Home > Stocks > Kotak Mahindra Bank consolidate 84% for Financial Year 2008
Kotak Mahindra Bank consolidate 84% for Financial Year 2008
Kotak Mahindra Bank Ltd informed the BSE that its consolidated net profit for the fourth quarter ended March 31, 2008 has improved by 41 per cent to Rs 240 crore from Rs 170 crore achieved in the same period of previous fiscal. Total income durin g the fourth quarter this year increased to Rs 1,863 crore from Rs 1,423 crore, reflecting a growth of 31 per cent.
Kotak added that there is a strong demand for credit and they are focussing on core lending business. The fee income will have new sources of income like servicing financial sponsors and mergers and acquisitions, Kotak stated. There will also be a change in the business mix of the banking sector.
Uday Kotak, Vice Chairman, Kotak Mahindra Bank sees significant consolidation in the securities business. He added that the securities business may go through cyclical pain.
Kotak Mahindra Bank may face litigation from clients on their mark-to-market losses, he stated.
