StanChart H1 FY’09 profit jumps 89%

StanChart H1 FY’09 profit jumps 89%
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First Published: Tue, Aug 05 2008. 06 27 PM IST
Updated: Tue, Aug 05 2008. 06 27 PM IST
PTI
Mumbai: Buoyed by a robust growth in its wholesale and consumer banking businesses, foreign lender Standard Chartered India has clocked a 89% jump in its operating profits for the six months ended June 30.
Operating profit, during H1 FY’09, grew to $606 million from $320 million in H1 FY’08, Standard Chartered Regional Chief Executive Neeraj Swaroop told reporters here today.
Total income, during the period, grew to $975 million from $563 million in the year-ago period, he added.
“Both segments (wholesale and consumer banking) grew by healthy margins in the first half. We expect a similar growth in the coming months as well. SME, consumer finance and transaction banking business would be amongst the key-growth drivers,” Swaroop said.
The profits include $146 million from the sale of its asset management company (AMC), he said.
The bank made a capital infusion of $500 million in the first half of the fiscal taking its total capital-base in the country to around $2.5 billion.
Its staff strength increased by 11% during the first half. The group has deployed 8,000 professionals in its banking division, 4,000 in its NBFC business and another 6,000 in other operations, Swaroop said.
StanChart also plans to strengthen its operations of Standard Chartered-STCI Capital Markets by increasing its present holding of 49% in the company by an additional 25 in this fiscal.
“As per the understanding reached, we would be acquiring an additional 25 per cent stake in the company in the current fiscal. The remaining 26% would be purchased in FY’10,” Swaroop said.
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First Published: Tue, Aug 05 2008. 06 27 PM IST