Kotak Mahindra Bank Ltd.

Financial

	Kotak Mahindra Bank	HDFC Bank	Indusind Bank
Operational Metrics
Asset Management Sector
5 Yr AUM CAGR - Mutual Funds	20.66 %	n/a	n/a
% of AUM in equity fund	61.22 %	n/a	n/a
AUM - Mutual Funds	472688.3 Crs	n/a	n/a
Banking Sector
Cost To Income Ratio	34.1 %	41.0 %	49.65 %
Fresh Slippages - Quarterly	1358.0 Crs	7300.0 Crs	1536.0 Crs
Credit Deposit Ratio	87.16 %	107.26 %	87.3 %
Net Interest Margin	5.02 %	3.74 %	4.25 %
Gross NPA	1.39 %	1.33 %	2.02 %
Net NPA	0.35 %	0.39 %	0.6 %
CASA Ratio	43.4 %	36.3 %	37.0 %
CASA vs Liabilities	32.1 %	21.53 %	27.81 %
Capital to Risks Assets Ratio (CRAR)	22.8 %	19.3 %	17.55 %
Tier I Capital	21.9 %	17.3 %	16.15 %
Tier 2 Capital	0.9 %	2.0 %	1.4 %
General Insurance Sector
Yield On Total Investments - General Insurance	6.45 %	12.0 %	n/a
Float	1067.62 Crs	n/a	n/a
Combined Ratio	116.0 %	n/a	n/a
Monthly Gross Direct Premium Income (GDPI)	171.75 Crs	n/a	n/a
Risk Retention Ratio	70.0 %	n/a	n/a
Life Insurance Sector
Commission Ratio - Life Insurance	9.22 %	n/a	n/a
Value Of New Business Margin (VNB)	28.5 %	n/a	n/a
Management Expense Ratio - Life Insurance	17.25 %	n/a	n/a
New Business Performance - Life Insurance	562.53 Crs	n/a	n/a
AUM - Life Insurance	74322.0 Crs	n/a	n/a
Claim Settlement Ratio	98.25 %	n/a	n/a
Embedded Value	15242.0 Crs	n/a	n/a
61 Month Persistency Ratio	53.45 %	n/a	n/a
13 Month Persistency Ratio	87.63 %	n/a	n/a
NBFC
Cost of Borrowing	5.1 %	4.9 %	5.62 %
Financials
5 yr Average ROE	13.84 %	16.92 %	12.57 %
5yr average Equity Multiplier	5.86	8.74	8.4
5yr Average Asset Turnover Ratio	0.11	0.09	0.1
5yr Avg Net Profit Margin	19.32 %	19.96 %	13.26 %
5yr Avg Net Profit Margin	19.32 %	19.96 %	13.26 %
5yr CAGR Net Profit	16.21 %	18.64 %	15.03 %
5yr CAGR Sales	13.36 %	22.64 %	9.06 %
5 yr CAGR PPOP	13.07 %	14.38 %	7.94 %
Price to Book	2.81	2.72	1.82
P/E	17.0	18.96	12.77
Shareholdings
Promoter Holding	25.89 %	0.0	16.38 %
Share Pledged by Promoters	0.0	0.0	45.48 %
Change in Promoter Holding (3 Yrs)	-0.11 %	-25.89 %	-0.16 %
Change in Mutual Fund Holding (3 Yrs)	8.13 %	11.13 %	10.1 %

