Home loan lender Standard Chartered Plc has stated that 1/5 of its total profits is derived from India. This is till date the highest the company has earned from any part of the world where it is operating.
Following India, is Hong Kong which adds 16% of the overall profits.
India’s recorded profit before tax (PBT) of the bank is $624 million, a 19% increase on y-o-y basis.
Consumer banking contributed a chunk of this profit, as its income went up by 18% on a y-o-y basis in the initial 6 months of 2010, valued at $ 251 million.
Neeraj Swaroop, bank’s India CEO said, “Standard Chartered Bank is aiming for a growth in credit and deposits of 17-20% in financial year 2011”.
He said, “We expect to maintain NIM at current levels and NIM will be around 3.5-4% going ahead”.
He added that the bank has recruited 1,100 people this year from its plans to hike its employee count by 2,500.