kotak bank shares: Kotak Bank shares drop over 3% as Q1 NIMs disappoint. Should you invest?
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Shares of Kotak Mahindra Bank dropped over 3% in Monday's early trading session to the day’s low of Rs 1,756 on BSE as the bank’s Net Interest Margin (NIM) was reported at 5.02% for Q1FY25. However, Kotak Bank reported a standalone net profit of Rs 6,250 crore for the quarter that ended June 30, 2024, which was up by 81%, while the net interest income (NII) for the reported quarter stood at Rs 6,842 crore which was up by 10% year-on-year (YoY) versus Rs 6,234 crore reported by the company in the year-ago period. Operating profit for Q1FY25 increased to Rs 5,254 crore from Rs 4,950 crore in Q1FY24, up 6% YoY and the bank's consolidated profit after tax (PAT) jumped to Rs 7,448.16 crore versus Rs 4,150.19 crore in Q1FY24 Here is how brokerages have viewed the Q1 update: Jefferies: Hold | Target price: Rs 1,960 Jefferies has maintained a hold view on the stock while hiking the target price to Rs 1,960 from Rs 1,790.The global brokera...