Kotak Mahindra Bank

July 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - ONE YEAR MCLR AT 8.45% EFFECTIVE JULY 16

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Further company coverage: KTKM.NS

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** Shares of Kotak Mahindra Bank KTKM.NS slip 3.3% to 383.80 rupees

** Lender reports 15.1% Y/Y loan growth in Q1, with deposits climbing 11.7% Y/Y

** Advances climb 3.2% sequentiallyy, while deposit growth remains flat on Q/Q basis; CASA deposits drop 6.7% Y/Y

** ICICI Direct analysts say muted sequential deposit growth coupled with the decline in CASA balances could keep up the pressure on the bank's funding mix and margins in the near term

** Avg rating of 38 analysts on KTKM at "buy"; median PT is 470 rupees - LSEG-compiled data

** YTD, stock down ~13% vs 2.1% drop in banks index .NSEBANK

(Reporting by Kashish Tandon in Bengaluru)

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July 2 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - ASSIGNED KOTAK MAHINDRA INVESTMENTS LOAN PORTFOLIO OF 95.88 BILLION RUPEES AS OF JULY 1, 2026

Source text: ID:nBSE6tkvLs

Further company coverage: KTKM.NS

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July 1 (Reuters) - ** Shares of Kotak Mahindra Bank KTKM.NS close 2.1% higher at 400.45 rupees

** Deutsche Bank DBKGn.DE says KTKM will acquire its retail banking and wealth management business in India

** Deal for 2.82 billion rupees ($29.67 million)

ANALYSTS SEE STRATEGIC FIT, FLAG SCALE LIMITATIONS

** Citi ("Buy"; PT: ₹485) says deal strategically coherent, consistent with objective of building scaled, customer-centric affluent and SME banking franchise

** Believes cross-sell potential substantial as Kotak's product suite addresses white spaces for Deutsche Bank customers

** Flags customer attrition during transition phase, execution of integration and regulatory timelines as key things to monitor

** CLSA ("Outperform"; ₹392.95) calls acquisition "decent" since no additional equity/debt capital required; estimates adds 6% to KTKM loan book

* HSBC ("Buy"; PT: ₹460) says larger acquisition required to boost strategic positioning, improve low ROE, help balance sheet growth and create new customer footprints

** Brokerage believes a post-merger Kotak's balance sheet will grow 15%-18% YoY, with growth diluting the acquisition's impact.

** Jefferies ("Buy"; PT: ₹450) says while deal looks accretive, comes days after KTKM CEO chose not to renew term, which remains key overhang

($1 = 95.0450 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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** Shares of Kotak Mahindra Bank KTKM.NS drop 2.4% at 398.85 rupees

** Lender's CEO, MD Ashok Vaswani says he will not seek reappointment after his term ends on December 31

** Analysts say the departure introduces near-term uncertainty, even as the bank's underlying fundamentals remain intact

** Jefferies calls the move another "surprise" for investors and warns that a succession process that could take up to six months, including the evaluation of external candidates, may create an overhang on the stock

** Morgan Stanley says the development "creates some near-term uncertainty" but does not alter the lender's fundamentals

** Citi describes it as a "sentiment-driven uncertainty rather than a fundamental risk"

** YTD, stock down 9.5% vs banks index's .NSEBANK 2.6% drop and Nifty 50's .NSEI 7.9% drop

(Reporting by Kashish Tandon in Bengaluru)

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Kotak Mahindra Bank’s Managing Director and CEO Ashok Vaswani has informed the board that he does not wish to seek reappointment when his term ends on December 31, 2026. The bank said Vaswani cited personal reasons for his decision, which came to the board at its meeting on June 27. The board has accepted his decision and initiated the process to identify a new MD and CEO, which it aims to complete within regulatory timelines. Vaswani took charge as MD and CEO in January 2024, succeeding Uday Kotak, and his announcement removes the expectation of continuity beyond 2026.

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June 27 (Reuters) - India's fourth largest private lender Kotak Mahindra Bank KTKM.NS said on Saturday its CEO and managing director, Ashok Vaswani, will not seek reappointment after the end of his term on December 31, 2026 for personal reasons.

The board has started the process of appointing a new CEO, the bank said in an exchange filing.

