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Our Bureau

Coimbatore, Oct 31 Kotak Mahindra Bank’s net has dropped 36 per cent to Rs 47.86 crore for the quarter ended September 2008 against Rs 75.38 crore during the corresponding quarter of 2007-08.

Its consolidated profit after tax also slipped to Rs 161 crore (Rs 241 crore).

Its Chief Financial Officer, Mr Jaimin Bhatt, attributes this drop to the downward slide in market volumes compared to the earlier quarter. ‘We have done reasonably well in lending business, but registered a big drop in capital market-related activities. We completed one full quarter without an IPO from Kotak,’ he said.

While admitting this significant change, he said that the bank would look at areas other than IPO-related business to grow such as mergers and acquisitions and private equities, as it saw huge business potential in this space.

Its interest earnings grew 26 per cent to Rs 746.13 crore (Rs 591.81 crore), but other income dipped by half to Rs 60.64 crore (Rs 122.35 crore).

More Stories on : Financial Performance | Private Banks

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