Mumbai: Kotak Mahindra Bank Ltd, India`s fourth-biggest private sector lender by assets, reported a better-than-expected 29.5 percent rise in quarterly profit and said it would issue free shares to investors.
Standalone net profit rose to Rs 5.27 billion ($83.14 million) for its fiscal fourth quarter to March 31, from Rs 4.07 billion a year earlier. That compared with analysts` expectation of Rs 4.97 billion.
The bank will issue one bonus share for every share held, pending approval in the annual shareholders` meeting, it said in a stock exchange filing on Tuesday.
Kotak Mahindra shares rose more than 5 percent after the announcements.
The bank this year bought smaller rival ING Vysya Bank in a record Indian deal for the sector. The banks` operations were combined effective April 1.
