Mankekar, however, believes people mistake Kotak’s “risk-understanding” as “risk-aversion”. “He is a visionary who knows how to measure and price risk. Combined with tremendous patience and the maturity of waiting for the right balls to play his shots, has helped Uday make a mark of his own,” says the professor.

With a capital adequacy ratio of 21.80% and a gross NPA ratio falling to 1.78% from 2.34% in FY22, Kotak is rearing to go. “The demand is reasonable, GDP growth is strong, inflation is under reasonable control, interest rates have plateaued, fiscal deficit is in check, and we have political stability. What more can you ask for?” says Kotak.

Though his peers have grown in size, Kotak Mahindra Bank has proved to be a wealth creator with the stock compounding return at 30% since 2003 against 15% for the Sensex. It continues to be the most expensive banking franchise at 4.5x estimated P/B, significantly higher than HDFC Bank (3.7x) and ICICI Bank (3.3x).

Though Kotak had to cut short his cricketing career post an injury, Mankekar believes his protégé hasn’t lost his sense of timing. “Uday is the ‘The Wall’ of Indian banking, who can always be depended upon to make the most prudent decisions without any pressures of growth/size, and this has led to him steadfastly navigating the bank through the cycles.”

Interestingly, Rahul Dravid, the renowned cricketer who retired at the age of 39, earned the esteemed sobriquet "The Wall" for his exceptional prowess to excel in any playing conditions. His remarkable achievement of scoring 270 runs against Pakistan in 2004 during a gruelling 12-hour-long test innings solidified his reputation. Just as Dravid's resilience and unwavering determination captivated the world of cricket, so, too, has Kotak demonstrated an unwavering resolve in weathering the numerous crises that have plagued the banking sector over the past two decades. With his impending departure by the end of this year, it is only fitting that Prof Mankekar bestows upon Kotak the title of "The Wall of Indian Banking."

Kotak Bank GNPA

Uday is 'The Wall' of Indian banking: Prof Mankekar