Kotak Mahindra Bank Q4 net rises by 7.5 pc to Rs37-cr

Mumbai: Kotak Mahindra Bank''s net profit increased by about 7.5 per cent to Rs37.3 crore in the fourth quarter ended March 31, 2007, from Rs34.7 crore in the corresponding year-ago quarter. The profit growth would have been higher but for higher provisions amounting to Rs31.7 crore in the fourth quarter. Operating profit was more than 50 per cent higher at Rs 95.9 crore (Rs62 crore).

The net interest income increased to Rs204.7 crore (Rs116.9 crore) while other income rose to Rs87.5 crore (Rs76.5 crore).

Net interest margin for the quarter was around 4.5 per cent. Total income increased to Rs521.07 crore (Rs293.45 crore).

For the fiscal ended March 2007, net profit for the year was up 20 per cent to Rs141.4 crore (Rs118.2 crore).

The bank''s board has recommended a dividend of 7 per cent for 2006-07. Operating profit amounted to Rs326 crore (Rs211 crore), registering a 55 per cent growth. Net interest income for the year amounted to Rs 654.9 crore (Rs380 crore). The total advances of the bank grew by 72 per cent to Rs10,924.0 crore as on March 31, 2007 from Rs6,348.5 crore as on March 31, 2006.