Citibank closing in on StanChart in net profit.
Economic Times (New Delhi, India), August, 2005
Aug. 3--Citibank India is close to matching the largest foreign bank in India, Standard Chartered Bank, in terms of profits, reports Our Mumbai Bureau. But StanChart still has the biggest balancesheet among foreign banks in India. A drop in provisioning helped StanChart's India operations post a small rise in net profit for FY05 to Rs 601.6 crore from Rs 596.5 crore last fiscal. Citibank posted a profit of Rs 600 crore for FY05. StanChart took over the two-branch operations of Sumitomo Mitsui Banking Corporation (SMBC) Indian operations.
In asset size, StanChart is still ahead of Citi. StanChart's asset size rose 8.7 percent to Rs 37,286.4 crore, while Citi's asset size rose 14.2 percent to Rs 33,806.2 crore. StanChart's total income fell to Rs 3,018.4 crore...
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