Kotak Bank Q4 net up 41% at Rs 240 cr

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Mumbai, May 9: : Private sector lender Kotak Mahindra Bank on Friday announced a consolidated net profit of Rs 240 crore for the fourth quarter ended March 31, a 41 per cent growth over the corresponding period a year-ago.

The bank had a net profit of Rs 170 crore in the fourth quarter of financial year ended March 31, 2007, Kotak Mahindra said in a filing to the Bombay Stock Exchange.

The consolidated total income rose to Rs 1,863 crore for the fourth quarter from Rs 1,423 crore in the year-ago period.

The board has declared a dividend of Rs 0.75 per share of face value of Rs 10.

For the financial year ended March 31, the bank announced a consolidated net profit of Rs 991 crore, a growth of 84 per cent over the year-ago period.

The bank had a net profit of Rs 538 crore in the fiscal ended March 31, 2007.

The total income rose to Rs 7,549 crore for the fiscal under review, from Rs 4,294 crore in the year-ago period.

The bank announced a standalone net profit of Rs 294 crore for the financial year ended March 31, a growth 108 per cent over previous year's Rs 141 crore.

For the fourth quarter ended March 31, the bank's profit after tax grew 86 per cent at Rs 69 crore.

The bank, having 178 branches across 109 locations, aims to open 100 new branches in FY'09, the filing added.

The board has approved the appointment of Asim Ghosh as a Director.