Kotak Mahindra Bank Q3 PAT zooms 153% to Rs 331 cr

Kotak Mahindra Bank's profit after tax (PAT) zoomed 153 per cent to Rs 331.4 crore in the third quarter of fiscal 2010 against Rs 130.9 crore in the year-ago period, on consolidated basis.

For the nine months ended December 2009, consolidated PAT rose 101 per cent to Rs 888.5 crore over the same period last year.

Kotak Mahindra Bank's standalone profit after tax (PAT) doubled to Rs 142 crore in the third quarter of FY10.It stood at Rs 71 crore in the year-ago period.

For the nine months ended December 2009, PAT (standalone) rose 107 per cent to Rs 358.6 crore from the year-ago period.

"We have done well and we expect to do well in Q4 as well. Last year, this time was a depressing period but in this quarter, every segment has kicked in with contributions," bank's CFO Jaimin Bhatt told PTI here today.

"Our group companies--life insurance, AMC and securities-- have fared well," Bhatt said.

The bank's corporate business as well as treasury have also done well, he said.

There was close to 10 per cent credit growth during the quarter, Bhatt said, adding that the bank was aiming to close the fiscal with a "growth of over 20 per cent --it could even be in the high-20s," he said.

On a standalone basis, the current account savings account (CASA) comprised 28 per cent of total deposits, which the bank aims to grow to around 35 per cent over the next two-years, he said.

There are no fund-raising plans this fiscal, Bhatt said, adding, "we are adequately capitalised. On a standalone basis, our capital adequacy ratio is 18.5 per cent with our Tier I at 15 per cent-plus."