ABOUT US
Driving responsible
growth

Embracing the winds of change, Kotak has emerged as a transformative force within India’s financial landscape. Over the years, we have successfully navigated evolving market dynamics, consistently adapting offerings to meet the needs of a dynamic clientele. Powered by innovation and cutting-edge technology, we pioneer financial solutions, ushering in an era of convenience and empowerment. Further, we are embracing sustainability and ESG practices to drive transformative progress and create sustainable value for our stakeholders.

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KOTAK UNIVERSE^

₹ 6,20,430 cr

Total assets

₹ 4,20,880 cr

Assets under management

₹ 3,61,273 cr

Total deposits

₹ 3,59,107 cr

Total advances

^All numbers are on a consolidated basis except wherever stated
₹ 1,39,359 cr*

Total investments

5,82,000+

Shareholders base

41.2 mn

Number of customers of the Bank

1,00,000+

Full-time employees

^All numbers are on a consolidated basis except wherever stated | *Excludes Policyholders’ investments

Kotak is one of India’s leading diversified and integrated financial services conglomerates, providing a wide range of financial solutions, covering banking (consumer, commercial and corporate), credit and financing, asset management, alternate assets, life and general insurance, stock broking, investment banking, private banking, microfinance and asset reconstruction across customer and geographic segments within India.

MESSAGE FROM UDAY KOTAK
Future
Ready

"I look at Kotak as a constant confluence of river waters, collaborating to build a sustainable ocean, aspiring to live in perpetuity."

Uday Kotak
Managing Director & CEO

Read the message here
Meet the Board
BUSINESS OVERVIEW
Our Growth
Propellers

Consumer
Banking Kotak Mahindra Bank Limited

Provides a bouquet of products and services such as deposits, lending solutions and transaction services for retail customers, small businesses, NRIs, retail institutions, government departments and entities backed by convenient, innovative and digital-first solutions.

Commercial
Banking Kotak Mahindra Bank Limited

Plays a significant role in financing deep into ‘Bharat’ and meeting Financial Inclusion goals.

Wholesale
Banking Kotak Mahindra Bank Limited

Caters to a wide range of corporate customer segments, including large Indian corporates, conglomerates, financial institutions, public sector undertakings, multinational companies, new-age companies, small and medium enterprises and real estate developers.

Custodial
Services Kotak Mahindra Bank Limited

One of India’s largest home‑grown custodians in offshore space and a leading provider of custody, clearing and fund accounting services.

Private
Banking Kotak Mahindra Bank Limited

Offers a comprehensive and holistic platform covering a gamut of financial services for UHNI and HNI clients comprising of entrepreneurs, business families and professionals.

Asset Reconstruction Division Kotak Mahindra Bank Limited

Looks at potential turnaround cases and structured funding opportunities basis genuine borrower profile backed by commensurate cash lows and collaterals. Also considers opportunities in the corporate, SME and retail stressed assets space basis strong resolutions infrastructure.

Car and Two-wheeler Loans Kotak Mahindra Prime Limited

Caters to retail customers and dealers in the passenger vehicle and twowheeler segments. Also caters to retail customers in the loan-against-property segment.

Lending
NBFC Kotak Mahindra Investments Limited

Lends to real estate and other sectors, provides structured financing and holds strategic investments.

Infrastructure Financing Kotak Infrastructure Debt Fund

Provides long-term finance to operational infrastructure projects and forges relationships with multiple infrastructure developers.

Stock Broking
(Retail) Kotak Securities Limited

Offers services to retail and institutional investors across the Indian Capital market.

Institutional
Equities Kotak Securities Limited

Leading institutional broker in India, catering to both global and domestic institutional equity investors.

Investment
Banking Kotak Mahindra Capital Company Limited

Leading investment banking firm with leadership across capital market and advisory products.

Life
Insurance Kotak Mahindra Life Insurance Company Limited

With a customer-first approach, the Company offers enhanced propositions across the value chain - from policy purchase to servicing to claim or maturity settlement.

