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	60.64 %	61.22 %	n/a
AUM - Mutual Funds	490845.97 Crs	327755.26 Crs	n/a
Banking Sector
Cost To Income Ratio	47.24 %	47.0 %	52.5 %
Fresh Slippages - Quarterly	1657.0 Crs	5432.0 Crs	2200.0 Crs
Credit Deposit Ratio	87.4 %	92.58 %	89.61 %
Net Interest Margin	4.93 %	4.06 %	3.93 %
Gross NPA	1.5 %	1.46 %	2.25 %
Net NPA	0.41 %	0.35 %	0.68 %
CASA Ratio	42.3 %	39.0 %	35.0 %
CASA vs Liabilities	31.44 %	28.01 %	26.08 %
Capital to Risks Assets Ratio (CRAR)	22.8 %	17.01 %	16.46 %
Tier I Capital	21.7 %	15.01 %	15.18 %
Tier 2 Capital	1.1 %	2.0 %	1.28 %
General Insurance Sector
Yield On Total Investments - General Insurance	7.36 %	n/a	n/a
Float	1231.49 Crs	n/a	n/a
Combined Ratio	113.0 %	n/a	n/a
Monthly Gross Direct Premium Income (GDPI)	161.24 Crs	n/a	n/a
Risk Retention Ratio	72.0 %	n/a	n/a
Life Insurance Sector
Commission Ratio - Life Insurance	9.16 %	n/a	n/a
Value Of New Business Margin (VNB)	28.5 %	n/a	n/a
Management Expense Ratio - Life Insurance	21.95 %	n/a	n/a
New Business Performance - Life Insurance	754.34 Crs	n/a	n/a
AUM - Life Insurance	83346.0 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	56.2 %	n/a	n/a
13 Month Persistency Ratio	82.99 %	n/a	n/a
NBFC
Cost of Borrowing	5.06 %	5.46 %	5.7 %
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	2.64	1.74	1.24
P/E	17.23	11.08	11.2
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 33.78 Corporate Banking 23.26 Insurance 16.53 Treasury Operations 11.73 Broking 4.43 Auto Loans 4.02 Asset Management 2.57 Advisory 1.7 Corporate/Wholesale Banking 0 Treasury 0 Others 1.98	Segment Break-Up Treasury Operations 0 Consumer Finance 0 Broking 0 Auto Loans 0 Advisory 0 Corporate Banking 0 Treasury Operations 13.26 Insurance 0 Corporate Banking 21.26 Asset Management 0 Others 65.48	Segment Break-Up Treasury Operations 0 Consumer Finance 0 Broking 0 Auto Loans 0 Advisory 0 Corporate Banking 0 Treasury Operations 13.91 Insurance 0 Corporate Banking 21.64 Asset Management 0 Others 64.45
Loan Break-Up	Loan Break-Up Home loans 28.08 Corporate Banking 22.3 Business Banking 9.62 Commercial Vehicles 9.4 SME 7.78 Agricultural 6.36 Consumer Durable 4.91 Tractor finance 3.92 Small & Medium Enterprises (SME) loans 3.26 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 4.37	Loan Break-Up Tractor finance 0 Auto loans 5.87 Consumer Bank 0 Infrastructure 6.34 Agricultural 0 Commercial Real Estate 3.58 Business Banking 0 0 Chemicals 2.77 Trading 5.35 SME 0 Personal loans 0 Home loans 0 Auto loans 0 Agricultural 11.04 0 Services 0 Small & Medium Enterprises (SME) loans 0 Consumer Durable 0 Gems and Jewellery 0 Corporate Banking 0 NBFC 2.96 Metals 2.63 Commercial Vehicles 0 Basic Metal and Metal Products 0 Housing 23.22 Others 36.24	Loan Break-Up Tractor finance 0 Vehicle Loans 0 Consumer Bank 0 Infrastructure 2.78 Agricultural 0 Commercial Real Estate 0 Business Banking 0 0 Chemical & Chemical products 0 Trade 0 SME 0 Personal Loan 10.64 Home loans 0 Auto loans 0 Agricultural 14.81 0 Services 54.57 Small & Medium Enterprises (SME) loans 0 Consumer Durable 0 Gems & Jewelry 2.24 Corporate Banking 0 Non-banking financial companies (NBFCs) 0 Basic Metal & Metal Products 0 Commercial Vehicles 0 Metals 2.55 Housing 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 31.51 Consumer Finance 24.71 Treasury Operations 19.71 Broking 7.57 Asset Management 6.11 Insurance 4.18 Auto Loans 2.66 Lending 1.99 Advisory 1.56 Treasury 0	Operating Profit Break-Up Treasury Operations 0 Consumer Finance 0 Broking 0 Auto Loans 0 Advisory 0 Corporate Banking 0 Treasury Operations 22.44 Insurance 0 Lending 0 Asset Management 0 Others 77.56	Operating Profit Break-Up Treasury Operations 0 Consumer Finance 0 Broking 0 Auto Loans 0 Advisory 0 Corporate Banking 0 Treasury 12.91 Insurance 0 Lending 0 Asset Management 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 Borrowings outside India 15.81 Financial Institutions & Agencies 77.23 Long Term Infrastructure Bonds 0 Reserve Bank of India 0 0 0 Banks 6.96 0 Borrowings in India- Other Banks 0	Borrowings Break-Up Borrowings outside India 40.98 Financial Institutions & Agencies 0 Long Term Infrastructure Bonds 3.15 Reserve Bank of India 0 0 0 Banks 0 0 Borrowings in India- Other Banks 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 61.76 Debt 18.14 Liquid/ Money Market 14.68 ETF 3.47 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Fund of Funds 0 FMP 0 Gilt 0 Others 1.95	AUM Break-Up - Asset Management Liquid/ Money Market 18.7 Gilt 0.3 Insurance 0 Debt 14.95 Fund of Funds 0.59 Alternate asset 0 Offshore funds 0 Equity 63.74 FMP 0.05 PMS & others 0 ETF 1.18 Balanced schemes 0.49	-
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 38.1 Priority Sector 0 Non Priority Sector 61.9 Non Priority Sector 0	Priority vs Non-Priority Sector Priority sector Breakup 0 Priority Sector 30.34 Non-Priority sector Breakup 0 Non Priority Sector 69.66

Kotak Mahindra Bank Ltd.

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