MUMBAI: Kotak Mahindra Bank Ltd on Wednesday reported a 10.03% fall in its March quarter net profit due to higher provisioning.
Net profit for the quarter stood at ₹1266.60 crore against ₹1407.80 crore a year ago. The profit was lower than ₹1,498 crore estimated by a Bloomberg poll of 10 analysts.
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, while the provision towards advances/others (including provisions for exposures to entities with unhedged foreign currency exposures) was ₹3,73.72 crore.
Other income grew 16.2% year-on-year to ₹1,489.4 crore, while operating profit increased 19.4% to ₹2,725.28 crore. Net interest income, the