India 2nd largest contributor to StanChart's profits
My first ever credit card back in 1997 was a Standard Chartered Visa. I held on to the credit card years after i had moved out of India. I cancelled it off finally as the spending limit for the card was in Indian Rupees and all my bills would go to my India address.
Standard Chartered Bank’s (StanChart) Indian branches have posted a 71 per cent increase in operating profit to $690 million in 2007 from $403 million in 2006.
India, is now the second largest contributor to the bank’s global operating profit with a 17 per cent share after Hong Kong’s 34 per cent. India not only is the bank’s biggest business, but is the only market that saw accelerated growth in 2007.
StanChart India’s wholesale banking business contributed the biggest change in global profits. Wholesale banking in India saw a 91 per cent rise in profits to $626 million on an 82 per cent increase in income. The bank has added more than 1,000 clients over the last three years and has more than 100 clients generating income of more than $1 million.
The consumer banking business in India crossed $1 billion income for the first time in 2007, growing 60 per cent to $1.3 billion. Operating profit in the consumer banking business was down to $63 million in 2007 against $76 million in the previous year.
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