Boosted by growth in the wholesale and consumer banking segment, Standard Chartered Bank, India announced a 14% rise in its operating profits for the first half of 2009.
Operating profits stood at $526 million as on June 2009, as against $460 million same time last year, while income stood at $904 million as against $829 million corresponding period last year.
The results are excluding the gains from the asset management business of receipts worth $146 million,
Neeraj Swaroop, chief executive, India and South Asia noted that the bank has witnessed a rise in its loan impairments for the Indian territory to $91 million, as compared to $47 million during the first half of June 2008, largely on account of an increase in unsecured loans.
?The spike in the loan impairments has been due to an increase in unsecured loans. Our estimate is that loan impairments have peaked,? Swaroop said.
He also added that the bank is now growing its personal loan portfolio slower than last year as the impairments have been mainly on the personal loan side.
Swaroop also noted that the bank is evaluating to list its shares in key emerging markets.
On asking if Standard Chartered is looking at raising $1 billion by listing in India, Swaroop said that the IDR issue is an option and the bank would continue to evaluate.?It (IDR) is an option. We continue to evaluate, but a decision is yet to be taken. There is also no time frame as such,? he said.
There were also talks that the bank has appointed JM Financial and UBS AG as lead managers for what could be the first IDR issue by a global player. Goldman Sachs, Bank of America and Kotak Mahindra were the other banks appointed to manage the issue, according to sources.