India operations most profitable for Stanchart
02 March 2011
British banking giant Standard Chartered today reported a 23 per cent jump in profit before tax in India at $1.1197billion for 2010, which made it the most profitable geography among 70 nations across which it operates.
According to the bank's regional chief executive Neeraj Swaroop, the bank, which is the first company to come out with an IDR (Indian Depository Receipt) issue last year and list on Indian bourses, saw its total income from India operations surge 12 per cent to $2.028-billion in 2010. He was speaking to reporters in Mumbai today.
Hongkong was placed at the second spot after India in terms of PBT at $1.103-billion while the global PBT stood at $6.12- billion.
HSBC India, the bank's peer, yesterday reported its highest-ever PBT of $679-million, from India.
"2010 delivered strong and diversified profit and income growth across our markets in Asia, Africa and the Middle East," StanChart said.
Overall, the bank has reported a profit before tax of $6.12 billion in 2010 against a profit before tax of $5.51 billion in 2009. The bank's income was up at $16.06 billion in 2010 from $15.18 billion the year earlier.