Kotak Mahindra Bank shares plunge despite 4-fold rise in Q1 net profit
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Kotak Mahindra Bank plunged over 2 per cent in the afternoon trade on Thursday after the company posted lower-than-expected financial results for the quarter ended June 30, 2016. However, the bank reported 291 per cent rise in net profit at Rs 741.97 crore for the quarter under review against Rs 189.78 crore in the same quarter last year. Net interest income of the bank jumped to Rs 1,919.10 crore, up 20 per cent, against Rs 1,598.18 crore in the corresponding quarter last year.
At 1.53 pm, share price of Kotak Mahindra Bank were trading 2.03 per cent down at Rs 766.10. The scrip opened at Rs 787 and has touched a high and low of Rs 790 and Rs 760.15, respectively, in trade so far. Brokerage firms, Reliance Institutional Equities was expecting net profit and net interest income of Rs 1,063.20 crore and Rs 2,602.10 crore in Q1FY17 from the bank. KR Choksey shares and Securities was expecting net profit at Rs 758.40 crore and net interest income at Rs 1950.10 crore.
The bank’s asset quality deteriorated as gross non-performing assets (NPA) of the company stood at Rs 3,058.81 crore, up 7.77 per cent against Rs 2,838.11 crore in the sequential quarter ended March 31, 2016. Percentage of gross NPA jumped to 2.50 per cent from 2.36 per cent in Jan-March period. The figure was at 2.31 per cent in the corresponding quarter last year.
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