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

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

Premium

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

3 min read Last Updated : Jul 28 2020 | 3:25 AM IST

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,

Topics : Kotak Mahindra Bank Q1 results

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in