Standard Chartered Bank has reported a 50% rise in its operating profits to $320 million in the first half of calendar year 2007. The bank?s operating profit in the corresponding period of 2006 was $213 million.
For Standard Charted Bank, India has become the second largest market after overtaking South Korea.
India’s share to group profits is presently at 16.2%, up from 12.6% in December 2006 whilst South Korea’s share is at 9.8%. Hong Kong, with 26%, is the largest market for the bank.
Jaspal Bindra, director, Standard Chartered Bank, said: ?India continues to deliver on the confidence the group has placed in this market, which reflects in its increasing contribution to the Group.?
The total income of the bank rose by 48.16% to $563 million and the EPS grew by 20%.
Bank?s wholesale banking profits soared 70% to $280 million from $165 million in the year ago period, while total income jumped to $379 million from $222 million in H1 of 2006.
All segments of the wholesale bank performed well, in particular corporate finance and advisory, forex and derivatives, transaction banking and debt capital markets. The wholesale bank participated in several high profile deals during H1, including funding of Tata-Corus, and advisory mandates in Essar-Vodafone, UB Group-Whyte & Mackay and Barista-Lavazza. However bank?s consumer banking saw double digit income growth of 16.5% to $184 million, but operating profits were at16%.
