Kotak Bank profit before tax slips 10.6% at Rs 2,674 cr for March 2020 qtr

Profit down due to Covid provisioning and lower other income

Private lender Kotak Mahindra Bank reported a 10.6 per cent decline in consolidated profit before tax (PBT) at Rs 2,674.4 crore for the quarter ended March 2020 (Q4FY20), from Rs 2,990.6 crore in the year-ago quarter mainly due to higher provisioning on account of Covid and lower other income.
 

The bank made provisions of Rs 713.7 crore on account of Covid-19 deferment cases, which are higher than the Reserve Bank of India’s (RBI’s) prescribed norms, it said.
 

While net interest income grew at a healthy 16.5 per cent, other income fell 37.8 per cent which also led to the decline