Kotak’s Profit Surge Helps Lender Become India’s No. 2 by Value
- Second-quarter profit rose 27% as income from investments rose
- The bank is said to be exploring the takeover of smaller rival
The lender set aside 3.7 billion rupees to protect themselves from the fallout of the coronavirus pandemic.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Kotak Mahindra Bank Ltd. posted second-quarter profit that unexpectedly grew as income from investments rose and expenses dropped. Shares jumped, making the lender India’s second-largest by market value.
Net income climbed 27% to 21.8 billion rupees ($295 million) for the three months ended Sept. 30 from a year earlier, the Mumbai-based bank said in a filing Monday. That beat expectations from analysts who expected a profit of 13.4 billion rupees, according to data compiled by Bloomberg.