Kotak Mahindra Bank Gains as CCI Approves Zurich's 70% Stake in General Insurance Company

7 Feb 2024 , 03:50 PM

Kotak Mahindra Bank stock gained nearly 1% on February 7 after CCI approval for the acquisition of a 70% stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company.

Kotak Mahindra Bank stock was trading at ₹1,792.00 at the time of writing on February 7. CCI approved the acquisition on February 6, covering a 70% stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company.

Kotak Mahindra General Insurance is a 100% subsidiary of Kotak Mahindra Bank. Zurich Insurance initially acquired 51%, followed by an additional 19% later; no specific timeline was mentioned.

Q3FY24: Kotak Mahindra Bank reported a 7.6% rise in net profit to ₹3,005 Crore. Net Interest Income (NII) for the period rose to ₹ 6,554 Crore, NIM for Q3FY24 at 5.22%, down from 5.47%. Gross NPAs at 1.73% (from 1.91%), Net NPAs at 0.34% (from 0.48%).

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