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Kotak Mahindra Bank’s Q1 profit falls 26%

BI India BureauJul 30, 2015, 20:51 IST

Kotak Mahindra Bank’s net profit slipped 25.8% at Rs 516.57 Crores for first quarter ended June 2015 owing to higher provisioning for bad loans. The bank had reported a profit of Rs 696.70 Crores in the April-June quarter of the last fiscal.

Kotak's total revenue has increased to Rs 6,384.63 Crores in the April-June quarter from Rs 5,006.63 Crores in the same period of last fiscal. Kotak Mahindra Bank shares closed 1.36 per cent down at Rs 716.15 per unit on the BSE.

These are the first quarterly numbers after ING Vysya Bank merged with Kotak Mahindra Bank. RBI agreed on the amalgamation on April 1, 2015.

Image credit: Indiatimes