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Kotak Bank net slips

Calcutta, Jan. 21: Private sector lender Kotak Mahindra Bank today reported a 6 per cent fall in standalone profit at Rs 340 crore in the December quarter against Rs 362 crore in the same period last year.

Mark-to-market losses and higher provisioning whittled down the bank’s increase in net interest margins.

“We have been very cautious on growth,” joint managing director Dipak Gupta said.

The bank had grown more than normal in businesses in which it was comfortable. However, in segments such as construction equipment and commercial vehicles, it was down 26 per cent. “Despite this, overall advances grew 6 per cent,” Gupta said.

McLeod growth

Tea producer McLeod Russel India has posted a 4.47 per cent rise in standalone net profit for the third quarter ended December at Rs 128.66 crore against Rs 123.15 crore in the year-ago period.

Total income from operations grew 6.21 per cent to Rs 475.99 crore from Rs 448.13 crore last fiscal.

 
 
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