Business Standard

Kotak Mahindra Bank Q3 consolidated net profit up 25%

Bank's standalone net profit rises by 31%

Related News

today said its consolidated net profit for the quarter ended December 31, 2012 increased by 25% from a year earlier to Rs 577 crore aided by growth in banking, securities and asset management businesses.

The bank's consolidated net interest margin declined marginally to 4.6% during the third quarter from 4.7% in the corresponding period previous year.

On a standalone basis, the private lender's profit after tax expanded by 31% year-on-year to Rs 362 crore. The earnings growth was driven by rise in net interest income, which grew by 26% from a year ago at Rs 823 crore.

“We have expanded our loan book by 26% year on year and for the quarter there has been growth in wholesale and agri business,” said Jaimin Bhatt, CFO, Kotak Mahindra Bank, adding that the restructured book of the lender stood at 0.02% of total advances.

The provision coverage ratio on non-performing assets was 66.6% at the end of the quarter.
Deposits were up 34% from a year ago at Rs 51,524 crore. “We have seen savings account growth by almost 50% on year-on-year basis,” Bhatt said.

The bank closed the quarter with a capital adequacy ratio of 15.6%, while its tier I ratio was 14.2%. Kotak Mahindra Bank had 407 branches across 239 locations and 907 ATMs as of December-end.

Total assets managed by the group were estimated at Rs 56,484 crore.

The stock broking arm Kotak Securities saw its net profit increased to Rs 38 crore in October-December from Rs 24 crore a year earlier. Profit after tax of Kotak Mahindra AMC & Trustee Company grew threefold to Rs 11 crore while Kotak Mahindra Investments more than doubled its net profit to Rs 8 crore.

Read more on:   
|
|

Read More

Trading Strategies: Suzlon Energy, Unity Infra, Titan Industries

Check out how key stocks stakc up on the technical parameters with Ravi Nathani, technical analyst, Nsetoday.com.

Quick Links

 

Market News

DLF ban: MFs say Sebi should not enforce all its rules on them

DLF is not allowed to deal in securities as MF units are treated as securities

Nickel sees longest losing streak since 2001

Nickel capped the longest slump in 13 years, as inventories climbed to an all-time high, signaling ample supplies as the economy slows in China, ...

Market carries optimism into Samvat 2071

Sensex adds 63 points, Nifty closes above 8,000

Brisk gold jewellery sale seen this Diwali

Wait for a price fall seems to have ended for now, trade expects demand revival to continue for some months

Fund Pick: Franklin India

High growth companies' Fund delivering superior returns

Back to Top