Kotak Mahindra Bank shares close over 2 pc lower post Q1 earnings

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.

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.

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.