StanChart FY09 profit up 12%, at Rs 1,907 cr

Standard Chartered Bank India clocked a 12 per cent Profit After Tax growth at Rs 1,907 crore for FY'09, thereby becoming the second second-largest contributor to the group in 2008.

The bank's income grew 22 per cent at Rs 8,747 crore.

This has been achieved on the back of a 33 per cent growth in Net Interest Income, the bank stated in the release today.

The bank's deposits and advances increased by 13 per cent and 12 per cent to Rs 41,802 crore and Rs 37,516 crore respectively, in FY'09, the release said.

"The wholesale bank has performed strongly, while consumer bank has benefitted from a shift to a more customer-centric business model," India & South Asia Regional Chief Executive Neeraj Swaroop said today.

The banking major, over the year to March 2009, has invested $527-million through a combination of sub-debt infusion and profit retention, the bank India and South Asia CFO Anurag Adlakha said.

"As of March 31, 2009, Standard Chartered Bank's Indian business had a capital adequacy ratio of 11.56 per cent as per Basel II norms," Adlakha said.

Its net non-performing assets stood at 1.37 per cent as against 1.04 per cent, the release said.