EXHIBIT 1: Kotak Mahindra Bank - Financial summary

Research evidence excerpt

EXHIBIT 1: Kotak Mahindra Bank - Financial summary

18 July 2026

Pranav Gundlapalle

+91 226 842 1407

India Financials pranav.gundlapalle@bernsteinsg.com

Kotak Mahindra Bank Ltd Ishan Mittal

+91 226 842 1442

Rating ishan.mittal@bernsteinsg.com

Market-Perform Anirudh Gupta

Price Target +91 226 842 1456

anirudh.gupta@bernsteinsg.com

KMB.IN 500.00 INR

Quick Take: Kotak 1Q27 - Defending profitability

Kotak delivered a steady quarter, with broad-based loan growth that is no longer outpacing

Close Date 17 Jul 2026

peers and stable asset quality. Moreover, margin trends remained under pressure, with

KMB.IN Close Price (INR) 389.95

the bank reporting a sequential decline in NIM despite an improving LDR. Earnings growth

Price Target (INR) 500.00

remained healthy, aided by cost discipline and lower credit costs, allowing the bank to sustain

Upside/(Downside) 28%

a RoA above 2%. However, deposit growth lagged peers and elevated capital levels inched up

52-Week Range 453.20/345.40

further, constraining RoE and highlighting areas where the bank still trails larger PVB peers.

ASIAX 1,865.18

Broad-based growth in loans: Loan growth of 15% YoY was driven by healthy momentum FYE Mar

across segments, with corporate advances growing 15% YoY and SME lending remaining Div Yield 0.2%

strong at 20% YoY. Retail loan growth continued to lag at 12% YoY, with unsecured retail Market Cap (INR) (B) 3,878.98

loans moderating to 8.8% of total advances. On the liabilities side, deposit growth was EV (INR) (M) NA

relatively modest at 12% YoY, led by term deposits (+13% YoY), with ActivMoney balances Performance YTD 1M 6M 12M

remaining flat, contributing to slower deposit growth relative to peers. Absolute (%) (11.4) (3.2) (6.8) (8.9)

ASIAX (%) 14.0 (8.9) 9.3 27.4