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Standard Chartered earns Rs 677 million profit

Standard Chartered Bank has earned a net profit of Rs 677 million from its Indian operations during the year ended March 1998.

The profit showed a growth of 54 per cent.

SCB Chief Executive in India Martin Fish said the bank performance was impressive at the operating level when viewed in the context of a generally dull Indian economy.

There was a growth of Rs 6.16 billion in deposits (15 per cent), Rs 5.85 billion in advances (24 per cent) and Rs 640 million in the bank's capital.

While the bank's investment has gone up by 7 per cent, its net reserve was up by 27 per cent.

The bank also earned Rs 330 million from net interest income. Asset and liabilities growth registered a healthy increase of 12 per cent.

UNI