Financial Results  
 
Kotak Mahindra Bank Limited ( Consolidated )
Registered Office : 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
UNAUDITED AND PROVISIONAL FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 2003
 
 
Sr. No. PARTICULARS For the
quarter ended
June 2003 (Unaudited)
Rs lacs		 For the
quarter ended
June 2002
(Unaudited)
Rs lacs		 For the
year ended
March 2003
(Audited)
Rs lacs
1 Interest earned (a+b+c+d) 13319.37 10489.98 45082.92
a Interest/ discount on advances/ bills 10234.93 8858.53 37822.06
b Income on investments 2406.89 928.19 4505.29
c Interest on balances with RBI & other banks 148.81 167.88 637.1
d Others 528.74 535.38 2118.47
         
2 Other Income 8065.15 3774.79 26401.37
         
A Total income (1+2) 21384.52 14264.77 71484.29
         
3 Interest expended 5935.64 4840.26 20381.92
         
4 Operating expenses (e+f) 9531.43 7345.37 34545.11
e Payments to and Provisions for employees 2947.35 2253.03 10218.54
f Other Operating expenses 6584.08 5092.34 24326.57
         
B Total expenditure (3+4) 15467.07 12185.63 54927.03
         
C Operating Profit (A-B) 5917.45 2079.14 16557.26
D Other provisions & contingencies 159.85 451.94 2361.68
E Profit before tax 5757.6 1627.2 14195.58
F Provision for taxes 2561.4 822.73 6377.22
G Profit after tax (E - F) 3196.2 804.47 7818.36
H Less : Share of Minority Interest 323.9 -109 721.04
I Add : Share in profit of associates 29.86 80.29 234.19
J Consolidated Profit for the year attributable to the Group 2902.16 993.76 7331.51
         
5 Paid Up Equity Capital 5921.28 5921.28 5921.28
6 Group Reserves (excluding minority interest)     99636.03
7 Minority Interest     27367.72
         
iii. Earnings per share Basic Rs. 4.9 1.68 12.38
iv. Earnings per Share Diluted Rs. 4.89 1.68 12.38
 
     
 
Kotak Mahindra Bank Limited
Registered Office : 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
UNAUDITED AND PROVISIONAL FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 2003
 
Sr. No. PARTICULARS For the
quarter ended
June 2003
(Unaudited)
Rs lacs		 For the
quarter ended
June 2002
(Unaudited)
Rs lacs		 For the
year ended
March 2003
(Audited)
Rs lacs
1 Interest earned (a+b+c+d) 5674.55 3990.4 17363.83
a Interest/ discount on advances/ bills 4487.97 3880.22 16213.89
b Income on investments 1124.45 68.34 1091.71
c Interest on balances with RBI & other banks 33.27 3.43 18.79
d Others 28.86 38.41 39.44
         
2 Other Income (Refer Note 3)
2323.39
 1354.53 8103.91
         
A Total income (1+2) 7997.94 5344.93 25467.74
         
3 Interest expended 2766.73 1950.22 8682.97
         
4 Operating expenses (e+f) 2426.32 1267.82 7826.77
e Payments to and Provisions for employees 855.83 334.13 2173.75
f Other Operating expenses 1570.49 933.69 5653.02
         
B Total expenditure (3+4) 5193.05 3218.04 16509.74
         
C Operating Profit (A-B) 2804.89 2126.89 8958
D Other provisions and contingencies (Refer Notes 2 and 3) -204.34 304.93 1956.75
E Profit before tax (C-D) 3009.23 1821.96 7001.25
F Provision for taxes 1075 650 2505.17
G Profit after tax (E - F) 1934.23 1171.96 4496.08
         
5 Paid Up Equity Capital 5921.28 5921.28 5921.28
6 Reserves excluding revaluation reserves     48223.91
         
7 Analytical Ratios      
i. % of shares held by Govt. of India Nil Nil Nil
ii. % Capital adequacy ratio 14.51% 27.20% 25.97%
iii. Earnings per share Basic Rs. 3.27 1.98 7.59
iv. Earnings per Share Diluted Rs. 3.26 1.98 7.59
         
