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	58.72 %	n/a	n/a
AUM - Mutual Funds	390476.12 Crs	n/a	n/a
Banking Sector
Cost To Income Ratio	48.4 %	41.3 %	48.2 %
Fresh Slippages - Quarterly	1177.0 Crs	7000.0 Crs	1428.0 Crs
Credit Deposit Ratio	88.0 %	107.95 %	89.26 %
Net Interest Margin	5.22 %	3.63 %	4.26 %
Gross NPA	1.73 %	1.24 %	1.92 %
Net NPA	0.34 %	0.33 %	0.57 %
CASA Ratio	47.7 %	38.2 %	38.0 %
CASA vs Liabilities	35.57 %	22.53 %	28.37 %
Capital to Risks Assets Ratio (CRAR)	22.2 %	18.8 %	17.23 %
Tier I Capital	21.2 %	16.8 %	15.82 %
Tier 2 Capital	1.0 %	2.0 %	1.41 %
General Insurance Sector
Yield On Total Investments - General Insurance	6.35 %	7.2 %	n/a
Float	875.06 Crs	n/a	n/a
Combined Ratio	113.0 %	n/a	n/a
Monthly Gross Direct Premium Income (GDPI)	184.62 Crs	n/a	n/a
Risk Retention Ratio	69.0 %	n/a	n/a
Life Insurance Sector
Commission Ratio - Life Insurance	6.0 %	n/a	n/a
Value Of New Business Margin (VNB)	38.8 %	n/a	n/a
Management Expense Ratio - Life Insurance	18.88 %	n/a	n/a
New Business Performance - Life Insurance	1717.22 Crs	n/a	n/a
AUM - Life Insurance	68792.0 Crs	n/a	n/a
Claim Settlement Ratio	98.25 %	n/a	n/a
Embedded Value	12511.0 Crs	n/a	n/a
61 Month Persistency Ratio	53.83 %	n/a	n/a
13 Month Persistency Ratio	83.91 %	n/a	n/a
NBFC
Cost of Borrowing	4.14 %	4.9 %	5.59 %
Financials
5 yr Average ROE	13.5 %	16.81 %	12.16 %
5yr average Equity Multiplier	6.03	8.65	8.86
5yr Average Asset Turnover Ratio	0.11	0.09	0.1
5yr Avg Net Profit Margin	18.59 %	20.42 %	12.37 %
5yr Avg Net Profit Margin	18.59 %	20.42 %	12.37 %
5yr CAGR Net Profit	15.68 %	15.55 %	17.66 %
5yr CAGR Sales	8.19 %	10.52 %	9.8 %
5 yr CAGR PPOP	11.57 %	12.03 %	12.26 %
Price to Book	2.37	2.53	1.83
P/E	16.89	18.02	12.86
Shareholdings
Promoter Holding	25.9 %	0.0	16.4 %
Share Pledged by Promoters	0.0	0.0	45.48 %
Change in Promoter Holding (3 Yrs)	-0.12 %	-25.97 %	-0.15 %
Change in Mutual Fund Holding (3 Yrs)	4.79 %	10.19 %	7.42 %

Business

	Kotak Mahindra Bank	HDFC Bank	Indusind Bank
Segment Break-Up	Segment Break-Up Consumer Finance 27.93 Insurance 27.81 Corporate Banking 22.18 Treasury Operations 10.07 Auto Loans 3.46 Broking 3.08 Asset Management 2.04 Advisory 1.32 Insurance Business 0 Wholesale banking 0 Retail banking 0 Treasury 0 Corporate/Wholesale Banking 0 Others 2.11	Segment Break-Up Treasury Operations 0 Insurance 0 Asset Management 0 Auto Loans 0 Corporate Banking 27.47 Advisory 0 Broking 0 Insurance Business 17.47 Treasury Operations 11.58 Corporate Banking 0 Consumer Finance 0 Corporate/Wholesale Banking 0 Consumer Finance 36.67 Others 6.81	Segment Break-Up Treasury Operations 0 Insurance 0 Asset Management 0 Auto Loans 0 Wholesale banking 0 Advisory 0 Broking 0 Insurance Business 0 Treasury Operations 13.1 Corporate Banking 0 Consumer Finance 0 Corporate Banking 18.8 Retail banking 0 Others 68.1
Loan Break-Up	Loan Break-Up Home loans 27.45 Corporate Banking 22.62 Consumer Bank Working capital 9.07 Commercial Vehicles 9.06 Agricultural 7.39 SME 6.93 Consumer Durable 5.18 Tractor finance 4.07 Small & Medium Enterprises (SME) loans 3.73 Auto loans 0 Business Banking 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 4.5	Loan Break-Up Corporate Banking 0 Agricultural 9.04 SME 0 Commercial Vehicles 0 Infrastructure 0 Small & Medium Enterprises (SME) loans 0 0 0 Basic Metal and Metal Products 