trending Market Intelligence /marketintelligence/en/news-insights/trending/ClETJKBqAu9rbJSwtPX2kw2 content esgSubNav
In This List

StanChart sees improvement in revenue, profit from India ops in 2017

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter


StanChart sees improvement in revenue, profit from India ops in 2017

StandardChartered Plc hopes to begin seeing improvement in revenue andprofit from its South Asia operations in 2017 after reporting a US$981 millionloss in India for 2015 on the back of US$1.34 billion of impairment losses onloans in the country, Bloomberg News reported May 11.

"The big pain" of provisions in India is over,said V. Anantharaman, StanChart's head for international corporates in ASEAN andSouth Asia, noting that the bank expects provisions and profit figures tonormalize from 2017 on improved fundamentals. Compared to 2015, the bank hadreported a US$561 million pretax profit for 2014 in India.

In India, StanChart is now seeking to boost its market sharein consumer lending and transaction banking, Anantharaman said.

Anantharaman, however, declined to share details around thebank's sale processfor at least US$4.4 billion of assets in Asia, including US$1.4 billion ofstressed loans in India.