General
Insurance Kotak Mahindra General Insurance Company Limited

Caters to the growing non-life insurance needs of individual customers and businesses.

Mutual
Fund Kotak Mahindra Asset Management Company Limited

Serves investor requirements across active as well as passive funds on an ongoing basis, focusing on the local as well as offshore markets across Debt, Equity and Commodities segments for retail and institutional investors. Offers schemes that cater to investors with varying risk-return profiles.

Pension
Fund Kotak Mahindra Pension Fund Limited

Authorised as a pension fund management company under the National Pension System (NPS). Managing nine schemes across asset classes.

Alternate
Assets Kotak Investment Advisors Limited

Diversified multi-asset investment manager providing private capital to Indian companies since 2005 across different verticals.

International
Business Kotak Mahindra (UK) Limited | Kotak Mahindra (International) Limited | Kotak Mahindra Inc. | Kotak Mahindra Asset Management (Singapore) Pte. Limited | Kotak Mahindra Financial Services Limited

Provides financial services through offices in Singapore, London, New York, Dubai, Abu Dhabi and Mauritius.

Microfinance Kotak Mahindra Bank Limited and BSS Microfinance Limited

Focus on directly reaching retail microfinance borrowers through wholly owned subsidiary, BSS Microfinance, and through business correspondents. Caters primarily to women customers engaged in allied agri, micro enterprises and various income generating activities.

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KEY PERFORMANCE INDICATORS
Sustainable
value creation

Profit & Loss

Our Net Interest Margin (NIM)* is driven by our risk adjusted pricing and stood at 5.4% for FY 2022-23.

Net Interest Income
(₹ in crore)
17%
CAGR
Operating Profit
(₹ in crore)
14%
CAGR
Net Profit
(₹ in crore)
20%
CAGR
Basic Earnings Per Share (EPS)
(₹)
19%
CAGR

4-year CAGR | *excluding dividend and interest on income tax refunds

Operational

A high CASA ratio has significantly contributed in lowering our cost of funds and enabled the engine to grow the asset book.

Current Account and Savings Account
(CASA) Balances (Bank standalone)
13%
CASA
CASA (₹ in crore)
CASA (%)
Deposits
(₹ in crore)
13%
CAGR
Advances
(₹ in crore)
10%
CAGR

4-year CAGR

Balance Sheet

With a capital adequacy ratio in excess of 23%, we are positioned attractively to support our growth aspirations.

Bank Capital Adequacy Ratio and CET 1
(₹)
Capital and Reserves and Surplus
(₹ in crore)
18%
CAGR
Total Assets
(₹ in crore)
12%
CAGR

4-year CAGR

Valuation Metrics

Our commitment to shareholder value creation is reflected in our sustained growth in book value per share.

Book Value Per Share
(₹)
17%
CAGR
Market Capitalisation
(₹ in crore)
8%
CAGR
23.1X

Price-to-earnings (P/E) as on 31st March, 2023

3.1X

Price-to-book (P/B) as on 31st March, 2023

2.62%

Return on Assets (RoA) for FY 2022-23

14.36%

Return on Equity (RoE) for FY 2022-23

4-year CAGR

Group Companies

Our subsidiaries and associates contributed 27% of the consolidated Profit after Tax (PAT) for FY 2022-23, reinforcing the strength of our business model.

Total Assets Under Management
(₹ in crore)
17%
CAGR
Kotak Securities – Average Daily Volume (ADV)^
(₹ in crore)
103%
CAGR
Kotak Life Insurance - Gross Written Premium
(₹ in crore)
17%
CAGR
Kotak Mahindra Asset Management – AAUM# - Overall
(₹ in crore)
20%
CAGR

4-year CAGR | ^excluding BSE Derivative and Proprietary Segments

#Average assets under management

ESG

We are committed to the sustainability agenda with a focus on corporate governance and empowering our employees. We focus on responsible deployment of funds for shared prosperity and long-term growth of people and communities.

