The Hindu Business Line : StanChart net rises 25 %

New Delhi, June 25 Standard Chartered Bank has reported a 25 per cent increase in its net profit for the fiscal 2007-08 at Rs 1,706 crore compared with previous year’s Rs 1,364 crore. The bank’s balance sheet has also expanded by 25 per cent to Rs 73,445 crore as on March 31 (Rs 58,881 crore).

Robust across biz

“The 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,” Mr Neeraj Swaroop, Chief Executive officer, India and South Asia, Standard Chartered Bank, said in a statement.

Mr Anurag Adlakha, its Chief Financial Officer, said India was a key market for the bank accounting for 17 per cent of global operating profits in 2007. Over the year, Standard Chartered India’s capital base was enhanced by $ 600 million, which included a fresh investment of $ 250 million in March this year.

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