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Kotak Bank Q1 net profit up 3% to Rs 150 cr

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BS Reporter Mumbai
Last Updated : Jan 29 2013 | 1:33 AM IST

Kotak Mahindra Bank has posted a 3 per cent increase in its net profit to Rs 150 crore for the first quarter of 2008-’09 as against Rs 146 crore during the corresponding period last year.

Advances went up by 39 per cent to Rs 23,169 crore. Retail and commercial loans constituted over 85 per cent of the bank’s portfolio. The consolidated net interest margin (NIM) for the first quarter was 5.9 per cent.

Total income rose to Rs 1,487 crore during the quarter, a 7 per cent growth from Rs 1,392 crore for the same period in the previous year.

On a standalone basis, net profit was up 14 per cent to Rs 55 crore.

Deposits grew 43 per cent to Rs 16,310 crore and CASA deposits comprised 28 per cent of the total deposits. The net interest income was up 73 per cent to Rs 352 crore in the same period.

Deepak Gupta, executive director, Kotak Mahindra Bank, said the revision in the prime lending rate (PLR) partly contributed to cover the income. About 90 per cent of the corporate protfolio is linked to PLR.

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Net NPAs as a ratio of net advances were 1.75 per cent against 1.97 per cent a year ago. There was a rise in delinquencies, especially in the small business segment, which is feeling the heat of increasing input as well as interest costs, Gupta said.

Total assets managed by the group were Rs 38,306 crore as on June 30, 2008, a growth of about 18.4 per cent.

The insurance arm of the bank, Kotak Life Insurance, registered a 95 per cent growth in its premium income at Rs 400 crore during the first quarter as against Rs 205 crore for the same period last year. The first year regular premium increased 107 per cent to Rs 221 crore during the quarter on a y-o-y basis.

In its annual general meeting on Monday, the bank declared a dividend of 7.5 per cent per share. It also increased the cap on equity holdings of foreign institutional investors in the bank from 30 per cent to 33 per cent.

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First Published: Jul 29 2008 | 12:00 AM IST

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