(Reporting by Rishika Sadam in Hyderabad; Editing by Andrew Heavens)

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By Ashwin Manikandan, Gopika Gopakumar and Ira Dugal

MUMBAI, June 23 (Reuters) - Kotak Mahindra Bank KTKM.NS is looking for acquisitions, including loan portfolios, while further expanding into alternative assets and other non-banking businesses, its chief executive said, as the Indian lender looks to deploy excess capital to drive growth.

Founded by billionaire Uday Kotak, it aims to become India's third-largest private lender by after-tax profit, CEO Ashok Vaswani told Reuters in an interview on Monday afternoon.

"I have very high ambitions," Vaswani said. He said he was interested in "both organic and inorganic" growth when the right opportunity came along. He declined to give a number for a potential acquisition size.

Kotak Mahindra ranks behind HDFC Bank, ICICI Bank and Axis Bank among India's private sector lenders in terms of after-tax profit.

It had initially expressed interest in buying a stake in government-owned IDBI Bank but later exited the process over concerns about high valuations. It has also been in discussions to acquire Deutsche Bank's India retail business. Those talks remain "in the works," Vaswani said, without giving details.

It acquired Standard Chartered's personal loan portfolio in India in 2025 and micro lender Sonata Finance in 2023.

It will continue to target alternative assets as long as strong returns remain on offer, he said.

The bank, which has an investment in commodity exchange MCX, is looking for other opportunities in infrastructure that underpins financial markets.

"We really, really like financial markets infrastructure," Vaswani said. "I'm very interested in that space."

The pressure to deploy funds comes as its surplus capital drags down the return on capital, a key profitability measure. Its capital adequacy ratio is 23%, above the regulatory minimum of 9% and the 16% to 19% for the country's top three private banks.

Vaswani expects to expand the loan book at a faster pace than the overall banking industry by focusing on affluent customers and what he called "core India", including the country's middle class and small businesses.

TECH, AI TO CURB HIRING GROWTH

While the lender faced regulatory curbs between 2024 and 2025 due to IT infrastructure lapses, it is now spending about 13% of its operating expenses on technology.

This level of spending will continue as the bank invests in cybersecurity and pushes to improve efficiency by using AI.

Kotak has expanded its balance sheet by over 17% over the past year without increasing overall headcount, Vaswani said.

While hiring will continue, workforce growth will be "far smaller" than balance-sheet growth, he said.

($1 = 94.6775 Indian rupees)

(Reporting by Ashwin Manikandan, Gopika Gopakumar and Ira Dugal in Mumbai; Editing by David Dolan)

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MUMBAI, May 25 (Reuters) - India's Kotak Mahindra Prime is planning to raise up to 7 billion rupees ($73.40 million), including a greenshoe option of 1.5 billion rupees, through sale of bonds maturing in five years and one month, three bankers said on Monday.

It will pay a coupon of 8.28% and has invited commitment bids for the issue on Tuesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 25:

* Size includes base plus greenshoe for some issues

($1 = 95.3675 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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May 15 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• ONE YEAR MCLR AT 8.4% FROM MAY 16

Further company coverage: KTKM.NS

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MUMBAI, May 13 (Reuters) - India's Kotak Mahindra Prime [RIC:RIC:KTKMP.UL] has accepted bids worth 5 billion rupees ($52.33 million) in a sale of bonds maturing in four years and 11 months, three bankers said on Wednesday.

The company will pay a coupon of 8%, and had invited commitment bids for the issue on Tuesday, they said.

It did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 13:

* Size includes base plus greenshoe for some issues

($1 = 95.5425 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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May 7 (Reuters) - Jammu and Kashmir Bank Ltd JKBK.NS:

• RBI APPROVAL TO KOTAK MAHINDRA BANK FOR ACQUIRING AGGREGATE HOLDING UP TO 9.99% IN JAMMU AND KASHMIR BANK

Source text: ID:nNSE6wPSVX

Further company coverage: JKBK.NS

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May 6 (Reuters) - HDFC Bank Ltd HDBK.NS:

• RBI APPROVES HDFC BANK GROUP TO BUY UP TO 9.95% IN ICICI AND KOTAK

Source text: ID:nNSE96X61r

Further company coverage: HDBK.NS

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** Kotak Mahindra Bank KTKM.NS shares fall about 2% to 347.60 rupees