Environmental impact
9

LEED-Certified Buildings out of which 17,300+ employees operate

90%

Waste recycled of the waste generated at select corporate offices

100%

Energy efficient lighting (LEDs) installed across our Bank's branch network and corporate offices

Social impact
~57.2 hrs

Average hours of training per Bank employee

26%

Growth in Bank’s Customer Base

10.6%

Increase in full-time women employees at the Group

₹ 265 cr **

Total CSR expenditure (Group)

Governance
~36,240 hrs

AML and anti-terrorist financing training

~45,000 hrs

On ethical standards and IT learning hours

20+ yrs

Average tenure of the Kotak Leadership Team with the Group

YoY | **including transfer to Unspent CSR Account

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ACCELER@TING CHANGE

This year, we accelerated the pace of change in our quest to make a demonstrable difference in our chosen areas. Recognising the transformative power of technology and digitalisation, and to remain competitive and agile we continue to stay at the forefront of innovation.

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Customer
centricity

Customer Experience on our product platforms has been enhanced as we continuously engage with our customers through multiple channels to gauge their needs and design our product solutions accordingly

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Digital Prowess & Technology Strengths

To stay ahead of the accelerated shift in the delivery model to digital, we undertook several initiatives aimed at enhancing customer delight and convenience by creating hassle-free, user-friendly journeys for existing and new-to-bank customers.

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Talent
Transformation

We prioritise nurturing of the talent pool by creating a conducive work culture that fosters innovation, collaboration and continuous development. We are strengthening the technology quotient of the work force as we increase our reliance on digital enablement to improve customer experiences.

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KOTAK811
Banking Meets
Technology

Kotak811 customers are young, transaction-heavy and credit hungry. This tech-savvy chunk of the population, makes a perfect fit and offers immense opportunity to the digital-first bank.

17.5 mn

Kotak811 Savings A/c^ 42%

9.4 mn

Paid Debit Cards^^ 45%

72%

Bank's new Savings A/c sourced through Kotak811

32%*

Growth in Savings A/c balances

81%

Growth in Savings A/c throughput^^^

72%

Growth in cross sell units

59%

Of overall Credit Cards, Personal Loans, Business Loans and Consumer Finance were cross-sold to Kotak811 customers

31 years

Average customer age

YoY | ^Savings Account refers to Live Full KYC Accounts only | ^^Paid Debit Card (physical DC) includes all cards sold to 811 customers | ^^^Throughput includes both credit and debit transactions | *Average monthly balance (March 2023 vs. March 2022)

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VALUE CREATION MODEL
How we
Create Value
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STRATEGY
Drivers of Value
Creation

Our strategic drivers are dedicated to delivering the best possible experience for our customers and employees while also driving sustainable performance and delivering long-term shareholder value.

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Technology at the Core: To ‘Run the Bank’ and ‘Change the Bank’

KPIs

Features

Biometric onboarding
DIY journeys
Auto service requests through Keya - our customer service chat-bot
Digital merchant ledgers
Multi lingual app for retail
microfinance customer

2.2X

Open Banking Partners

YoY

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Leadership in Digital
Capabilities

KPIs

42%

Growth in Kotak811
Savings Accounts

32%*

Increase in Mobile Banking 90-day active users

98%+

Savings account transaction volumes in digital or non-branch modes

2.0X

Growth in Mobile Banking transactions volume

2.1X

Growth in UPI transaction volume from Kotak Mobile Banking app

92%

Digital share of RDs opened

YoY | *March 2023 vs March 2022

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Customer
Centricity

KPIs

9 point^^

Increase in Customer NPS

1.5X^

Increase in queries handled successfully by WhatsApp Banking

1.3X^

Increase in queries handled successfully by Keya Chatbot

31%

Growth in Website service requests

^^Dec 2022 vs Jun 2022 | ^Q4FY23 vs Q4FY22 | YoY

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Expanding Access
to Low-Cost Liabilities

