Mumbai, June 18: Standard Chartered Bank has reported a whopping 121 per cent rise in net profit at Rs 848.3 crore for the year ended March 31, 2003 compared with Rs 384.6 crore in the previous fiscal.
The bank’s robust performance was primarily fuelled by business growth with net income rising by 38 per cent to Rs 1,694.1 crore as against Rs 1,228.1 crore in the previous year and a lower cost income ratio declining to 34 per cent from 37 per cent last year.
Chris Low, CEO of India region, said: “The result underlines the fact that Grindlays integration has been a success. We are committed to high levels of service quality.”
Chief financial officer Sanjeev Agarwal said the integration of Grindlays and Standard Chartered Bank was effective September 1, 2002. Hence, the fiscal results include the performance of Grindlays for only the last seven months.
The bank has been successful in notching up commendable gains in retail finance, particularly in sectors like mortgages where it has been a late entrant, he added. From this sector the bank has been adding a business of Rs 200 crore every month.
Apart from launching consumer products for the retail segment, the bank has undertaken a branch expansion strategy with 66 branches in 24 cities. Standard Chartered is also planning a slew of other initiatives for the next three months to exploit the full potential of this segment.