Kotak Mahindra Bank appoints Anup Bagchi as MD and CEO for three years effective January 1, 2027, succeeding Ashok Vaswani; brokerages Citi and Jefferies maintain buy ratings

Fri 2 Oct 2026

Net profit growth

40 percent

Net profit

1,189 crores

HDFC Bank advances growth

15.4 percent

ICICI advances growth

19.6 percent

Axis Bank advances growth

19 percent

Heard on business television between 16:18:24 - 16:21:24 IST.

• Anup Bagchi, currently executive director overseeing retail banking, data analytics and marketing, appointed MD & CEO for three years from January 1, 2027, succeeding Ashok Vaswani.
• HDFC Bank's price to book ratio discussed: 5-year average 2.9x, current 1.83x, one-year forward 1.68x, suggesting reasonable valuation with room to improve.
• Key challenges flagged: integration of HDFC Limited's debt needing normalization, moderation in loan growth, higher cost deposits, lower CASA, slower retail loan growth, and competition from fintechs and peers.
• Citi gave a buy rating with target price of around 970 rupees, calling the appointment strategically positive with re-rating potential; flagged execution and management continuity including Deputy MD Kaizad Bharucha as watch items.
• Jefferies maintained buy rating with target price around 880 rupees, saying the appointment provides clarity on succession and supports re-rating via management reorganization.

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