Kotak Mahindra Bank Q1 net profit at Rs.47.67 Crores, up 99.43% YOY

Kotak Mahindra Bank Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.

The Bank has posted a net profit of Rs 476.78 million for the quarter ended June 30, 2007 as compared to Rs 239.07 million for the quarter ended June 30, 2006. Total Income has increased from Rs 3065.20 million for the quarter ended June 30, 2006 to Rs 5944.53 million for the quarter ended June 30, 2007.

The Consolidated results are as follows: The Group has posted a profit after tax of Rs 1459.39 million for the quarter ended June 30, 2007 as compared to Rs 1044.34 million for the quarter ended June 30, 2006. Total Income has increased from Rs 7765.84 million for the quarter ended June 30, 2006 to Rs 13923.82 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.1.46 for the Quarter ending June 30, 2007 compared to Rs.0.75 for Quarter ending June 30, 2006.

During the quarter, the Bank has subscribed to the rights issue of equity shares of its subsidiary, Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Life) amounting to Rs 129.59 million. The total investment made by the Bank in Kotak Life as on June 30, 2007 is Rs 1814.36 million.

The Board of Directors of the Bank at its meeting held on July 24, 2007 proposed to raise additional capital by way of issue of up to 17 million equity shares of Rs 10 each in domestic and / or one or more international markets subject to approvals.

The stock was trading at Rs.739.20, down by Rs.3.55 or 0.48%. The stock hit an intraday high of Rs.750 and low of Rs.726. The total traded quantity was 166462 compared to 2 week average of 211283.

Source : Equity Bulls

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