INSUBCONTINENT EXCLUSIVE:
MUMBAI: Kotak Mahindra Bank on Monday reported a 27% growth in consolidated net profit for the quarter ended March, led by a 25% loan growth
from the ?976 crore it had reported a year earlier.
Vice chairman and managing director Uday Kotak said the bank had seen an uptick in
clear pick-up in demand for loans as a result of which the growth has been higher than the guidance of 20%-plus
We think this pick-up is going to sustain next year
This change is in line with the recommendations of the committee on corporate governance headed by Kotak himself which had recommended
separating the posts of chairman and MD as a good corporate practice
The vice chairman presides over the board whenever the chairman is absent.
In the quarter ended March, the bank earned a NII of ?2,580
crore, up 19% from ?2,161 crore a year earlier
Mahindra Bank has undoubtedly proven its competitive edge over its private sector peers with higher fee income, superior asset quality
management and effective management of financial business arms
It continues to witness moderation in SMA-2 balance, which clearly suggests a stable trend on asset quality front
Looking ahead, we expect strong traction in earnings to continue owing to robust growth in loan book, moderate credit cost, and healthy
