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Barclays India profit up 95 pc for 2005-06

Written by: Staff

Mumbai, June 29 (UNI) Barclays India today announced it has nearly doubled its net profit for the year ending March 31 this year with net profit of Rs 120 crore as compared with Rs 62.5 crore, a year earlier.

Announcing this, the Bank said with strong growth in key business segments, including investment banking and risk management, its revenues surged 82 percent to Rs 270 crore.

Commenting on the bank's results in India, Raju Shukla, managing director and head of investment banking and debt capital markets, Barclays Capital India said, ''The robust growth in revenues and profits reflects the continued strengthening in Barclays India product suite and team. It also reflects our success at significantly growing our customer base. One of our biggest successes last year was our ability to take many first-time Indian issuers to the global capital markets.'' Barclays had doubled its investment in India by infusing USD150 million earlier this year to support the growth of the investment banking business. This was the group's third capital infusion in India since 2002.

In addition, Barclays has earmarked UD70 million for the corporate banking business, part of the Barclays Bank PLC's International Retail&Commercial Banking (IRCB) business, which announced its expansion plans earlier this year. To be led by Samir Bhatia, the business plans to recruit around 150 people in the medium term (40 in the first year). This is in addition to the 40+ already employed by Barclays' investment banking business in India.


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