Kotak Mahindra Bank's (KMB) 3QFY20 earnings were below expectations with weaker than expected growth, higher one-time opex charges, and elevated provisions resulting in 1.4% YoY decline in PBT (8% QoQ). Reported PAT however was higher by 24% YoY on lower than expected tax rate at 18%. Slippages at 2% (annualized) remained elevated with higher slippages from unsecured and corporate portfolios. Growth in fee-based income moderated to 10% YoY mainly led by weaker growth in advances and lower TP distribution fee. Margin improved further to 4.7% driven by ~20 bps sequential decline in cost of funds as the full impact of lower SA rates (for accounts with balances below 1 lakh) played out. KMB's consolidated profits grew by 27%...