Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Higher income lifts Kotak Mahindra net Our Bureau
Mr Uday Kotak
Mumbai , Oct. 27 HIGHER income (including from investments) enabled Kotak Mahindra Bank report a 51 per cent rise in the second quarter net profit at Rs 31.2 crore from Rs 20.7 crore in the corresponding year-ago period. Total income increased to Rs 235.85 crore from Rs 123.16 crore. Net interest income was Rs 86.1 crore, up 57 per cent from Rs 54.7 crore. The consolidated net profit for the quarter increased to Rs 83.36 crore from Rs 32.50 crore. Announcing the results, Mr Uday Kotak, Vice-Chairman and Managing Director, said, "We are seeing elements of scale coming into our different business. Our results are beginning to reflect the strength of our business model." The bank's advances (year-on-year basis) increased to 74 per cent to Rs 4,698 crore as on September 30 and advances by 63 per cent to Rs 5,498 crore (Rs 3,375 crore). Mr Kotak said the bank will have 100 branches by 2007 from the 44 now. The bank plans to raise additional funds through domestic or overseas issues. The bank's EGM on Thursday approved issue of 1.5 crore additional equity with a face value of Rs 10 each.
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