Kotak Mahindra Bank on Thursday reported almost four-fold jump in stand-alone net profit to Rs 741.97 crore in the first quarter ended on June 30, 2016. Net profit of the bank was Rs 189.78 crore in the corresponding period last fiscal. Total income increased to Rs 5,120.03 crore for the reporting period from Rs 4,583.86 crore in the year-ago period.
The bank had merged ING Vysya Bank with itself in April 2015, but it started reporting results including ING Vysya only in subsequent quarters. Advances grew by 17 per cent to Rs 120,765 crore whereas deposits also rose by 20 per cent to Rs 140,028 crore during the reporting period.
“The bank had to pay a one-time cost of Rs 300 crore and Rs 60 odd crore on other such costs last year,” Kotak Mahindra Bank president and group chief financial officer Jaimin Bhatt told reporters.
Giving a future outlook for the bank, Bhatt said, “We want to see growth in advances by 20 per cent, whereas the deposits are likely to increase in the same range of 20 per cent in the current fiscal.” The bank registered CASA growth of 34 per cent in the reporting period.