New Delhi: Kotak Mahindra Bank on Friday reported more than two-fold increase in profit after tax at Rs 241.45 crore.
The result was for the quarter ended September 30, compared to Rs 93.90 crore for the same quarter last fiscal.
The firm's total income increased to Rs 1,811.78 crore for the second quarter ended September 30, against Rs 903.49 crore for the corresponding quarter in the year-ago period.
"This is a reflection of the underlying strength of Indian economy and that of the financial sector," PTI quoted Bank Managing Director Uday Kotak as saying.
The standalone PAT for the bank for Q2 was at Rs 75.4 crore led by robust growth in interest and fee-based income.
Profits were up by 117 per cent over the Q2 PAT of the last fiscal at Rs 34.8 crore. Net income increased to Rs 714.16 crore for the quarter while it was at Rs 357.64 crore during the corresponding quarter last year.
Net Interest Income of the Bank for Q2 FY'08 doubled to Rs 283.4 crore while other income was up 96 per cent at Rs 122.3 crore.
The deposit growth was 76 per cent at Rs 14400 crore. Of the total deposits, current account and saving accounts were 26 per cent. The advances grew by 53 per cent to Rs 12900 crore.
"For overall industry, there is a little bit of softening in advances there were pressure on some pockets but the buyoancy is still reasonable," Kotak added.
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