Barclays' net surges to Rs 71.8 crore

Barclays India's net profit for the fiscal ended March 2004 increased to Rs 71.8 crore against Rs 29.17 crore in the corresponding period last fiscal.

The bank's revenue increased by 34 per cent to Rs 141.2 crore against Rs 105.2 crore.

Robert Morrice, chairman and chief executive, Barclays Capital in Asia Pacific, said the bank's revenues in India grew on the back of increased business with a range of clients.

In the last two years, Barclays India has been providing risk management and structured financing solutions to a select group of corporates and financial institutions, he added.

Barclays has also invested in the business by adding key people, upgrading facilities and extending the information technology platform to ensure that the bank is well placed to offer a sophisticated product suite in an expanding market, said a bank release.

For the period under review the banks costs increased by 26 per cent to Rs 24.9 crore against Rs 19.7 crore in March 2003. Its operating profits increased by 36 per cent to Rs 116.2 crore as compared to Rs 85.52 crore in the previous year.