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StanChart bullish on India growth

StanChart bullish on India growth
PTI
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First Published: Sun, Mar 21 2010. 11 41 AM IST
Updated: Sun, Mar 21 2010. 11 41 AM IST
Mumbai: UK-based banking giant, Standard Chartered on Saturday said the lender is looking at a ‘sensible’ growth in India and would infuse the required capital in its Indian operations to support its business plans.
“Over the last few years, we have grown quite substantially here. Capital has never been a constrain. We will give capital it (Indian operations) needs to grow,” Standard Chartered’s Asia CEO, Jaspal Bindra said.
He was talking to reporters after releasing the 5th edition of the book--Banking Law in Theory & Practice by SN Gupta.
On the back of a strong revenue growth from corporate banking, StanChart posted a 19% growth in its operating profit from Indian operations at $1.06 billion (around Rs4,865 crore) for the year ended 31 December 2009 making it the first foreign bank in the country to cross the $1 billion in operating profit.
Bindra said the banks’ growth in the Indian subcontinent would be driven by ‘sensible’ growth rather than capital driven.
The recovery in Indian economy offers tremendous potential for the bank to grow its footprint here, he said.
“The economy is shaping up. It is coming back to the pre-crisis levels. That is a good situation. You cannot see that in most parts of the world,” Bindra said.
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First Published: Sun, Mar 21 2010. 11 41 AM IST
More Topics: Standard Chartered | Bank | Growth | Banking | Economy |