Kotak Mahindra Bank will buy Standard Chartered Bank's personal loan business in India, the Indian lender said on Friday, leaving the U.K.-based company to focus on its wealth and investment banking business in Asia's third-largest economy.

Despite higher provisions, the bank's net interest income rose 11% to Rs 7,020 crore. Meanwhile, provisions for the quarter were at Rs 660 crore, up 80%.

Kotak Mahindra Bank announced its acquisition of Standard Chartered Bank's Rs 4,100-crore personal loan portfolio, a strategic move aligning with its customer-centric growth focus. The transaction, expected to complete in three months,

This deal marks the second significant transaction between an Indian private sector bank and a foreign bank in recent years

India's Kotak Mahindra Bank on Saturday reported a lower-than-expected 5% increase in July-September profit on higher loan provisions while lending margins shrank. The private lender's standalone net profit,