Kotak Mahindra Bank consolidated net up 86 %

Private sector lender Kotak Mahindra Bank posted 86 per cent growth in consolidated net profit to Rs 300 crore from Rs 160.9 crore in the corresponding quarter last year.

The consolidated net profit growth was driven by other income, which grew 60 per cent to Rs 1,206 crore from Rs 756 crore at the end of the September 2008 quarter.

Consolidated advances grew 11 per cent to an outstanding of Rs 26,772 crore as on September 30, 2009, as compared to Rs 24,027 crore last year.

On a standalone basis, the bank reported a 162 per cent growth in net profit to Rs 125.9 crore for the September 2009 quarter from Rs 47.9 crore at the end of the corresponding period last year.

 

Standalone net interest income of the bank for the second quarter of 2009-10 grew 19 per cent to Rs 437 crore from Rs 366 crore in the quarter ended September 30, 2008.

Kotak Securities was the second-highest contributor to the group’s income, with a profit after tax of Rs 75.9 crore as compared to Rs 41 crore in the September 2008 quarter.

The bank’s gross non-performing assets (NPAs) as a percentage of gross assets increased to 3.94 per cent from 2.73 per cent a year ago. In absolute terms, gross NPAs went up to Rs 1,071.56 crore from Rs 663 crore a year ago. Net NPAs as a percentage of net advances were 2.39 per cent as against 1.73 per cent a year-ago.