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Backed by robust growth in net interest income, Kotak Mahindra Bank posted a consolidated net profit of Rs 416 crore for the quarter ended June, a rise of 27 per cent over the net profit of Rs 328 crore in the year-ago period.
The bank's total consolidated income rose 16.3 per cent to Rs 2,709.6 crore from Rs 2,328.7 in the corresponding period of the previous financial year, while net interest income rose 22.2 per cent to Rs 920 crore. The good growth in net interest contributed to the bank's profit, said Executive Director Dipak Gupta.
However, the net interest margin (NIM) declined to five per cent from 5.4 per cent in the year-ago period, owing to the rise in cost of funds. The private sector bank expects to maintain NIM at five per cent in 2011-12, said Chief Financial Officer Jaimin Bhatt.
On a standalone basis, the bank’s net profit for the first quarter rose 35 per cent to Rs 252 crore, while the net interest income rose 18 per cent to Rs 568 crore from Rs 483 crore in the year-ago period.
The bank's consolidated loan book rose 36 per cent to Rs 44,699 crore from Rs 32,978 crore a year ago. Advances rose 39 per cent to Rs 32,339 crore, compared with Rs 23,189 crore in the corresponding period of the previous financial year, while deposits rose to Rs 31,047 crore from Rs 24,058 crore a year ago. The share of current account and savings deposits stood at 27 per cent as on June 30, against 28 per cent a year ago.
Gross consolidated non-performing assets declined to Rs 717.4 crore from Rs 935.7 crore at end of June 2010. The consolidated capital adequacy ratio was 18.4 per cent, while Tier-I capital ratio stood at 16.9 per cent.
The bank’s stock declined three per cent on Thursday to close at Rs 475.9 on the Bombay Stock Exchange.
Source: Business Standard
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It bought stressed assets from a number of banks, at full loan value of Rs 1,000 crore in 2005. In January 2011, the bank reported a 32% rise in net profit to Rs188 crore for the quarter ended December 2010 against Rs. 142 crore the corresponding quarter last year. Kotak Mahindra bank also reached the top 100 most trusted brands of India in The Brand Trust Report published by Trust Research Advisory in 2011.
The Kotak Mahindra group is a financial organization established in 1985 in India. It was previously known as the Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India
The Kotak Mahindra group is a financial organization established in 1985 in India. It was previously known as the Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI).
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