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    Default Kotak Mahindra Bank Q4 net rises 6%

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    Private sector lender Kotak Mahindra Bank on Tuesday reported a 6 per cent rise in consolidated net profit at Rs 521 crore for the fourth quarter ended March 31.

    The lender had posted a net profit of Rs 491 crore in the January-March quarter of 2010-11.

    Total income rose by 43 per cent to Rs 4,363 crore during the last quarter of the 2012 fiscal against Rs 3,049.4 crore in the same period previous year.

    "The flat growth in net profit is due to higher growth in advertisements coupled with challenging environment faced by securities business owing to market conditions," Chairman and Managing Director Uday Kotak said.

    For the full year ended March, 2012, net profit of the bank rose by 17 per cent to Rs 1,832 crore as compared to Rs 1,567 crore in 2010-11.

    Total income for the year also went up by 17.6 per cent to Rs 12,937 crore compared to Rs 10,997 crore in FY11, while consolidated advances of the bank grew by 29 per cent to Rs 53,144 crore against Rs 41,242 crore in the previous fiscal, he said.

    The bank, which has entities like Kotak Mahindra Prime, Kotak Securities, Kotak Mahindra Capital Company, Kotak Mahindra Old Mutual Life Insurance, Kotak Mahindra AMC and Trustee Co among others, besides the banking business, witnessed mixed results from subsidiaries.

    While Kotak Mahindra Prime's net profit rose by 21 per cent at Rs 385 crore in FY12, that of Kotak Securities dipped 30 per cent at Rs 126 crore.

    Similarly, while Kotak Old Mutual Life Insurance's profit doubled at Rs 203 crore, its international subsidiaries posted a loss of Rs 11 crore during the financial year bygone.

    On a standalone basis, Kotak Mahindra Bank reported a 19 per cent rise in net profit at Rs 297 crore in the fourth quarter of the last financial year, while the net interest income rose 22 per cent to Rs 688 crore during this period.

 

 

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