Latest News | BIZ-STOCKS-KOTAKBANK Kotak Mahindra Bank Shares Close over 2 Pc Lower Post Q1 Earnings
Get latest articles and stories on Latest News at LatestLY. Shares of Kotak Mahindra Bank fell over 2 per cent on Monday after the lender reported an 8.5 per cent decline in its standalone net profit for the June quarter.
New Delhi, Jul 27 (PTI) Shares of Kotak Mahindra Bank fell over 2 per cent on Monday after the lender reported an 8.5 per cent decline in its standalone net profit for the June quarter.
The stock declined 2.03 per cent to close at Rs 1,322.45 on the BSE. During the day, it lost 2.88 per cent to Rs 1,311.
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On the NSE, it settled 2 per cent lower at Rs 1,322.50.
Private sector lender Kotak Mahindra Bank on Monday reported an 8.5 per cent decline in its standalone net profit to Rs 1,244.45 crore in the first quarter ended on June 30.
The bank had posted a net profit of Rs 1,360.20 crore in the year-ago period.
However, the Q1 FY21 net profit remained nearly flat when compared sequentially from Rs 1,266.60 crore in March quarter.
Total income (standalone) also declined to Rs 7,685.40 crore in April-June quarter of 2020-21, over Rs 7,944.61 crore in the same period of 2019-20, Kotak Mahindra Bank said in a regulatory filing.
On the asset quality front, the lender witnessed a slight deterioration, as the gross non-performing assets (NPAs) rose to 2.70 per cent of the gross advances as on June 30, 2020, from 2.19 per cent in the year-ago period.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)