Kotak Bank net declines 55.84%

Kotak Mahindra Bank has reported a 55.84 per cent decline in standalone net profit for the first quarter ended June 30, 2015 at Rs 189.78 crore as against Rs 429.80 crore in the same quarter of the previous fiscal.

The profits are significantly lower as the bank took significant provisions on merger with ING Vysya Bank (IVBL). This is the first earnings report by Kotak Mahindra Bank after the merger of the erstwhile IVBL with the bank.

“We have taken significant provisioning costs in the first quarter of the combined bank post-merger. We are excited with the opportunities and synergies that this merger brings and are confident that it will lead us on a new trajectory of excellence,” Kotak Mahindra Bank executive vice chairman and managing director Uday Kotak said.