Uday Kotak

Source: BW Business World

Focus On The Compass And Not The Speedometer, Says Uday Kotak

Asia’s richest banker Uday Kotak has warned against pushing loan growth “for the sake of loan growth”, at a time when growth in the economy is slow and asset quality worries have not abated. Kotak, speaking to analysts on Monday, struck a cautionary note after Kotak Mahindra Bank Ltd. reported loan growth at a multi-quarter low of 10 percent in the October-December 2019 period.

The bank’s net profit for the third quarter rose 28 percent year-on-year. While the slower-than-expected loan growth spooked markets, Kotak’s commentary suggests the lender is treading cautiously in a tough environment. The bank is focusing on the compass rather than the speedometer, Kotak said.

Source: Bloomberg