Kotak Mahindra Bank Q1 profit rises by 12.3%

Net profit was Rs 1025 crore ($148.84 million) for the three months ended June 30, compared with Rs 9.13 billion a year ago, the lender, led by Asia’s richest banker Uday Kotak, said in a statement.

Kotak Mahindra Bank Ltd on Thursday reported a 12.3% rise in first-quarter net profit, but fell short of market expectations.

Net profit was Rs 1025 crore ($148.84 million) for the three months ended June 30, compared with Rs 9.13 billion a year ago, the lender, led by Asia’s richest banker Uday Kotak, said in a statement.

Analysts had on average expected a net profit of Rs 11.67 billion for the second most valuable listed lender in India, with a market capitalisation of about $39 billion.

Gross bad loans as a percentage of total loans fell to 2.17% at end-June, compared with 2.22% in the preceding quarter and 2.58% a year ago.