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Earnings

Kotak Mahindra Bank joins rivals in warning of challenges ahead

Updated : July 23, 2019 07:27 AM IST

The lender, helmed by billionaire Uday Kotak who is one of Asia’s richest bankers, said its advances in the June quarter rose 18 percent, compared with a rise of 24 percent a year ago.
Dipak Gupta, joint managing director at Kotak Mahindra Bank, warned the small and medium enterprises segment continued to be a pain point.
HDFC Bank, the largest private bank in the country, also warned of slower retail loan growth, in an analyst call on Saturday after announcing its results. The bank stated that the slowdown in the auto sector and stress in the agricultural space were hurting growth.
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