Kotak Mahindra Bank has recorded a net profit of Rs 186 crore in the first quarter of this fiscal. This is an increase over the past year's figures for the same period by 106%.
The huge rise in the bottom line figures can be attributed to the surge in net interest income (NII) and reduced provisions on bad loans.
The consolidated net profit of the bank for the first quarter is Rs 328 crore as compared to Rs 257 crore in the same quarter in the last fiscal which indicates a 27% rise.
Deposits of the bank as on June 30, 2010, showed a rise by 38% to Rs 24,058 crore as against Rs 17,459 crore as on June 30, 2009.
CASA deposits formed 28% of the total deposits at the end of the first quarter.
The bank plans to grow its branch network from 262 offices at present to 320 by the end of the financial year.