Uday Kotak emphasized the bank’s focus on digital transformation and technological innovation enabling them to provide seamless banking services to customers.
Kotak Mahindra Bank has recently unveiled its annual report, featuring insights from Vice Chairman and Managing Director, Uday Kotak.
In his statement, Kotak expressed optimism amidst the challenging economic landscape caused by the COVID-19 pandemic.
In the message, he started by talking about how a quote captures the essence of Kotak Mahindra Bank’s culture and values. “I look at Kotak as a constant confluence of river waters, collaborating to build a sustainable ocean, aspiring to live in perpetuity,” he wrote in the letter.
He emphasized the bank’s focus on digital transformation and technological innovation enabling them to provide seamless banking services to customers.
“What does it take to build a sustainable institution for the future? Product excellence, customer obsession and trust. We, at Kotak, are in midst of this mindset shift for these priorities. We have moved in part from the physical world to the ‘phygital’ (physical enabled by digital) one,” he wrote.
He also talked about how the company is changing to ‘digical’ (digital first supported by physical), and soon, technology and AI will change this too.
Kotak Mahindra Bank has made a number of important hires in the past year. These hires are part of the bank’s plan to transform itself into a digital-first bank. While talking about the importance of hiring experienced bankers, Kotak said, “In the last one year alone, we have onboarded a new CTO, a Chief of Customer Experience, a Head of Brand, Product and Marketing and a Chief of Retail and Commercial Risk to drive potentially transformative changes in each of these areas. At the same time we will grow internal talent, which is future ready.”
Kotak further said that geo-politics dominates world economics and India has indeed played its cards well. He made the remarks at the annual general meeting of the bank on July 15. He said that the world is facing a number of challenges, including the war in Ukraine, the rise of inflation, and the slowdown in economic growth. However, he said that India is well-positioned to weather these challenges.
Kotak said that India has a number of strengths, including a young and growing population, a strong domestic market, and a resilient economy. He said that India has also been able to take advantage of the global economic landscape.
In FY 2022-23, Kotak Mahindra Bank’s net profit at the consolidated level witnessed a 23 per cent YoY growth to Rs 14,925 crore. The Return on Assets (ROA) at the consolidated level was 2.62 per cent for FY 2022-23 (2.36 per cent for FY 2021-22). The bank’s Standalone Net Interest Margin (NIM) stood at 5.33 per cent (up 72 bps against FY 2021-22) and our Net Profit witnessed a 28 per cent YoY growth to Rs 10,939 crore
“The optimism is well reflected in our full-year numbers too, especially in our growth in profits, margins and asset quality standards,” he said.
