Kotak Mahindra Bank Ltd.

Financial

	Kotak Mahindra Bank	Axis Bank	Indusind Bank
Operational Metrics
Asset Management Sector
5 Yr AUM CAGR - Mutual Funds	22.98 %	19.11 %	n/a
% of AUM in equity fund	60.38 %	61.14 %	n/a
AUM - Mutual Funds	547589.81 Crs	346336.9 Crs	n/a
Banking Sector
Cost To Income Ratio	46.19 %	47.1 %	62.23 %
Fresh Slippages - Quarterly	1812.0 Crs	8200.0 Crs	2567.0 Crs
Credit Deposit Ratio	86.7 %	91.23 %	84.02 %
Net Interest Margin	4.65 %	3.91 %	3.46 %
Gross NPA	1.48 %	1.57 %	3.64 %
Net NPA	0.34 %	0.45 %	1.12 %
CASA Ratio	40.9 %	40.0 %	31.0 %
CASA vs Liabilities	30.44 %	28.98 %	22.82 %
Capital to Risks Assets Ratio (CRAR)	23.7 %	16.85 %	16.63 %
Tier I Capital	22.7 %	14.68 %	15.48 %
Tier 2 Capital	1.0 %	2.17 %	1.16 %
General Insurance Sector
Yield On Total Investments - General Insurance	7.51 %	n/a	n/a
Float	1249.86 Crs	n/a	n/a
Combined Ratio	122.0 %	n/a	n/a
Monthly Gross Direct Premium Income (GDPI)	143.49 Crs	n/a	n/a
Risk Retention Ratio	68.0 %	n/a	n/a
Life Insurance Sector
Commission Ratio - Life Insurance	9.39 %	n/a	n/a
Value Of New Business Margin (VNB)	25.0 %	n/a	n/a
Management Expense Ratio - Life Insurance	21.53 %	n/a	n/a
New Business Performance - Life Insurance	547.04 Crs	n/a	n/a
AUM - Life Insurance	85478.0 Crs	n/a	n/a
Claim Settlement Ratio	99.63 %	n/a	n/a
Embedded Value	17612.0 Crs	n/a	n/a
61 Month Persistency Ratio	57.71 %	n/a	n/a
13 Month Persistency Ratio	82.24 %	n/a	n/a
NBFC
Cost of Borrowing	5.01 %	5.39 %	5.69 %
Financials
5 yr Average ROE	14.13 %	12.83 %	12.57 %
5yr average Equity Multiplier	5.66	9.73	8.4
5yr Average Asset Turnover Ratio	0.12	0.08	0.1
5yr Avg Net Profit Margin	20.05 %	14.59 %	13.26 %
5yr Avg Net Profit Margin	20.05 %	14.59 %	13.26 %
5yr CAGR Net Profit	17.24 %	31.28 %	15.03 %
5yr CAGR Sales	13.64 %	14.87 %	9.06 %
5 yr CAGR PPOP	15.44 %	13.18 %	7.94 %
Price to Book	2.5	1.71	0.96
P/E	20.54	11.89	52.97
Shareholdings
Promoter Holding	25.88 %	8.17 %	15.82 %
Share Pledged by Promoters	0.0	0.0	50.86 %
Change in Promoter Holding (3 Yrs)	-0.09 %	-1.53 %	-0.69 %
Change in Mutual Fund Holding (3 Yrs)	9.36 %	9.32 %	13.23 %

