Quarterly Results

Private sector lender Kotak Mahindra Bank (KMB) has reported a 21 per cent jump in consolidated net profit to Rs 364 crore.

Kotak Bank consolidated net rises 21 per cent

MUMBAI: Private sector lender Kotak Mahindra Bank (KMB) has reported a 21 per cent jump in consolidated net profit to Rs 364 crore for the quarter to September,helped by a healthy rise in advances. The lenders net profit stood at Rs 299.77 crore in the second quarter of the last fiscal. On a standalone basis,net profit from banking operations surged 55 per cent to Rs 195 crore,while the performance of its 16 subsidiaries together took the consolidated net profit to Rs 364 crore,it said in a statement here.

The lenders advances grew 40 per cent to Rs 37,515 crore during the quarter under review,chief financial officer Jaimin Bhatt said,adding the bank hopes to close this fiscal with a 35 per cent rise in disbursements. The general rise in cost of funds,following the repeated policy rate hikes by the Reserve Bank,reflected in the bank’s net interest margin too,which slid by 0.3 per cent to 5.6 per cent during the reporting quarter.

Yes Bank profit jumps 58 per cent

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MUMBAI: Private sector Yes Bank has posted a hefty 58 per cent rise in net profit at over Rs 176 crore for the quarter to September on the back of robust growth in net interest income. The city-based lender also reported a 57 per cent growth in its profit for the first half at Rs 332.6 crore. Yes Bank has once again delivered a robust financial performance with record profit of Rs 176.3 crore. This has been achieved on the back of sustainable net interest income growth of 77.9 per cent and growth in advances of 86.3 per cent year-on-year, bank founder,MD and CEO Rana Kapoor said. The bank also improved its gross as well as net NPA levels in Q2 with gross NPA coming down to 0.22 per cent of its gross advances against 0.31 per cent in September 2009.

Its total assets grew by 96.4 per cent to Rs 51,796.3 crore up from Rs 26,370.1 crore,Kapoor said. The bank added 20 branches in Q2 taking total number to 171 as of end September. He further said the bank has permission to open 91 more branches and hopes to take the number of branch network to 250 by next June. He also said the bank would be launching more services,including credit cards within the next six months.5.6 per cent during the reporting quarter.

Canara Bank profit rises 10 per cent

MUMBAI: State-owned Canara Bank has reported a 10 per cent rise in net profit at Rs 1,007.8 crore for the second quarter ended September 30,2010 as against a net profit of Rs 910.5 crore in the same quarter of the last fiscal,Canara Bank said. The lender also reported an increase of 8.4 per cent in total income for the quarter at Rs 6,077 crore against Rs 5,602 crore in the year-ago period.

Further,the bank earned an interest of Rs 5,577 crore during the quarter,compared to Rs 4,709 crore during the same period last fiscal. During the first half ended September 30,the bank clocked a 38 per cent rise in net profit to Rs 2,021 crore compared to Rs 1,466 crore in the same period a year ago. The bank reported a total income of Rs 11,972 crore in the first six months,compared to Rs 10,634 crore in the previous financial year.pti & ens