Standard Chartered FY08 net up 25% to Rs 1,706 cr

New Delhi, Jun 25 (UNI) Standard Chartered Bank today said its net profit has increased 25 per cent to Rs 1,706 crore for year ended March 2008 from Rs 1,364 crore a year ago.

The Bank has registered a healthy growth in both advances and deposits, which stood at Rs 33,352 crore and Rs 36,957 crore respectively, a statement said.

''India has consistently delivered on the confidence the Group has placed on the market. Growth has come across in key businesses, including Financial Markets, Transaction Banking, Corporate Finance Advisory, SME Banking, Wealth Management, among others,'' Bank Regional Chief Executive and CEO (India and South Asia) Neeraj Swaroop said.

India is a key market for the Bank, accounting for 17 per cent of global operating profits in 2007.

During FY08, its capital base was enhanced by 600 million dollars, which included a fresh investment of 250 million dollars in March this year. ''This infusion has helped in achieving compliance with Basel II regulations in addition to supporting the business' growth,'' said Bank Chief Financial Officer (India and South Asia) Anurag Adlakha.

The global acquisition of American Express Bank Ltd will also strengthen the Bank's operations in the country, strengthening the Private Banking and Financial Institutions businesses, apart from enhancing the footprint through additional branches, he added.

Standard Chartered also acquired a 49 per cent stake in the erstwhile UTI Securities, now Standard Chartered STCI Capital Markets, marking its entry into the equities trading space.

UNI SR PDT RAI2047