Apart from this,RoE is lower for Kotak because they have lower leverage,if you look at the RoA(return on assets) that is around the 2% mark with HDFC bank being a shade lower.
On growth,that is not a Kotak specific issue,you will see that across the sector,however very few have the capacity to suffer and thus have the ability to not only survive but thrive when the environment improves a few quarters down the line.
