Kotak Mahindra Bank Shares Surge Amid Impressive Earnings Report

Shares of Kotak Mahindra Bank rose nearly 10%, reaching Rs 1,928.65, after reporting a 10% growth in net profit to Rs 4,701 crore. Significant contributions came from capital markets-linked arms, with profits surging by 59%. Yet, concerns persist due to business restrictions imposed by RBI.

On Monday, shares of Kotak Mahindra Bank witnessed a nearly 10% spike following the announcement of a 10% increase in its consolidated net profit, amounting to Rs 4,701 crore. This performance was prominently driven by its capital markets-linked subsidiaries.

Trading figures show the stock surged 9.66% to Rs 1,928.65 on the BSE, and similarly at the NSE, it leapt 9.68% to Rs 1,929. These gains made the bank the top performer among the BSE Sensex and NSE Nifty firms during morning trade.

The bank's Chief Executive, Ashok Vaswani, noted remarkable progress in technology advancements to address regulatory concerns. The standalone net profit for October-December also climbed by 10%. Meanwhile, its capital market subsidiaries recorded a combined profit growth of 59%, reaching Rs 542 crore. Despite these results, the bank remains under restrictions from the RBI.

(With inputs from agencies.)