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StanChart net jumps 25% to Rs 1,706 crore
June, 26th 2008

Standard Chartered Bank India announced a 25% rise in net profit to Rs 1,706 crore for the year ended March 31, 2008 compared to Rs 1,364 crore for the previous year. The profit declared by StanChart, the countrys largest foreign bank, continues to be higher than that of HDFC Bank, the countrys second-largest private bank, which declared a profit of Rs 1,590 crore for the year.

Banks balance sheet size also expanded 25% over the year to Rs 73,445 crore from Rs 58,891 crore. The balance sheet expansion was fuelled by a growth of 8% in deposits and 11% in advances, respectively. Total deposits as on March 31, 2008 stood at Rs 36,956 crore, rising from last years Rs 34,175 crore, while total advances rose to Rs 33,351 crore from last years Rs 30,103 crore. StanCharts total income rose 32% to Rs 7,130 crore for the year, from last years Rs 5,394 crore.

The banks operating expenses also rose 46% to Rs 2,051 crore from Rs 1,403 crore for the year. Its profit before tax went up 36% during the year to Rs 2,839 crore from Rs 2,092 crore. StanCharts Indian operations account for 17% of its global operating profits for the past year. The bank enhanced its capital base in India by $600 million over the year. It also infused $250 million into its Indian operations in March this year.

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