MUMBAI : Kotak Mahindra Bank on Thursday reported a 10% year-on-year drop in net profit to ₹1266 crore at the end of March 2020 on higher provisioning.
Net profit stood at ₹1407 crore during the corresponding period a year ago. Asset quality improved with gross non-performing assets seeing a decline of 7% quarter on quarter to ₹5026.9 crore at the end of March 2020.
Gross NPA as a percentage of total assets stood at 2.3% as on 31 March as against 2.5% in the previous quarter. The bank added fresh bad loans worth ₹491 crore during the quarter compared to ₹1,062 crore in the third quarter.
Provisions and contingencies surged to ₹1,047.47 crore in the quarter from ₹171.26 crore a year ago. General provision for covid-19 stood at ₹650 crore,