Kotak Mahindra Bank posted even stronger Q2 business update with advances up 25% YoY, deposits up 23% YoY; brokerages raised targets

Tue 6 Oct 2026

Advances growth YoY

25 percent

Advances growth QoQ

13 percent

Deposits growth YoY

23 percent

Deposits growth QoQ

14 percent

FCNRB deposits

5.78 billion dollars

Heard on business television between 15:50:18 - 15:53:18 IST.

• Advances rose 25% year on year and 13% quarter on quarter.
• Deposits increased around 23% year on year and 14% quarter on quarter.
• FCNRB deposits stood at around 5.78 billion dollars, but Citi estimates core advances still grew a strong 22% year on year even after removing this.
• CASA ratio fell to around 38%, largely due to FCNR 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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