021 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2012 ` in lakhs Year Ended March-12 (Audited) 847,041.98 655,192.92 184,053.97 4,110.50 3,684.59 446,696.94
Sr No
Particulars June-12 (Unaudited) 246,982.41 186,414.69 57,567.72 2,036.83 963.17 86,181.36 2,227.61 44,486.47 39,467.28 333,163.77 136,921.22 130,436.69 43,332.45 43,658.10 43,446.14 267,357.91 65,805.86 1,929.85 63,876.01 20,047.00 43,829.01 43,829.01 837.14 1,355.81 44,347.68 37,123.79
Quarter Ended March-12 June-11 (Unaudited) (Unaudited) 234,866.39 186,960.88 180,803.22 143,191.55 51,706.88 41,957.91 1,323.47 780.68 1,032.82 1,030.74 201,493.39 84,003.82 45,029.14 109,695.07 46,769.18 436,359.78 129,934.88 231,077.48 41,004.77 141,572.04 48,500.67 361,012.36 75,347.42 225.54 75,121.88 22,245.07 52,876.81 52,876.81 1,488.62 704.35 52,092.54 37,034.48
3 4 5
6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Interest earned (a+b+c+d) (a) Interest/discount on advances/bills (b) Income on investments (c) Interest on balances with RBI & other banks (d) Others Other income (a+b+ c) (a) Profit/(Loss) on sale of investments including revaluation (insurance business) (b) Premium on Insurance Business (c) Other income (see Notes 1,5 and 6) Total income (1+2) Interest expended Operating expenses (a+b+c) (a) Payments to and provisions for employees (b) Policy holders reserves, surrender expense and claims (c) Other operating expenses (see Note 2 and 5) Total expenditure (4+5) (excluding provisions and contingencies) Operating Profit before provisions and contingencies (3-6) Provisions (other than tax) and contingencies (see Note 3) Exceptional items Profit from ordinary activities before tax (7-8-9) Tax expense Profit from Ordinary activities after tax before Minority Interest (10 11) Extraordinary items (net of tax expense) Profit from ordinary activities after tax before Minority Interest (12 13) Less: Share of Minority Interest Add: Share in Profit of associates Profit after tax (14-15+16) Paid Up Equity Capital - (Face Value of ` 5 per share) Group Reserves (excluding Minority Interest) Minority Interest Analytical Ratios (i) Earnings per Share (before and after extraordinary items) (a) Basic (not annualized) ` (b) Diluted (not annualized) ` (ii) NPA Ratios (a) Gross NPA (b) Net NPA (c) % of Gross NPA/ Gross Advances (d) % of Net NPA/ Net Advances (e) % of Gross NPA/ Gross Advances (excluding NPAs acquired from other banks/ NBFCs) (f) % of Net NPA/ Net Advances (excluding NPAs acquired from other banks/ NBFCs) (iii) Return on Assets (average) (not annualised)
(7,058.80) (21,269.14) 50,027.53 289,153.64 41,035.09 178,812.44 270,964.70 1,293,738.92 94,923.60 454,195.68 113,375.61 564,019.64 38,481.48 160,154.16 37,253.95 37,640.18 231,306.62 172,558.86
208,299.21 1,018,215.32 62,665.49 2,416.20 60,249.29 18,312.66 41,936.63 41,936.63 1,203.44 876.91 41,610.10 36,890.52 275,523.60 9,869.80 265,653.80 80,600.91 185,052.89 185,052.89 5,284.45 3,455.09 183,223.53 37,034.48 1,253,070.15 16,005.57
NOTES: 1. Details of other income forming part of the Consolidated results are as follows: Quarter Ended June-12 (Unaudited) 37,053.78 2,413.50 39,467.28 March-12 June-11 (Unaudited) (Unaudited) 40,855.55 38,559.52 5,913.63 46,769.18 2,475.57 41,035.09 ` in lakhs Year Ended March-12 (Audited) 166,435.19 12,377.25 178,812.44
Particulars
Commission, fees, exchange, brokerage and others Profit on sale of investments (other than insurance business) Total Other income 2.
