Kotak Mahindra Bank shares end nearly 3% lower as Q1 net profit falls

Shares of Kotak Mahindra Bank on Friday ended almost 3% lower after the company reported 25.8% decline in net profit for the first quarter.

After falling 4.43% to Rs 684.40 in intra-day trade at the BSE, shares of the company finally ended at Rs 695.70, down 2.86%.

At the NSE, the stock fell by 2.98% to settle at Rs 695.40.

On the volume front, 6.51 lakh shares of the company changed hands at the BSE and over 49 lakh shares were traded at the NSE during the day.

Private sector lender Kotak Mahindra Bank yesterday reported 25.8% decline in net profit at Rs 516.57 crore for the first quarter ended June 30, on account of higher provisioning for bad loans.

The bank had reported a net profit of Rs 696.70 crore in the April-June quarter of last fiscal, it said.

However, Kotak's total income increased to Rs 6,384.63 crore in the quarter from Rs 5,006.63 crore year ago.

On a standalone basis, the net profit plunged to Rs 190 crore in quarter under review from Rs 429 crore in the same period a year ago.