StanC Swings to Profit in H12017; In­come Up 20%

The Economic Times - - Finance & Commodities - Joel.Re­bello@ times­

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.