8 Non Promoter Shareholding, excluding other Directors and their relatives      
i. No. of shares 21933363 21551445 21926911
ii. % shareholding 37.04% 36.40% 37.03%
 
     
     
  Kotak Mahindra Bank Limited
Registered Office : 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021
SEGMENTAL REPORTING
 		 
 
Sr. No. PARTICULARS For the
quarter ended
June 2003
(Unaudited)
Rs lacs		 For the
quarter ended
June 2002
(Unaudited)
Rs lacs		 For the
year ended
March 2003
(Audited)
Rs lacs
1 Segment Revenue      
  Treasury 1925.4 - -
  Corporate Banking 145.55 - -
  Retail Liabilities and Branch banking 24.09 - -
  Retail Lending activities 4411.78 3996.71 19208.05
  Corporate Centre 1491.12 1348.22 6259.69
  Total Income 7997.94 5344.93 25467.74
         
2 Segment Results      
  Treasury 651 - -
  Corporate Banking 21 - -
  Retail Liabilities and Branch banking -848.42 - -
  Retail Lending activities 1832.09 1092.6 5801.85
  Corporate Centre 1399.2 798.23 1408.39
  Total 3054.87 1890.83 7210.24
  Less : un-allocable expenditure -45.64 -68.87 -208.99
  Total Profit before Tax 3009.23 1821.96 7001.25
         
3 Capital Employed      
  Treasury - - -
  Corporate Banking - - -
  Retail Liabilities and Branch banking - - -
  Retail lending activities 20000 20000 20000
  Corporate Centre 36068.93 31432.77 33501.86
  Others 10.5 695.12 643.33
  Total 56079.43 52127.89 54145.19
 
 


Notes:
1. In terms of the master circular on Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to the advances portfolio dated 4th July 2002 issued by RBI, banks have to adopt the 90 days overdue norm for classification of an advance as NPA with effect from 31st March 2004. The Bank has adopted the same from the current quarter April to June 2003.

2. Provisions and contingencies is net of recoveries made against accounts which have been written off as bad in the previous year/s.

3. During the current quarter April to June 2003, the Bank has sold its investments in Fascel Limited. The loss on sale of these investments, which were already provided for as diminution for investments in the financial year ended 31st March 2003, has been adjusted against the said provision. Consequently, the figures of “other income” (point 2) and “provisions and contingencies” (point D) are excluding the loss on such sale and provision written back on the same.

4. During the year, the Bank has revised the estimated useful life of vehicles from 3 years to 4 years. Consequent to the same, the depreciation for the period April to June 2003 is lower by and the profit before tax for the year higher by Rs. 5.14 lakhs.

5. Details of Other income forming part of the Consolidated unaudited results are as follows :

OTHER INCOME For the
quarter ended
June 2003
(Unaudited)
Rs lacs 		For the
quarter ended
June 2002
(Unaudited)
Rs lacs 		For the
year ended March 2003
(Audited)
Rs lacs
Commission, Fees, Exchange and brokerage 3062.81 3405.74 12682.29
Premium on Insurance business 1312.3 457.01 3988.6
Profit on sale of investments 3274.89 -1247.89 6455.96
Others 415.15 1159.93 3274.52
Total - Other Income 8065.15 3774.79 26401.37

6. The Bank was operating as a Non Banking Finance Company (NBFC) till 21st March 2003 of the previous year. The segment reporting was based on the classification of business segments, when it was a NBFC. Consequent to becoming a Bank, it has adopted the segment reporting required as a bank. As a result of the same, segment information for the current period may not be strictly comparable with that of the previous periods.

7. Status of shareholder complaints received during the quarter ended 30th June 2003 :

Total complaints pending as at 31st March 2003 Nil
Total complaints received during the quarter ended 30th June 2003 127
Total complaints resolved during the quarter ended 30th June 2003 127
Total complaints pending as at 30th June 2003 Nil

8. The Board took on record the above results at the meeting held on 31st July 2003.

9. Figures for the previous year have been regrouped wherever necessary to conform with the current year’s presentation.


  
 
  By the order of the Board of Directors
  For Kotak Mahindra Bank Limited
   
  Dipak Gupta
Mumbai, 31st July 2003 Executive Director