Kotak Mahindra Bank Recoups Losses Of 2% Post March Quarter Earnings

Kotak Mahindra Bank, during market hours on Monday, had reported an 8.51 per cent decline in net profit to Rs 1,244.45 crore in the quarter ended June 30

Kotak Mahindra Bank Recoups Losses Of 2% Post March Quarter Earnings

The bank's gross NPAs came in at 2.70 per cent in first quarter of financial year 2020-21.

Kotak Mahindra Bank shares gained nearly 2 per cent in mid-morning trading, recouping the losses of 2 per cent following the earnings announcement on Monday. The country's second largest private sector lender by market capitalisation, during market hours on Monday, had reported an 8.51 per cent decline in net profit to Rs 1,244.45 crore in the quarter ended June 30, compared to a net profit of Rs 1,360.20 crore in the corresponding period a year ago.

Shares of Kotak Mahindra Bank had ended 2.03 per cent lower at Rs 1,322.45 on the BSE on Monday. However, the stock made good its losses in Tuesday's trading session, touching an intra-day high of Rs 1349.70, up 2.06 per cent, on the BSE. At 11:40 am, the shares were trading at Rs 1347.8, up Rs 25 or 1.9 per cent.

In a regulatory filing, Kotak Mahindra Bank said its total income stood at Rs 7,685.40 crore in the April-June period, making a decline of 3.26 per cent compared with the year-ago period.

The bank's gross non-performing assets (NPAs) - or bad loans - as a percentage of total loans came in at 2.70 per cent in the first quarter of financial year 2020-21, as against 2.25 per cent in the previous quarter, and 2.19 per cent in the quarter ended June 30, 2019.

The BSE Sensex was trading at 28,137.60, higher by 202 points or 0.5 per cent and NSE Nifty was at 11,197.45, up 66 points or 0.5 per cent, at the time.