** Bank reported 13.4% y/y Q4 net profit rise, supported by lower provisions and improved asset quality

** However, net interest margin (NIM) was 4.67% vs 4.97% a year ago

MARGIN OUTLOOK, GROWTH MIX WEIGH ON SENTIMENT

** Jefferies ("Buy"; TP: 450 rupees) says profit beat estimates but weaker margin outlook due to rising deposit costs led to earnings cuts

** Nomura ("Buy"; TP: 460 rupees) says cost pressures likely to drag profitability in FY27

** Systematix ("Buy"; TP: 475 rupees) also flags continued pressure on margins into FY27 as higher term deposit rates lift funding costs

** Elara Securities ("Buy"; TP: 473 rupees) says pricing pressures and margin risks warrant a cautious outlook

($1 = 94.8425 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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Mumbai, May 2 (Reuters) - India's Kotak Mahindra Bank KTKM.NS reported a jump in fourth-quarter profit that beat estimates on Saturday, supported by strong loan growth and lower provisions for potential bad loans.

The country's third-largest private lender's standalone net profit rose 13% to 40.27 billion rupees for the quarter ended March 31 from last year. Analysts had expected a profit of 37.37 billion rupees, according to data compiled by LSEG.

Loan demand in India gained momentum in the second half of the fiscal year ended in March ​as easing inflation and lower taxes supported household spending and corporate borrowing.

The lender's net advances expanded 16% in the quarter from a year earlier, mainly driven by retail and corporate loans. Total deposits rose by 15%.

Last month, larger peers HDFC Bank HDBK.NS and ICICI Bank ICBK.NS beat profit views aided by strong loan growth.

Net interest income – the difference between interest earned on loans and interest paid on deposits - rose 8% ​to 78.76 billion rupees.

Provisions and contingencies fell 36% quarter-on-quarter and 43% year-on-year to 5.16 billion rupees.

The lender's gross non-performing asset ratio fell to 1.2% at the end of March, from 1.42% in the year-ago quarter.

(Reporting by Ashwin Manikandan, Jayshree P Upadhyay in Mumbai and Nishit Navin in Bangalore; Editing by Harikrishnan Nair and Peter Graff)

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MUMBAI, April 23 (Reuters) - India's Kotak Mahindra Prime accepted bids worth 7 billion rupees ($74.41 million) in a sale of bonds maturing in three years and two months, three bankers said on Thursday.

It will pay an annual coupon of 7.74% and has invited commitment bids for the issue on Thursday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 23:

*Size includes base plus greenshoe for some issues

($1 = 94.0712 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

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** Kotak Mahindra Bank KTKM.NS falls 2.2% to 350.10 rupees

** Private lender's net advances, total deposits rise 16.2% and 5.5% y/y as of March 31 2026, respectively

** Citi says loan growth slowing slightly vs last quarter, but still tracking longer-term trend

** Adds although deposits grew well, led by current and savings accounts, it still slightly lagged peers

** Stock rated "buy" on avg; median PT is 495 rupees, per data compiled by LSEG

** YTD, KTKM down ~20%

(Reporting by Urvi Dugar in Bengaluru)

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March 24 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KMIL TO STOP NEW LOAN SANCTIONING FROM APRIL 1, 2026; TO SERVICE EXISTING FACILITIES

• BUSINESS ACTIVITIES OF KOTAK MAHINDRA INVESTMENTS WILL BE CONDUCTED DEPARTMENTALLY WITHIN BANK

Source text: ID:nNSE9ClvtM

Further company coverage: KTKM.NS

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March 23 (Reuters) - India's Kotak Mahindra Bank is set to acquire Deutsche Bank's India retail business in a deal estimated at about 45 billion rupees ($480.3 million), the Economic Times reported on Monday, citing multiple people familiar with the matter.

Kotak KTKM.NS was chosen as the preferred bidder over Federal Bank FED.NS, the newspaper said, adding that the deal could be announced as early as next week and that the final price may be adjusted at closing.

Deutsche Bank DBKGn.DE and Kotak Mahindra Bank did not immediately respond to Reuters' requests for comment.

In 2022, Citi sold its credit card and retail businesses for more than $1 billion as it exited certain global consumer units over shrinking market share. Last year, Standard Chartered sold its India personal loan portfolio of $488 million to Kotak Mahindra Bank.

Deutsche Bank wants to exit its India retail banking operations, which spans 17 branches, sources told Reuters last year.

The lender's retail banking revenue in India for the financial year ended March 31, 2025 stood at $278.3 million, per its disclosures.

