Goldman Sachs Sees Kotak Mahindra Bank Doubling Market Value

Kotak Mahindra Bank Ltd., controlled by Asia’s richest financier, Uday Kotak, is set to double its value over the next five years, as its lending business transforms with the help of digital channels, according to Goldman Sachs Group Inc.

The Mumbai-based lender is set to deliver sustainable operating profit and loan growth as it deploys excess equity capital, Goldman analysts wrote in a July 5 note, having upgraded the company to a buy recommendation from neutral. The bank’s valuation may rise beyond $100 billion by 2027, according to the note.