Kotak Mahindra Bank on Saturday posted a consolidated net profit of Rs 4,701 crore for the third quarter, soaring 10.22 per cent from the same period a year ago. This represented a turnaround from the previous quarter, where the lender posted a steep deep in profit.
The standalone net profit for the three-month period also improved by almost 10 per cent year-on-year to reach Rs 3,304 crore.
The gross NPA ratio stood at 1.50 per cent at quarter-end, compared to 1.49 per cent last quarter.
The lender’s stock slipped 2.58 per cent on Friday to close at 1,758.65 per share on the BSE.
In another major development in the finance sector, the country’s apex bank, RBI, on Friday demanded that banks need to ensure nominations in new and all existing deposit accounts and safety lockers.
This comes at the heel of the RBI’s assessment that many deposit accounts do not have the right nomination information available, read the Reserve Bank of India circular.
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“To avoid inconvenience and undue hardship to survivors [or] family members of deceased depositors, we reiterate the need to obtain nomination in case of all existing and new customers having deposit accounts, safe custody articles and safety lockers, as the case may be,” stated the RBI.
Market indices Sensex and Nifty slid on Friday, correcting from a three-day rally, as selling intensified in IT, banking and financial stocks despite the earnings announcements.
India’s largest company by mcap, Reliance Industries, ended the trading week almost 3 per cent higher, following the Mukesh Ambani-led firm posting a 7.4 per cent increase in quarterly quarter net profit.
Despite the rupee settling at 86.60 against the dollar on Friday, RBI data till January 10 showed that the nation’s forex reserves dropped to less than USD 626 billion.
