Standard Chartered Bank India posts 12% rise in profit for 2008-09

Income up 22% led by strong growth across businesses

Highlights

• Profit after tax up by 12% at INR 1,907 crore
• Income growth at 22% at INR 8,747 crore
• Deposits increased 13% to INR 41,802 crore
• Advances grew by 12% to INR 37,516 crore
• Capital accretion of USD 527 million

Standard Chartered Bank, India’s largest international bank, today announced a profit after tax of INR 1,907 crore for the financial year 2008-09 (April-March), recording a growth of 12 percent on year. Total income grew by 22 percent to INR 8,747 crore, backed by a 33 percent growth in non-interest income.

Neeraj Swaroop, Regional Chief Executive, Standard Chartered Bank, India & South Asia, said that the business had continued to grow along healthy lines.

“Standard Chartered Bank has continued to deliver amid challenging market conditions,” Swaroop said. “The Wholesale Bank has performed strongly, while Consumer Bank has benefited from a shift to a more customer-centric business model. We continue to maintain our discipline and focus on the basics of good banking, which include rigorous risk, liquidity, and capital management.”

Standard Chartered has continued to invest in India, which was the second-largest profit contributor to the Group in 2008, said Anurag Adlakha, Chief Financial Officer, India & South Asia, Standard Chartered Bank.

“Over the year to March 2009, the Group has invested USD 527 million through a combination of sub-debt infusion and profit retention, thereby demonstrating Standard Chartered’s commitment to the Banking operations in India,” Adlakha said. “As of March 31, 2009, Standard Chartered Bank’s Indian business had a capital adequacy ratio of 11.56 percent as per Basel II norms.”

Standard Chartered Bank in India
Standard Chartered Bank is India’s largest international bank with 90 branches in 33 cities, a combined customer base of around 2 million retail customers and more than 2,000 corporate and institutional relationships. Key businesses comprise Consumer Banking, including deposits, loans, wealth management, private banking and SME banking; and Wholesale Banking, which includes cash transaction banking, treasury, corporate finance and custody services. For more information, visit www.standardchartered.co.in