StanChart's first half operating profit ip by 89 pc

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Mumbai, Aug 05 (UNI) Standard Chartered Bank today posted a rise of 89 per cent in operating profit at USD 606 million for the first half of the year 2008, against USD 320 mn in the correspoding half last year.

The bank's income grew by 73 per at USD 975 mn during the same period, the bank said here today stating that its results also included proceeds of USD 146 mn form the sale of the asset management business.

The bank's operating profit in wholesale segment rose by 47 per cent wereas in consumer business grew by 23 per cent during the period, StanChart Regional Chief Executive, India and South Asia, Neeraj Swaroop said.

Asserting that the present adverse economic conditions need special attention, he said the high interest rate regime is expected to continue further and will have some impact on industry as a whole.

While asked about the intensity of the impact on growth in the sector, Mr Swaroop said, ''there are enough negative indicators that indicates a sort-term slow down in future depending on the global economic conditions.'' UNI PP OBB NP RK1855

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