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Kotak Mahindra Bank Reports 9% Fall In Q1 Net Profit
On Monday, Kotak Mahindra Bank reported an 8.51 percent decline in net profit to Rs 1,244.45 crore for the June ended quarter when compared to Rs 1,360.20 crore in the corresponding quarter of the last year.
Shares of the private lender slipped over 2 percent after the announcement of the quarterly results.
For the first quarter of 2020-21, Kotak Mahindra Bank's provisions and contingencies rose by 3 times to Rs 962.01 crore against Rs 316.76 crore in the same period last year.
Net intererst income (NII) was up by 17.81 percent year-on-year to Rs 3,723.85 crore.
The bank's asset quality also deteriorated during the quarter under review as a percentage of gross non-performing assets (NPAs) stood at 2.70 percent, up from 2.25 percent in the March ended quarter. Percentage of net NPAs rose to 0.87 percent from 0.71 percent a year ago.
Kotak Mahindra Bank said that slowdown in economic activities has affected its lending business, fee income generation from sale of third party products and usage of debit and credit cards.
"This slowdown may impact customer defaults and consequently increase in provisions at the group level. There is a high level of uncertainty regarding the time required for life and business to get normal," it said in a release.
