Kotak Bank Q3 net soars 107% to Rs 170cr

Kotak Mahindra Bank has posted 107% increase in consolidated net profit at Rs 169.57 crore for the quarter ended December 31, 2006 (Q3FY07) when compared with Rs 81.81 crore for Q3FY06.

According to an official release issued by the company to the BSE today, total income has increased to Rs 1190.59 crore for Q3FY07, from Rs 653.57 crore for Q3FY06.

On a stand-alone basis, the bank has posted a net profit of Rs 45.40 crore for Q3FY07 as compared to Rs 32.64 crore for Q3FY06. Total income has increased to Rs 452.53 crore for Q3FY07, from Rs 230.92 crore for Q3FY06, the release said.

Announcing the results, Uday Kotak, executive vice chairman & managing director, of the bank said: "This quarter has seen robust growth in fee income and lending activities. We continue to invest in expanding our branch banking network and building the life insurance business."