Standard Chartered Bank has regained its position as the most profitable foreign bank in the country, according to people familiar with the development. The British lender had slipped behind rivals Hongkong and Shanghai Banking Corporation (HSBC) and Citibank after its India profit declined in 2011-12.
But in 2012-13, higher interest income, tight cost control and relatively lower loan impairment charges allowed Standard Chartered Bank to report a 71 per cent rise in net profit of its India branches. The foreign lender’s profit after tax was Rs 2,960 crore during the financial year. Compared to this, India net profit of HSBC and Citibank were Rs 1,935 crore and Rs 2,718 crore, respectively. While Citibank’s profit rose 41 per cent, for HSBC.
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