Kotak Mahindra Bank

Kotak Mahindra Bank's net profit rose 16.2% to INR 72.0 bil in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank made a net profit of INR 72.0 bil under revenues of INR 308 bil in 2018, up 16.2% and 17.0% respectively compared...

Kotak Mahindra Bank's price/earnings (P/E) rose 9.81% to 35.4 in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank stock traded at INR 1,334 per share at the end 2018 implying a market capitalization of USD 36,497 mil. Since the e...

Kotak Mahindra Bank's share price (end of period) rose 26.9% to INR 1,334 in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank stock traded at INR 1,334 per share at the end of 2018 implying a market capitalization of USD 36,497 mil. Since th...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 109 127 147
Net Fee Income INR bil 29.8 46.7 53.9
Other Income INR bil 86.7 89.6 106
Total Revenues INR bil 225 263 308
Operating Profit INR bil 86.8 99.3 116
Provisions INR bil 7.98 8.16 10.4
Net Profit INR bil 49.4 62.0 72.0
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 181 155 204
Customer Loans INR bil 1,671 2,060 2,435
Debt Securities INR bil 676 900 1,024
Total Assets INR bil 2,762 3,377 3,952
Shareholders' Equity INR bil 390 505 583
Interbank Borrowing INR bil 13.1 14.9 18.5
Customer Deposits INR bil 1,555 1,912 2,248
Issued Debt Securities INR bil 497 586 664
Ratios 2016 2017 2018
ROE % 13.6 13.9 13.2
ROA % 1.91 2.02 1.97
Costs (As % Of Assets) % 5.35 5.33 5.23
Costs (As % Of Income) % 61.4 62.3 62.3
Capital Adequacy Ratio % 17.2 18.4 17.9
Net Interest Margin % 4.20 4.13 4.02
Loans (As % Of Deposits) % 107 108 108
NPLs (As % Of Loans) % 2.25 1.96 1.94
Provisions (As % Of NPLs) % 48.9 53.1 61.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 23,628 31,339 36,497
Share Price (End Of Period) INR 873 1,052 1,334
Price/Earnings (P/E) 32.5 32.2 35.4
Price/Book Value (P/BV) 4.12 3.95 4.37
Dividend Yield % 0.069 0.067 0.060
Earnings Per Share (EPS) INR 26.9 32.7 37.7
Book Value Per Share INR 212 266 305
Dividend Per Share INR 0.601 0.703 0.800

