Kotak Mahindra Bank Shares Surge 10% Post Earnings

New Delhi, Jan 20 (PTI) Shares of Kotak Mahindra Bank on Monday jumped nearly 10 per cent after the firm posted a 10 per cent growth in its consolidated net at Rs 4,701 crore, aided by the performance of capital markets-linked arms.

The stock surged 9.66 per cent to Rs 1,928.65 on the BSE.

At the NSE, it soared 9.68 per cent to Rs 1,929.

The stock was the biggest gainer among the BSE Sensex and NSE Nifty firms during the morning trade.

The firm announced the earnings on Saturday.

On a standalone basis, the private sector lender's net profit for the October-December period rose by 10 per cent.

The bank's Chief Executive and Managing Director Ashok Vaswani said the bank has made significant progress on the technology front to address concerns which led RBI to put business restrictions last April, but added that while they are in touch with the central bank regularly, there is no word by when the embargo will be lifted.

The capital market arms Kotak Securities and Kotak Mahindra Capital delivered a 59 per cent growth in its profit at a combined Rs 542 crore.

The share of the flagship bank business in the overall profit has gone down to 72 per cent as a result of the same.

The total income increased to Rs 16,050 crore from Rs 14,096 crore in the year-ago period, while the expenses came at Rs 10,869 crore against Rs 9,530 crore.