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Kotak Mahindra Bank net up news
Our Banking Bureau
23 October 2003

Mumbai: Kotak Mahindra Bank has registered a 67-per cent growth in its net profit for the second quarter ended 30 September 2003 at Rs 19.84 crore, up from Rs 11.88 crore in the corresponding period of the previous year.

These figures are not strictly comparable since the non-banking finance company (NBFC) was converted into a bank in March 2003. The new bank will focus on lending as the thrust area and foresees a 40-per cent growth in disbursements by the yearend.

The net profit of the Kotak group (Kotak Mahindra Capital Co, Kotak Securities, Kotak Mahindra Primus, Kotak Mahindra AMC & Trustee and Om Kotak Mahindra) for the second quarter is at Rs 38.94 crore (Rs 21.77 crore).

The bank collected fresh deposits of Rs 650 crore in the first-half year, 90 per cent of which are term deposits. Apart from this, it also has liabilities such as Rs 150 crore of fixed deposits transferred from the NBFC, Rs 350 crore of certificates of deposits and so on.

The bank has advances of Rs 1,550 crore, 85 per cent of which is retail. The break-up of advances is as follows: commercial vehicle finance: Rs 875 crore; personal loans: Rs 238 crore; home loans: Rs 25 crore; corporate loans: Rs 236 crore; SME and miscellaneous: Rs 175 crore.

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Kotak Mahindra Bank net up