Kotak Mah Bank Q2 net up 156% to Rs 241cr

Kotak Mahindra Bank has posted a more than two-fold (156%) rise in consolidated net profit at Rs 241.45 crore for the quarter ended September 2007 (Q2FY08) when compared with Rs 93.90 crore for Q2FY07.

According to an official release issued by the company to the BSE today, total income has increased to Rs 1811.79 crore for the quarter from Rs 903.50 crore for the quarter ended September 30, 2006.

"This is a reflection of the underlying strength of Indian economy and that of the financial sector," Uday Kotak, MD, Kotak Mahindra Bank said.

The bank's deposit growth was 76% at Rs 14,400 crore. Of the total deposits, current and saving accounts' share was 26%. Advances grew by 53% to Rs 12,900 crore.

Led by robust growth in interest and fee-based income, the bank's standalone net Q2 was at Rs 75.4 crore up 117% when compared with Rs 34.8 crore in Q2FY07. Net income increased to Rs 714.16 crore for the quarter while it was at Rs 357.64 crore during the corresponding quarter last year.

Net interest income (NII) of the bank for Q2FY08 doubled to Rs 283.4 crore while other income was up 96% at Rs 122.3 crore.