Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance Kotak Mahindra profit rises to Rs 20.65 crore Our Bureau
Mumbai , Oct. 28 KOTAK Mahindra Bank Ltd recorded a marginal increase in net profit at Rs 20.65 crore for the quarter ended September 30, 2004, as against Rs 19.84 crore in the same period last fiscal. Total income went up by over 33 per cent to Rs 123.16 crore (Rs 92.18 crore). This is inclusive of interest earned at Rs 97.52 crore (Rs 67.07 crore) and other income at Rs 25.63 crore (Rs 25.10 crore). Total expenditure grew by nearly 53 per cent to Rs 90.95 crore (Rs 59.53 crore). This is inclusive of interest expended at Rs 42.78 crore (Rs 30.56 crore) and operating expenses at Rs 48.17 crore (Rs 28.96 crore). "We made profits by way of treasury operations in the last fiscal, this time there is no loss on operations but loss is due to overhead costs in the department," said Mr Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank. The bank will focus on growth in the areas of retail business and small and medium enterprises (SMEs) , said Mr Kotak.
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