For its range and quality of corporate banking services, investment in digital, and financial performance, Kotak Mahindra Bank wins the award of India's best bank for corporates this year.
AfE 2024
Together with providing corporate clients with cash-management services and trade and supply-chain finance, the bank also offers one of the most comprehensive ranges of other specialist banking services, from custody to infrastructure and project financing, to real estate.
These capabilities are supported by the bank’s investment banking strengths, especially in financial advisory, equity and debt capital markets.
Kotak covers corporates across sectors and sizes, but specialises in banking multinationals and new digital companies, one of the fastest-growing segments of the Indian economy.
Keeping pace with this growth in digital investment, last year the bank further invested in the development of its Kotak fyn digital platform, which provides corporate clients with a range of online services including account management, trade facilitation, collections, and loans and payments.
Some 63,000 clients have now been onboarded onto the platform, which eliminates the need for multiple logins and user interfaces, making all trade and service transactions smoother for clients.
fyn also unifies data across multiple product-specific portals and back-office systems to create a single view of transactions, positions and balances, enabling self servicing.
Across the year, Kotak’s corporate banking business went from strength to strength, supporting a robust financial performance, underscored by a 29% increase in profit before tax of R2.65 billion ($31 million) for the year, and a return on assets of 1.4%.
In addition, the bank grew the number of corporate clients to 8,550 – up from 8,200 in the previous year.