Business

	Kotak Mahindra Bank	Axis Bank	Indusind Bank
Segment Break-Up	Segment Break-Up Consumer Finance 29.93 Insurance 22.39 Corporate Banking 21.69 Treasury Operations 12.83 Broking 3.77 Auto Loans 3.76 Asset Management 3.0 Advisory 0.78 Corporate/Wholesale Banking 0 Treasury 0 Others 1.85	Segment Break-Up Broking 0 Treasury Operations 15.28 Advisory 0 Consumer Finance 0 Insurance 0 Corporate Banking 20.99 Treasury Operations 0 Asset Management 0 Corporate Banking 0 Auto Loans 0 Others 63.73	Segment Break-Up Broking 0 Treasury Operations 4.28 Advisory 0 Consumer Finance 0 Insurance 0 Corporate Banking 25.82 Treasury Operations 0 Asset Management 0 Corporate Banking 0 Auto Loans 0 Others 69.9
Loan Break-Up	Loan Break-Up Home loans 28.66 Corporate Banking 22.4 Business Banking 9.69 Commercial Vehicles 9.36 SME 7.58 Agricultural 5.49 Consumer Durable 5.31 Tractor finance 3.89 Small & Medium Enterprises (SME) loans 2.82 Consumer Bank 0 Auto loans 0 Vehicle Loans 0 Housing 0 Trade 0 Commercial Real Estate 0 Non-banking financial companies (NBFCs) 0 Infrastructure 0 Basic Metal & Metal Products 0 Chemical & Chemical products 0 Agriculture and allied activities 0 Personal loans 0 Services 0 Basic Metal and Metal Products 0 0 Gems and Jewellery 0 0 Others 4.8	Loan Break-Up Basic Metal and Metal Products 0 Metals 2.79 Corporate Banking 0 SME 0 Consumer Durable 0 Commercial Vehicles 0 Home loans 0 Trading 5.76 Services 0 Commercial Real Estate 3.53 Personal loans 0 Auto loans 5.81 Business Banking 0 Auto loans 0 NBFC 3.79 Tractor finance 0 Housing 22.52 Small & Medium Enterprises (SME) loans 0 Agricultural 0 Infrastructure 5.13 0 Consumer Bank 0 Chemicals 2.58 Agricultural 10.25 Gems and Jewellery 0 0 Others 37.84	Loan Break-Up Metals 2.55 Basic Metal & Metal Products 0 Corporate Banking 0 SME 0 Consumer Durable 0 Commercial Vehicles 0 Home loans 0 Trade 0 Services 54.57 Commercial Real Estate 0 Personal Loan 10.64 Vehicle Loans 0 Business Banking 0 Auto loans 0 Non-banking financial companies (NBFCs) 0 Tractor finance 0 Housing 0 Small & Medium Enterprises (SME) loans 0 Agricultural 0 Infrastructure 2.78 0 Consumer Bank 0 Chemical & Chemical products 0 Agricultural 14.81 Gems & Jewelry 2.24 0 Others 12.41
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 97.75 Rest of the World 2.25	Location Wise Break-Up India 100.0 Rest of the World 0
Operating Profit Break-Up	Operating Profit Break-Up Corporate Banking 31.03 Treasury Operations 21.86 Consumer Finance 17.84 Asset Management 9.54 Insurance 7.4 Broking 5.71 Auto Loans 3.43 Lending 2.8 Advisory 0.39 Treasury 0	Operating Profit Break-Up Broking 0 Treasury Operations 29.71 Advisory 0 Consumer Finance 0 Insurance 0 Treasury Operations 0 Asset Management 0 Corporate Banking 0 Lending 0 Auto Loans 0 Others 70.29	Operating Profit Break-Up Broking 0 Treasury 0 Advisory 0 Consumer Finance 0 Insurance 0 Treasury Operations 0 Asset Management 0 Corporate Banking 0 Lending 0 Auto Loans 0 Others 100
Borrowings Break-Up	Borrowings Break-Up Borrowings in India- Other Institutions and Agencies 68.74 Borrowings in India- Other Banks 12.79 Reserve Bank of India 11.14 Borrowings in India- Other Banks 7.34 Financial Institutions & Agencies 0 Banks 0 Borrowings outside India 0 Reserve Bank of India 0 0 Long Term Infrastructure Bonds 0	Borrowings Break-Up Borrowings outside India 16.32 0 Borrowings in India- Other Banks 0 Financial Institutions & Agencies 76.3 0 Long Term Infrastructure Bonds 0 Reserve Bank of India 0 Banks 7.38	Borrowings Break-Up Borrowings outside India 40.98 0 Borrowings in India- Other Banks 0 Financial Institutions & Agencies 0 0 Long Term Infrastructure Bonds 3.15 Reserve Bank of India 0 Banks 0 Others 55.87
Premium Break-Up - General Insurance	Premium Break-Up - General Insurance Motors 63.36 Health Insurance 30.42 PERSONAL ACCIDENT 3.3 Fire Equipment 1.64 Others 1.28	-	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Others 100	-	Asset Break-Up - Segment Wise Others 100
AUM Break-Up - Asset Management	AUM Break-Up - Asset Management EQUITY 61.3 Debt 17.95 Liquid/ Money Market 14.82 ETF 4.29 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Fund of Funds 0 FMP 0 Gilt 0 Others 1.64	AUM Break-Up - Asset Management Gilt 0.23 Debt 15.58 ETF 1.37 Offshore funds 0 Liquid/ Money Market 20.16 Insurance 0 PMS & others 0 Balanced schemes 0.46 FMP 0.05 Fund of Funds 0.65 Alternate asset 0 Equity 61.51	-
Priority vs Non-Priority Sector	Priority vs Non-Priority Sector Non Priority Sector 55.35 Priority Sector 44.65 Non-Priority sector Breakup 0 Priority sector Breakup 0	Priority vs Non-Priority Sector Priority Sector 37.01 Non Priority Sector 62.99 Priority Sector 0 Non Priority Sector 0	Priority vs Non-Priority Sector Priority sector Breakup 0 Non-Priority sector Breakup 0 Priority Sector 30.34 Non Priority Sector 69.66
Premium Break-Up - Life Insurance	Premium Break-Up - Life Insurance Non-Participating Products 39.7 Participating Products 29.6 ULIP 17.5 Annuity products 13.2	-	-

Kotak Mahindra Bank Ltd.

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