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Q1FY18 earnings were 4% above our estimate, mainly driven by securities and insurance business. At the bank, core PPoP growth was 4% above, helped by higher loan growth and strong fees despite one-time costs. Yet non-core income kept the bottom line below our forecast. Asset quality was strong. OW. Q1FY18: Key positives Continued pick-up in revenue growth: Loan growth accelerated (18% y-o-y vs. 15% y-o-y last quarter), margins were broadly stable (4.5% vs. 4.6% last quarter), and fees were strong (+43% y-o-y). Thus, core PPoP growth was 30% y-o-y despite one-time costs related to 811 product launch (adjusted cost growth would be 12% vs. 16% y-o-y reported).

 
Mumbai: Kotak Mahindra Bank Ltd on Thursday said its net profit for the June quarter rose 23% from a year ago due to higher net interest and other income.

Net profit for the quarter was Rs912.73 crore, up from Rs741.97 crore a year ago. Six analysts polled by Bloomberg had forecast a net profit of Rs963.40 crore.


 
Private sector lender Kotak Mahindra Bank and Tata Motors’ differential voting right (DVR) shares will be included on BSE's benchmark Sensex from June 19.

State-owned GAIL will move out of the Sensex, said Asia Index — an equal venture between S&P Dow Jones Indices LLC and the BSE — in a circular.


 
Private lender Kotak Mahindra Bank is looking to raise about Rs 5,662 crore through sale of 62 million shares through qualified institutional placement (QIP).

This share sale is part of stake reduction exercise by its promoter Uday Kotak, the vice-chairman of the bank, as advised by the Reserve Bank of India (RBI).


 
Kotak Mahindra Bank (KMB) said on Friday it has entered into an agreement to purchase the entire 26% equity stake held by the UK’s Old Mutual (OM) in Kotak Mahindra Old Mutual Life Insurance for Rs 1,292.7 crore. The transaction puts the enterprise value of the business at Rs 4,972 crore, or 2.72 times the net worth of Kotak Life, which was Rs 1,825 crore as on March 2017.

 
MUMBAI: Private sector lender Kotak Mahindra Bank(KMB) today announced that it is buying out British partner Old Mutual's entire 26 per cent stake in its life insurance arm for Rs 1,292.7 crore.

"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 per cent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore," the bank said in a statement.


 
Private sector lender Kotak Mahindra Bank’s consolidated net profit increased by 33% to Rs 1,404 crore for the January-March 2017 quarter from Rs 1,055 crore a year ago on the back of higher net interest income, fees and commissions.

Net interest income, the difference between interest earned and interest expended, increased by 17% to Rs 2,890 crore. Other income that includes fees, commission etc also increased to Rs 4,299 crore as compared to Rs 2,593 crore in the same quarter last year.


 
The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. (HSBC) and the Kotak Mahindra Bank for violation of instructions on reporting requirements of Foreign Exchange Management Act 1999 (FEMA 1999).

The central bank penalised The Hong Kong and Shanghai Banking Corporation Ltd. for Rs. 70,000 and the Kotak Mahindra Bank for Rs. 10,000 in exercise of powers vested in the RBI.


 
NEW DELHI: Senior government officers told TOI that neither bank has approached the Centre with a plan and in any case the plan being discussed at length in the analyst community does not make sense. The government is the largest shareholder in private sector lender Axis Bank through the Specified Undertakings of the erstwhile Unit Trust of India (SUUTI), which holds a 12% stake. SUUTI is part of the promoter group comprising the five government-owned general insurance companies and the Life Insurance Corporation of India.

 
Kotak Mahindra Bank on Thursday said it has received board approval to raise equity capital by issuing up to 62 million shares, which, according to the closing price of Rs 865 a share on Thursday on the BSE, amounted to Rs 5,363 crore.

The face value of the share would be Rs 5 each.


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