Kotak Mahindra Bank Q1 consolidated net profit falls 2.5% to Rs 1,806 cr

The drop is largely on account of Kotak Mahindra Life Insurance posting a net loss of Rs 243 cr on shareholders' account due to higher death claims following the second Covid wave

Private sector lender Kotak Mahindra Bank on Monday reported a 2.5 per cent drop in consolidated net profit in the June quarter (Q1) at Rs 1,806 crore compared to Rs 1,853 crore in the year-ago quarter.

The drop is largely on account of Kotak Mahindra Life Insurance, one of its subsidiaries, posting a net loss of Rs 243 crore on shareholders’ account due to higher death claims following the second Covid-19 wave in Q1. In Q1FY21, the insurance subsidiary had posted a post-tax profit of Rs 161 crore.

But, on a standalone basis, which represents the operations of the bank,