Company Update : Kotak Mahindra Bank by Motilal Oswal Financial Services Ltd
Advances growth in line; deposits growth disappoints (flat QoQ) CD ratio inches up
CASA ratio declined to 40.3% Kotak Mahindra Bank (KMB) released its 1QFY27 business update. Following are the key takeaways:
* Net advances reported growth of 15.1% YoY/3.2% QoQ to INR5.12t. (in line with MOFSLe of 15.4% YoY/3.5% QoQ).
* Average net advances grew 15% YoY/2.7% QoQ.
* Deposits (period-end) grew 11.7% YoY/0.1% QoQ to INR5.7t. CASA deposits (period-end) declined sharply by 6.7% QoQ (up 10.2% YoY). CASA ratio, thus, declined to 40.3% vs 43.3% in 4QFY26 (miss on MOFSLe of 14.8% YoY/2.9% QoQ).
* Average deposits grew 13.6% YoY/3.8% QoQ, while average CASA grew 13% YoY/2.4% QoQ.
* KMB’s loan growth remained largely in line with MOFSLe, while deposits surprised negatively amid a sharp decline in CASA. As a result, the bank’s CD ratio increased to 89.4% vs 86.6% in 4QFY26.
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