The Hindu Business Line : Interest income lifts Kotak Bank net

Robust growth in net interest income has helped Kotak Mahindra Bank Ltd post a net profit of around 12 per cent at Rs 34.8 crore (Rs 31.18 crore) in the second quarter ended September 30, on a standalone basis.

Total income has also grown to Rs 357.64 crore (Rs 235.85 crore) while other income fell to Rs 62.47 crore (Rs 73.06 crore).

"Tremendous growth in advances has contributed to the net profit," said Mr Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank.

Advances grew by 79 per cent to Rs 8,386 crore. "Home loans and SME segments have shown growth," he added. Deposits were up 49 per cent at Rs 8,194 crore.

CASA (current and savings accounts) deposits comprised 21 per cent of total deposits.

Net interest income of the bank has shown a rise of about 64 per cent to Rs 141.28 crore (Rs 86.15 crore).

Treasury and investments revenues have increased to Rs 99.25 crore (Rs 52.56 crore).

"The bank plans to have around 110 branches by March 2007," Mr Kotak said.

The board has approved the merger of the Trading and Principal (including primary dealership) division of Kotak Mahindra Capital Company Ltd (KMCC) into the bank, said a press statement.

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