Standard Chartered India has reported an 89 per cent jump in operating profit at $606 million in the first half of the calendar year 2008 from January to June, against $320 million in the corresponding period of the previous year. The bank now contributes 23.4 per cent of Standard Chartered Group's global profit and is its second largest market next to Hong Kong.
India also houses the largest unit of Scope International.
Standard Chartered India has 83 branches across 33 cities and employs around 19,000 people. Its clients include more than 1,200 Indian corporations and over 2 million retail customers.
No wonder then, the Standard Chartered group has invested another $250 million in its Indian banking operations, taking the total capital base to $1.9 billion.
Standard Chartered India is also lining up India's first Indian depository receipts issue, slated to open in the second half of 2009, and is said to be looking at an offering of $ 1 billion.
Image: President Pratibha Patil; Peter Sands, group chief executive, Standard Chartered; Meera Dutta, member, Postal Services Board and Jaspal Bindra, CEO-Asia, Standard Chartered at the release of the commemorative postal stamp.
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