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A day after scathing allegations of "unethical practices", Infosys has launched a thorough investigation and has recused CEO Salil Parekh and CFO Nilanjan Roy to ensure impartial probe. Kotak Mahindra Bank has reported 51% y-o-y growth in its net profit at Rs 1,724 crore for the second quarter ended September 30, 2019. Axis Bank reported a net loss of Rs 112 crore for the second quarter ended September 30 dented by a one-time tax impact of Rs 2,138 crore due to changes in corporate tax rate. Read for more top stories from the world of business and economy:
Kotak Mahindra Bank Q2 results: Uday Kotak-led bank's net interest income (NII), or the core income a bank earns by giving loans, jumped 25 per cent to Rs 3,350 crore in Q2FY20 from Rs 2,676 crore in Q2FY19.
The bank's operating profit for the quarter grew 45% y-o-y to Rs 5,952 crore from Rs 4,094 crore in Q2FY19. Profit before tax grew 109% y-o-y to Rs 2,433 crore as compared to Rs 1,167 crore in the year-ago quarter.