KOTAK MAHINDRA BANK LIMITED (CONSOLIDATED)
Registered Office: 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD APRIL TO JUNE, 2007
| Rs million |
| Sr No |
Particulars |
Quarter Ended |
Year Ended |
|
| June-07 |
June-06 |
March-07 |
||
| 1 |
Interest earned (a+b+c+d) |
7,224.20 |
4,071.89 |
20,237.82 |
| (a) Interest/discount on advances/bills |
5,205.90 |
2,978.78 |
14,811.71 |
|
| (b) Income on investments |
1,661.78 |
867.56 |
4,475.77 |
|
| (c) Interest on balances with RBI & other banks |
213.98 |
78.17 |
489.41 |
|
| (d) Others |
142.54 |
147.38 |
460.93 |
|
| 2 |
Other income (see Note 2 and 5) |
6,699.62 |
3,693.95 |
22,733.37 |
| 3 |
Total income (1+2) |
13,923.82 |
7,765.84 |
42,971.19 |
| 4 |
Interest expended |
4,015.74 |
1,875.27 |
9,764.28 |
| 5 |
Operating expenses (a+b) |
7,534.95 |
3,910.70 |
23,873.50 |
| (a) Payments to and Provisions for employees |
2,426.89 |
1,545.11 |
6,880.85 |
|
| (b) Other operating expenses (see Notes 3) |
5,108.06 |
2,365.59 |
16,992.65 |
|
| 6 |
Total expenditure (4+5) |
11,550.69 |
5,785.97 |
33,637.77 |
| 7 |
Operating Profit ( 3-6) |
2,373.13 |
1,979.87 |
9,333.42 |
| 8 |
Other provisions & contingencies (see Note 1) |
351.50 |
227.75 |
1,546.50 |
| 9 |
Profit before tax (7-8) |
2,021.63 |
1,752.12 |
7,786.92 |
| 10 |
Provision for taxes (see Note 6) |
659.85 |
627.98 |
2,542.12 |
| 11 |
Profit after tax before Minority Interest (9–10) |
1,361.78 |
1,124.15 |
5,244.80 |
| 12 |
Less: Share of Minority Interest |
(64.12) |
122.60 |
6.64 |
| 13 |
Add: Share in Profit of associates |
33.49 |
42.79 |
144.26 |
| 14 |
Consolidated Profit after tax (11-12+13) |
1,459.39 |
1,044.34 |
5,382.42 |
| 15 |
Paid Up Equity Capital - (Face Value of Rs. 10 per share) |
3,264.28 |
3,247.30 |
3,261.56 |
| 16 |
Group Reserves (excluding Minority Interest) |
29,068.04 |
||
| 17 |
Minority Interest |
305.32 |
||
| 18 |
Analytical Ratios |
|||
| Earnings per Share Basic Rs. |
4.47 |
3.26 |
16.60 |
|
| Earnings per Share Diluted Rs. |
4.43 |
3.24 |
16.47 |
|
NOTES:
1. Provisions and contingencies are net of recoveries made against accounts which have been written off as bad in the previous years.
2. Details of other income forming part of the Consolidated unaudited results are as follows:
| Rs million |
| Particulars |
Quarter Ended |
Year Ended |
|
| June-07 |
June-06 |
Mar-07 |
|
| Commission, Fees, Exchange and brokerage |
2,839.49 |
2,477.56 |
10,562.40 |
| Premium on insurance business |
1,987.52 |
1,213.88 |
9,504.61 |
| Profit on sale of investments incl. revaluation |
1,511.12 |
(215.00) |
1,183.55 |
| Others |
361.49 |
217.51 |
1,482.81 |
| Total – Other income |
6,699.62 |
3,693.95 |
22,733.37 |
3. Details of other expenditure forming part of Consolidated unaudited results are as follows:
| Rs million |
| Particulars |
Quarter Ended |
Year Ended |
|
| June-07 |
June-06 |
Mar-07 |
|
| Policy holders’ reserves, surrender expense and claims |
2,650.03 |
619.99 |
8,101.95 |
| Brokerage |
454.04 |
332.75 |
1,757.96 |
| Depreciation |
206.30 |
165.82 |
736.84 |
| Rent, taxes and lighting |
280.95 |
178.64 |
821.56 |
| Others |
1,516.74 |
1,068.39 |
5,574.34 |
| Total – Other operating expenses |
5,108.06 |
2,365.59 |
16,992.65 |
4. The consolidated financial results are prepared in accordance with Accounting Standard – 21, “Consolidated Financial Statements “ and Accounting Standard -23 “ Accounting for investment in associates in consolidated financial statement “ issued by Institute of Chartered Accountants of India.
