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Our Bureau

Mumbai , July 26

KOTAK Mahindra Bank announced stand alone net profit for the quarter ended June 30, 2005 at Rs 19.67 crore, down from Rs 22.06 crore in the corresponding quarter last year due to fall in profit on sale of investments.

A press release from the bank said the total income for the first quarter was Rs 176.73 crore (Rs 114.42 crore). Other income was Rs 36.02 crore (Rs 27.40 crore). Net interest income was Rs 69.3 crore, (Rs 45.9 crore).

Advances grew to Rs 4,356 crore, while deposits increased to Rs 4,882 crore. Capital adequacy ratio was 12.52 per cent (14.69 per cent).

Profit on sale of investments registered a loss of Rs 3.01 crore as against a profit of Rs 13.24 crore last year.

The bank's consolidated net profit was Rs 45.6 crore (Rs 30.7 crore), an increase of 51 per cent. Consolidated fee income, including life insurance premium, rose 101 per cent to Rs 196.7 crore (Rs 97.9 crore).

The release quoted Mr Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank, as saying, "We continue to invest in growth as we build a well rounded financial institution."

Shares of the bank edged up to Rs 429.50 on BSE as compared to the previous close of Rs 425.70.

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