Company Update : Kotak Mahindra Bank by Motilal Oswal Financial Services Ltd

Business growth healthy; CD ratio increases to 86.7%
CASA ratio declined to 41%
Kotak Mahindra Bank (KMB) released its 1QFY26 business update. Following are the key takeaways:
* Net advances reported strong traction, growing 14% YoY/4.2% QoQ to INR4.45t. (MOFSLe for net advances at 12.4% YoY/2.6% QoQ).
* Deposits (period-end) also remained healthy at 14.6% YoY/2.8% QoQ to INR5.13t. CASA deposits (period-end) declined 2.2% QoQ (up 7.9% YoY). CASA ratio declined to 41% vs 43% in 4QFY25. (MOFSLe for deposits at 14.3% YoY/2.5% QoQ).
* Average deposits grew 12.9% YoY/5% QoQ, while average CASA grew 4.2% YoY/2.1% QoQ.
* KMB’s loan growth remained strong, outpacing system growth and exceeding our expectations, while deposit growth remained healthy and broadly in line with our estimates. As a result, the bank’s CD ratio rose to 86.7% from 85.5% in 4QFY25.
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