Standard chartered India operating profit up 19%

With a outstanding income growth driven by a very strong performance in wholesale banking, partly offset by lower income in consumer banking, the Indian operations of Standard Chartered Bank a reported a 19 per cent increase in operating profit to $ 1.06 billion (Rs 4,886 cr) for 2009, compared to the last year
Excluding proceeds from the sale of the bank’s mutual fund recognised in the 2008 results, the growth in operating profit was 42 %.
Wholesale banking recorded a 49 % increase in operating profit to $ 1.06 billion from $ 674 million in 2008.
However, consumer banking saw a 24 % drop in operating profit to $ 54 million (Rs 248.4 cr) from $ 71 million in the previous year.
Impairments, which were mostly on the consumer banking side, grew 16 % to $ 182 million (Rs 837.2 cr).
Regional Chief Executive, India and South Asia , Neeraj Swaroop, said, “We have seen some increase in impairments in 2009 due to adverse global market conditions but we have not stopped lending and our credit growth is 10 per cent till December-end. We expect to achieve 10-20 per cent growth in 2010,”.
The bank’s net non-performing assets stood at 1.9 %, while gross NPAs stood at 2.9 % as on December 31, 2009.
Regional Chief Executive also said the bank has sought the Reserve Bank of India’s approval to open more branches, and said it would install 100 automated teller machines in 2010. “The bank is also looking to hire over 2,500 people this year.”
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