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Kotak Mahindra Bank Q3FY26
27 Jan 2026, 10:01AM

  • Asset quality improved with a 9 bps and 1 bps q-o-q, decline in GNPA and NNPA ratio to 1.3% and 0.31% respectively. Slippages fell sequentially.
  • NII grew 5% y-o-y was in-line with estimates, NIMs were steady q-o-q; reduced cost, CRR cut balanced out impact of fall in yields
  • Opex rose slightly more than expected, by 8% q-o-q, employee costs rose due to labour code and retiral cost impact. Credit cost remained benign at 0.63% as stress reduced; net PAT rose 4%.
  • Loan growth at 16.1% was healthy while deposits growth came in at 14.6% YoY.
  • We have a BUY rating on the stock. 

Particulars

Q3FY26

Q3FY25

YoY

Q2FY26

QoQ

Net Interest Income

7,565

7,196

5.1%

7,311

3.5%

Other income

2,838

2,623

8.2%

2,589

9.6%

Net Income

10,402

9,819

5.9%

9,900

5.1%

Opex

5,023

4,638

8.3%

4,632

8.4%

Operating Profit

5,380

5,181

3.8%

5,268

2.1%

Provisions

810

794

1.9%

947

-14.5%

PAT

3,446

3,305

4.3%

3,253

5.9%

 

         

Advances

4,80,673

4,13,839

16.1%

4,62,688

3.9%

Deposits

5,42,638

4,73,497

14.6%

5,28,776

2.6%

 

         

NIMs %

4.54

4.93

-39 bps

4.54

0 bps

GNPA %

1.30

1.50

-20 bps

1.39

-9 bps

NNPA %

0.31

0.41

-10 bps

0.32

-1 bps

PCR %

76.3

73.2

314 bps

77.0

-67 bps

 Actual versus estimates 

Particulars

Q3FY26

Q3FY26E

Var

Net Interest Income

7,565

7,566

0.0%

Operating Profit

5,380

5,611

-4.1%

PAT

3,446

3,536

-2.6%

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