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Kotak Bank consolidated pre-tax profit down 16.4% to Rs 2,435 cr in Q1

Total provisions and contingencies, including Covid-related provisions, rose to Rs 962 crore in Q1 FY21 compared to Rs 317 crore in the year ago quarter

Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm
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File photo of a Kotak Mahindra Bank branch. The bank's net profit at the consolidated level stood at Rs 1,853 crore in Q1FY21, down 4% YoY

Subrata Panda Mumbai
Private lender Kotak Mahindra Bank reported a 16.4 per cent year-on-year (YoY) decline in consolidated pre-tax profit for the quarter ended June 2020 (Q1 FY21) at Rs 2,435 crore, from Rs 2,913 crore in the year-ago quarter due to additional provisioning made for Covid-related uncertainties.  

Net profit at the consolidated level stood at Rs 1,853 crore in Q1 FY21 versus Rs 1,932 crore in Q1 FY20, down 4 per cent.

The bank made additional Covid-related provisions to the tune of Rs 667 crore in the June quarter, of which Rs 616 crore additional provision was at the standalone level.

At a standalone level,

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First Published: Jul 27 2020 | 5:27 PM IST

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