Kotak Bank net profit dips 40% year-on-year to Rs 4,472cr in Q1
Without the previous quarter's one-time gain, the consolidated net profit would have been 1% higher this quarter.
Consolidated net interest income for the quarter rose 7.6% to Rs 9,719 crore, from Rs 9,031.5 crore a year earlier. The rise was driven by an 8.9% increase in interest earned, mainly from higher income on advances and investments, even as interest expended rose 10.6%. The bank's slippages rose 22% to Rs 1,812 crore during the quarter, particularly in unsecured and microfinance loans.
"We could not issue any credit cards last year due to the RBI embargo, so outstandings declined. We resumed issuance in Q1 this year but it takes time to ramp up. We have launched new products like Solitaire and relaunched the IndiGo card. I am confident we are back on a positive trajectory. It is a key business for us, and we are focused on growing it," said Ashok Vaswani, MD and CEO. He said that the bank's digital app 811 was also seeing good traction after being relaunched, with many customers being acquired digitally.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
9 minutes ago
- The Hindu
Rupee recovers 14 paise from its all-time low to 87.66 against U.S. dollar in early trade
The rupee recovered 14 paise from its all-time low to 87.66 against the U.S. dollar in early trade on Thursday (July 31, 2025) on suspected RBI intervention, after U.S. President Donald Trump's tariffs of 25% and the penalty for buying Russian Crude and Arms. Forex traders said the rupee, which plunged 89 paise, logging its steepest single-day fall in over three years, recovered some lost ground but is trading with a negative bias. At the interbank foreign exchange, the rupee opened at 87.66, then touched an early low of 87.74 against the U.S. dollar. On Wednesday (July 30, 2025), the rupee closed at an all-time low of 87.80 against the U.S. dollar after America announced a sweeping 25% tariff on Indian imports in the absence of a trade deal ahead of the August 1 deadline. "The rupee which is already down by more than 3% since the start of the year after reaching a high of 83.75 in the month of April continued to fall on the news of Trump's tariffs of 25% and the penalty for buying Russian Crude and Arms," said Anil Kumar Bhansali Head of Treasury and Executive DirectorFinrex Treasury Advisors LLP. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.03 per cent to 99.78. Brent oil prices fell 0.19% to $73.10 per barrel. Meanwhile, the US FED held interest rates steady and signalled it is too early to consider rate cuts, which has supported the dollar throughout the month of July. "With the RBI controlling the rupee intermittently and oil companies on a buying spree of US dollars before the Trump tariffs on Russia are in place after about 10 days, the rupee was unable to make any headway…, " Bhansali added.
Mint
9 minutes ago
- Mint
Lloyds Metals: Building a People-First Culture for the Future of Iron and Steel
In an industry often recognized for its scale and strength, Lloyds Metals and Energy Ltd is demonstrating the value of its people. As a brand in the mining and manufacturing sector, the company aims to shape the future of Steel and to be considered anemployer of choice. A core principle of this employee centric culture is that freedom and trust can foster accountability. 'We operate with a flat structure that encourages employees across every level to take initiative, solve problems, and lead,' says the company'sGroup CHRO Mr. Venkatesan R, in a recent conversation. 'Titles don't define leadership here, mindset does.' This culture, which values performance, is supported by an ESOP programme, available to all employees, including both white collar staff and shop-floor workers. 'We believe ownership can be shared, particularly with those who have been instrumental in our core operations,' the CHRO explains. 'I think it's more than motivation. It's about fairness and inclusion.' To date, over 2700 employees have benefited from the ESOP scheme. This includes over 1700 executives and over 1000 shop-floor workers. The ESOPs are offered at an exercise price of only Rs. 4/- per share, providing benefits to the employees. Since the inception of the ESOP scheme, the company has granted a total number of over 1.43 crore shares to its employees. Career growth at Lloyds Metals focuses on developing potential. Young talent can advance by demonstrating initiative and capability. With investment in learning, employees benefit from hands-on upskilling, technical training, leadership development and executive coaching. Growth at Lloyds Metals is not just seen as a business goal but also as a commitment to the talented and values-driven employees. Lloyds Metals What also distinguishes Lloyds Metals is its understanding and commitment to community. With a local-first hiring policy and an emphasis on women empowerment in non-traditional roles such as operating HEMM(Heavy Earth Moving Machinery); the company is working to reshape the talent landscape in its operational areas. These efforts can strengthen local economies and expand the talent pool across regions often overlooked in the job market. HR functions as a strategic growth partner here. 'If you want to be part of something larger than a job - if you want to create real impact, have ownership, and a growth mindset with right values, Lloyds Metals can be your platform,' says the CHRO. Employees also benefit from direct access to leadership (including the company's promoters). For those considering a career in Indian mining and manufacturing, Lloyds Metals offers more than a job. It aims to offer a voice, a stake, and participation in India's industrial development. Note to the Reader: This article is part of Hindustan Times' promotional consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content.
Hans India
9 minutes ago
- Hans India
Sensex, Nifty open lower amid concerns over US tariffs from Aug 1
Mumbai: The Indian frontline equity indices opened in the red on Thursday after US President Donald Trump announced to slap a steep 25 per cent tariff on imports from the country. At 9:27 am, Sensex was down 487 points or 0.60 per cent at 80,994 and Nifty was down 140 points or 0.57 per cent at 24,717. Selling pressure was also seen in midcap and smallcap stocks. Nifty midcap 100 index was down 457 points or 0.79 per cent at 57,484 and Nifty smallcap 100 index was down 100 points or 0.55 per cent at 18,037. "From the investor perspective, it is important to understand that the 25 per cent tariff will come down after the negotiations which start in mid-August. Tariff imposed on India is far higher than the rates reached in trade deals with other countries," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited. This is the typical "Trumpian strategy" to get better deals from India in other areas and finally settle at a tariff rate around 20 per cent or less. "Nifty is unlikely to go below the support level of 24,500. Investors can buy the dip focusing on domestic consumption themes, particularly segments like leading private sector banking names, telecom, capital goods, cement, hotels and select autos which have done well in Q1," he added. Almost all sectoral indices turned red in morning trade. Auto, energy, pharma, PSU Bank, financial services, metal, realty and PSE were top laggards. In the Sensex pack, M&M, Bharti Airtel, Reliance, Infosys, HCL Tech, Titan, SBI, TCS, ICICI Bank, Trent, L&T, HDFC Bank and NTPC were top losers. Eternal, Power Grid, Tata Steel, ITC and HUL were top gainers. In terms of institutional activity, foreign institutional investors (FIIs) extended their selling streak for the eighth consecutive session on July 30, offloading equities worth Rs 850 crore. Conversely, domestic institutional investors (DIIs) maintained their buying momentum for the 18th straight session, purchasing equities worth Rs 1,829 crore on the same day.