Details of other expenditure forming part of Consolidated results are as follows: Quarter Ended June-12 March-12 June-11 (Unaudited) (Unaudited) (Unaudited) 5,247.40 6,925.70 4,733.78 4,403.76 4,454.29 3,778.44 6,156.89 5,545.95 5,735.33 27,638.09 31,574.73 23,392.63 43,446.14 48,500.67 37,640.18 ` in lakhs Year Ended March-12 (Audited) 23,097.24 16,433.11 23,272.97 109,755.54 172,558.86
Particulars
Brokerage Depreciation Rent, taxes and lighting Others Total Other operating expenses
3.
Details of Provisions (other than tax) and contingencies forming part of Consolidated results are as follows: ` in lakhs Year Ended March-12 (Audited) 8,554.76 1,315.04 9,869.80
Particulars
Provision towards Advances and Receivables Provision /(Write Back of provisions) towards Investments Total Provisions (other than tax) and contingencies
Quarter Ended June-12 March-12 June-11 (Unaudited) (Unaudited) (Unaudited) 5,687.90 2,094.97 699.38 (3,758.05) (1,869.43) 1,716.82 1,929.85 225.54 2,416.20
Provisions and contingencies are net of recoveries made against accounts which have been written off as bad in the previous periods/ year. 4 The consolidated financial results are prepared in accordance with Accounting Standard 21 (AS-21), Consolidated Financial Statements and Accounting Standard 23 (AS23) Accounting for investment in associates in consolidated financial statement notified under the Companies (Accounting Standard) Rules, 2006 as amended. Other income in the consolidated results for the reporting periods is net of sub-brokerage paid in the broking subsidiary amounting to ` 1,238.84 lakhs for the quarter ended 30th June, 2012 (` 3,521.11 lakhs for the quarter ended 31st March, 2012, ` 2,099.36 lakhs for the quarter ended 30th June, 2011), for year ended 31st March, 2012 ` 7,642.81 lakhs. Other Income includes non fund based income such as commission earned from guarantees/letters of credit, financial advisory fees, selling of third party products, earnings from exchange transactions and profit/loss from the sale of securities. There has been no change in significant accounting policies during the quarter. Figures for the previous periods/ year have been regrouped wherever necessary to conform to current periods presentation.
6 7 8
KOTAK MAHINDRA BANK LIMITED (STANDALONE) Registered Office: 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai 400 021 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2012 Sr No 1 Particulars Quarter Ended June-12 March-12 June-11 (Unaudited) (Unaudited) (Unaudited) 181,583.30 174,482.65 132,978.22 139,385.36 135,970.85 104,217.48 41,883.09 38,127.55 28,635.93 220.31 203.76 88.24 94.54 180.49 36.57 24,114.96 25,423.16 22,866.21 205,698.26 199,905.81 155,844.43 109,452.75 105,709.64 76,193.23 51,407.89 49,663.93 41,045.62 25,655.13 22,482.46 20,619.05 25,752.76 27,181.47 20,426.57 160,860.64 44,837.62 3,413.81 41,423.81 13,179.00 28,244.81 28,244.81 37,123.79 155,373.57 44,532.24 463.12 44,069.12 14,376.53 29,692.59 29,692.59 37,034.48 117,238.85 38,605.58 2,208.49 36,397.09 11,193.60 25,203.49 25,203.49 36,890.52 ` in lakhs Year Ended March-12 (Audited) 618,023.62 486,744.31 130,635.14 406.72 237.45 97,734.58 715,758.20 366,774.60 183,482.99 87,218.68 96,264.31 550,257.59 165,500.61 5,507.96 159,992.65 51,487.35 108,505.30 108,505.30 37,034.48 757,559.42 17.52
2 3 4 5
6 7 8 9 10 11 12 13 14 15 16 17
Interest earned (a+b+c+d) (a) Interest/ discount on advances/ bills (b) Income on investments (c) Interest on balances with RBI & other banks (d) Others Other Income (Refer Note 1) Total income (1+2) Interest expended Operating expenses (a+b) (a) Payments to and Provisions for employees (b) Other Operating expenses Total expenditure (4+5)
18
19
