Standard Chartered bank posts 51 per cent rise

Mumbai, May 21 (UNI) Standard Chartered Bank(SCB), a major international bank having operations in India, has recorded profit after tax of Rs 1,364.3 crore for 2006-07.

A jump of 51 per cent over Rs 904.8 crore in the previous fiscal year. Total income during the year increased 31 per cent to Rs 5,390.1 crore from Rs 4,114 crore in 2005-06 on the back of robust growth in both net interest income and fee income.

Total assets increased to Rs 58,853 crore, an increase of 28 per cent over the previous year. During the year, deposits rose 20 per cent to Rs 34,174 crore while advances jumped 25 per cent to Rs 30,103.7 crore.

Commenting on the development, Neeraj Swaroop, CEO India, Standard Chartered Bank, said, ''We had a year of exceptional growth in both our consumer and wholesale banking businesses.'' Corporate finance, FX and derivatives and transaction banking within wholesale banking; and wealth management, SME and personal loans in the consumer bank had turned in a strong performance, he added.

Swaroop said ''given the strong growth momentum in our key businesses profits have more than doubled in the last two years- we are clearly poised to strengthen our leadership position in India''.

Sanjeev Agrawal, Chief Financial Officer - South Asia, SCB, said, "Fee income as a percentage of total income has improved to 24 per cent reflecting our ability to provide value added products to our customers.'' A sharper focus on improving efficiency has helped to keep the increase in operating expenses moderate at 17 per cent, with the cost-income ratio improving to 37.4 per cent from 41.1 per cent in the previous year, added Agrawal.

SCB with 81 branches in 31 cities primarily deals in credit cards, mortgages, personal loans and wealth management and wholesale banking, where the bank specializes in the provision of cash management, trade finance, corporate finance and advisory, treasury and custody services.

UNI