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Systematix Research Report
Kotak Mahindra Bank Ltd. reported Q2 FY25 profit after tax of Rs 33.4 billion (-46.5% QoQ, +5% YoY). Notwithstanding the net interest margin decline, operating profit growth (ex-subsidiary dividend in Q1) was a decent number and was led by higher other income and moderate opex growth.
However, asset quality deterioration in older vintages in MFI and credit cards, with 48 bps QoQ worsening in slippage ratio, was the main disappointment resulting in earnings coming below estimate.
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