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June 14, 2001
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Money > Business Headlines > Report June 14, 2001 |
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StanChart ousts Citi, is top foreign bankBS Banking Bureau The Standard Chartered group in India has registered a net profit of Rs 2.62 billion for the year ended March 31, 2001. While the net profit of Standard Chartered Bank rose by 11.28 per cent to Rs 1.85 billion, up from Rs 1.66 billion in 1999-2000, that of Standard Chartered Grindlays, declined by 57.19 per cent to Rs 771 million (Rs 1.80 billion). The combined balance sheet of StanChart group has overtaken that of Citibank, which thus far has been the largest foreign bank operating in India. While the asset base of StanChart group stood at Rs 245.15 billion, as on March 31, 2000, that of Citibank's was pegged at Rs 141.72 billion. Jaspal Bindra, regional general manager of StanChart group, said: "The acquisition of the Grindlay's has made the group the number one in international banking in India. It was also a significant contributor to the group's worldwide profit." The pre-tax profit of the StanChart group was Rs 6.26 billion. StanChart acquired ANZ Grindlay's India operations on July 31, 2000. SCB's pre-tax profit is pegged at Rs 3.90 billion and SCG's at Rs 2.35 billion. The group has made a provision for tax to the tune of Rs 3.63 billion (Rs 2.05 billion for the SCB and Rs 1.58 billion for the SCG). The large provisioning is attributed to SCB's decision to move from alternate tax at 14 per cent to 48 per cent of income tax. A group spokesperson said the profit of SCG has taken severe beating as the group is following a different accounting policy. Depreciation worth Rs 1.10 billion, which has not been charged to the profit and loss account during earlier years, has now been charged, the spokesperson added. The ratio of the net non-performing assets to the net advances has gone up from 0.03 per cent to 0.4 per cent for SCG. In case of the SCB, the ratio decreased from 2.04 per cent to 1.53 per cent. The capital adequacy ratio of SCB has increased from 9.5 per cent to 9.6 per cent, while that of SCG rose from 10.93 per cent to 12.52 per cent. The group has registered a growth of 26 per cent in India during 2000-01. While SCB has recorded a 51 per cent growth, SCG registered 14 per cent. Total income of the group stood at Rs 15.89 billion -- of which SCB's income was Rs 7.61 billion and that of SCG's was Rs 8.28 billion. The group also saw a growth of 11 per cent in its advances and investments. SCB's business per employee has risen from Rs 57,001 in 1999-2000 to Rs 61,778 in 2000-01. And for SCG, it rose from Rs 40,474 to Rs 44,272. This business per employee includes deposits and advances also. Powered by YOU MAY ALSO WANT TO READ:
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