0 Agricultural 0 Consumer Durable 0 Business Banking 0 Services 33.36 Auto loans 0 Personal Loan 28.94 Tractor finance 0 Consumer Bank Working capital 0 Home loans 0 Advances to industries 28.66 Gems and Jewellery 0	Loan Break-Up Corporate Banking 0 Agricultural 14.79 SME 0 Commercial Vehicles 0 Infrastructure 3.21 Small & Medium Enterprises (SME) loans 0 0 0 Metals 2.77 Agricultural 0 Consumer Durable 0 Business Banking 0 Services 54.63 Auto loans 0 Personal Loan 9.58 Tractor finance 0 Consumer Bank Working capital 0 Home loans 0 Advances to industries eligible 0 Gems & Jewelry 14.55 Others 0.47
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up Rest of the World 1.13 India 98.87	Location Wise Break-Up Rest of the World 0 India 100.0
Operating Profit Break-Up	Operating Profit Break-Up Corporate Banking 32.61 Consumer Finance 25.7 Treasury Operations 17.5 Asset Management 5.19 Broking 5.04 Lending 4.22 Insurance 3.51 Advisory 3.16 Auto Loans 3.05 Insurance Business 0 Wholesale Banking 0 Treasury 0 Others 0.02	Operating Profit Break-Up Treasury Operations 0 Wholesale Banking 20.69 Insurance 0 Asset Management 0 Corporate Banking 0 Auto Loans 0 Advisory 0 Insurance Business 7.28 Treasury 50.35 Broking 0 Consumer Finance 0 Lending 0 Others 21.68	Operating Profit Break-Up Treasury Operations 0 Wholesale Banking 0 Insurance 0 Asset Management 0 Corporate Banking 0 Auto Loans 0 Advisory 0 Insurance Business 0 Treasury 1.8 Broking 0 Consumer Finance 0 Lending 0 Others 98.2
Borrowings Break-Up	Borrowings Break-Up Borrowings in India- Other Institutions and Agencies 54.59 Borrowings in India- Other Banks 29.29 Reserve Bank of India 8.24 Borrowings in India- Other Banks 7.87 Financial Institutions 0 Banks 0 Borrowings outside India 0 0 0 Reserve Bank of India 0 0 Long Term Infrastructure Bonds 0 Others 0.01	Borrowings Break-Up Upper and lower Tier II capital and innovative perpetual debts 11.13 0 Borrowings outside India 23.01 Borrowings in India- Other Banks 0 Long Term Infrastructure Bonds 0 Bonds & Debentures 18.17 Banking 6.84 0 Other Institutions & Agencies 37.34 Reserve Bank of India 3.52	Borrowings Break-Up 0 Unsecured Non-Convertible Perpetual Non-Cumulative Bonds 3.04 Borrowings outside India 31.15 Borrowings in India- Other Banks 0 Long Term Infrastructure Bonds 3.06 0 Banks 0 0 Financial Institutions 0 Reserve Bank of India 0 Others 62.75
Premium Break-Up - General Insurance	Premium Break-Up - General Insurance Health Insurance 45.11 Motors 44.83 PERSONAL ACCIDENT 4.59 Fire Equipment 2.71 Others 2.76	-	-
Asset Break-Up - Segment Wise	Asset Break-Up - Segment Wise Others 100	-	Asset Break-Up - Segment Wise Others 100
Priority vs Non-Priority Sector	Priority vs Non-Priority Sector Non Priority Sector 54.14 Priority Sector 45.86 Non-Priority 0 Priority 0	Priority vs Non-Priority Sector Priority Sector 33.36 Priority Sector 0 Non Priority Sector 66.64 Non Priority Sector 0	Priority vs Non-Priority Sector Priority 0 Priority Sector 32.69 Non-Priority 0 Non Priority Sector 67.31
AUM Break-Up - Asset Management	AUM Break-Up - Asset Management EQUITY 57.46 Debt 21.48 Liquid/ Money Market 14.72 ETF 3.23 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Others 3.11	-	-
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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