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
AUM - Mutual Funds	418791.31 Crs	n/a	n/a
% of AUM in equity fund	60.13 %	n/a	n/a
Banking Sector
Gross NPA	1.39 %	1.24 %	1.92 %
Net NPA	0.34 %	0.33 %	0.57 %
CASA Ratio	45.5 %	38.2 %	38.0 %
CASA vs Liabilities	34.03 %	22.53 %	28.37 %
Fresh Slippages - Quarterly	1305.0 Crs	7000.0 Crs	1428.0 Crs
Net Interest Margin	5.28 %	3.63 %	4.26 %
Capital to Risks Assets Ratio (CRAR)	21.8 %	18.8 %	17.23 %
Tier I Capital	20.7 %	16.8 %	15.82 %
Tier 2 Capital	1.1 %	2.0 %	1.41 %
Cost To Income Ratio	44.76 %	41.3 %	48.2 %
Credit Deposit Ratio	83.77 %	107.95 %	89.26 %
General Insurance Sector
Yield On Total Investments - General Insurance	6.67 %	7.2 %	n/a
Monthly Gross Direct Premium Income (GDPI)	147.59 Crs	n/a	n/a
Combined Ratio	111.0 %	n/a	n/a
Float	942.73 Crs	n/a	n/a
Risk Retention Ratio	70.0 %	n/a	n/a
Life Insurance Sector
AUM - Life Insurance	74322.0 Crs	n/a	n/a
Management Expense Ratio - Life Insurance	20.33 %	n/a	n/a
61 Month Persistency Ratio	53.7 %	n/a	n/a
13 Month Persistency Ratio	83.5 %	n/a	n/a
Commission Ratio - Life Insurance	8.93 %	n/a	n/a
New Business Performance - Life Insurance	477.45 Crs	n/a	n/a
Embedded Value	12511.0 Crs	n/a	n/a
Value Of New Business Margin (VNB)	38.8 %	n/a	n/a
Claim Settlement Ratio	98.25 %	n/a	n/a
NBFC
Cost of Borrowing	4.13 %	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	2.76	2.81	1.8
P/E	19.68	19.99	12.7
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
Loan Break-Up	Loan Break-Up Home loans 27.24 Corporate Banking 22.29 Commercial Vehicles 9.4 Consumer Bank Working capital 9.19 Agricultural 7.11 SME 6.96 Consumer Durable 5.12 Tractor finance 4.03 Small & Medium Enterprises (SME) loans 3.7 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 4.96	Loan Break-Up Auto loans 0 Commercial Vehicles 0 Consumer Bank Working capital 0 Agricultural 0 SME 0 Infrastructure 0 Home loans 0 Consumer Durable 0 Corporate Banking 0 0 Business Banking 0 Small & Medium Enterprises (SME) loans 0 Agricultural 9.04 Services 33.36 Basic Metal and Metal Products 0 Tractor finance 0 Gems and Jewellery 0 Personal Loan 28.94 0 Advances to industries 28.66	Loan Break-Up Auto loans 0 Commercial Vehicles 0 Consumer Bank Working capital 0 Agricultural 0 SME 0 Infrastructure 3.21 Home loans 0 Consumer Durable 0 Corporate Banking 0 0 Business Banking 0 Small & Medium Enterprises (SME) loans 0 Agricultural 14.79 Services 54.63 Metals 2.77 Tractor finance 0 Gems & Jewelry 14.55 Personal Loan 9.58 0 Advances to industries eligible 0 Others 0.47
Segment Break-Up	Segment Break-Up Insurance 32.75 Consumer Finance 26.48 Corporate Banking 19.04 Treasury Operations 10.37 Broking 3.42 Auto Loans 3.1 Asset Management 1.74 Advisory 1.42 Insurance Business 0 Wholesale banking 0 Retail banking 0 Treasury 0 Corporate/Wholesale Banking 0 Others 1.68	Segment Break-Up Corporate Banking 27.47 Advisory 0 Corporate Banking 0 Insurance Business 17.47 Consumer Finance 36.67 Treasury Operations 11.58 Consumer Finance 0 Insurance 0 Treasury Operations 0 Corporate/Wholesale Banking 0 Asset Management 0 Broking 0 Auto Loans 0 Others 6.81	Segment Break-Up Wholesale banking 0 Advisory 0 Corporate Banking 0 Insurance Business 0 Retail banking 0 Treasury Operations 13.1 Consumer Finance 0 Insurance 0 Treasury Operations 0 Corporate Banking 18.8 Asset Management 0 Broking 0 Auto Loans 0 Others 68.1
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 27.34 Treasury Operations 26.73 Consumer Finance 26.54 Broking 5.59 Asset Management 3.98 Advisory 3.23 Auto Loans 2.62 Insurance 2.47 Lending 1.51 Insurance Business 0 Wholesale Banking 0 Treasury 0	Operating Profit Break-Up Advisory 0 Corporate Banking 0 Lending 0 Insurance Business 7.28 Treasury 50.35 Consumer Finance 0 Insurance 0 Treasury Operations 0 Wholesale Banking 20.69 Asset Management 0 Broking 0 Auto Loans 0 Others 21.68	Operating Profit Break-Up Advisory 0 Corporate Banking 0 Lending 0 Insurance Business 0 Treasury 1.8 Consumer Finance 0 Insurance 0 Treasury Operations 0 Wholesale Banking 0 Asset Management 0 Broking 0 Auto Loans 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 Long Term Infrastructure Bonds 0 Reserve Bank of India 3.52 0 Upper and lower Tier II capital and innovative perpetual debts 11.13 Banking 6.84 Bonds & Debentures 18.17 0 Borrowings outside India 23.01 Other Institutions & Agencies 37.34 Borrowings in India- Other Banks 0	Borrowings Break-Up Long Term Infrastructure Bonds 3.06 Reserve Bank of India 0 0 0 Banks 0 0 Unsecured Non-Convertible Perpetual Non-Cumulative Bonds 3.04 Borrowings outside India 31.15 Financial Institutions 0 Borrowings in India- Other Banks 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
AUM Break-Up - Asset Management	AUM Break-Up - Asset Management EQUITY 59.18 Debt 20.04 Liquid/ Money Market 15.15 ETF 3.34 Balanced schemes 0 PMS & others 0 Insurance 0 Offshore funds 0 Alternate asset 0 Others 2.29	-	-
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 Non Priority Sector 66.64 Priority Sector 0 Priority Sector 33.36 Non Priority Sector 0	Priority vs Non-Priority Sector Non-Priority 0 Priority Sector 32.69 Priority 0 Non Priority Sector 67.31
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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