India contributes a fifth of StanChart's global operating profit
05 August 2010
A fifth of Standard Chartered Bank's global operating profit in the first half ended June 2010 has come from its India operations, overtaking the Hong Kong market, which had been its largest market so far.
Operating profit from the bank's Indian operations was up 19 per cent at $624 million (Rs2,882.8 crore factoring in the conversion rate of Wednesday's close at 46.20).
Contribution from Hong Kong stood at $511 million (Rs2,360 crore), down 11 per cent over the corresponding period.
The bank has declared an interim dividend of $23.35 per ordinary share (an ordinary share being equivalent to 10 Indian Depository Receipts).
Jaspal Bindra, CEO of the bank's Asia operations, summed up the outlook for the remaining quarters saying there was caution on global economic outlook and the bank expected Asia to grow faster than the West.
Standard Chartered Bank's global operating profit touched $3.12 billion (Rs14,396 crore), up 10 per cent on a year-on-year basis.
However, as regards absolute growth, the Korea, Middle East South Asia markets posted an increase of 84 per cent and 84 per cent at $149 million and $400 million, respectively.