KOTAK MAHINDRA BANK LTD
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BSE Code:
500247
NSE Code:
KOTAKBANK
Business Profile
Business Profile
Kotak Mahindra Bank (KOTAKBANK) was incorporated in 1985 as Kotak Mahindra Capital Management Finance and was renamed as Kotak Mahindra Finance in 1986. It was finally renamed as Kotak Mahindra Bank in 2003. It is owned by the Kotak Mahindra group. Kotak Mahindra is one of India`s leading financial conglomerate offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates.
The group has a net worth of over Rs 32 billion, employs around 10,800 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 300 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around 2.6 million customer accounts.
Kotak Forex Brokerage, Kotak Mahindra Asset Management Co., Kotak Mahindra Capital Co., Mahindra Invsts, Kotak Mahindra Old Mutual Life Insurance, Kotak Mahindra Prime, Kotak Mahindra Private-Equity Trustee, Kotak Mahindra Trustee Co., Kotak Securities are the bank`s subsidiaries.
Its services include corporate banking, treasury management, investment banking, housing finance, equity investments, mutual funds, life insurance, financing in commercial vehicles, trade finance, bancassurance, remittances, NRI services, convenience banking, asset reconstruction, ..etc. The bank offers a variety of products from plain vanilla debt issuance to asset-backed securities (ABS), mortgage-backed securities (MBS), structured products and loan syndication.
Financials
The company announced a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 30.04% to Rs 711.28 million from Rs 1,016.66 million in the same quarter previous year. Interest earned for the quarter rose 17.71% to Rs 8,035.19 million, while total income for the quarter rose marginally 2.86% to Rs 9,125.49 million, when compared with the prior year period. During the quarter, the company reported earnings of Rs 2.06 a share.
Recent Developments
05-JAN-09
IBM on Jan. 05, 2009 announced that it has signed a USD 5 million pact for IT services with the company, reports Economic Times.
10-DEC-08
The stock broking arm of the company, Kotak Securities has announced the launch of Smart Order, a new service from Kotak Securities that will help clients buy and sell stocks at the best possible rates from either of the stock exchanges BSE or NSE.
15-APR-08
The bank has announced the launch of its suite of simple and powerful credit cards. Kotak Credit Cards is the newest addition to the wide array of financial services offerings of the Kotak Group. The card range on offer at launch includes 2 Visa gold cards, a Visa platinum card and a Visa signature card.
10-AUG-07
The ESOP allotment committee of the bank at its meeting held on Aug. 10, 2007 allotted 79,656 equity shares of Rs 10 each, on exercising the stock options granted under the Kotak Mahindra Equity Options Plan 2002-2003 and Kotak Mahindra Equity Option Scheme 2005.