Kotak Mahindra Bank Q2 net up 147 pc at Rs 262.24 cr

Mumbai, Oct 26 (UNI) Kotak Mahindra Bank has posted a 147 per cent increase in net profit (exclusive life insurance) at Rs 262.4 crore for the second quarter ended September 30, as compared to Rs 106.4 crore for the corresponding period a year ago.

Total income of the company increased by 107 per cent to Rs 973.3 crore, as compared to Rs 469.8 crore for the same period in 2006, Company chairman Uday Kotak told reporters here today.

In October 2007, the Bank raised Rs 1620 crore by alloting 17,000,000 equity shares through a Qualified Institutional Placement (QIP). The QIP issue was priced at Rs 950 per equity share. Other income of the Bank for Q2 FY08 was up by 96 per cent to Rs 122.3 crore as compared to Rs 62.4 crore in Q2 FY07.

The Bank had 133 full fledged branches across 92 locations as on September. The Bank targets to reach 200 branches by mid-next year, Mr Kotak added.

UNI