Kotak Mahindra Bank delivered strong advances and deposit growth, with Citi and Goldman Sachs maintaining buy ratings and raising targets

Tue 6 Oct 2026

Advances growth YoY

25 percent

Advances growth QoQ

13 percent

Deposits growth YoY

around 23 percent

Deposits growth QoQ

14 percent

FCNR(B) deposits

5.78 billion dollars

Heard on business television between 12:22:27 - 12:25:27 IST.

• Advances grew 25% year-on-year and 13% quarter-on-quarter, deposits increased around 23% year-on-year and 14% quarter-on-quarter.
• FCNR(B) deposits stood at around 5.78 billion dollars, but Citi estimates core advances still grew 22% year-on-year after removing linked exposure.
• CASA ratio softened to around 38%, largely due to FCNR-linked term deposit build-up.
• Citi has a buy with target price of 465, Goldman Sachs raised its target price to 540 citing stronger organic loan growth, better leadership clarity and improving earnings momentum.

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