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  • Kotak Mahindra Bank spurts 12% in two days
  • October 27,2020  13:00
  • Shares of Kotak Mahindra Bank surged 11.93% in two trading sessions from a recent closing low of Rs 1,383.05 hit on 23 October 2020.

    Morgan Stanley Capital Investment (MSCI) announced that it will implement changes in Foreign Ownership Limits (FOL) in the MSCI Global Indexes containing Indian securities coinciding with the November 2020 Semi Annual Index Review. The global index major said it will implement the changes at the close of 30 November, effective 1 December 2020. The change is expected to attract billions of dollars in active and passive flows for domestic stocks where the FOL will increase.

    The media reported that Kotak Mahindra Bank could be included into MSCI indices, leading to major inflows through passive funds. The current constituents of the indices will also see an increase in weight in November 2020 revision of indices by MSCI.

    Kotak Mahindra Bank announced its Q2 results during market hours yesterday, 26 October 2020. The private lender's net profit jumped 26.7% to Rs 2,184.48 crore on 3.78% increase in total income to Rs 8,288.08 crore in Q2 September 2020 over Q2 September 2019.

    The bank's gross non-performing assets (NPAs) stood at Rs 5,335.95 crore as on 30 September 2020 as against Rs 5,619.33 crore as on 30 June 2020 and Rs 5,033.55 crore as on 30 September 2019. The ratio of gross NPAs to gross advances stood at 2.55% as on 30 September 2020 as against 2.70% as on 30 June 2020 and 2.32% as on 30 September 2019. The ratio of net NPAs to net advances stood at 0.64% as on 30 September 2020 as against 0.87% as on 30 June 2020 and 0.85% as on 30 September 2019.

    The bank's provisions and contingencies fell 9.64% to Rs 368.59 crore in Q2 September 2020 over Rs 407.93 crore in Q2 September 2019. COVID related provisions as at 30 September 2020 stood at Rs 1,279 crore (0.62% of net advances). Non-specific provisions towards advances (including standard and COVID provisions) is at 177% of the NNPA of the bank.

    Kotak Mahindra Bank is a full-service commercial bank. The bank offers a wide range of products and services including personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. As on 30 September 2020, Kotak Mahindra Bank has a national footprint of 1,602 branches, 2,550 ATMs and branches in GIFT City and DIFC (Dubai).

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