The Hindu Business Line : StanChart posts 51% growth in net profit

Mumbai May 21 Standard Chartered Bank has registered a 51 per cent growth in net profit to Rs 1,364 crore for 2006-07 from Rs 904.8 crore in the previous fiscal.

Total income increased 31 per cent to Rs 5,390.1 crore from Rs 4,114 crore on the back of robust growth in both net interest income and fee income, said a press release.

Total assets rose to Rs 58,853 crore, up 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. The net interest margin improved to 5.7 per cent against 5.4 per cent.

Mr 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, forex and derivatives and transaction banking within wholesale banking; and wealth management, SME and personal loans in the consumer bank turned in a strong performance."

"Standard Chartered has been a key partner in supporting Indian companies and has participated in several cross-border deals in the last year," Mr Swaroop added.

Mr Sanjeev Agrawal, Chief Financial Officer - South Asia, Standard Chartered Bank, said, "Fee income as a percentage of total income has improved to 24 per cent".

The Standard Chartered Group has invested Rs 1,360 crore in Indian business during the year in addition to the Rs 1,300 crore last year.

"We now employ over 17,000 in India against 14,500 in March 2006," Mr Swaroop said.

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