StanChart profit up 12% at Rs 1,907 cr

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Mumbai: Standard Chartered Bank, India’s largest international bank, on Tuesday announced a profit after tax of Rs 1,907 crore for the financial year 2008-09 (April-March), recording a growth of 12 % on year. The total income of the bank grew by 22 % to Rs 8,747 crore, backed by a 33 % growth in non-interest income.

Neeraj Swaroop, regional chief executive, Standard Chartered Bank, India & South Asia, said the business had continued to grow along healthy lines amidst challenging times.

“The Wholesale Bank has performed strongly, while consumer bank has benefited from a shift to a more customer-centric business model. We continue to maintain our discipline and focus on the basics of good banking, which include rigorous risk, liquidity, and capital management.”

Standard Chartered has continued to invest in India, which was the second-largest profit contributor to the Group in 2008, said Anurag Adlakha, Chief Financial Officer, India & South Asia, Standard Chartered Bank.

“Over the year to March 2009, the Group has invested $527 million through a combination of sub-debt infusion and profit retention, thereby demonstrating Standard Chartered’s commitment to the banking operations in India,” Adlakha said.

As of March 31, 2009, Standard Chartered Bank’s Indian business had a capital adequacy ratio of 11.56 % as per Basel II norms.”