KOTAK MAHINDRA PROFIT FALLS ON HIGH PROVISIONS

MUMBAI: Kotak Mahindra Bank Ltd posted an almost 10% decline in quarterly profit as it stepped up provisions for potential bad loans stemming from the coronavirus pandemic. Net income fell to ₹1,270 crore in the three months ended March 31, India’s fourthlargest private lender said Wednesday. It set aside ₹650 crore for Covid-19, bringing total provisions to ₹1,050 crore, up from ₹170 crore a year ago. Indian banks are bracing for a surge in bad debts as an economic lockdown triggers mass unemployment and leaves many companies facing bankruptcy. “The extent to which Covid-19 will impact the operations is dependent on future developments,” it said in a filing.