Latest News | Kotak Mahindra Bank Shares Tank Nearly 7 Pc as Q1 Profit Drops

New Delhi, Jul 28 (PTI) Shares of Kotak Mahindra Bank on Monday tumbled nearly 7 per cent amid disappointing June quarter numbers from the company.

The stock dropped 6.95 per cent to Rs 1,977.20 on the BSE.

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At the NSE, it tanked 6.94 per cent to Rs 1,977.

Kotak Mahindra Bank on Saturday reported a consolidated net profit of Rs 4,472 crore for the June quarter, and flagged stress on the retail commercial vehicle portfolio due to adverse macroeconomic conditions.

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The profit in the year-ago period was Rs 7,448 crore, but it had included gains of over Rs 3,000 crore on its stake sale in the general insurance arm, while the net profit for the March quarter stood at Rs 4,933 crore.

On a standalone basis, the private sector lender's net profit dropped 7 per cent year-on-year to Rs 3,282 crore, which was attributed to reverses on the core income front due to rate cuts by the RBI, slower growth in fee income and also higher provisions.

The core net interest income grew 6 per cent to Rs 7,259 crore on the back of a 14 per cent loan growth, but restricted by a 0.37 per cent narrowing in the net interest margin to 4.65 per cent.

(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)