Mumbai: Private sector lender Kotak Mahindra Bank on 24 July posted a 99.45% jump in net profit at Rs47.67 crore for the first quarter ended 30 June, as compared to Rs23.90 crore for the same period last year.
The bank’s total income rose 93.93% to Rs594.45 crore for the quarter from Rs306.52 crore for the corresponding period a year ago, Kotak Mahindra Bank informed the Bombay Stock Exchange (BSE).
The group recorded net profit of Rs145.93 crore for the quarter as compared to Rs104.43 crore in the corresponding period of the previous fiscal. Its total income increased to Rs1,392.38 crore for Q1 FY08 from Rs776.58 crore Q1 FY07.
Board of directors of the company at its meeting today said the company would issue 1.70 crore equity shares in domestic and international markets.
The issue would be subject to shareholders’ and other necessary approvals and the price and other terms and conditions regarding the issuance would be decided by the board in accordance with the Securities and Exchange Board of India guidelines.
Shares of the lender were trading at Rs733, down 1.31% on the BSE in afternoon trade.