Provisions & contingencies (Other than tax ) (Refer Note 2) Exceptional items Profit from Ordinary Activities before tax (7-8-9) Provision for taxes Net Profit from Ordinary Activities after tax (1011) Extraordinary items (Net of tax expense) Net Profit for the Period (12-13) Paid Up Equity Capital - (Face Value ` 5 per share) Reserves excluding revaluation reserves Analytical Ratios (i) % of shares held by Govt. of India (ii) % Capital adequacy ratio ( Basel II ) (iii) Earnings Per Share (EPS) for the period -Not Annualized - Basic ` - Diluted ` (iv) NPA Ratios a) Gross Non-performing assets b) Net Non-performing assets c) % of Gross NPA to Gross Advances d) % of Net NPA to net Advances e) % of Gross NPA to Gross Advances (excluding NPAs acquired from other banks and NBFCs) f) % of Net NPA to net Advances (excluding NPAs acquired from other banks and NBFCs) g) Return on Assets %(Average) Not Annualized Public Shareholding (i) No. of shares (ii) % of shareholding Promoters and promoter group Shareholding a) Pledged/Encumbered Number of shares Percentage of shares (as a % of the total shareholding of promoter and promoter group) Percentage of shares (as a % of the total share capital of the company) b) Non-encumbered Number of Shares Percentage of shares (as a % of the total shareholding of promoter and promoter group) Percentage of shares (as a % of the total share capital of the company)
16.57
17.52
18.15
3.81 3.79 68,468.15 34,024.95 1.60 0.80 1.39 0.78 0.42 406,793,158 54.79
4.01 3.99 61,418.96 23,738.44 1.56 0.61 1.22 0.57 0.46 405,006,286 54.68
3.42 3.40 61,570.81 21,352.49 1.88 0.66 1.16 0.49 0.47 402,020,101 54.49
14.69 14.61 61,418.96 23,738.44 1.56 0.61 1.22 0.57 1.83 405,006,286 54.68
Segment Results The reportable segments of the bank are as under: Segment Treasury and BMU Retail Banking Corporate/Wholesale Banking Principal activity Money market, forex market, derivatives, investments and primary dealership of government securities and Balance Sheet Management Unit (BMU) responsible for Asset Liability Management. Includes lending, deposit taking and other services/ products including credit cards. Wholesale borrowings and lendings and other related services to the corporate sector which are not included under retail banking ` in lakhs Year ended March-12 (Audited) 198,099.97 269,684.92 452,360.61 920,145.50 204,567.63 180.33 715,758.20 3,514.97 99,713.73 56,583.86 159,812.56 180.09 159,992.65
Quarter Ended June-12 March-12 (Unaudited) (Unaudited) 1 Segment Revenue a. Treasury and BMU b. Corporate/ Wholesale Banking c. Retail Banking Sub-total Less : Inter-segmental revenue Add : Unallocated Income Total Segment Results a. Treasury and BMU b. Corporate/ Wholesale Banking c. Retail Banking Sub-total Add : Unallocated Income /(expense) Total Profit Before Tax Capital employed (Segmental Assets less Segmental Liabilities) a. Treasury and BMU b. Corporate/ Wholesale Banking c. Retail Banking Sub-total Add: Unallocated Total Capital Employed 57,637.59 73,148.62 135,731.00 266,517.21 60,888.58 69.63 205,698.26 4,243.56 23,796.09 13,314.53 41,354.18 69.63 41,423.81 53,357.80 78,880.85 124,087.69 256,326.34 56,579.33 158.80 199,905.81 2,208.67 29,619.30 12,082.35 43,910.32 158.80 44,069.12
June-11 (Unaudited) 44,088.36 55,235.52 99,990.16 199,314.04 43,491.14 21.53 155,844.43 (894.02) 23,756.62 13,513.02 36,375.62 21.47 36,397.09
NOTES: 1. Other Income includes non fund based income such as commission earned from guarantees/Letters of credit, financial advisory fees, selling of third party products, earnings from foreign exchange transactions and profit/loss from the sale of Securities. Provisions and contingencies are net of recoveries made against accounts which have been written off as bad in the previous period/ year. Break up of provisions and contingencies (Other than tax): Particulars ` in lakhs Quarter Ended Year Ended June-12 March-12 June-11 March-12 (Unaudited) (Unaudited) (Unaudited) (Audited) 5,240.74 1,258.89 1,307.14 7,313.00 (1,826.93) 3,413.81 (795.77) 463.12 901.35 2,208.49 (1,805.04) 5,507.96
2.
