Kotak Mahindra Bank gains after strong Q2 results

Kotak Mahindra Bank rose 1.40% to Rs 718.70 at 12:37 IST on BSE after net profit rose 25.74% to Rs 352.54 crore on 13.56% increase in total income to Rs 2,469.46 crore in Q2 September 2013 over Q2 September 2012.

The result was announced during trading hours today, 24 October 2013.

Meanwhile, the BSE Sensex was up 118.04 points, or 0.57%, to 20,885.92.

On BSE, 1.30 lakh shares were traded in the counter compared with average volume of 71,934 shares in the past one quarter.

The stock hit a high of Rs 729.40 and a low of Rs 710.75 so far during the day. The stock hit a 52-week low of Rs 588 on 28 August 2013. The stock hit a record high of Rs 804 on 30 May 2013.

The stock had underperformed the market over the past one month till 23 October 2013, sliding 1.54% compared with the Sensex's 4.36% rise. The scrip had also underperformed the market in past one quarter, falling 2.56% as against Sensex's 2.29% rise.

The large-cap private sector bank has an equity capital of Rs 384.34 crore. Face value per share is Rs 5.

Kotak Mahindra Bank's net interest income (NII) rose 22% to Rs 924 crore in Q2 September 2013 over Q2 September 2012.

Advances rose 11% to Rs 50609 crore in Q2 September 2013 over Q2 September 2012. The bank is cautiously slowing down on construction equipment and commercial vehicle (CECV) lending. Without considering CECV, the growth in advances was 18% YoY.

Restructured loans considered standard as on 30 September 2013 were at Rs 45 crore, or 0.09% of net advances.

Savings deposits as on 30 September 2013 grew by 42% to Rs 8,385 cr from Rs 5926 cr as on 30 September 2012. CASA ratio was 29%.

On a consolidated basis, net profit rose 16% to Rs 583 crore on 8.42% decline in total income to Rs 3695.98 crore in Q2 September 2013 over Q2 September 2012.

Consolidated advances rose 11% to Rs 68226 cr as on 30 September 2013 from Rs 61255 crore as on 30 September 2012. Without considering CECV, the growth in advances was 16% YoY.

Consolidated net interest margin (NIM) for Q2 September 2013 stood at 4.9% compared with 4.6% in Q2 September 2012.

Consolidated capital adequacy ratio (CAR) including profits as per Basel III as on 30 September 2013 is 19.3%. Tier 1 ratio is 18.3%.

Total assets managed / advised by the group as on 30 September 2013 are Rs 60450 crore compared with Rs 55850 crore as on 30 September 2012.

Bank crossed 500 branches and 1,000 ATMs during the quarter. As on September 30, 2013 the Bank had 502 full-fledged branches (390 branches as on September 30, 2012) across 298 locations and 1,004 ATMs.

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