Kotak Mahindra Bank Limited concluded its Forty-First Annual General Meeting (AGM) on August 1, 2026, with shareholders approving the adoption of its standalone and consolidated audited financial statements for the financial year ended March 31, 2026. The meeting, held via video conferencing, saw the Board seek approval for key governance matters including the declaration of dividends, the re-appointment of retiring directors, and the fixing of remuneration for Joint Statutory Auditors for FY26.

The AGM was chaired by C S Rajan, Non-Executive Independent Part-time Chairman, and attended by 118 members. The meeting commenced at 10:00 a.m. (IST) and closed at 1:10 p.m. (IST) after the conclusion of e-voting. All business items set out in the notice were addressed, with the Managing Director & CEO responding to member queries during the interaction session.

Key Resolutions and Governance

The Board presented several resolutions for shareholder approval, categorized as ordinary or special based on regulatory requirements. The resolutions included the adoption of financial statements, dividend declaration, and director appointments.

Amit Desai and Jaideep Hansraj, who retired by rotation, offered themselves for re-appointment and were eligible for the position. The special resolution regarding fixed remuneration for Non-Executive Directors excluded the Non-Executive Independent Part-time Chairperson.

Audit and Compliance Overview

The Chairman informed members that the Auditors' Report on the financial statements for FY25, issued by Joint Statutory Auditors M/s. Deloitte Haskins & Sells and M M NISSIM & CO LLP, contained no qualifications, observations, adverse comments, or remarks. Similarly, the Secretarial Audit Report issued by M/s. Parikh & Associates for FY25 was unqualified.

Documents available for inspection during the AGM included the Register of Directors and Key Managerial Personnel under Section 170 of the Companies Act, 2013, and the Register of contracts or arrangements in which Directors are interested under Section 189. The Secretarial Auditor also certified that the Bank's Stock Option Schemes, Stock Appreciation Rights Schemes, and Performance Linked Restricted Stock Unit Scheme were implemented in accordance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

E-Voting Process

Remote e-voting commenced at 9:00 a.m. (IST) on July 28, 2026, and concluded at 5:00 p.m. (IST) on July 31, 2026. Members participating in the virtual meeting could vote using the facility provided by NSDL. Alwyn D’Souza served as the Scrutinizer to ensure the e-voting process was conducted fairly and transparently. The final e-voting results and Scrutinizer's Report are scheduled to be submitted to stock exchanges on or before August 4, 2026.

Kotak Mahindra Bank delivered a consolidated Profit After Tax of ₹19,288 crore for FY26, marking a significant milestone as the group’s balance sheet crossed ₹10 lakh crore. The results, presented by Chairman C S Rajan at the Forty-First Annual General Meeting on August 1, 2026, reflect the resilience of the franchise despite headwinds from US trade policy uncertainty and geopolitical escalation in West Asia. While loan yields repriced faster than deposit costs due to the repo rate cut cycle—pressuring Net Interest Margins (NIMs)—market volatility created offsetting opportunities across treasury, foreign exchange, and capital markets businesses.

The bank’s standalone performance showed robust asset quality and capital strength. Standalone Profit After Tax was ₹14,008 crore, supported by Net Interest Income of ₹30,010 crore. Net Advances grew 16% year-on-year to ₹4,96,009 crore, while the Current Account Savings Account (CASA) ratio remained stable at 43.3%. Asset quality metrics improved, with Gross Non-Performing Assets (NPAs) declining to 1.20% and Net NPAs to 0.25%. The Capital Adequacy Ratio remained strong at 22.4%, underscoring the institution’s financial buffer.

Beyond core banking, the diversified financial services ecosystem contributed significantly to value creation. Customer Assets Under Management grew 12% year-on-year to ₹7,47,613 crore. Kotak Mahindra Capital Company Limited maintained its leadership position, while Kotak Securities gained market share in both cash and equity derivatives segments. Kotak Alternate Asset Managers Limited remained one of India’s largest domestic alternate asset managers, having raised approximately USD 11.5 billion since inception.

Strategic Expansion

A key development highlighted in the speech is the definitive agreement to acquire Deutsche Bank’s retail banking, private banking, and wealth management businesses in India, subject to requisite approvals. As of March 31, 2026, these businesses served approximately 150,000 customers, comprising ₹29,000 crore in advances, ₹16,000 crore in deposits, and ₹10,500 crore in assets under management. Management stated that the transaction strategically complements Kotak’s affluent and SME franchises and is expected to be value accretive, creating additional cross-sell opportunities.

What the Numbers Show

The divergence between consolidated and standalone profitability highlights the growing contribution of non-banking subsidiaries. With consolidated PAT at ₹19,288 crore versus standalone PAT of ₹14,008 crore, the capital markets, asset management, and insurance arms generated ₹5,280 crore in profit. This underscores the effectiveness of the bank’s strategy to build independent product businesses within the bank, reducing reliance on net interest income alone during periods of margin compression.

Consolidated Net Worth increased 15% year-on-year to ₹1,81,113 crore, translating into a Book Value Per Share of ₹182. The Group’s robust capital position and disciplined governance continue to support its transformation journey anchored on focused customer segment propositions, technology, digital, and artificial intelligence initiatives.

Looking ahead, management remains optimistic about India’s long-term growth prospects, citing rising affluence, increasing formalisation of the economy, and deeper financialization of household savings. The bank continues to strengthen sustainability performance through resource efficiency and sustainable finance, earning recognition as India’s Best Bank for Large Corporates by Euromoney Awards for Excellence 2025.