Mumbai: India is now the second largest market for foreign major Standard Chartered Bank, which has posted a 50% rise in operating profits here in the first half of 2007.
The operating profits for H1 2007 stood at $320 million as against $213 million in the corresponding period last year, a top bank official said.
“The profits in H1 of 2007 is more than what the bank made in the whole of 2005. Apart from growth in all segments the India Wholesale Banking leads the Group with 70 per cent profit,” Bank’s India CEO Neeraj Swaroop told reporters here.
“India’s share in Group profits have risen from 12.6% to 16.2%,” Swaroop added.
The income in H1 was up 48% to $563 million up from $380 million, he added.
During the first half, the Group infused a capital of about $280 million into the India operations.
“We are comfortable with capital and there are no constraints if we require more capital for Growth,” Bank’s Regional CEO Jaspal Bindra said.
While the wholesale banking showed a robust growth, the consumer banking operating profits took a dip of 16% in the first half.