Standard Chartered profit grows only marginally due to provisioning despite good interest income

ShareSansar, November 14:


Standard Chartered Bank has reported a net profit rise of 0.72 percent in its unaudited report made public today.


According to the unaudited quarterly report of the commercial bank, it has posted a net profit of Rs 33.42 crore in the first quarter, up from Rs 33.18 crore in the corresponding quarter last year.


The bank’s net interest income has increased to Rs 52.60 crore, up from 45.50 crore in the corresponding quarter, though its operational profit has dropped from Rs 49.83 crore to Rs 49.63 crore, largely due to provisioning.


Its provisioning has increased from Rs 95.03 lakh to Rs 6.58 crore, and with this its non performing loan has also marginally increased from 0.82 percent to 0.83 percent.


Standard Chartered has mobilized Rs 40 arba in deposit and Rs 22.80 arba in loan in the first quarter compared to Rs 35 arba in deposit and Rs 19.29 arba in loan in the corresponding quarter.


The EPS (annualized) of the bank stands at Rs 65.55 and per share net worth at Rs 242.82.