Provision towards Advances and Receivables Provision /(Write Back of provisions) towards Investments Total Provisions and Contingencies (other than Tax) 3.
During the quarter, the Bank has granted 1,401,550 options under employee stock option scheme. Stock options aggregating to 1,786,372 were exercised during the quarter and 11,319,076 stock options were outstanding with employees of the Bank and its subsidiaries as at 30th June, 2012. The Bank had no outstanding shareholder complaints as at 31st March, 2012. During the quarter the Bank received seven complaints from shareholders. All shareholder complaints have been resolved and there are no pending complaints as on 30th June, 2012.
4.
5. 6. 7. 8.
Figures for the previous period have been regrouped wherever necessary to conform to current periods presentation. There has been no change in significant accounting policies during the quarter. The above results have been approved by the Board of Directors of the Bank at its meeting held today. The results for the period ended 30th June, 2012 have been subject to limited review by the statutory auditors of the Bank.
Earnings Update
PAT
` 282 cr (` 252 cr)
Networth
` 8,288 cr (` 7,077 cr)
Loans
` 42,318 cr (` 32,339 cr) up 31% yoy
Net NPA *
0.78% (0.49%)
CAR#
16.6% (18.2%) as per Basel II
Tier 1 #
15.0% (16.1%) as per Basel II
CASA
` 11,054 cr (` 8,254 cr)
Up 34% yoy
Excluding acquired stressed assets # Excluding unaudited profits. CAR & Tier 1 including profits 17.1% & 15.5% resp Figures in brackets are Q1FY12 numbers
Consolidated Highlights
PAT
` 443 cr (` 416 cr)
Networth
` 13,430 cr (` 11,406 cr)
Loans
` 57,049 cr (` 44,699 cr) up 28% yoy
Net NPA *
0.64% (0.41%)
NIM
4.7% (5.0%)
RoA
1.9% (2.2%)
Total Assets
` 96,842 cr (` 78,542 cr) up 23% yoy
Book Value
` 180.9 per share (` 154.6 per share)
Mar 31, 2012 Jun 30, 2011 Jun 30, 2012 7,798 5,714 10,600 8,333 1,868 3,515 12,321 2,995 53,144 23,261 76,405 6,771 4,356 8,978 7,077 1,360 2,533 11,078 2,546 44,699 19,422 64,121 8,469 6,106 11,161 8,739 1,944 3,423 14,386 2,821 57,049 23,219 80,268
Consolidated PAT
` cr Kotak Mahindra Bank Kotak Mahindra Prime Kotak Securities Kotak Mahindra Capital Company Kotak Mahindra Old Mutual Life Insurance Kotak Mahindra AMC & Trustee Co International subsidiaries Kotak Investment Advisors Kotak Mahindra Investments Total Minority Interest, Equity Affiliates, others Consolidated PAT FY12 1,085 385 126 6 203 22 (11) 36 15 1,867 (35) 1,832 Q4FY12 297 97 50 5 57 3 3 10 6 528 (7) 521 Q1FY12 252 94 23 1 46 9 (3) 11 3 436 (20) 416 Q1FY13 282 94 23 6 32 4 (5) 8 4 448 (5) 443
PBT Mix
2,673 751 619 648
PAT ` cr
1,832
521
416
443
Life Insurance
Asset Management
Capital Markets
Financing Business
Advances (` cr)
57,049
# financing entities
PAT (` cr)#
* Excludingacquiredstressedassetsportfolio
Asset Quality
Restructured assets considered standard (as % of net advances) Jun 30, 2012 - ` 12 cr (0.03%) Mar 31, 2012 - ` 20 cr (0.05%) Jun 30, 2011 - ` 38 cr (0.12%) PCR (as per RBI circular ) as on Jun 30, 2012 62.5%
asset products
Positive impact of
68% yoy
5,460
7,352
4,947
5,514
3,331
5,050
3,307
5,540
Focus on affluent
segment
CASA %
TD Sweep deposit ` cr
30 1,897
32 2,710
27 2,246
27 3,254
Sector
Mortgages growth in select
territories
Selective growth in personal
loans
Continued low delinquencies
` cr
17,170
21,608
17,873
22,553
YoY 26%
Commercial Financing
Advances break up
Focus on Bharat
in rural areas
Priority sector target met
consistently
Consistent growth in Agri
` cr
14,512
19,028
15,534
19,944
YoY 28%
Wholesale Banking
Funded & Non funded (` cr)
Largely Working Capital Continued focus on
Transaction Banking
o o
YoY 29%
Vendor Financing, CMS and Operative Accounts Focus on FX flows with increased treasury coverage Custody & Transaction services
` cr Total Advances Car Advances Net NPA* Net NPA* (%) CAR (%) ROA (%)- annualised
* Excludingacquiredstressedassetsportfolio
FY12 Capital (` cr) Solvency ratio (%) PAT Individual Regular Single Group Renewal Total 562 3.06 203 436 374 354 1,773 2,937
Kotak Securities
Market ADV (` 000 cr) ADV (` cr) - KS
` cr Total income Profit before tax Profit after tax Market Share (%)
