Mumbai: Japan’s Sumitomo Mitsui Banking Corp. on Tuesday sold a large part of the Kotak Mahindra Bank Ltd stake to Canada Pension Plan Investment Board (CPPIB), which manages 268.6 billion Canadian dollars ($203.09 billion) in pension fund assets, according to two people aware of the development.

On Monday, Mint reported that Sumitomo was looking to sell almost half of its stake in the private sector lender for around $300 million (approximately Rs.2,050 crore).

Mumbai, Feb. 23: Kotak Mahindra Bank is picking up a 19.90 per cent stake in Airtel M Commerce Services Ltd (AMSL) for Rs 98.38 crore.

AMSL has got in-principle approval from the Reserve Bank to convert into a payments bank.

Private sector lender Kotak Mahindra Bank has posted a 30.3% increase in net profit to Rs 938.31 crore for the third quarter ended December 31.

The bank had recorded a consolidated net profit of Rs 719.57 crore in the October-December quarter last fiscal, Kotak Mahindra Bank said in a statement today.

Kotak Mahindra General Insurance Company (Kotak General Insurance) on Friday said it has got IRDAI approval to commence business as an insurance company.

With this, the company has completed all registration formalities required by the regulator, Kotak Mahindra General Insurance said in a statement.

The government’s decision to remove sub-limit restrictions within the overall limit of 74 per cent of foreign direct investment for private sector lenders is seen as a positive for banks such as Axis Bank and YES Bank that have lower foreign investment. Foreign investment in HDFC Bank, however, is close to the overall cap of 74 per cent, and will not gain much because of the move.

Kotak’s reported standalone PAT of Rs 570 crore was in line with our expectations, but adjusted for a one-off fee reversal of Rs 60 crore, lending business PAT was higher. The 2QFY16 results indicate that most of the P&L drags from the ING integration are behind us, with sequential growth picking up, margins stabilising and opex normalising lower and even the elevated credit costs for the ING book coming within management guidance.

Private sector lender Kotak Mahindra Bank reported 31% growth in consolidated net profit for the July-September quarter to Rs 942 crore.

The rise in net profit was on the back of strong growth in advances which led to a higher net interest income.

Kotak Mahindra Bank has said that its mobile based transactions has increased by 300 per cent to Rs 1,700 crore in September 2015 compared to same period last year.

The Bank is strengthening its digital infrastructure to keep the momentum, said a senior official.

Shares of Kotak Mahindra Bank today fell by nearly 5 per cent after the company reported 25.8 per cent decline in net profit for the first quarter.

The stock declined by 4.43 per cent to Rs 684.40 at BSE.

On the NSE, the scrip fell by 4.6 per cent to Rs 683.80.

Private sector lender Kotak Mahindra Bank posted a 26% drop in its consolidated net profit for the first quarter ended June 30, 2015. The bank posted net profit of Rs 516.57 crore compared to Rs 698.31 crore in same quarter previous fiscal.

The bank witnessed higher provisioning towards non-performing assets, which came mainly from the portfolio of ING Vysya Bank which was merged with Kotak Mahindra on April 1, 2015.

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