Business

	Kotak Mahindra Bank	HDFC Bank	Indusind Bank
Loan Break-Up	Loan Break-Up Home loans 27.31 Corporate Banking 23.05 Commercial Vehicles 9.35 Business Banking 9.26 SME 6.94 Agricultural 6.73 Consumer Durable 5.0 Tractor finance 3.89 Small & Medium Enterprises (SME) loans 3.61 Consumer Bank 0 Auto loans 0 Personal loans 0 Services 0 Advances to industries eligible 0 Agriculture and allied activities 0 Basic Metal and Metal Products 0 Infrastructure 0 0 Gems and Jewellery 0 0 Others 4.86	Loan Break-Up Gems and Jewellery 0 Small & Medium Enterprises (SME) loans 0 Home loans 0 Consumer Bank 0 Personal Loan 40.68 0 Commercial Vehicles 0 Infrastructure 0 Advances to industries 21.31 Consumer Durable 0 Basic Metal and Metal Products 0 SME 0 Services 30.57 Agricultural 7.45 Auto loans 0 Business Banking 0 0 Corporate Banking 0 Tractor finance 0 Agricultural 0	Loan Break-Up Gems & Jewelry 14.55 Small & Medium Enterprises (SME) loans 0 Home loans 0 Consumer Bank 0 Personal Loan 9.58 0 Commercial Vehicles 0 Infrastructure 3.21 Advances to industries eligible 0 Consumer Durable 0 Metals 2.77 SME 0 Services 54.63 Agricultural 14.79 Auto loans 0 Business Banking 0 0 Corporate Banking 0 Tractor finance 0 Agricultural 0 Others 0.47
Segment Break-Up	Segment Break-Up Consumer Finance 29.4 Insurance 24.24 Corporate Banking 21.41 Treasury Operations 11.7 Broking 3.96 Auto Loans 3.58 Asset Management 2.16 Advisory 1.57 Insurance Business 0 Wholesale banking 0 Retail banking 0 Treasury 0 Corporate/Wholesale Banking 0 Others 1.98	Segment Break-Up Insurance 0 Insurance Business 17.24 Corporate Banking 27.45 Treasury Operations 8.92 Corporate/Wholesale Banking 0 Consumer Finance 0 Consumer Finance 39.6 Broking 0 Advisory 0 Asset Management 0 Treasury Operations 0 Auto Loans 0 Corporate Banking 0 Others 6.79	Segment Break-Up Insurance 0 Insurance Business 0 Wholesale banking 0 Treasury Operations 13.1 Corporate Banking 18.8 Consumer Finance 0 Retail banking 0 Broking 0 Advisory 0 Asset Management 0 Treasury Operations 0 Auto Loans 0 Corporate Banking 0 Others 68.1
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up India 98.86 Rest of the World 1.14	Location Wise Break-Up India 100.0 Rest of the World 0
Operating Profit Break-Up	Operating Profit Break-Up Treasury Operations 54.02 Corporate Banking 16.76 Consumer Finance 14.66 Broking 4.13 Asset Management 3.22 Insurance 2.54 Lending 1.81 Auto Loans 1.73 Advisory 1.13 Insurance Business 0 Wholesale Banking 0 Treasury 0	Operating Profit Break-Up Lending 0 Insurance 0 Wholesale Banking 46.24 Insurance Business 5.84 Treasury 7.32 Consumer Finance 0 Broking 0 Advisory 0 Asset Management 0 Treasury Operations 0 Auto Loans 0 Corporate Banking 0 Others 40.6	Operating Profit Break-Up Lending 0 Insurance 0 Wholesale Banking 0 Insurance Business 0 Treasury 1.8 Consumer Finance 0 Broking 0 Advisory 0 Asset Management 0 Treasury Operations 0 Auto Loans 0 Corporate Banking 0 Others 98.2
Borrowings Break-Up	Borrowings Break-Up Borrowings in India- Other Institutions and Agencies 64.35 Borrowings in India- Other Banks 25.8 Borrowings in India- Other Banks 9.85 0 Financial Institutions 0 Banks 0 Borrowings outside India 0 0 0 Reserve Bank of India 0 0 Long Term Infrastructure Bonds 0	Borrowings Break-Up 0 Reserve Bank of India 0.62 Bonds & Debentures 41.01 Long Term Infrastructure Bonds 0 Borrowings in India- Other Banks 0 Other Institutions & Agencies 20.31 0 Borrowings outside India 14.92 Banking 18.94 Upper and lower Tier II capital and innovative perpetual debts 4.19 0 Others 0.01	Borrowings Break-Up 0 Reserve Bank of India 0 0 Long Term Infrastructure Bonds 3.06 Borrowings in India- Other Banks 0 Financial Institutions 0 0 Borrowings outside India 31.15 Banks 0 0 Unsecured Non-Convertible Perpetual Non-Cumulative Bonds 3.04 Others 62.75
Premium Break-Up - General Insurance	Premium Break-Up - General Insurance Motors 54.02 Health Insurance 37.17 PERSONAL ACCIDENT 4.35 Fire Equipment 1.98 Others 2.48	-	-
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 61.23 Debt 18.9 Liquid/ Money Market 14.39 ETF 3.48 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Others 2.0	-	-
Priority vs Non-Priority Sector	Priority vs Non-Priority Sector Non Priority Sector 55.35 Priority Sector 44.65 Non-Priority 0 Priority 0	Priority vs Non-Priority Sector Non Priority Sector 68.7 Priority Sector 31.3 Priority Sector 0 Non Priority Sector 0	Priority vs Non-Priority Sector Non-Priority 0 Priority 0 Priority Sector 32.69 Non Priority Sector 67.31
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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