Kotak Mahindra Bank net up by 24 per cent

May 06, 2015 01:35 am | Updated 01:35 am IST - MUMBAI:

Kotak Mahindra Bank on Tuesday reported a net profit of Rs.1,865.98 crore for the year ended March 31, 2015, up by 24 per cent, compared to Rs.1,502.52 crore reported in 2013-14.

For the fourth quarter March 31, 2015, the bank reported a net profit of Rs.527.14 crore compared to Rs.407.18 crore in the corresponding period of previous year.

The bank recommended a dividend of 90 paise per share having face value of Rs.5 for the year ended March 31, 2015 (80 paise in the previous year).

It also approved issue of bonus shares in the ratio of one equity share for every one share held. Further it also approved termination of global depository receipts programme listed on the Luxembourg Stock Exchange.

The net interest income (NII) of the bank for the year 2014-15 was up by 14 per cent at Rs.4,224 crore (standalone) against Rs.3,720 crore in 2013-14 and the NII for the fourth quarter ended March 2015 was also up by 16 per cent to Rs.1,123 crore from Rs.967 crore in the corresponding period of last year.

Advances as on March 31, 2015, were up 25 per cent year-on-year to Rs.66,161 crore compared to Rs.53,028 crore as on March 31, 2014.

Savings deposits as on March 31, 2015, grew by 39 per cent to Rs.14,036 crore compared to Rs.10,087 crore as on March 31, 2014. Deposits as on March 31, 2015, were up 27 per cent year-on-year to Rs.74,860 crore compared to Rs.59,072 crore as on March 31, 2014.

Effective April 1, 2015, ING Vysya Bank Ltd has merged with the bank. The merged entity will have 1,261 branches and 1,930 ATMs.

“Full integration (of the merged entity) will be done in a year time. But before that, we will complete integration of technology within 6 to 8 months,” said Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

“Our corporate loan growth (40 per cent increase) has come from working capital and transaction banking while there is still no demand for project financing,” said Mr. Kotak

However, he said that from one year ago to today, the absolute reality in the economy was better. It would be a steady, gradual and gradient growth with realistic expectations.

Mr. Kotak also said that the bank was not having any plans to reduce interest rates.

The bank also reported a consolidated net profit of Rs.3,045.45 crore for the fiscal ended March 31, 2015, up by 24 per cent, compared to Rs.2,464.99 crore in the previous financial year.

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