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StanChart India’s ‘07 net profit leaps 51%

StanChart India’s ‘07 net profit leaps 51%
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First Published: Mon, May 21 2007. 03 34 PM IST
Updated: Mon, May 21 2007. 03 34 PM IST
PTI
Mumbai: Buoyed by a robust growth in its net interest and fee income, Standard Chartered Bank India has registered a 51% rise in its profit after tax (PAT) at Rs1,364.3 crore for FY’07, against Rs904.8 crore in the previous fiscal.
Total income for the year ended 31 March, increased 31% to Rs5,390.1 crore from Rs4,114 crore last year, while total assets rose to Rs58,853 crore, up 28% from the previous year.
The bank’s deposits rose 20% to Rs34,174 crore while advances climbed 25% to Rs30,103.7 crore, the bank said in a release here.
“We had a year of exceptional growth in both our consumer and wholesale banking businesses. Corporate finance and derivatives transaction banking within wholesale banking, and wealth management, SME and personal loans within consumer banking turned in a strong performance,” StanChart Bank India CEO Neeraj Swaroop said.
The bank’s CFO-South Asia Sanjeev Agarwal said, “fee income as a percentage of total income has improved 24% reflecting our ability to provide value-added products to our customers.”
“A sharper focus on improving efficiency has helped keep the increase in operating expenses moderate at 17% with the cost-income ratio improving to 37.4% from 41.1% in the previous year.”
Besides, the Standard Chartered group has invested Rs1,360 crore in the Indian business during the fiscal in addition to the Rs1,300 crore last year, “which reflects our commitment to the Indian market,” Swaroop said.
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First Published: Mon, May 21 2007. 03 34 PM IST