Kotak Mahindra Bank's FY 06 PAT up 39 per cent at Rs 118.2 crore

Mumbai, May 15 (UNI) New-generation private sector bank, Kotak Mahindra Bank Ltd. has clocked a net profit after tax of Rs 118.23-crore in FY 06, up 39 per cent from 84.9-crore in FY 05. Net interest income surged 57 per cent from Rs 225.5-crore in FY 05 to Rs 354.9-crore in FY 06 while the bank's other income stood at Rs 242.9-crore.

A release issued here today stated that in Q4 FY 06, the bank's PAT grew by 50 per cent to Rs 34.7-crore as against Rs 23.1-crore in Q4 FY 05 while net interest income for the period increased 61 per cent from Rs 67.3-crore in Q4 FY 05 to Rs 108.2-crore in Q4 FY 06.

The bank's deposits expanded 53 per cent to Rs 6,565.9-crore in FY 06 as against Rs 4,299.5-crore in FY 05, while advances grew by 58 per cent YoY to Rs 6,348.5-crore in FY 06. Its capital adequacy ratio as at end March 31, 2006, stood at 11.27 per cent, down from the 12.80 per cent in FY 05.

The consolidated PAT for FY 06 (excluding stake-sale in Hutch) surged 100 per cent to Rs 342.5-crore as against Rs 170.9-crore in FY 05, stated the release, adding that if stake sale was included, then consolidated PAT for FY 06 stood at Rs 729.8-crore.

Consolidated total income for the period (excluding stake-sale in Hutch) rose 67 per cent to Rs 2,854.1-crore as against Rs 1,711.5-crore in FY 05 while including stake-sale in Hutch the consolidated total income for FY 06 stood at Rs 2,980.7-crore.

For Q4 FY 06, the consolidated PAT stood at Rs 130.8-crore, up 104 per cent as against Rs 64.3-crore in Q4 FY 05. The above PAT, however, excludes the bank's consolidated share of PAT of Rs 387.3-crore on sale of 3.2 per cent effective economic interest in Hutch by the bank's subsidiaries and associates in March 2006. If the stake-sale in Hutch is included, then the consolidated PAT rises to Rs 518.1-crore, stated the release.

Consolidated net interest margins for FY 06 stood at 5.1 per cent, down from the 5.3 per cent in FY 05.

Last month, Kotak Mahindra Bank successfully raised Rs 450-crore through issue of 1,50,00,000 global depository shares (GDS), stated the release, pointing out that each GDS represents one underlying equity share of Rs 10 each. The GDS issue will increase the consolidated book-value per share by Rs 10.5 to Rs 83.2.

A leading highlight of the bank during FY 06 relates to the Kotak Mahindra Group agreeing to buy 25 per cent stake held by Goldman Sachs Mauritius LLC in Kotak Mahindra Capital Company Limited and Kotak Securities Limited for an aggregate consideration of Rs 333-crore, stated the release.

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