 "Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm")
Kotak Mahindra Bank posted a 6.26 per cent rise in consolidated profit before tax (PBT) at Rs 2,889.47 crore for the quarter ended December 2019 (Q3FY20), from Rs 2,719.30 crore in the year-ago quarter.
The profit got impacted because of a one-time pension-related charge of around Rs 200 crore and higher provisioning and contingencies, which went up to Rs 472.6 crore at the consolidated level compared with a write-back of Rs 10.9 crore in the December 2018 quarter.
The bank’s net profit rose 27.4 per cent to Rs 2,348.72 crore in Q3FY20, as against Rs 1,844.01 crore a year ago. At the