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income INR bil                       48.1 56.7 63.5 92.8 109    
Total Revenues INR bil                       99.6 108 146 168 225    
Operating Profit INR bil                       36.6 41.7 52.7 63.0 86.8    
Net Profit INR bil                       21.9 24.6 30.5 34.6 49.4    
balance sheet                                    
Interbank Loans INR bil                       23.0 36.8 29.6 46.7 181    
Customer Loans INR bil                       663 717 886 1,448 1,671    
Debt Securities INR bil                       403 381 466 694 676    
Total Assets INR bil                       1,158 1,222 1,486 2,408 2,762    
Shareholders' Equity INR bil                       155 194 225 338 390    
Interbank Borrowing INR bil                       17.0 14.9 22.8 21.9 13.1    
Customer Deposits INR bil                       483 561 715 1,348 1,555    
Issued Debt Securities INR bil                       362 290 314 437 497    
ratios                                    
ROE %                       15.3 14.2 14.6 12.3 13.6    
ROA %                       2.10 2.07 2.25 1.78 1.91    
Costs (As % Of Assets) %                       6.05 5.58 6.89 5.38 5.35    
Costs (As % Of Income) %                       63.3 61.4 63.9 62.4 61.4    
Capital Adequacy Ratio %           ...           16.1 18.9 17.6 17.0 17.2    
Net Interest Margin %                       4.62 4.77 4.69 4.77 4.20    
Interest Income (As % Of Revenues) %                       48.3 52.5 43.5 55.3 48.3    
Fee Income (As % Of Revenues) %                       12.3 13.0 12.7 15.0 13.2    
Equity (As % Of Assets) %                       13.4 15.8 15.1 14.0 14.1    
Loans (As % Of Deposits) % ...                     137 128 124 107 107    
Loans (As % Assets) %                       57.2 58.7 59.7 60.1 60.5    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...         1.27 1.63 1.56 2.06 2.25    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...         57.4 41.3 45.1 52.2 48.9    
valuation                                    
Market Capitalisation (End Of Period) USD mil                       8,898 9,735 16,089 18,825 23,628    
Number Of Shares (Average) mil                       1,492 1,534 1,546 1,833 1,839    
Share Price (End Of Period) INR                       327 392 656 681 873    
Earnings Per Share (EPS) INR                       14.7 16.1 19.7 18.9 26.9    
Book Value Per Share INR                       104 126 145 184 212    
Dividend Per Share INR                       0.351 0.411 0.531 0.501 0.601    
Price/Earnings (P/E)                       22.3 24.4 33.3 36.1 32.5    
Price/Book Value (P/BV)                       3.15 3.11 4.51 3.70 4.12    
Dividend Yield %                       0.107 0.105 0.081 0.074 0.069    
Earnings Per Share Growth % ...                     18.9 9.56 22.6 -4.23 42.4    
Book Value Per Share Growth % ...                     17.6 21.7 15.3 26.6 15.1    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income INR bil                       108 120 133 204 223    
Interest Cost INR bil                       60.2 63.1 69.7 111 115    
Net Interest Income INR bil                       48.1 56.7 63.5 92.8 109    
Net Fee Income INR bil                       12.2 14.0 18.5 25.1 29.8    
Other Income INR bil                       39.2 37.3 64.0 49.8 86.7    
Total Revenues INR bil                       99.6 108 146 168 225    
Operating Cost INR bil                       63.0 66.4 93.3 105 138    
Operating Profit INR bil                       36.6 41.7 52.7 63.0 86.8    
Provisions INR bil                       2.16 1.82 2.99 8.17 7.98    
Extra and Other Cost INR bil                       2.99 2.90 4.23 4.56 5.50    
Pre-Tax Profit INR bil                       31.4 37.0 45.5 50.2 73.3    
Tax INR bil                       9.40 11.8 14.8 15.9 23.8    
Minorities INR bil                       0.493 0.622 0.595 0.652 0.788    
Net Profit INR bil                       21.9 24.6 30.5 34.6 49.4    
Dividends INR bil                       0.524 0.631 0.821 0.918 1.10    
growth rates                                    
Net Interest Income Growth % ...                     22.5 17.9 12.0 46.1 17.1    
Net Fee Income Growth % ...                     7.16 14.6 32.0 35.5 18.6    
Total Revenue Growth % ...                     17.7 8.53 35.1 14.8 34.3    
Operating Cost Growth % ...                     16.5 5.41 40.6 12.1 32.2    
Operating Profit Growth % ...                     19.9 13.9 26.5 19.4 37.8    
Pre-Tax Profit Growth % ...                     18.4 17.5 23.1 10.4 45.9    
Net Profit Growth % ...                     19.4 12.6 23.5 13.6 42.8    
market share                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...   4.22 4.01 4.81 4.98 5.60   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...   3.70 4.57 5.58 8.41 ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash INR bil                       22.2 29.6 39.5 69.2 75.1    
Interbank Loans INR bil                       23.0 36.8 29.6 46.7 181    
Customer Loans INR bil                       663 717 886 1,448 1,671    
Debt Securities INR bil                       403 381 466 694 676    
Fixed Assets INR bil                       6.20 12.6 13.8 17.6 17.6    
Total Assets INR bil                       1,158 1,222 1,486 2,408 2,762    
Shareholders' Equity INR bil                       155 194 225 338 390    
Of Which Minority Interest INR bil                       2.09 2.71 3.36 3.96 4.74    
Liabilities INR bil                       1,004 1,029 1,261 2,070 2,372    
Interbank Borrowing INR bil                       17.0 14.9 22.8 21.9 13.1    
Customer Deposits INR bil                       483 561 715 1,348 1,555    
Sight Deposits INR bil                       73.5 82.6 128 227 275    
Term Deposits INR bil                       410 479 588 1,121 1,281    
Issued Debt Securities INR bil                       362 290 314 437 497    
Other Liabilities INR bil                       141 162 209 263 307    
asset quality                                    
Non-Performing Loans INR bil ... ... ... ... ... ... ...         8.48 11.8 13.9 30.2 38.0    
Gross Loans INR bil                       667 722 893 1,464 1,690    
Total Provisions INR bil ... ... ... ... ... ... ...         4.87 4.86 6.28 15.8 18.6    
growth rates                                    
Customer Loan Growth % ...                     24.7 8.20 23.6 63.4 15.4    
Total Asset Growth % ...                     25.4 5.53 21.5 62.1 14.7    
Shareholders' Equity Growth % ...                     18.2 25.1 16.2 50.1 15.4    
Customer Deposit Growth % ... ...                   34.3 16.1 27.4 88.5 15.4    
market share                                    
Market Share in Customer Loans % ... ... ...                 1.20 1.12 1.25 1.82 2.02   ...
Market Share in Total Assets %                       1.33 1.21 1.33 1.91 1.94   ...
Market Share in Customer Deposits %                       0.768 0.780 0.876 1.47 1.46   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       15.3 14.2 14.6 12.3 13.6    
ROA %                       2.10 2.07 2.25 1.78 1.91    
Costs (As % Of Assets) %                       6.05 5.58 6.89 5.38 5.35    
Costs (As % Of Income) %                       63.3 61.4 63.9 62.4 61.4    
Capital Adequacy Ratio %           ...           16.1 18.9 17.6 17.0 17.2    
Tier 1 Ratio % ...         ... ... ... ... ... ... 14.7 ... 16.2 15.3 15.9    
Net Interest Margin %                       4.62 4.77 4.69 4.77 4.20    
Interest Spread % ...                     3.70 3.86 3.75 3.80 3.48    
Asset Yield %                       10.4 10.1 9.84 10.5 8.64    
Cost Of Liabilities % ...                     6.71 6.21 6.08 6.68 5.16    
Payout Ratio %                       2.39 2.56 2.69 2.66 2.24    
Interest Income (As % Of Revenues) %                       48.3 52.5 43.5 55.3 48.3    
Fee Income (As % Of Revenues) %                       12.3 13.0 12.7 15.0 13.2    
Other Income (As % Of Revenues) %                       39.4 34.5 43.8 29.7 38.5    
Equity (As % Of Assets) %                       13.4 15.8 15.1 14.0 14.1    
Loans (As % Of Deposits) % ...                     137 128 124 107 107    
Loans (As % Assets) %                       57.2 58.7 59.7 60.1 60.5    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...         1.27 1.63 1.56 2.06 2.25    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...         57.4 41.3 45.1 52.2 48.9    
Provisions (As % Of Loans) % ... ... ... ... ... ... ...         0.735 0.678 0.709 1.09 1.11    
Cost of Provisions (As % Of Loans) %                       0.362 0.264 0.373 0.700 0.512    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Employees                       23,500 26,500 31,432 46,000 44,000    
Sight (As % Of Customer Deposits) % ...                     15.2 14.7 17.8 16.8 17.7    

