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:   
|
|

Kotak Mahindra Bank Q3 consolidated net profit up 25%

Bank's standalone net profit rises by 31%

Kotak Mahindra Bank 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.

Kotak Mahindra Bank 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.

image

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.

Recommended for you

Advertisements

Quick Links

Market News

Here's why analyst upgrades on RIL are not working

Most of the big brokerages have given a buy call on RIL, but investors are still skeptical about a breakout in the stock

eClerx Services surges on acquisition plan of CLX Europe

The stock surged 5% to Rs 1,670 after the company agreed to buy CLX Europe for Euro 25 million (approx. Rs 167 crore).

Oil prices fall in Asian trade

Russia and Iran's foreign ministers claimed a breakthrough in talks over Tehran's controversial nuclear programme, which affected prices

Fertiliser shares gain as government introduces uniform gas price for urea plants

Zuari Agro, FACT, RCF, GNFC and Chambal Fertilisers were up 5%-13% on the Bombay Stock Exchange.

Markets likely to open weak; Infosys, RIL, HCC in focus

Markets are likely to open the first day of the financial year 2015-16 on a lower note tracking weak global cues

 

Back to Top