Kotak Mahindra Bank on Thursday reported a 17.2% surge in the net profit in its fourth quarter, which accounted to Rs 491 crore as compared to Rs 419 crore in same quarter the previous year. The company said that it’s NBFC and investment banking arm has witnessed a rebound in the fourth quarter. The bank held that the “fragmentation and margin pressure in the market has been reflected in Q4 results as well.” (Results in detials: Kotak Mahindra Bank Q4 net jumps 17% at Rs 491 cr)
Commenting on the bank’s strategy going forward, Uday Kotak, the bank’s vice-chairman and managing director said that it is “unlikely to raise any further capital.” The company said it has “no plans to list its insurance arm.”
The company’s AMC business for the year, Kotak said has been subdued. “The life insurance business too has weathered the storm of the transformation post the policy guidelines,” he disclosed.
Kotak identifies that bank deposits and fixed income instruments — the core of banking business are getting a lot more returns. He said that the “Indian savers have moved away significantly from the equity market.”
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This post was submitted by prashant agarwal.
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