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Business

Kotak Mahindra Bank Q2 earnings better than expected, say analysts

Updated : October 26, 2020 04:51 PM IST

Kotak Mahindra Bank reported a 26.6 percent rise in net profit for the quarter ended September 2020 at Rs 2,184.48 as against Rs 1,724.48 crore in the same period last year. CNBC-TV18 analysts' poll had an estimated profit of Rs 1,394.4 crore.

These are very positive numbers, said market expert Prakash Diwan. “Kotak Mahindra Bank will probably be the one that takes off faster than even an HDFC or an ICICI Bank. The stock might not do well immediately but this will get bought into at some stage once the time correction is over,” he added.

Siji Philip, Senior Research Analyst at Axis Securities believes that the bank’s performance has been quite good.

“As of now we have a hold rating on the stock with a target price of Rs 1,410. The key monitorable now will be how the management commentary goes,” she said.

For more, watch the video.

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