Kotak Securities services around 7.70 lac secondary market customers thru 1,358 branches & franchises.
FY12 125 31 22
Q4FY12 27 4 3
Q1FY12 37 13 9
Q1FY13 28 4 4
Propose to launch Infrastructure fund with SMBC and Brookfield Propose to launch Infrastructure fund with SMBC and Brookfield
FY12 97 52 36
Q4FY12 24 14 10
Q1FY12 25 15 11
Q1FY13 22 11 8
Geographical Presence
Wide National Footprint .. .. With Multiple Points of Presence
Business Banking Car Finance Life Insurance Securities Mutual Fund Total
Ranked #2 in India for companies with Best Corporate Governance Practices IR Global Rankings 2010 & 2011. Ranked among Top 5 in India by IR Global as Best Ranked IR website in India Awarded Hewitt Best Employers in India 2011 & 2009; only Bank to be in top 25 Awarded Gold in the Best Local Trade Bank in India category of Trade and Forfaiting Review Awards 2012 Kotak Bank Annual Report 2011-12 was awarded Gold - Best among Banking category, Bronze in the Most Creative Report, APAC, ranked # 30 the top 50 reports, APAC and Top 10 India reports in the LACP Vision Best Companies to work for 2010 & 2009 by Great places to work Institute India
Lipper Fund Award 2011 for Kotak Bond Regular Best Fund over 10 years Bond Indian Rupee
2011: Best Bank for Equity Finance in India (Real Estate) (Second year in a row)
Disclaimer
This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Kotak Mahindra Bank Limited (the Bank) and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. No offering of securities of the Bank will be made except by means of a statutory offering document containing detailed information about the Bank. This presentation is not a complete description of the Bank. Certain statements in the presentation contain words or phrases that are forward looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward looking statement. Any opinion, estimate or projection herein constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The information in this presentation is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Bank. We do not have any obligation to, and do not intend to, update or otherwise revise any statements reflecting circumstances arising after the date of this presentation or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. All information contained in this presentation has been prepared solely by the Bank. No information contained herein has been independently verified by anyone else. No representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (expressed or implied) or omissions in this presentation. Neither the Bank nor anyone else accepts any liability whatsoever for any loss, howsoever, arising from any use or reliance on this presentation or its contents or otherwise arising in connection therewith. This presentation may not be used, reproduced, copied, distributed, shared, or disseminated in any other manner. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Figures for the previous period/ year have been regrouped wherever necessary to conform to current periods / years presentation. Totals in some columns/ rows may not agree due to rounding off. Contact Jaimin Bhatt / R Sundarraman Kotak Mahindra Bank Limited Tel: +91 22 6672 6000, Fax: +91 22 6672 6430 E-mail: investor.relations@kotak.com
PRESS RELEASE
KOTAK MAHINDRA BANK ANNOUNCES RESULTS Bank PAT for Q1 FY13 ` 282 cr Consolidated PAT for Q1 FY13 ` 443 cr
Mumbai, July 19, 2012: The Board of Directors of Kotak Mahindra Bank (Kotak Bank) took on record the unaudited stand-alone and consolidated results for Q1 FY13, at the board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results Bank PAT for Q1 FY13 increased to ` 282 cr from ` 252 cr in Q1 FY12. Net Interest Income (NII) for Q1 FY13 up 27% yoy to ` 721 cr vs. ` 568 cr in Q1 FY12. Advances as on June 30, 2012 were up 31% yoy to ` 42,318 cr (`32,339 cr as on June 30, 2011). Deposits as on June 30, 2012 were up 34% yoy to ` 41,632 cr (`31,047 cr as on June 30, 2011). CASA deposits as on June 30, 2012 grew by 34% to ` 11,054 cr from ` 8,254 cr as on June 30, 2011. Savings deposits as on June 30, 2012 grew by 68% to ` 5,540 cr from ` 3,307 cr as on June 30, 2011.
