Kotak Mahindra Bank’s net profit fell nearly 3% on year to Rs 3,253.33 crore for the quarter ended September, which is a tad lower than analyst estimate of Rs 3,345 crore. The fall in the bottom line is due to higher provisions on a year-on-year basis.

The provisions and contingencies of the bank were up 43.5% on year to Rs 947 crore. However, on a sequential basis, the provisions declined by 22%. The provision coverage ratio stood at 77%.

Net interest income was up 4% on year to Rs 7,311 crore for the quarter, which is lower than market expectation of Rs 7,357 crore, according to Bloomberg estimates.

The net interest margins moderated to 4.54% from 4.65% a quarter ago. Other income was down 3.5% on year and nearly 16% on quarter. If there are no further rate cuts, the net interest m

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