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
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.
TFN.newsdesk@thomson.com
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