($1 = 93.6850 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sumana Nandy)

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March 21 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• KOTAK MAHINDRA BANK - KMCC TO SELL PART OF INFINA STAKE FOR RS. 12.94 BILLION

Source text: ID:nBSE9vqmbP

Further company coverage: KTKM.NS

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By Gopika Gopakumar and Aditya Kalra

MUMBAI, March 18 (Reuters) - Standard Chartered STAN.L is reviewing offers from Kotak Mahindra Bank KTKM.NS and Federal Bank FED.NS to acquire the British lender's up to 600,000 customers in India who only have credit card accounts, two sources with knowledge of the matter said.

The potential divestment is part of StanChart's strategy to reduce focus on single-product clients, they said.

The London-based lender has been offloading non-core components of its portfolio in India to improve its profitability. Last year, Standard Chartered sold its India personal loan business that at the time was valued at $488 million to Kotak Mahindra Bank.

Kotak and Federal have submitted final offers for acquiring StanChart's India portfolio of credit-card-only customers, who have no other relationship with the bank and are considered non-core to its business, said the two sources, who declined to be named as the deal talks are private.

The financial details of Kotak and Federal's proposals were not immediately clear.

The Indian lenders and Standard Chartered did not respond to requests for comment.

"StanChart is currently reviewing both of these offers and it is expected to take some time," one of the sources said, adding that the potential sale does not indicate the bank is completely exiting the credit-card business.

The move is linked to the bank's strategy to get rid of "non-core accounts," the person said.

StanChart's plan to sell the portfolio of cards has been reported. But Reuters is first to report that Kotak and Federal are in the race for it.

THE BUSINESS OF CARDS

For the two Indian lenders, acquiring the portfolio could present an opportunity to scale up their credit card base and reduce customer acquisition costs in a competitive market for such products.

Kotak has 4.5 million issued credit cards in India, while Federal has 2 million. That compares with StanChart's 670,000 credit cards in the country.

After the deal, StanChart plans to retain around 70,000 Indian credit card customers, affluent clients who have other banking relationships with the lender, the second source said.

On a call last year, StanChart interim Chief Financial Officer Pete Burrill said the bank was focused on offloading portfolios tied to single products without broader client relationships or those outside the affluent category.

While it is reducing its focus on credit-card-only customers in India, StanChart in January launched an invite-only "Beyond Credit Card" for priority clients, in what it described as its "strategic pivot to the wealth and affluent segment."

StanChart is among several foreign banks that are scaling back their retail operations in India due to stiff competition from local firms.

In 2023, Citigroup C.N exited the market by divesting its India retail franchise to Axis Bank AXBK.NS, while Deutsche Bank DBKGn.DE is exploring a sale of its retail and wealth management business in the country.

StanChart's 2025 annual report said it generated operating income of $1.6 billion from India, which was 7.8% of the bank's total global income.

(Reporting by Gopika Gopakumar and Aditya Kalra; Editing by Thomas Derpinghaus)

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March 17 (Reuters) - GNG Electronics Ltd GNGL.NS:

• ENTERS SUPPLEMENTAL AGREEMENT WITH KOTAK MAHINDRA BANK ON MARCH 16, 2026

• SIZE OF AGREEMENT IS 750 MILLION RUPEES

Source text: ID:nNSE81nF4r

Further company coverage: GNGL.NS

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-- Source link: https://tinyurl.com/3bd4mymn

-- Note: Reuters has not verified this story and does not vouch for its accuracy

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Recasts throughout, changes sourcing

March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.

The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.

India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.

Bloomberg News reported the development first.

The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.

IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.

Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.

Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.

(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)

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March 6 (Reuters) - Kotak Mahindra Bank Ltd KTKM.NS:

• RBI APPROVED APPOINTMENT OF ANUP KUMAR SAHA ON BOARD OF BANK

Further company coverage: KTKM.NS

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MUMBAI, Feb 13 (Reuters) - India's western state of Gujarat has appointed veteran banker Uday Kotak as the chairman of GIFT City, replacing former bureaucrat Hasmukh Adhia, according to a notice by the state government.

Gujarat International Finance Tec-City, or GIFT City, offers easier tax rules and regulations as it seeks to attract global capital to compete with financial centres such as Singapore and Dubai.

Earlier this month, India's federal government doubled the tax holiday for businesses establishing operations in GIFT City to 20 years.

