The Hindu Business Line : Kotak Bank records 39-pc rise in net

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Mumbai Jan. 22 Growth in net interest income and other income helped Kotak Mahindra Bank to post a 39 per cent rise in net profit to Rs 45.40 crore in the third quarter ended December 31 against Rs 32.64 crore in the period year-ago.

"The profit is after considering an additional provision of Rs 6.39 crore on standard assets, accounting provision of Rs 20.36 crore on stressed assets acquired from other banks or NBFCs and a provision of Rs 3.29 crore on account of liability for employee benefits," said a press release by the bank.

Net interest Income was 88 per cent up at Rs 171.28 crore. Other income increased by 96 per cent to Rs 95.43 crore.

The deposits grew 75 per cent to Rs 9,710 crore. Current account and savings account deposits (excluding temporary deposits received as collection bankers) comprised 18 per cent of the total deposits. Advances grew 78 per cent to Rs 9,485 crore.

Capital adequacy ratio of the bank as on December 31, 2006 was 11.59 per cent (11.05 per cent).

The bank has 90 branches across 59 towns and cities as on December 31, 2006. It proposes to have around 110 branches by March 2007 across 65 towns and cities.

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