StanChart FY'08 net profit up 25%

Net profit, during the period, jumped to Rs 1,706 crore as compared to Rs 1,364 crore in the last fiscal.     

StanChart's total balance sheet, in FY'08, grew by 25 per cent to Rs 73,445 crore, up 25 per cent, from Rs 58,891 crore in the year-ago period, the bank said in a press release issued here today.     

"Bank's performance has been robust across all its key segments. Growth has come across key businesses, including financial markets, transaction banking, corporate finance advisory, SME Banking, Wealth Management amongst others," StanChart's Chief Executive Officer, India and South Asia, Neeraj Swaroop said.     

Bank's advances and deposits, during the period, stood at Rs 33,351 crore and Rs 36,956 crore respectively, the bank said.     

The acquisition of American Express Bank will strengthen the bank's private banking and Financial institutions business, the bank said.     
This will also help the bank to enhance its footprint through additional branches in the country, it said.     

StanChart had also acquired 49 per cent stake in the erstwhile UTI securities to foray into the equities trading space in the country.     
StanChart has 90 branches in the country and has a combined customer-base of 21 lakh in retail banking and over 1,000 top corporate relationships, the bank said.