotak Mahindra Bank financially stable compared to its competitors?
Kotak Mahindra Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Kotak Mahindra Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Kotak Mahindra Bank latest dividend payout ratio is 3.35% and 3yr average dividend payout ratio is 2.6%
How has Kotak Mahindra Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is Kotak Mahindra Bank balance sheet?
Latest balance sheet of Kotak Mahindra Bank is strong. Strength was visible historically as well.
Is the profitablity of Kotak Mahindra Bank improving?
The profit is oscillating. The profit of Kotak Mahindra Bank is ₹20,239 Crs for TTM, ₹19,288 Crs for Mar 2026 and ₹22,126 Crs for Mar 2025.
Is Kotak Mahindra Bank stock expensive?
Kotak Mahindra Bank is not expensive. Latest PE of Kotak Mahindra Bank is 20.44 while 3 year average PE is 22.13. Also latest Price to Book of Kotak Mahindra Bank is 2.29 while 3yr average is 2.9.
Has the share price of Kotak Mahindra Bank grown faster than its competition?
Kotak Mahindra Bank has given better returns compared to its competitors. Kotak Mahindra Bank has grown at ~8.5% over the last 9yrs while peers have grown at a median rate of 4.02%
Is the promoter bullish about Kotak Mahindra Bank?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Kotak Mahindra Bank is 25.87% and last quarter promoter holding is 25.87%.
Are mutual funds buying/selling Kotak Mahindra Bank?
The mutual fund holding of Kotak Mahindra Bank is increasing. The current mutual fund holding in Kotak Mahindra Bank is 24.5% while previous quarter holding is 23.57%.