KPIs

26%

Growth in Bank's Customer Base

52.8%

CASA Ratio

82%

CASA and TDs below ₹ 5 cr as a percentage of Total Deposits

15%^

Growth in average CA deposits

^Q4FY23 vs Q4FY22 | YoY

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Pursue Advances Growth, Ensuring Right Asset Quality Additions at Risk Adjusted Pricing and Appropriate Risk Management

KPIs

81%

Growth in Credit Card advances book

56%

Growth in Personal Loans, Business Loans and Consumer Durables advances

10%

Unsecured Retail Advances (incl. retail microfinance) as a % of net advances vs 7% in FY22

18%

Growth in Bank's Net Advances

YoY

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Executing with Discipline
and Improving Productivity

KPIs

2.62%#

ROA

14.36%#

ROE

23.3%#

Capital Adequacy Ratio (CAR)

#On Consolidated basis

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Approaching Financial Inclusion as an Opportunity

KPIs

69%

Growth in Underbanked Women Customers (Microfinance JLG customers)

101%

Growth in Retail Microfinance advances

18%

Growth in Organic PSL Advances of the Bank

46%

Growth in Jan Dhan accounts opened

YoY

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Attracting, Retaining and Building a Team of Talented, Engaged and Motivated Employees

KPIs

75%

Score in Annual Employee Pulse Survey

20+ yrs

Average tenure of the Kotak Leadership Team with the Group

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Pursue Inorganic Growth -
Leverage Strong Standing

KPIs

Sonata Finance: Announced acquisition of 100% stake (subject to regulatory and other approvals) - a microfinance provider with presence in the northern states of India, which is complimentary to Bank's microfinance network

DLL Financial Services India: Acquired the agri and healthcare equipment portfolio with 25,000 high-quality customers

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MANAGING RISKS AND UNCERTAINTIES
Safeguarding
Stakeholder Interests

Backed by focus on strong risk management systems and controls, we have strengthened our ability to actively and effectively respond to risks. Kotak views risk management as a critical business enabler and tries to ensure sound management of risks through timely identification, assessment and management to ensure business resilience.

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STAKEHOLDER ENGAGEMENT AND MATERIALITY ASSESSMENT
Anchors of
Value Creation

Active and consistent engagement with stakeholders is essential to foster meaningful relationships based on mutual trust, accountability and transparency. At Kotak Mahindra Group, we seek to engage with our stakeholders regularly. Our engagement strategy is designed with the goal of recognising the stakeholders' present and future needs and expectations. The outcome of this engagement forms the basis of our approach towards organisational strategy as well as risk management and helps enhance customer experience.

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SUSTAINABILITY AT KOTAK
Embracing a
Sustainable Mindset

At Kotak, we are consistently seeking avenues to strengthen ESG integration across our business activities and operations. In doing so, we strive to make sustainability an intrinsic component of our corporate conduct and aim to accelerate the adoption of sound, impactful and focused sustainability practices.

We are dedicated to educating our workforce on emerging ESG issues and empowering them to create positive impact through their work.

KPIs

1,700+

Proposals were screened through our ESG Management Systems Plan (EMSP)

12X

Increase in electric
2-wheelers and 6X increase in the number of electric cars financed by KMPL in FY 2022-23 compared with FY 2021-22

15,000+

Micro-ATM outlets set up across India

1.4 mn

Women Microfinance Borrowers

567

ATMs installed with voice guidance facilities

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AWARDS AND ACCOLADES
Recognition of
Excellence
Recognition for Business Excellence
Recognition for Technology and Digital Prowess
Recognition for Employee Excellence and Learning Initiatives
Recognition for Harnessing Talent and Culture
Recognition for Brand and Marketing
Recognition for Annual Report
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Download
Centre
Kotak Mahindra Bank Limited
Message from Uday Kotak
Consolidated Financial Statements
Standalone Financial Statements
Directors’ Report
Report on Corporate Governance
Management's Discussion and Analysis
ESOP SAR Disclosure For FY 2022-23
AGM Notice
Form MGT-7
Subsidiaries