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Kotak Mahindra Bank reports 12.3% rise in Q1 net profit, misses estimates

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

India's Kotak Mahindra Bank Ltd on Thursday reported a 12.3 percent rise in first-quarter net profit, but fell short of market expectations.
Net profit was 10.25 billion rupees ($148.84 million) for the three months ended June 30, compared with 9.13 billion rupees 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 11.67 billion rupees 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 percent at end-June, compared with 2.22 percent in the preceding quarter and 2.58 percent a year ago.

Market Movers

CompanyPriceChng%Chng
Hindalco412.50 12.45 3.11
Bajaj Finserv13,795.50 270.45 2.00
SBI Life Insura1,097.50 20.85 1.94
Tata Steel1,322.25 24.30 1.87
Nestle18,382.25 280.90 1.55
CompanyPriceChng%Chng
Bajaj Finserv13,800.00 274.65 2.03
Tata Steel1,322.30 24.20 1.86
Nestle18,376.10 298.55 1.65
SBI428.60 5.30 1.25
Bajaj Finance6,230.80 68.65 1.11
CompanyPriceChng%Chng
Hindalco412.50 12.45 3.11
Bajaj Finserv13,795.50 270.45 2.00
SBI Life Insura1,097.50 20.85 1.94
Tata Steel1,322.25 24.30 1.87
Nestle18,382.25 280.90 1.55
CompanyPriceChng%Chng
Bajaj Finserv13,800.00 274.65 2.03
Tata Steel1,322.30 24.20 1.86
Nestle18,376.10 298.55 1.65
SBI428.60 5.30 1.25
Bajaj Finance6,230.80 68.65 1.11

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.46500.04750.06
Euro-Rupee87.6680-0.0340-0.04
Pound-Rupee102.5900-0.0890-0.09
Rupee-100 Yen0.67640.00230.34