Kotak Mahindra Bank gains as CCI clears Zurich Insurance to buy 70% in general insurance arm

Zurich Insurance will acquire a 51 percent stake in Kotak Mahindra General Insurance Company through a combination of fresh growth capital and share purchase.

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The Kotak Mahindra Bank stock gained nearly 1 percent at the open on February 7, a day after the CCI approved acquisition of 70 percent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. At 9:20am, the stock was trading at Rs 1,803.

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On February 6, the Competition Commission of India (CCI) said that it had approved acquisition of 70 percent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. Kotak Mahindra General Insurance Company is a 100 percent subsidiary of Kotak Mahindra Bank.

Zurich Insurance will first acquire 51 percent in Kotak Mahindra General Insurance Company through a combination of fresh growth capital and share purchase. An additional 19 percent will be picked up later on, though Zurich Insurance has given no timeline for that.

Also read: CCI clears Zurich Insurance’s stake purchase in Kotak Mahindra General Insurance

In Q3FY24, Kotak Mahindra Bank reported a 7.6 percent rise in net profit to Rs 3,005 crore for the quarter ended December 2023. Its net interest income (NII) for the reporting period jumped to Rs 6,554 crore against Rs 5,653 crore a year back, while the net interest margin (NIM) for Q3FY24 stood at 5.22 percent, down from 5.47 percent. While the company’s gross non-performing assets (NPAs) stood at 1.73 percent against 1.91 percent, its net NPA was at 0.34 percent against 0.48 percent.

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