ICICI Securities recommends Kotak Mahindra Bank buy at ₹520
Business
ICICI Securities just gave Kotak Mahindra Bank a thumbs up, recommending a buy with a target price of ₹520.
The bank caught attention after posting a solid 29% jump in profit for Q2 FY27, hitting ₹42.1 billion.
They also reported steady growth in net interest income and operating profits this quarter.
Kotak Mahindra operating profits up 21%
Kotak Mahindra Bank has been growing its core business, with most retail products doing well and operating profits up by 21%.
Even though their net interest margin dipped slightly to 4.31%, smart moves like raising ₹553 billion in FCNR deposits are expected to support future growth.
ICICI Securities expects strong loan growth (about 22% annually through FY28) and superior returns, making it one to watch according to ICICI Securities.