Kotak Mahindra Bank Q1 PAT Up 14% At Rs 22 Cr

Mumbai, July 26 | Updated: Jul 28 2004, 04:47am hrs
Kotak Mahindra Bank has reported a rise of 14 per cent in profit after tax (PAT) to Rs 22 crore in the first quarter ended June 30, 2004, as compared to Rs 19.3 crore in the corresponding quarter of the preceding fiscal.

The rise in PAT of the bank can be attributed to a 60 per cent growth in the banks net interest income to Rs 45.9 crore in the quarter.

The total income of the bank was at Rs 115.5 crore (Rs 79.5 crore in the corresponding quarter a year ago), the bank said in a press release on Monday..

The bank reported a rise of six per cent in its consolidated profit after tax at Rs 30.7 crore, as against Rs 29 crore recorded in the corresponding period of the previous fiscal.

The consolidated total income was higher by 33 per cent to Rs 283 crore in the quarter, as compared to Rs 212.7 crore a year ago.

Total advances of the bank stood at Rs 2,301 crore as on June 30, 2004, up 70 per cent from Rs 1,351 crore as on June 30, 2004.

Total deposits rose by 55 per cent to Rs 2,850 crore as against Rs 1,838 crore a year ago. Capital adequacy ratio of the bank as on June 30, 2004 was 14.7 per cent as against 14.5 per cent as on June 30, 2003.

The proportion of fee income and insurance premium to the total income rose to 35 per cent in the quarter compared to 21 per cent in the same period last year, the press release said.

During the quarter, the bank has subscribed to the rights issue of equity shares of its subsidiary Kotak Mahindra Old Mutual Life Insurance Company amounting to Rs 22.4 crore, the release said.