Kotak Mahindra Bank Q4 net up 12%

 The Bank has posted a 8% increase in profit after tax at Rs 84.89 crore for the year ended March 31, 2005 as compared to Rs 78.72 crore in FY04. Total income has increased from Rs 383.13 crore in FY-04 to Rs 552.38 crore for the year ended March 31, 2005.

 According to a Kotak Bank release issued to the BSE, the bank has reported a 2% dip in its consolidated net profi at Rs 170.90 crore for the year ended March 31, 2005 as compared to Rs 174.15 crore in FY04. Total Income has increased from Rs 1,164.69 crore in Q4-04 to Rs 1,711.15 crore for the year ended March 31, 2005.

 Uday Kotak, Executive Vice Chairman & MD of Kotak Bank said, "We are now a twenty year company which converted into a bank about two years ago. We have successfully implemented the transition and are geared for growth. Sound foundations are in place to build a world-class and world-scale financial institution from India".

Kotak Bank has recommended a 12.5% dividend (i.e. Rs 1.25 per equity share of face value of Rs 10/- each) subject to shareholders and other authorities approval, the release said further.

The bank has also approved issue of bonus shares in the ratio of 3:2 (three shares for every two shares held). The paid up capital of the bank, as a result, will increase to over Rs 300 crore.