StanC Swings to Profit in H12017; Income Up 20%
Mumbai: Standard Chartered Bank swung to a profit in India in the six months ended June 2017, riding on a 20% growth in operating income even as provisions for non-performing assets (NPAs) reduced.
Profit before tax from India increased to $110 million from a $25 million loss in the six months ended June 2016, helped by a 36% drop in NPA provisions to $143 million from $224 million in 2016.
Operating income increased to $561 million from $468 million in June 2016.
“More than half of the improvement was driven by gains that are non-recurring in nature and higher asset and liability management income from gains on sale of securities. Retail banking income was higher year-on-year driven by wealth management and benefiting from investment in sales capacity,” Standard Chartered said in a half yearly results report on its website.
However, the bank’s total loan book in India dipped 1% to $15.74 billion from $15.86 billion in June 2016, but 5% higher than the $14.97 billion reported in the six months ended December 2016.