StanChart net jumps 51% on fee, interest income

MUMBAI: Standard Chartered Bank’s net profit from India operations grew 51% in 2006-07 (April 2006-March 2007) to Rs 1,364 crore, riding on a 31% increase in total income to Rs 5,400 crore.

The British bank infused Rs 1,360 crore into its Indian operations during the year, compared with Rs 1,300 crore in 2005-06, Neeraj Swaroop, chief executive officer, Standard Chartered Bank India said.

He attributed the robust performance to a notable growth in fee income and net interest income.

“Fee income, as a percentage of total income, has improved to 24%, reflecting our ability to provide value-added products to our customers,” Swaroop said. According to him, corporate finance, foreign exchange and derivatives and transaction banking within wholesale banking and wealth management, SME and personal loans in the consumer bank turned in a strong performance.

StanChart, the largest foreign bank in the country recorded a 25% growth in advances to Rs 30,104 crore and 20% growth in deposits to Rs 34,174 crore in 2006-07.