Friday May 9, 10:47 AM
India's Kotak Mahindra Bank FY net profit up 84 pct on 76 pct rise in revenue
MUMBAI (Thomson Financial) - India's Kotak Mahindra Bank Ltd. posted an 84 percent rise in full-year net profit on a 76 percent rise in total revenue and said, as at May 8, its customers had negative marked-to-market exposures of about 6.12 billion rupees due to forex derivatives transactions.
For the year to end-March 2008, the lender's net profit rose to 9.91 billion rupees from 5.38 billion a year earlier, while total revenues, including interest and fee revenues, grew to 75.49 billion rupees from 42.94 billion.
Interest revenues rose 84 percent to 36.48 billion rupees while fee-based revenues rose 59 percent to 16.76 billion rupees, the bank said in a regulatory filing.
At March 31, total assets under management grew to 365.44 billion rupees from 235.51 billion.
Kotak Mahindra Bank said it plans to open 100 new branches in 2008-2009, and separately announced it has appointed Asim Ghosh as director. Ghosh is also managing director of Vodafone Essar Ltd, a joint venture between Vodafone Group (LSE: VOD.L - news) and India's Essar Group.
At 2:07 p.m., Kotak Mahindra Bank was trading 3.24 percent lower at 757.05 rupees on the Bombay Stock Exchange, while the benchmark Sensex was 1.31 percent down at 16,857.00.
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