5. Other income in the consolidated results for the reporting periods is net of sub-brokerage paid in the capital market subsidiaries amounting to Rs.124.11 million for the quarter ended 30th June, 2007 (Rs. 151.23 million for the quarter ended 30th June, 2006), for the year ended 31st March, 2007 Rs. 583.46 million.
6. Provision for taxes (net of deferred tax) includes Fringe Benefit Tax amounting to Rs. 25.81 million for the quarter ended 30th June, 2007 (Rs. 20.82 million for the quarter ended 30th June, 2006) and Rs. 84.60 million for the year ended 31st March, 2007 which is net of Fringe Benefit Tax recovered from employees on Employees’ Stock Option Plan.
7. Figures for the previous year have been regrouped wherever necessary to conform to current period’s presentation.
8. The above results were taken on record at the Audit Committee meeting and at the meeting of the Board of Directors held on 24th July, 2007.
KOTAK MAHINDRA BANK LIMITED (STANDALONE)
Registered Office: 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE, 2007
| Rs million |
| Sr. No. |
Particulars |
Quarter Ended |
Year ended |
|
|
JUN-07 |
JUN-06 |
MAR-07 |
||
| (Unaudited) |
(Unaudited) |
(Audited) |
||
| 1 |
Interest earned (a+b+c+d) |
5,050.86 |
2,501.37 |
13,541.01 |
| (a) Interest/ discount on advances/ bills |
3,649.94 |
1,880.52 |
10,037.86 |
|
| (b) Income on investments |
1,327.60 |
583.48 |
3,158.33 |
|
| (c ) Interest on balances with RBI & other banks |
38.03 |
34.39 |
331.22 |
|
| (d) Others |
35.29 |
2.98 |
13.60 |
|
| 2 |
Other Income |
893.67 |
563.83 |
2,836.57 |
| 3 |
Total income (1+2) |
5,944.53 |
3,065.20 |
16,377.58 |
| 4 |
Interest expended |
2,930.44 |
1,307.65 |
6,992.40 |
| 5 |
Operating expenses (a+b) |
2,059.77 |
1,238.99 |
6,127.07 |
| (a) Payments to and Provisions for employees |
1,077.74 |
580.88 |
2,696.97 |
|
| (b) Other Operating expenses |
982.03 |
658.11 |
3,430.10 |
|
| 6 |
Total expenditure (4+5) |
4,990.21 |
2,546.64 |
13,119.47 |
| 7 |
Operating Profit (3-6) |
954.32 |
518.56 |
3,258.11 |
| 8 |
Other provisions & contingencies |
287.54 |
146.99 |
1,225.66 |
| 9 |
Profit before tax |
666.78 |
371.57 |
2,032.45 |
| 10 |
Provision for taxes |
190.00 |
132.50 |
618.80 |
| 11 |
Profit after tax (9 – 10) |
476.78 |
239.07 |
1,413.65 |
| 12 |
Paid Up Equity Capital - (Face Value Rs. 10 per share) |
3,264.28 |
3,247.30 |
3,261.56 |
| 13 |
Reserves excluding revaluation reserves |
13,073.43 |
||
| 14 |
Analytical Ratios |
|||
| (i) % of shares held by Govt. of India |
Nil |
Nil |
Nil |
|
| (ii) % Capital adequacy ratio |
11.33% |
14.66% |
13.46% |
|
| (iii) Earnings per Share Basic Rs. |
1.46 |
0.75 |
4.36 |
|
| (iv) Earnings per Share Diluted Rs. |
1.45 |
0.74 |
4.33 |
|
| 15 |
Public Shareholding |
|||
| (i) No. of shares |
145,244,673 |
143,761,747 |
144,851,266 |
|
| (ii) % of shareholding |
44.50% |
44.27% |
44.41% |
|
KOTAK MAHINDRA BANK LIMITED (STANDALONE)
Registered Office: 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
SEGMENT RESULTS
| Rs million |
| Sr No |
Particulars |
Quarter Ended |
Year Ended |
|
| Jun-07 |
Jun-06 |
Mar-07 |
||
| (Unaudited) |
(Unaudited) |
(Audited) |
||
| 1 |
Segment Revenue |
|||
|
Lending |
3,302.87 |
1,624.02 |
9,164.40 |
|
|
Corporate Banking |
1,222.51 |
833.11 |
3,741.87 |
|
|
Treasury and Investments |
1,932.75 |
651.99 |
4,084.85 |
|
|
Retail Liabilities |
1,250.36 |
736.95 |
3,621.71 |
|
|
Venture Fund Management |
36.19 |
44.19 |
178.37 |
|
|
Total |
7,744.68 |
3,890.26 |
20,791.20 |
|
|
Less: Inter segment revenue |
1,820.92 |
825.06 |
4,413.87 |
|
|
Add: Unallocable revenue |
20.77 |
- |
0.26 |
|
|
Total Revenue |
5,944.53 |
3,065.20 |
16,377.59 |
|
| 2 |
Segment Results |
|||
|
Lending |
433.24 |
158.65 |
1,124.05 |
|
|
Corporate Banking |
310.28 |
