On An Expansion Drive

Font Size

Print

Feedback

Email

Discuss

Related Articles

HDFC Bank cuts rates for used carsUnion Bank starts auditing branchesPvt banks pip public peers in NPAsBanks likely to retain home loan rates

: India’s largest foreign bank, Standard Chartered Bank, has made it to the top by consistently performing across various businesses like transaction banking, financial markets, wealth management, SME banking and so on. The bank has reported a profit of Rs 1,706 crore for 2007-08, up 25%. The balance sheet expanded by 25% to Rs 73,445 crore over the year on the back of healthy growth in both, advances and deposits, which stood at Rs 33,352 crore and Rs 36,957 crore respectively.

“Standard Chartered Bank’s performance has been robust across all its key businesses. India has consistently delivered on the confidence the group has placed on the market. Growth has come across key businesses, including financial markets, transaction banking, corporate finance advisory, SME banking, wealth management, among others,” said Neeraj Swaroop, regional chief executive, CEO, India & South Asia, Standard Chartered Bank.

India is a key market for SCB, accounting for 17% of global operating profits in 2007. Over the year, the Standard Chartered India’s capital base was enhanced by $600 million, which includes a fresh investment of $250 million in March 2008. This infusion has helped in achieving compliance with Basel II regulations in addition to supporting the business’ growth.

The year saw several new innovations, including Straight2Bank, a one-stop electronic banking channel for corporate and institutional customers, mobile banking, and the opening of two all women’s branches.

Swaroop remarked that the bank is strongly liquid and well capitalised, with a conservative and well-diversified balance sheet. “We have seen a steady inflow of customer deposits during the third quarter, reflecting our status as a ‘flight to quality’ institution. Our fundamentals remain strong and we are well-placed to take advantage of the opportunities emerging from this environment. We have good momentum, underpinned by our strategic focus on Asia, Africa and the Middle East. But this is a tough environment, and we are not immune to the global slowdown. There will be tough decisions and difficult trade-offs, as we respond to the rapidly changing environment by flexing our cost base, investment priorities and risk profile.