Kotak Mahindra Bank’s net dips 26 percent in Q1

New Delhi, July 30 (IANS) Kotak Mahindra Bank posted consolidated net profit of Rs.516.6 crore for the first quarter of 2015-16, down 26 percent from the Rs.698.3 in the corresponding quarter in 2014-15.

In filing in the Bombay Stock Exchange on Thursday, the company said that its total income stood at Rs.6,384.63 crore for the quarter as against Rs.5,006.63 crore for the same quarter last fiscal.

This was the bank’s first quarter that included erstwhile ING Vysya earnings post merger effective from April 2015.

“Employee cost for the quarter ended June 30, 2015, include provisions of Rs.339 crore towards benefits payable to all employees (pension, gratuity and compensated absences) of the erstwhile ING Vysya,” the bank said.

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