Not Immune to Macroeconomic Risks; Valuations appear Stretched Kotak Mahindra Bank's (KMB) 2QFY20 operating metrics were largely in line with our estimates, with NII, PPoP, and PBT growing by 25%, 20%, and 21% YoY respectively. However, reported PAT was 20% ahead of estimates owing to lower than expected tax rate at 18%. Nonetheless, the bank's performance wasn't immune to macroeconomic risks with moderation loan growth at 15% YoY and rise in GNPAs (13 bps QoQ). Growth in fee-based income moderated to 14% YoY mainly led by weaker growth in advances. Margin improved to 4.6% driven by decline in cost of funds, improved pricing power, and sequentially higher CD ratio. CASA deposits grew...