Kotak Mahindra Bank NP high at Rs 54.5 cr for Q1

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Mumbai, Jul 28 (UNI) Kotak Mahindra Bank Limited has posted a Net profit of Rs 54.5 crore for the quarter ended June 30, 2008, as compared to Rs 47.6 crore for the quarter ended June 30, 2007.

Total Income has increased from Rs 594.4 crore for the quarter ended June 30, 2007 to Rs 795.5 crore for the quarter ended June 30, 2008.

The Group has posted a Profit after tax of Rs 149.8 crore for the quarter ended June 30, 2008, as compared to Rs 145.9 crore for the quarter ended June 30, 2007. Total Income has increased from Rs 1392.3 crore for the quarter ended June 30, 2007 to Rs 1487.2 crore for the quarter ended June 30, 2008.

Kotak Mahindra has informed BSE that the shareholders at the 23rd Annual General Meeting (AGM) of the Bank has declared the dividend at the rate of 7.50 per cent for the year ended March 31,2008. The Bank has appointed of Mr Asim Ghosh as a Director.

The Bank also increased in ceiling limit on total holdings of FIIs / SEBI approved sub-account of FIIs in the equity share capital of the Bank from 30 per cent to 33 per cent.

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