Private sector lender Kotak Mahindra Bank on Wednesday informed stock exchanges that the Reserve Bank of India (RBI) has given its final approval to the bank’s proposal on stake reduction in the bank and capping the promoters’ voting rights.
Further to our intimation dated 30th January 2020, please note that the Reserve Bank of India has granted its final approval vide its letter dated February 18, 2020 in the matter relating to dilution of promoters' shareholding in the bank, the bank said.
Shares of Avenue Supermarts, owner of the DMart brand, were trading lower for the fifth straight day and dipped 2 per cent at Rs 1,701 on Wednesday to hit 12-week low on the BSE. The stock was trading at its lowest level since September 20, 2019. In past one week, it has fallen 8 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.
According to a Bloomberg report, Bank of America Corp and Kotak Mahindra Capital Co are among banks Indian billionaire Radhakishan Damani has picked for another planned stake sale in Avenue Supermarts.
Mumbai: Kotak Mahindra Bank said on Tuesday its profit after tax totalled ₹1,724 crore during the second quarter of the current financial year, up 51 per cent from ₹1,142 crore in Q2 FY19.
Net interest income for Q2FY20 increased to ₹3,350 crore from ₹2,676 crore in Q2 FY19, up by 25 per cent. Net interest margin, a key indicator of a bank's profitability, rose to 4.61% from 4.19% last year.
Kotak Mahindra Asset Management Company (AMC) and Axis Asset Management Company (AMC) on Thursday moved the Bombay High Court (HC) against beleaguered financier Dewan Housing Finance Corporation (DHFL). The move comes a week after the Bombay HC passed an ad-interim order restricting DHFL from making payments or disbursements to any secured or unsecured creditor till further orders.
Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) days after RBI reduced repo rate earlier this month. Kotak Mahindra Bank's new FD rates came into effect from 9 August 2019. Other private sector lenders Axis Bank and ICICI Bank also revised interest rates effective 10th and 14th August respectively. Kotak Mahindra Bank offers an interest rate ranging from 3.50% to 6.90% for FDs maturing in 7 days to 10 years.
Uday Kotak, president-designate of the Confederation Indian Industry (CII), has pushed for a cut in the small savings rate, currently ruling at around 7.7 per cent, on the ground that banks are fighting an unequal battle with the postal system for deposits.
“The rates of interest on small savings are higher than the yields on government securities,” Kotak said after the chamber submitted its recommendations to the Modi government that could feed into its 100-day agenda.
India needs to pump more cash into its financial system to prevent a worsening of the funding crisis among shadow banks and the corporate sector, according to one of the nation’s biggest money managers. Non-banking financial companies had served as a “surrogate womb” for banks, who face regulatory limits on how much they can lend, but that “surrogacy has stopped,” Lakshmi Iyer, chief investment officer for debt at Kotak Mahindra Asset Management Co., said in an interview at her office in Mumbai.
Kotak Mahindra Bank on Tuesday reported a 25% year-on-year (y-o-y) rise in its standalone net profit at `1,407 crore in Q4FY19 on account of a higher net interest income (NII) and a fall in its provisions. The bank reported a net profit of `1,290 crore in Q4FY18.
The private-sector lender’s total income rose by 18.5% to `7,672 crore on account of a 18% rise in its NII to `3,048 crore. NII is the difference between interest earned and interest paid by a bank. Provisions fell by 44.2% y-o-y to `171.3 crore. The bank has no exposure to IL&FS and Jet Airways, said the management.
Kotak Mahindra Bank reported a 13.9 per cent rise in its March 2019 quarter (Q4) consolidated net profit, on account of higher interest and fee income.
Profit after tax (PAT) at the consolidated level rose to Rs 2,038 crore in the fourth quarter from Rs 1,730 crore in the year-ago period (Q4 FY18). Total consolidated income rose 27 per cent year-on-year (YoY) to Rs 13,823 crore, said the bank in a filing to the exchanges on Tuesday.
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