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Kotak Mahindra Bank – Q1FY27 result update

• NII rose 9.2% y-o-y to Rs. 7,928 crore, slightly below estimates, adjusted NIMs were steady at 4.53% versus 4.54% q-o-q.
• Fee income declined q-o-q but other income of Rs. 896 crore aided topline growth.
• Sharp 44.7% y-o-y decline in provisions drove up PAT by 25.6% y-o-y to Rs. 4,123 crore, ~3.8% ahead of estimates.
• Asset quality remained largely stable with GNPA ratio declining by 2 bps q-o-q to 1.18%, while NNPA ratio was up by 2 bps q-o-q to 0.27%.Broadly stable results and expectations of steady return ratios. We have buy ratings. 

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