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Kotak Mahindra Bank First-quarter Profit Misses Estimates

Net profit was 10.25 billion rupees for the three months ended June 30, compared with 9.13 billion rupees a year ago, the lender, led by Asia's richest banker Uday Kotak, said in a statement.

Reuters

Updated:July 19, 2018, 1:12 PM IST
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Kotak Mahindra Bank First-quarter Profit Misses Estimates
A man walks past the Kotak Mahindra Bank branch in New Delhi. (Image: Reuters)
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Kotak Mahindra Bank Ltd on Thursday reported a 12.3 percent rise in first-quarter net profit, but fell short of market expectations.

Net profit was 10.25 billion rupees for the three months ended June 30, compared with 9.13 billion rupees a year ago, the lender, led by Asia's richest banker Uday Kotak, said in a statement.

Analysts had on average expected a net profit of 11.67 billion rupees for the second most valuable listed lender in India, with a market capitalisation of about $39 billion.

Gross bad loans as a percentage of total loans fell to 2.17 percent at end-June, compared with 2.22 percent in the preceding quarter and 2.58 percent a year ago.

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