Kotak Mahindra Bank: A Good Consolidated Performance
Vinaya Patil / 03 May 2013
The bank’s consolidated NII stands at Rs 903 crore for Q4FY13, while its operating profit increased by 47% on a YoY basis.
Kotak Mahindra Bank’s March 2013 quarter and FY13 results came out to be better than the street estimates. For the March 2013 quarter, the consolidated Net Interest Income (NII) stood at Rs 903 crore as compared to Rs 688 crore for March 2012 and Rs 823 crore for December 2012. The total income for the March 2013 quarter stood at Rs 1267 crore against Rs 942 crore and Rs 1128 crore for March 2012 and December 2012 quarters respectively.
At the operating profit level, there was an increase of 47% on a YoY basis as it posted an operating profit of Rs 653 crore as against Rs 445 crore and Rs 573 crore in March 2012 and December 2012.
As regards the bottomline, for Q4FY13, it posted a bottomline of Rs 616 crore against Rs 441 crore in March 2012 and Rs 530 crore in December 2012. On a yearly basis, the PAT stands at Rs 1972 crore against Rs 1600 crore in FY12.
A strong traction was witnessed in the retail banking segment where the business stood at Rs 201 crore as against Rs 158 crore in December 2012 and just Rs 121 Crore in March 2012. Even the treasury department has put in a good performance.
The bank’s operational performance is in line with most of its peers as its the Net interest margins (NIMs) have declined to 4.7% as against 4.8% in FY12 and 5.20% in FY11.
On the asset quality front, the bank has managed to sustain its asset quality in FY13. The Net NPAs for FY13 stand at 0.50% unchanged as compared to FY12. However, these are excluding the acquired stressed asset.
On the other parameters, the bank is well capitalised and the CAR stands at 16% (17.50% in FY12). The Tier I CAR stands at 14.70%. On the valuation front, the scrip is trading at 3.50x of its book value. Investors can accumulate the scrip with a long-term perspective.
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