194.23 |
1,016.54 |
|
|
Treasury and Investments |
277.79 |
22.79 |
236.05 |
|
|
Retail Liabilities |
(387.22) |
(27.53) |
(423.26) |
|
|
Venture Fund Management |
11.92 |
23.43 |
78.81 |
|
|
Total |
646.01 |
371.57 |
2,032.19 |
|
|
Add: Unallocable revenue |
20.77 |
- |
0.26 |
|
|
Profit Before Tax |
666.78 |
371.57 |
2,032.45 |
|
| 3 |
Segment Assets |
|||
|
Lending |
94,828.04 |
57,245.66 |
86,884.75 |
|
|
Corporate Banking |
63,895.48 |
31,109.20 |
44,333.17 |
|
|
Treasury and Investments |
95,958.48 |
45,268.30 |
93,213.33 |
|
|
Retail Liabilities |
59,569.64 |
30,119.73 |
48,816.22 |
|
|
Venture Fund Management |
1.17 |
- |
77.19 |
|
| Total |
314,252.81 |
163,742.89 |
273,324.66 |
|
| Less: Inter segment assets |
96,868.67 |
48,476.02 |
74,873.91 |
|
| Total Assets |
217,384.14 |
115,266.87 |
198,450.75 |
|
| 4 |
Segment Liabilities |
|||
|
Lending |
83,932.85 |
51,172.28 |
78,418.58 |
|
|
Corporate Banking |
60,641.72 |
29,254.97 |
40,956.63 |
|
|
Treasury and Investments |
93,020.82 |
39,936.22 |
88,492.59 |
|
|
Retail Liabilities |
59,985.15 |
30,175.34 |
49,264.42 |
|
|
Venture Fund Management |
- |
6.32 |
||
| Total |
297,580.54 |
150,538.81 |
257,138.54 |
|
| Less: Inter segment liabilities |
96,868.67 |
48,476.02 |
74,873.91 |
|
| Total Liabilities |
200,711.87 |
102,062.79 |
182,264.63 |
|
| 5 |
Unallocated Assets/(Liabilities) - (net) |
179.02 |
(76.20) |
148.87 |
Notes
1 The Board of Directors of the Bank at its meeting held on 8th May 2007, approved the dividend @ 7.0% for the year ended 31st March, 2007, which has been approved by the shareholders at the Annual General Meeting (AGM) held on 5th July 2007
2 During the quarter, the Bank has not granted any equity shares to employees of the Bank and its subsidiaries under employee stock options scheme and 272,407 options were exercised by the employees. The stock options outstanding as at 30th June, 2007 are 6,635,929.
3 During the quarter, the Bank has subscribed to the rights issue of equity shares of its subsidiary, Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life) amounting to Rs 129.59 million. The total investment made by the Bank in Kotak Life as on 30th June, 2007 is Rs 1814.36 million.
4 Provision for taxes (net of deferred tax) for the quarter ended 30th June, 2007 includes fringe benefit tax provision amounting to Rs.9.40 millions (Rs.7.50 millions for the quarter ended 30th June, 2006) which is net of Fringe Benefit Tax recovered from employees on Employees’ Stock Option Plan.
5. Status of shareholder complaints received during the quarter ended 30th June, 2007:
| Total complaints pending as at 31st March, 2007 |
NIL |
| Total complaints received during the quarter ended 30th June, 2007 |
23 |
| Total complaints resolved during the quarter ended 30th June, 2007 |
23 |
| Total complaints pending as at 30 June, 2007 |
NIL |
6 Provisions and contingencies are net of recoveries made against accounts which have been written off as bad in the previous period/year.
7 The Board of Directors of the Bank at its meeting held today, proposed to raise additional capital by way of issue of up to 17 million equity shares of Rs.10 each, in domestic and/or one or more international market(s), subject to approvals.
8 Figures for the previous period/ year have been regrouped wherever necessary to conform to current period’s presentation.
9 These results for the quarter ended June 30, 2007, have been subjected to a "Limited Review" by the Statutory Auditors of the Bank.
10 The above results were taken on record at the Audit Committee meeting and at the meeting of the Board of Directors held on 24th July, 2007.
|
By order of the Board of Directors |
|
|
For Kotak Mahindra Bank Limited |
|
|
Dipak Gupta |
|
|
Mumbai, 24th July, 2007 |
Executive Director |