Kotak Mahindra Bank Q1 results

the country's leading private sector lender, on Saturday, July 26, reported net profit of ₹3,282 crore in the first quarter of current financial year, marking a decline of 8% from ₹3,552 crore in the previous quarter. On an annual basis, profit figures are not comparable as the bank had earned an exceptional gain of ₹3,520 crore from sale of 70% stake in Kotak Mahindra General Insurance to Zurich Insurance Company Limited last year. The bank's provisions in Q1 more than doubled to ₹1,208 crore from ₹578 crore in the year-ago period. The bank's net interest income or the difference between interest earned on loans and expended on deposits rose 6% to ₹7,259 crore from ₹6,842 crore in the corresponding period last year. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.