Mumbai based Kotak Mahindra Bank reported results for third quarter ending 31st December 2014 on 20th January 2015. Net profit of Kotak Mahindra Bank for third quarter FY 2015 increased to Rs 465 crores compared to Rs 340 crores in Q3 FY 2013, up by 37%.
Consolidated Net profit for Q3 FY2015 is at Rs 716.61 Crores compared to Rs. 591.25 crores of same quarter last year, up by 21%.
Net interest income, the difference between interest earned and interest expended, for third quarter FY 2015 up 16% to Rs 1,060 crores from Rs 913 crores in same quarter last year.
Total income including interest earned during Q3 FY2015 is at Rs 5323 crores compared to Rs 4425 crores of same quarter of last fiscal year and Rs 4920.40 Crores of Q2 FY2015.
Advances during the third quarter were up 22% Year-on-Year to Rs 64,641 crores from Rs 53,149 cr as on December 31, 2013.
Consolidated advances up 21% to Rs 86,058 crores as on December 31, 2014 from Rs 71,041 crores as on December 31, 2013.
Savings deposits for Kotak Mahindra Bank as on December 31, 2014 grew by 36% to Rs 12354 crores compared to Rs 9,106 crores as on December 31, 2013.
Deposits as on December 31, 2014 were up 34% Year-on-Year to Rs 73,066 crores from Rs 54,671 crores as on December 31, 2013.
Kotak Mahindra Bank has added 128 braches to increase its number of branches to 661 from 533 branches as on 31st December 2013. Bank is located in 371 locations and has 1195 ATMs.
During the quarter, The Board of Directors of Kotak Mahindra Bank Ltd (“Kotak”) and the Board of Directors of ING Vysya Bank Ltd (“ING Vysya”) at their respective meetings held on 20th November, 2014 have approved an amalgamation of ING Vysya with Kotak in the ratio of 725 shares of Kotak for every 1,000 shares of ING Vysya.
Subsequently, the shareholders of Kotak and ING Vysya have approved the scheme of amalgamation at their respective Extra Ordinary General Meetings held on 7th January, 2015.
The amalgamation is subject to the approval of the Reserve Bank of India under the Banking Regulation Act, the Competition Commission of India and such other regulatory approvals as may be required. The amalgamation would be effective from 1st April, 2015 or such other date as may be fixed mutually by ING Vysya and Kotak and sanctioned by the RBI.
During the third Quarter, Kotak Mahindra Bank has received approval from the RBI to form a subsidiary to enter the General Insurance business. The Bank had earlier received an in-principle approval from Insurance Regulatory and Development Authority for incorporation of a General Insurance company. The Company has since been incorporated and would now be required to apply and complete the registration process with Insurance Regulatory and Development Authority to act as a General Insurance Company
Consolidated figures include profit and revenue generated from kotak group companies like Kotak Mahindra bank, Kotak Mahindra Prime, Kotak Mahindra Investments and Kotak Securities.