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Kotak Mahindra net dips

Mumbai, June 23: Kotak Mahindra Bank has posted a lower net profit of Rs 10.06 crore for the fourth quarter ended March 31, 2003 as against Rs 19.30 crore in the corresponding previous quarter. Total income increased to Rs 80.65 crore (Rs 52.62 crore). Net profit for the last fiscal was lower at Rs 44.96 crore (Rs 54.52 crore) while total income increased to Rs 254.67 crore (Rs 187.23 crore). The board has recommended a dividend of 21 per cent.

The bank will set up an asset reconstruction company (ARC) in the next quarter to pick up non-performing assets from the financial sector entities and restructure them. “Asset reconstruction is a growing business and we plan to form an ARC in July-September, for which many players, including overseas entities have approached us for a joint venture,” said Uday Kotak, vice chairman and MD.

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