Quarter Results For Kotak Mahindra Bank:
Kotak Mahindra Bank on Monday posted their Q1 earnings of the quarter ended on June 30 showing 8.51% year-on-year drop in its net profit to ₹1244.45 on lower income than expected.
The Bank has reported their interest income for the quarter ended June 30 at 69.1BN Rupees which has surged 4.2 Year on Year.
The interest expenses for the Quarter stood at 31.9 BN rupees which is lower by 8.1% year over year, while the Net interest income is at 37.24 BN Rupees.
Provisions during the quarter more than tripled to ₹962.01 crore from ₹316.76 crore in the year-ago quarter. In January-March, the bank had set aside ₹1047.47 crore in provisions.
The bank has made an additional covid-19 related general provision of ₹616 crore in Q1FY21. Covid-related provisions as on 30 June stood at ₹1,266 crore. Total provisioning towards advances including specific, standard and covid provisions is higher than the gross non-performing assets of the bank.
Stock Market Update:
The stock of the Bank on Monday in the markets slipped nearly 3% reaching the day’s low at Rs 1310.15 and managed to close losing 27 Rs at 1322.60.
