Kotak Mahindra Bank Consolidated PAT for Q2FY10 up 86% YoY to Rs. 300 cr: Bank PAT up 163% to Rs. 126 cr

Mumbai, October 27, 2009: The Board of Directors of Kotak Mahindra Bank (‘The Bank’) took on record unaudited consolidated and stand-alone results for Q2FY10, at the board meeting held in Mumbai, today.

Consolidated results at a glance

Consolidated PAT up 86% to Rs. 299.8 crores in Q2FY10 from Rs. 160.9 crores in Q2FY09.

Consolidated advances as on September 30, 2009 was Rs. 26,772 crores registering a growth of 11% over the consolidated advances of Rs. 24,027 crores as on September 30, 2008.

Consolidated capital adequacy ratio including current quarter profit for H1FY10 as per Basel II as on September 30, 2009 is 20.7%. Tier 1 ratio 18.3%. Excluding current quarter profit the consolidated capital adequacy ratio as per Basel II is 19.2%.Tier 1 ratio 16.9%.

Total assets managed / advised by the Group as on September 30, 2009 were Rs. 53,899 crores. The domestic mutual fund now ranks fifth among private sector players with the average assets under management for September 2009 being Rs. 36,247 crores as compared to Rs. 18,204 crores for the month of March 31, 2009.

The investment banking subsidiary during the period completed the following mandates:

1. Qualified Institutional Placements

HDFC Limited (India’s first ever QIP for simultaneous issue of NCD and Warrants) – Rs. 4300 crores, Cipla – Rs. 676 crores, LIC Housing Finance - Rs. 658 crores, Nagarjuna Construction Company- Rs. 367 crores, Patel Engineering - Rs. 344 crores, Orbit Corporation – Rs. 145 crores.

2. Initial Public Offers

NHPC – Rs. 6,039 crores, Adani Power – Rs. 3,017 crores, Shriram Transport Finance Limited (NCDs) - Rs. 1,000 crores.

Kotak Mahindra Bank standalone results

PAT of the Bank (Standalone) up 163% YoY to Rs 125.9 crores in Q2FY10 from Rs 47.9 crores in Q2FY09.

Net Interest Income (NII) of the Bank (Standalone) for Q2FY10 up 19% to Rs 437 crores from Rs 366 crores in Q2FY09.

Bank had 230 full-fledged bank branches across 135 locations and 410 ATMs as on September 30, 2009.

Deposits of the Bank as on September 30, 2009 were Rs.18,916 crores. CASA deposits comprised 28% of total deposits.

Capital adequacy ratio of the Bank including profit for H1FY10 as per Basel II as on September 30, 2009 is 18.6%. Tier 1 ratio 15.3%. Excluding current year profit the Capital adequacy ratio as per Basel II is 17.7%.Tier 1 ratio 14.4%.

The Board of the Bank approved the appointment of Dr. Sudipto Mundle as an Additional Director on the Board of Directors of the Bank. Dr. Mundle is currently Emertus Professor (Hon.), National Institute of Public Finance and Policy. He was a Director, Strategy & Policy Department, Asian Development Bank. The Board also took note of the resignation of Mr. Shishir Bajaj as a Director, in view of the fact that a company in which Mr. Bajaj is a substantial shareholder and Director is registering as a NBFC.

(This is a press release from Kotak Mahindra Bank)