Kotak Mahindra Bank First-Quarter Profit Misses Estimates

India's Kotak Mahindra Bank Ltd on Thursday reported a 12.3 percent rise in first-quarter net profit, but fell short of market expectations.

Net profit was 10.25 billion rupees ($148.84 million) for the three months ended June 30, compared with 9.13 billion rupees a year ago, the lender, led by Asia's richest banker Uday Kotak, said in a statement. 

Analysts had on average expected a net profit of 11.67 billion rupees for the second most valuable listed lender in India, with a market capitalisation of about $39 billion.

Gross bad loans as a percentage of total loans fell to 2.17 percent at end-June, compared with 2.22 percent in the preceding quarter and 2.58 percent a year ago.