Kotak Bank net up 51% to Rs 31.17 cr

Kotak Mahindra Bank today reported a 51 per cent jump in its net profit to Rs 31.17 crore in July-September 2005 from Rs 20.65 crore a year earlier. Total income rose by 91 per cent to Rs 235.85 crore in the second quarter of 2005-06 from Rs 123.16 crore a year ago.

Revenues from retail lending almost doubled to Rs 127.07 crore in the second quarter of 2005-06 compared with Rs 66.44 crore a year earlier.

Revenues from corporate banking rose to Rs 40.97 crore from Rs 26.50 crore in the second quarter of 2004-05. Net interest income in the second quarter of 2005-06 was Rs 86.1 crore, up 57 per cent from Rs 54.7 crore a year earlier.

Other income increased by 183 per cent year on year to Rs 72.7 crore. The Kotak stock today closed down 1.61 per cent at Rs 177.05 on the National Stock Exchange.

Kotak Bank's deposits were Rs 5,498 crore as on September 30, 2005, up 63 per cent year on year. Advances of the bank were up by 74 per cent year-on-year to Rs 4,698 crore as on September 30, 2005.