Kotak Mahindra Bank net up 14% to Rs 22 cr

BS 200 SCORECARD

Kotak Mahindra Bank's net profit for the quarter ended June 2004-05 rose 14 per cent to Rs 22.06 crore against Rs 19.34 crore in the corresponding quarter last fiscal.

Operating profit increased 16 per cent to Rs 32.59 crore (Rs 28.05 crore). Consolidated profit after tax during the quarter rose by 6 per cent to Rs 30.70 crore (Rs 29.02 crore).

Consolidated total income rose by 33 per cent to Rs 283.08 crore (Rs 212.72 crore). Consolidated operating profit was up 4 per cent to Rs 61.28 crore (Rs 59.17 crore). Consolidated net non performing assets (NPAs) as on June 2004 stood at 0.2 per cent of net advances.

The bank's treasury income for the quarter dipped to Rs 31.89 crore (Rs 33.59 crore) but the income from the retail segment and corporate income rose to Rs 58.28 crore (39.54 crore) and Rs 20.83 crore (Rs 6.82 crore ), respectively. Net interest income rose 60 per cent to Rs 45.94 crore (Rs 28.71 crore).

On a year-on-year basis, total deposits of the bank increased 55 per cent to Rs 2,850 crore (Rs 1,838 crore). Advances rose 70 per cent to Rs 2,301 crore (Rs 1,351 crore). Capital adequacy ratio of the bank went marginally higher at 14.69 per cent (14.51 per cent).

Proportion of fee income and insurance premium to total income increased to 35 per cent (21 per cent) in the current quarter. Significant contributors to the growth in revenues were the stock broking business and the premium income from life insurance business, said the bank.