Kotak Mahindra Bank Q1 net up 51%

Kotak Mahindra Bank today reported a 51% increase in consolidated net profit at Rs 46.47 crore for the quarter ended June 30, 2005 as agaisnt Rs 30.70 crore in Q1FY05.

According to a release issued by the bank to the BSE today, total income increased to Rs 455.51 crore in Q1FY06 from Rs 280.97 crore in Q1FY05.

The bank, on a stand-alone basis, posted a net profit of Rs 19.68 crore for the quarter ended June 30, 2005 as compared to Rs 22.06 crore in Q1FY05. Total income increased to Rs 176.74 crore in Q1FY06 from Rs 114.43 crore in Q1FY05.

Uday Kotak, executive vice chairman & managing director, said: "We continue to invest in growth as we build a well-rounded financial institution."