The public sector lender, Kotak Mahindra Bank posted an increase in net profit by 47 per cent in the January- March quarter of financial year 2012-13. The bank had posted a net profit of Rs 297 crore in the year-ago quarter.
Net interest income increased by 31 per cent to Rs 903 crore from Rs 688 crore in corresponding quarter of 2012-13. Other income during the fourth quarter rose 43 per cent to Rs 364 crore.
Kotak Mahindra's net profit for the full financial year increased by 25 per cent to Rs 1,361 crore from Rs 1,085 crore in FY-12.
Total advances as on March 31, 2013 stood at 24 per cent year-on-year to Rs 48,469 crore, while deposits increased 32 per cent to Rs 51,029 crore.
Net non-performing assets (NPA) ratio increased to 0.64 per cent from 0.61 per cent in the fourth quarter last year.
"The real economy continues to be slow. Therefore, going forward, banks will have to watch and make adequate provisions. Particularly, in the second half of 2013-14 we hope to see some pick-up in growth," said Mr. Uday Kotak, Vice-Chairman and Managing Director of Kotak Mahindra Bank.