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Thursday, June 11, 1998

Stanchart net profit up 54% to Rs 68 crore 

MUMBAI, June 10: Standard Chartered Bank has posted a net profit of Rs 67.7 crore for the fiscal 1997-98. This is a 54 per cent increase over the preceding year's figure of Rs 70.6 crore, which is inclusive of a prior period item of Rs 27.4 crore.

Deposits at the end-March'98 stood at Rs 4,807 crore compared to the preceding fiscal's Rs 4,191 crore. Advances for the period were at Rs 3,179 crore as against Rs 2,594 crore.

Non-performing assets as a percentage of total advances increased to 2.42 per cent from 1.57 per cent. The bank's capital adequacy ratio was marginally lower at 8.5 per cent as compared to 8.6 per cent in 1996-97.

As a percentage of working funds, interest income stood at 11.55 per cent, down from the 1996-97 figure of 12.09 per cent, non-interest income stood at 3.38 per cent as against 3.18 per cent and operating profits at 2.80 per cent as compared to 2.68 per cent.

Stanchart's return on assets for 1997-98 was 1.04 per cent, down from the preceding year's figure 1.26 per cent.Business per employee (deposits plus advances) was at Rs 2.76 crore, up from Rs 2.18 crore in 1996-97, but profit per employee was down at Rs 2.49 lakh compared to Rs 2.83 lakh in the preceding year.

Stanchart's chief executive officer-India, Martin Fish said that the bank plan's to open more branches, increase the number of automatic teller machines and invest in information technology.

The bank will also rationalise its premises. "We will acquire 30,000 sq.ft of space in Phoenix Mills (central Mumbai) compound and dispose off some of the real estate", Fish said.

During 1997-98, Stanchart Delhi branch came on line on the international service delivery platform. Chennai and Calcutta branches will come on line next month. Corporate banking launched the sale of gold in Mumbai and Delhi. The bank also emerged as a the largest player in foreign institutional banking. Credit card memberships grew by 38 per cent to cross 400,000.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.



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