Standard Chartered Bank, India’s largest international bank, today announced a profit after tax of INR 1,706 crore for 2007-08 (April-March), up a strong 25 percent from a year earlier.

Standard Chartered Bank’s balance sheet expanded by 25 percent to INR 73,445 crore over the year on the back of healthy growth in both advances and deposits, which stood at INR 33,352 crore and INR 36,957 crore respectively.

Neeraj Swaroop, Regional Chief Executive, CEO, India & South Asia, Standard Chartered Bank said, “Standard Chartered Bank’s performance has been robust across all its key businesses. India has consistently delivered on the confidence the Group has placed on the market. Growth has come across key businesses, including Financial Markets, Transaction Banking, Corporate Finance Advisory, SME Banking, Wealth Management, among others.”

Anurag Adlakha, Chief Financial Officer, India & South Asia, added, India is a key market for Standard Chartered, accounting for 17 percent of global operating profits in 2007. Over the year, the Standard Chartered India’s capital base was enhanced by USD 600 million, which included a fresh investment of USD 250 million in March this year. This infusion has helped in achieving compliance with Basel II regulations in addition to supporting the business’ growth. “

The global acquisition of American Express Bank Limited will also strengthen the Bank’s operations in India, strengthening the Private Banking and Financial Institutions businesses, apart from enhancing the footprint through additional branches. Standard Chartered also acquired a 49 percent stake in the erstwhile UTI Securities, now Standard Chartered STCI Capital Markets, marking its entry into the equities trading space.

The year saw several new innovations, including Straight2Bank, a one-stop electronic banking channel for corporate and institutional customers, Mobile Banking, and the opening of 2 All Women’s Branches. The year was also marked by achievements, including CNBC Financial Advisor of the Year Award in the ‘Banking’ category’, ‘Best Single Bank Electronic Trading Platform’ by Asia Money FX poll, ‘India Deal of the Year’ Reliance Petroleum, USD 2 Billion, Greenfield Refinery Financing’, The Banker Deals of the Year 2007, and the Financial Express E&Y Award for India’s most profitable bank. 

Sourced From: LINOpinion - The Lintas Public Relations Division