Capital adequacy ratio of the Bank excluding profit for Q1 FY13 as per Basel II as on June 30, 2012 is 16.6%. Tier 1 ratio is 15.0%.
The provision coverage ratio on non-performing assets as on June 30, 2012 was 62.5%.
Bank had 366 full-fledged bank branches (323 branches as on June 30, 2011) across 216 locations and 858 ATMs.
Segmental results breakup: Segmental PBT - ` cr Treasury & BMU Corporate/Wholesale Banking Retail Banking Unallocated income & inter-segment revenue Total Q1 FY13 42 238 133 1 414 Q1 FY12 (9) 238 135 364 Q4FY12 22 296 121 2 441 FY12 35 997 566 2 1,600
Consolidated results at a glance Consolidated PAT for Q1 FY13 increased to ` 443 cr from ` 416 cr in Q1 FY12. Consolidated advances up 28% to ` 57,049 cr as on June 30, 2012 from ` 44,699 cr as on June 30, 2011. Consolidated NIM for Q1 FY13 stood at 4.7% (Q1 FY12 5.0%).
Consolidated capital adequacy ratio (CAR) excluding profit for Q1 FY13 as per Basel II as on June 30, 2012 is 17.5%. Tier 1 ratio is 16.2%. Total assets managed / advised by the Group as on June 30, 2012 were ` 515 bn (June 30, 2011 ` 517 bn).
Some of the key consolidated ratios are as under: As on Networth (` cr) Book value per share (`) Face value ` 5 Net Interest Margin (annualised for the quarter) 180.9 4.7% 154.6 5.0% 174.2 4.8% June 30, 2012 13,430 June 30, 2011 11,406 March 31, 2012 12,901
Details of the entity wise profit after tax are as under: ` cr Kotak Mahindra Bank (Standalone) Kotak Mahindra Prime Kotak Securities Kotak Mahindra Capital Company Kotak Mahindra Old Mutual Life Insurance Kotak Mahindra AMC & Trustee Co International subsidiaries Kotak Investment Advisors Kotak Mahindra Investments Total consolidated profit after tax Affiliates, minority interest & other adjustments PAT (after minority interest / adjustments) Q1 FY13 282 94 23 6 32 4 (5) 8 4 448 (5) 443 Q1 FY12 252 94 23 1 46 9 (3) 11 3 436 (20) 416 Q4 FY12 297 97 50 5 57 3 3 10 6 528 (7) 521 FY12 1,085 385 126 6 203 22 (11) 36 15 1,867 (35) 1,832
Established in 1985, the Kotak Mahindra group is one of Indias leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Groups flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank Kotak Mahindra Bank Limited.
The Kotak Mahindra group has a consolidated net worth of ` 13,430 cr (approx US$ 2.4 billion) as on June 30, 2012. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius and Singapore. For more information, please visit the companys website at http://www.kotak.com
Rohit Rao Kotak Mahindra Bank Mobile: +91 91679 30026 rohit.rao@kotak.com
Jaydeep Raval Kotak Mahindra Bank Mobile: +91 96198 66877 jaydeep.raval@kotak.com