The Hindu Business Line : Kotak Mahindra Bank net up 99%

Mumbai, July 24 Kotak Mahindra Bank has posted a growth of 99.46 per cent in its standalone net profit for the quarter ended June 30, 2007 at Rs 47.67 crore, against Rs 23.9 crore in the corresponding quarter of the previous year.

Mr Jaimin Bhatt, Chief Financial Officer, attributed the strong growth in net profit to the rise in Net Interest Income (NII), which was up by 77.63 per cent to Rs 212.04 crore from Rs 119.37 crore.

The net interest margin stood at 4.6 per cent, which was around the same as that of last year.

“The net interest margin has been maintained because of higher yields on advances,” said Mr Bhatt.

The total income rose 93.93 per cent to Rs 594.45 crore (Rs 306.52 crore). The gross non-performing assets were at 0.68 per cent while net NPA was at 0.3 per cent (0.24 per cent). The consolidated net profit was at Rs 145.9 crore (Rs 104.4 crore).

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