StanChart corp banking biz grows 31% in H1

Standard Chartered Bank today said its corporate banking business has grown 31 per cent in the first half of 2004, and has been a key contributor to improving the return on equity for the bank.

The country's largest foreign bank is confident that with the growth in credit offtake in India, the wholesale banking division will see real growth potential.

"We are now beginning to deliver on our real growth potential as mirrored in the first half 2004 results, where we achieved client revenue growth of 20 per cent," said Kai Nargolwala, group executive director and chairman of the wholesale bank.

"We are a core contributor to the improvement of the bank's return on equity, which increased from H2 2002's 12.8 per cent to H1 2004's 19 per cent," he added.

This has been possible as a result of improved returns on tightly controlled economic capital. Nargolwala was speaking at the bank's wholesale banking day organised for investors.

The bank is confident that with its local market presence and strong international network, "we have a competitive position in the marketplace that few other banks have," said Mike Rees, CEO of the wholesale bank at Standard Chartered, and recently appointed director of the bank.