Kotak Mahindra Bank stand-alone net profit up 14 percent

July 28th, 2008 - 4:43 pm ICT by IANS  


Mumbai, July 28 (IANS) Kotak Mahindra Bank has reported a 14 percent rise in its net profit to Rs.550 million in the first quarter this fiscal on a stand-alone basis, up from Rs.480 million in the comparable period of last fiscal, a bank regulatory statement said Monday. According to the statement, the bank’s consolidated results, however, show that profit after tax for the first quarter of the current fiscal at Rs.1.5 billion was up only 3 percent from Rs.1.46 billion that the bank had earned in the comparable period of last year.

On a stand-alone basis, Kotak Mahindra Bank’s net interest income (NII) in the first quarter of this year at Rs.3.52 billion was up 73 percent from Rs.2.04 billion in the comparable period of last fiscal.

Deposits of the bank grew by 43 percent to Rs.163.10 billion (excluding temporary deposits held as collection bankers to initial public offerings) as on June 30, 2008 up from Rs.114.20 billion as on June 30, 2007.

On a consolidated basis, the bank reported total income of Rs.14.87 billion in the first quarter of the current fiscal up 7 percent from Rs.13.92 billion in the comparable period of last year.

Total assets managed or advised by the group (including alternate assets) as on June 30, 2008 stood at Rs.383.06 billion up from Rs.323.56 billion as on June 30 2007, the statement said.

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