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Our Bureau

Mumbai , July 27

BUOYED by revenues from the stock broking and insurance businesses, Kotak Mahindra Bank's net profit grew 6 per cent to Rs 30.70 crore for the first quarter ended June 30. During the comparable quarter last year, the bank had posted a net profit of Rs 29.02 crore.

However, the net profit of the company from banking operations alone was Rs 22.06 crore, up 14 per cent from Rs 19.34 crore .

Its net interest income rose 60 per cent to Rs 45.94 crore.

Total advances have increased 70 per cent to Rs 2,301 crore and deposits have grown 55 per cent to Rs 2,850 crore.

Interest revenue of Kotak Bank (consolidated) in the first quarter was Rs 164.3 crore compared with Rs 132.45 crore in first quarter last year. Other income was Rs 117.68 crore (Rs 80.26 crore).

Profit from sale of investments contributed Rs 13.24 crore (Rs 2.99 crore).

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