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Kotak Mahindra Bank's net interest income rose 16.5% to INR 147 bil in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank generated total banking revenues of INR 308 bil in 2018, up 17% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 308 bil in 2018 and an...

Kotak Mahindra Bank's npls (as % of loans) fell 0.612% to 1.94% in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's non-performing loans reached 1.94% of total loans at the end of 2018, down from 1.96% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.04% in 2009 and an all time low of 0.036% in 2008. Provision cov...

Kotak Mahindra Bank's net interest margin fell 2.45% to 4.02% in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's net interest margin amounted to 4.02% in 2018, down from 4.13% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 6.03% in 2002 and an all time low of 4.02% in 2018. The average ...

Kotak Mahindra Bank's capital adequacy ratio fell 2.61% to 17.9% in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's capital adequacy ratio reached 17.9% at the end of 2018, down from 18.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 26.0% in 2002 and an all time low of 11.3% in 2005. The Tier 1 ratio a...

Kotak Mahindra Bank's customer loan growth fell 21.8% to 18.2% in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's customer loan growth reached 18.2% in 2018, down from 23.3% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 63.4% in 2015 and an all time low of 2.33% in 2008. In the last decade, the ...

Kotak Mahindra Bank's customer loans rose 18.2% to INR 2,060 bil in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's customer loans reached INR 2,060 bil in 2017, up 23.3% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Kotak Mahindra Bank accounted for...

Kotak Mahindra Bank's customer deposits rose 17.6% to INR 1,912 bil in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank's customer deposits reached INR 1,912 bil in 2017, up 22.9% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Kotak Mahindra Bank accoun...

Kotak Mahindra Bank's total revenues rose 17.0% to INR 263 bil in 2018

By Helgi Analytics - November 3, 2019

Kotak Mahindra Bank generated total banking revenues of INR 263 bil in 2017, up 16.8% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. ...

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Finance

Kotak Mahindra Bank has been growing its revenues and asset by 19.3% and 25.7% a year on average in the last 10 years. Its loans and deposits have grown by 26.9% and 32.5% a year during that time and loans to deposits ratio reached 108% at the end of 2018. The company achieved an average return on equity of 14.6% in the last decade with net profit growing 27.1% a year on average. In terms of operating efficiency, its cost to income ratio reached 62.3% in 2018, compared to 63.6% average in the last decade.

Equity represented 14.7% of total assets or 23.9% of loans at the end of 2018. Kotak Mahindra Bank's non-performing loans were 1.94% of total loans while provisions covered some 61.0% of NPLs at the end of 2018.

Valuation

Kotak Mahindra Bank stock traded at INR 1,334 per share at the end of 2018 resulting in a market capitalization of USD 36,497 mil. Over the previous five years, stock price rose by 240% or 27.7% a year on average. That’s compared to an average ROE of 13.5% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 35.4x and price to book value (PBV) of 4.37x in 2018.