Kotak Bank Q1 consolidated net zooms 125%

Kotak Mahindra Bank today reported a 125% increase in consolidated net profit at Rs 104.43 crore for the first quarter ended June 30, 2006 when compared with Rs 46.47 crore in Q1FY06.

According to a release issued by the bank to the BSE today, total income increased to Rs 776.58 crore from Rs 455.51 crore in Q1FY06.

The bank, on a stand-alone basis, posted a net profit of Rs 23.91 crore for the quarter ended June 30, 2006 as against Rs 19.68 crore in Q1FY06. Total income increased from Rs 176.73 crore in Q1FY06 to Rs 306.52 crore in Q1FY07.

The board, which met today, granted an in-principle approval for the de-merger of the trading & principal (including primary dealership) division of Kotak Mahindra Capital Company (KMCC) into the bank.

The board also cleared the de-merger of the trading, clearing operations and strategic investments of Kotak Mahindra Securities (KMSL) into KMCC.

"The board has also approved the conversion of five indirect subsidiaries (viz. Kotak Mahindra Securities, Kotak Mahindra (International), Kotak Mahindra (UK), Kotak Mahindra Inc and Global Investment Opportunities Fund) of the bank into direct subsidiaries," the release added.