Financial Daily from THE HINDU group of publications
Tuesday, May 16, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 16, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Kotak Mahindra Bank Q4 net rises 50 pc Our Bureau
Mr Uday Kotak
Mumbai , May 15 Kotak Mahindra Bank has reported 50 per cent growth in net profit for the quarter ended March 31, 2006, at Rs 34.7 crore against Rs 23.1 crore in the year ago period. Net interest income for the period was Rs 108.2 crore, up by 61 per cent from Rs 67.3 crore.
Full-year profit
For the full year ended March 31, 2006, the net profit increased by 39 per cent to Rs 118.23 crore from Rs 84.9 crore. Net interest income for the full year rose to Rs 354.9 crore from Rs 225.5 crore. Announcing the results, Mr Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank, said: "We have completed three years as a commercial bank and our results reflect the strength of an integrated business model." On a consolidated basis, the fourth quarter net profit increased by 104 per cent to Rs 130.8 crore from Rs 64.3 crore. Consolidated total income increased to Rs 2,854.1 crore from Rs 1,711.5 crore. The bank has several subsidiaries including Kotak Securities, Kotak Mahindra Capital Company, Kotak Mahindra Life Insurance and Kotak Mahindra AMC.
Net interest margin
The net interest margin (NIM) for the bank has been 4.4 per cent for the year, one of the highest in the industry. Consolidated NIM was 5.1 per cent. Responding to a question on interest rates, Mr Kotak said he expects rates to go up by 0.5-1 per cent in the next one year.
Credit growth
The bank expects a credit growth of 30 per cent in the current fiscal against 58 per cent growth (Rs 6,348.5 crore) last year. Deposit grew by 53 per cent to Rs 6,565.9 crore. The capital adequacy ratio fell to 11.27 per cent from 12.8 per cent. Mr Kotak said by March 2007 the bank will have 110 branches across the country against 65 now and it has received permission from most of the proposed branches.
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