StanChart 5th profitable bank in India

Standard Chartered Bank today reported a 51% increase in net profit at Rs 905.9 crore for the year ended March 31, 2006 when compared with Rs 60.16 crore in FY05.

Standard Chartered is the fifth largest bank in India in terms of net profit after State Bank of India, ICICI Bank, Punjab National Bank and Canara Bank. Citibank, which nearly had the same net profit as Standard Chartered in 2004-05, is still to announce its results for 2005-06.

Total income moved up 28% to Rs 3,877.90 crore from Rs 3,018.40 crore in FY05. Total assets increased 30% to Rs 48,183.50 crore. While advances moved up 20% to Rs 24,076.7 crore, deposits were up 26% to Rs 28,459.80 crore.

Neeraj Swaroop, CEO-India, said: "Some of our new businesses like SMEs, mid-markets and corporate finance & advisory have done very well, and we will continue to grow these in the coming year."

A total of Rs 1,300 crore was infused by the bank in 2005-06 to support growth of operations in India, which included Rs 900 crore of fresh investments and Rs 400 crore in the form of retained profits.

"Further capital infusion in 2006-07 will be enough to fund our growth. It could be of the same order (as in 2005-06)," Swaroop said.