He expressed confidence in the bank's ability to turn this challenge into an opportunity for progress.
"Technology is going to be at the centre of our efforts to transform and scale," he stated.
"Vaswani stressed that the bank is focused on long-term sustainability and high performance.
He highlighted the legacy of Uday Kotak in building a strong management team and a successful business.
The brokerage said net interest income (NII) is projected to rise 10.5% Y-o-Y to6,888.8 crores, while pre-provision operating profit is expected to increase by 0.1% Y-o-Y to4,956 crores.
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Kotak Mahindra Bank's MD & CEO Ashok Vaswani has told shareholders the lender would better leverage technology to drive business growth, acknowledging that more needs to be done in response to changing customer expectations and the fast-paced business environment.In an April 24 order, the Reserve Bank of India directed the private sector lender to immediately stop onboarding new customers through its online and mobile banking channels and to cease issuing new credit cards.The RBI's actions were prompted by significant IT concerns identified during examinations for 2022 and 2023, and the bank's "ongoing failure to address these issues comprehensively and promptly".Vaswani emphasised the bank's dedication to enhancing its technology investments and resources, recognising the need for faster adaptation. He expressed confidence in the bank's ability to turn this challenge into an opportunity for progress."Technology is going to be at the centre of our efforts to transform and scale," he stated. "We are absolutely committed to further enhancing our resources and commitments in this area, and I am very confident that collectively, as a team – we will deliver and use this as an opportunity to leapfrog."Vaswani stressed that the bank is focused on long-term sustainability and high performance. He highlighted the legacy of Uday Kotak in building a strong management team and a successful business."Our journey ahead is filled with opportunities and challenges; confident we will achieve our aspirations. We are determined to win and, more importantly, win in the right way," Vaswani said.He outlined the core strategy for the bank's next phase, emphasising the importance of customers, company, colleagues, and community."The most important stakeholder is our Customer," Vaswani affirmed. He also noted the significance of scaling for relevance rather than size alone, capitalising on the positive momentum of the Indian economy.Vaswani, who took charge as MD & CEO on January 1, 2024, conveyed optimism about the bank's future.The bank has recently informed BSE that a meeting of the board of directors is scheduled on August 20, 2024, to consider and approve results for the quarter ended June 2024.Brokerage house Prabhudas Lilladher said it expects Kotak Mahindra Bank's April-June 2024 net profit to be3,379.5 crores, down 2.1% year-on-year and 18.2% quarter-on-quarter. The brokerage said net interest income (NII) is projected to rise 10.5% Y-o-Y to6,888.8 crores, while pre-provision operating profit is expected to increase by 0.1% Y-o-Y to4,956 crores.
