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


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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.