Kotak Mahindra Bank Ltd.

Financial

	Kotak Mahindra Bank	Axis Bank	Indusind Bank
Operational Metrics
Asset Management Sector
5 Yr AUM CAGR - Mutual Funds	20.66 %	24.65 %	n/a
% of AUM in equity fund	61.25 %	63.5 %	n/a
AUM - Mutual Funds	499955.01 Crs	330334.57 Crs	n/a
Banking Sector
Cost To Income Ratio	47.5 %	47.0 %	52.21 %
Fresh Slippages - Quarterly	1875.0 Crs	5432.0 Crs	1798.0 Crs
Credit Deposit Ratio	86.6 %	92.58 %	86.61 %
Net Interest Margin	4.91 %	4.06 %	4.08 %
Gross NPA	1.49 %	1.46 %	2.11 %
Net NPA	0.43 %	0.35 %	0.64 %
CASA Ratio	43.6 %	39.0 %	36.0 %
CASA vs Liabilities	32.28 %	28.01 %	27.32 %
Capital to Risks Assets Ratio (CRAR)	22.6 %	17.01 %	16.51 %
Tier I Capital	21.7 %	15.01 %	15.21 %
Tier 2 Capital	0.9 %	2.0 %	1.3 %
General Insurance Sector
Yield On Total Investments - General Insurance	6.45 %	n/a	n/a
Float	1067.62 Crs	n/a	n/a
Combined Ratio	116.0 %	n/a	n/a
Monthly Gross Direct Premium Income (GDPI)	143.57 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	753.73 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	5.15 %	5.46 %	5.61 %
Financials
5 yr Average ROE	13.84 %	10.03 %	12.57 %
5yr average Equity Multiplier	5.86	10.11	8.4
5yr Average Asset Turnover Ratio	0.11	0.08	0.1
5yr Avg Net Profit Margin	19.32 %	11.46 %	13.26 %
5yr Avg Net Profit Margin	19.32 %	11.46 %	13.26 %
5yr CAGR Net Profit	16.21 %	70.1 %	15.03 %
5yr CAGR Sales	13.36 %	11.5 %	9.06 %
5 yr CAGR PPOP	13.07 %	10.4 %	7.94 %
Price to Book	2.37	1.71	1.15
P/E	15.83	10.89	9.28
Shareholdings
Promoter Holding	25.89 %	8.23 %	16.29 %
Share Pledged by Promoters	0.0	0.0	50.86 %
Change in Promoter Holding (3 Yrs)	-0.1 %	-1.48 %	-0.24 %
Change in Mutual Fund Holding (3 Yrs)	8.93 %	6.44 %	18.26 %

Business

	Kotak Mahindra Bank	Axis Bank	Indusind Bank
Segment Break-Up	Segment Break-Up Consumer Finance 28.43 Insurance 25.27 Corporate Banking 21.41 Treasury Operations 11.4 Broking 3.98 Auto Loans 3.52 Asset Management 2.3 Advisory 1.65 Corporate/Wholesale Banking 0 Treasury 0 Others 2.04	Segment Break-Up Asset Management 0 Insurance 0 Treasury Operations 14.75 Auto Loans 0 Broking 0 Consumer Finance 0 Corporate Banking 21.18 Treasury Operations 0 Advisory 0 Corporate Banking 0 Others 64.07	Segment Break-Up Asset Management 0 Insurance 0 Treasury Operations 13.91 Auto Loans 0 Broking 0 Consumer Finance 0 Corporate Banking 21.64 Treasury Operations 0 Advisory 0 Corporate Banking 0 Others 64.45
Loan Break-Up	Loan Break-Up Home loans 27.85 Corporate Banking 22.16 Business Banking 9.54 Commercial Vehicles 9.32 SME 7.68 Agricultural 6.43 Consumer Durable 4.98 Tractor finance 3.86 Small & Medium Enterprises (SME) loans 3.45 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 4.73	Loan Break-Up Home loans 0 Tractor finance 0 Basic Metal and Metal Products 0 Agricultural 11.04 Trading 5.35 NBFC 2.96 Gems and Jewellery 0 Agricultural 0 Metals 2.63 SME 0 Consumer Durable 0 Chemicals 2.77 Auto loans 5.87 Commercial Vehicles 0 Consumer Bank 0 Housing 23.22 0 Small & Medium Enterprises (SME) loans 0 Commercial Real Estate 3.58 Auto loans 0 Services 0 Infrastructure 6.34 Business Banking 0 Personal loans 0 Corporate Banking 0 0 Others 36.24	Loan Break-Up Home loans 0 Tractor finance 0 Metals 2.55 Agricultural 14.81 Trade 0 Non-banking financial companies (NBFCs) 0 Gems & Jewelry 2.24 Agricultural 0 Basic Metal & Metal Products 0 SME 0 Consumer Durable 0 Chemical & Chemical products 0 Vehicle Loans 0 Commercial Vehicles 0 Consumer Bank 0 Housing 0 0 Small & Medium Enterprises (SME) loans 0 Commercial Real Estate 0 Auto loans 0 Services 54.57 Infrastructure 2.78 Business Banking 0 Personal Loan 10.64 Corporate Banking 0 0 Others 12.41
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up Rest of the World 2.25 India 97.75	Location Wise Break-Up Rest of the World 0 India 100.0
Operating Profit Break-Up	Operating Profit Break-Up Corporate Banking 29.57 Treasury Operations 21.16 Consumer Finance 21.02 Insurance 7.61 Broking 6.8 Asset Management 5.64 Lending 3.41 Auto Loans 2.63 Advisory 2.18 Treasury 0	Operating Profit Break-Up Asset Management 0 Insurance 0 Treasury Operations 23.14 Auto Loans 0 Broking 0 Lending 0 Consumer Finance 0 Treasury Operations 0 Advisory 0 Corporate Banking 0 Others 76.86	Operating Profit Break-Up Asset Management 0 Insurance 0 Treasury 12.91 Auto Loans 0 Broking 0 Lending 0 Consumer Finance 0 Treasury Operations 0 Advisory 0 Corporate Banking 0 Others 87.09
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 & Agencies 0 Banks 0 Borrowings outside India 0 Reserve Bank of India 0 0 Long Term Infrastructure Bonds 0	Borrowings Break-Up 0 Reserve Bank of India 0 Borrowings in India- Other Banks 0 Long Term Infrastructure Bonds 0 Banks 6.96 Financial Institutions & Agencies 77.23 0 Borrowings outside India 15.81 0	Borrowings Break-Up 0 Reserve Bank of India 0 Borrowings in India- Other Banks 0 Long Term Infrastructure Bonds 3.15 Banks 0 Financial Institutions & Agencies 0 0 Borrowings outside India 40.98 0 Others 55.87
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 62.33 Debt 17.68 Liquid/ Money Market 14.8 ETF 3.36 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Fund of Funds 0 FMP 0 Gilt 0 Others 1.83	AUM Break-Up - Asset Management Debt 14.74 Fund of Funds 0.55 ETF 1.25 FMP 0.05 Insurance 0 Gilt 0.17 Balanced schemes 0.52 Equity 65.75 Offshore funds 0 Alternate asset 0 Liquid/ Money Market 16.96 PMS & others 0 Others 0.01	-
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	-	-
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 0 Non Priority Sector 0 Non Priority Sector 61.9 Priority Sector 38.1	Priority vs Non-Priority Sector Priority Sector 30.34 Non Priority Sector 69.66 Non-Priority sector Breakup 0 Priority sector Breakup 0

Kotak Mahindra Bank Ltd.

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