MUMBAI: Indian private lender Kotak Mahindra Bank reported a lower-than-expected profit for the second quarter on Saturday as it set aside more funds for potential bad loans.
The country’s third-largest private lender by market capitalisation posted a standalone net profit of 32.53 billion rupees ($370.1 million) for the three months ended on September 30, compared with 33.44 billion rupees a year earlier.
Analysts had expected a profit of 34.49 billion rupees, according to data compiled by LSEG.
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