Kotak Bank Cautious on Impact of Covid 2nd Wave

Private sector lender Kotak Mahindra Bank on Monday reported a 33 per cent rise in its net profit to Rs 1,682 crore for the March quarter.

While the net profit was below analysts’ expectations, higher profit over last year was on the back of strong fee income and treasury gains. The lender had reported profits of Rs 1,267 crore same period last year. A Bloomberg poll had an estimated net profit of Rs 1,908 crore.

Kotak Bank posted lower than expected net interest income growth at Rs 3,842 crore, due to a fall in net interest margins.

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