Bernstein on Kotak BK ; Market perform, TP Rs 500

Delivered healthy 29% YoY EPS growth (+2% QoQ), driven by strong balance-sheet growth (+25% YoY, +14% QoQ), which more than offset weaker headline RoA (-22bps QoQ, +4bps YoY). Loan growth remained healthy but was corporate-led, particularly after adjusting for FCNR(B)-linked loans, potentially contributing to sharpest NIM compression among four large PVBs. Strong loan growth, led by corporate and SME Asset quality remains benign; higher provisions largely reflect standard asset buffers

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