StanChart's first half operating profit ip by 89 pc
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
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OBB
NP
RK1855