Uday Kotak is the largest shareholder in India's Kotak Mahindra Bank and his financial empire includes an alternative investment business, asset management and insurance, among others.

(Reporting by Sumit Khanna in Ahmedabad and Jayshree Upadhyay in Mumbai; Editing by Shilpi Majumdar)

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Feb 7 (Reuters) - India's Kotak Mahindra Bank KTKM.NS said in an exchange filing on Saturday that it has not submitted a financial bid as part of the disinvestment process relating to IDBI Bank IDBI.NS.

Reuters on Friday reported that the private lender was one of the bidders for the state-owned bank.

(Reporting by Sai Ishwarbharath B; Editing by Sam Holmes)

Adds source based details of bidders

By Gopika Gopakumar, Ashwin Manikandan and Nikunj Ohri

NEW DELHI, Feb 6 (Reuters) - The planned sale of India's state-owned IDBI Bank IDBI.NS has attracted bids from Canadian investment group Fairfax Financial FFH.TO, Emirates NBD ENBD.DU and Kotak Mahindra Bank KTKM.NS, according to three sources with knowledge of the matter.

The Indian government and state-owned Life Insurance Corporation of India (LIC) LIFI.NS together plan to sell 60.7% of the lender as part of a broader government privatisation programme. The government owns 45.48% of IDBI Bank, while LIC holds 49.24%.

The government has received bids for the bank, Divestment Secretary Arunish Chawla said on Friday, without disclosing details.

The bids will be evaluated as per the government’s stake sale process, Chawla said in a post on X.

The sale of IDBI was first announced in 2022, and the government plans to announce the buyer by March.

At the bank's current market capitalisation of 1.14 trillion Indian rupees ($12.60 billion), the 60% stake would be worth over $7.5 billion. Reuters could not determine the value of the bids placed by potential buyers.

Fairfax, which already has a majority stake in India's CSB BankCSBB.NS, will look to merge IDBI Bank with it if they win the bid, one of the sources said.

Kotak Mahindra Bank and Emirates NBD have also submitted bids, all three sources said.

The sources declined to be identified as they are not authorised to speak to the media.

Emails sent to India's federal finance ministry, Fairfax, Emirates NBD and Kotak Mahindra Bank requesting comment were not immediately answered.

The government has previously said the sale will be concluded in the current financial year ending March 31, 2026. The successful bidder will be allowed to rename the bank, Reuters reported last week.

IDBI Bank had to be rescued by the state-owned insurer in 2019, after a surge in bad loans. Its share price has gained 26% in the last 12 months in anticipation of a sale.

(Reporting by Gopika Gopakumar and Ashwin Manikandan in Mumbai and Nikunj Ohri in New Delhi, writing by Shilpa Jamkhandikar; editing by Alexandra Hudson and Susan Fenton)

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Updates stock price, adds details from paragraph 3 onwards

By Vivek Kumar M

Jan 27 (Reuters) - India's Axis Bank AXBK.NS jumped nearly 6% on Tuesday and was on course for its biggest daily percentage rise in 15 months after the private lender reported a surprise rise in quarterly profit on healthy loan growth.

The stock jumped to a 18-month high of 1,332 rupees.

The private lender posted a 3% rise in net profit for the three months ended December 31, while analysts had expected profit to fall, according to data compiled by LSEG, with retail loan disbursements up in the quarter.

Brokerage Citi upgraded the stock to "buy" from "neutral" after the strong third-quarter earnings, citing enhanced visibility on loan growth outperforming the system average and improved asset quality trajectory.

Axis Bank was the top gainer among benchmark Nifty 50 .NSEI index and financials .NIFTYFIN on the day. The 50-stock index was down 0.2% and financials were flat, as gains in Axis Bank were offset by Kotak Mahindra Bank's KTKM.NS 3.9% fall.

The rise in Axis Bank's shares was supported by strong volumes. More than 11.7 million shares changed hands in the couple of hours since the market's open on the day, about 2.4x the 30-day average daily volume.

While the lender's credit costs were largely flat from previous quarter, Macquarie said it should be seen as a positive considering the increase in both normal and technical slippages attributable to the agri seasonality.

"We believe credit cost could decline in the coming quarters and provide further cushion to return on assets," Macquarie said.

(Reporting by Vivek Kumar M; Editing by Janane Venkatraman)

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