Kotak Mahindra Bank reported Q4FY08 consolidated net profit of Rs 240 crore (CNBC-TV18 estimated at Rs 221.27 crore) as against Rs 170.33 crore in same period of last year, a growth of 40.9% and net interest income of Rs 636.24 crore (Rs 445.33 crore) versus Rs 328.99 crore, up 93.39% YoY. Uday Kotak, Vice Chairman, Kotak Mahindra Bank sees significant consolidation in the securities business. He added that the securities business may go through cyclical pain. Kotak Mahindra Bank may face litigation from clients on their mark-to-market losses, he stated. Kotak added that there is a strong demand for credit and they are focussing on core lending business. The fee income will have new sources of income like servicing financial sponsors and mergers and acquisitions, Kotak stated. There will also be a change in the business mix of the banking sector.
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