 "Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm")
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,
