StanChart India 2010 PBT up 23%

Press Trust of India / Mumbai March 02, 2011, 18:19 IST

British banking giant Standard Chartered today reported a 23% jump in profit before tax (PBT) in India at $1.1197-billion for 2010, making it the most profitable across 70 nations it operates in.

The bank, the first company to come out with an IDR (Indian Depository Receipts) issue last year and listed on Indian bourses, saw its total income from India operations go up 12% to $2.028-billion in 2010, its Regional Chief Executive Neeraj Swaroop told reporters here.

In terms of PBT, India is followed by Hong Kong which posted $1.103-billion. The global PBT for the bank stood at $6.12-billion. The bank's peer, HSBC India, had yesterday reported a PBT of $679-million, their highest-ever from India.

Profit from the consumer banking vertical was up 87%, compared to a dull 2009, to $101-million while profits from wholesale banking grew 9% to $1.092-billion, he said.

Swaroop said performance in the small and medium enterprises and wealth management verticals helped consumer banking while on the wholesale side, growth was across sectors.

Overall, it witnessed a credit growth of 28% and a 27% deposit growth during the year.

Currently, around 54% of the bank's revenues come from the core interest income while the rest is contributed by fee income which consists of advisory fees, commissions etc, he said.

Source: Business Standard