Kotak Mahindra Bank grows its net profit, to raise Rs.5,000 crore

Chennai, July 21 (IANS) Kotak Mahindra Bank Ltd on Thursday announced that it closed the first quarter of the current fiscal with a net profit of Rs 741.97 crore as compared to Rs 189.78 crore for the same period last year.

In a regulatory filing in BSE, the bank also said its total income has increased from Rs 4,583.86 crore for the quarter ended June 30, 2015 to Rs 5,120.03 crore for the quarter ended June 30, 2016.

The Bank's board of directors have approved the proposal to seek the consent of shareholders by postal ballot for issuance of unsecured, redeemable, non-convertible debentures/bonds up to Rs 5,000 crore.