The Hindu Business Line : Kotak Mahindra Bank Q1 net rises 14%

Mumbai, July 28 Buoyed by a growth in interest income, Kotak Mahindra Bank’s net profit increased by 14 per cent to Rs 54.53 crore in the first quarter of 2008-09, against Rs 47.67 crore in the corresponding quarter the previous year.

For the quarter under review, the bank’s net interest income grew by 73 per cent to Rs 352 crore, up from Rs 204 crore in the year ago period.

Mr Jaimin Bhatt, Group CFO, Kotak Bank, said that the bank’s net interest margin (NIM) for the quarter increased to 5.9 per cent compared with 5.1 per cent in the corresponding period last year.

Other income fell by 15 per cent to Rs 83 crore and the net NPAs declined to 1.93 per cent from 2.09 per cent.

Total advances grew by 39 per cent while total deposits recorded a growth of 43 per cent in the first quarter of this fiscal.

The share of current and savings account deposits to total deposits increased to 28 per cent (22 per cent).

The bank’s capital adequacy ratio increased to 18.6 per cent (11.3 per cent).

The consolidated net profits of the group grew marginally by 3 per cent to Rs 150 crore (Rs 146 crore).

The shares of Kotak Mahindra Bank closed at Rs 577.70, against the previous close of Rs 559.65, up 3.23 per cent, on the BSE on Monday.

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