Standard Chartered India today reported 16 per cent drop in its 2012 pre-tax profit at $676 million due to lower corporate activity and currency fluctuations,but its coveted position as the third largest profit centre for its British parent is intact.
Standard Chartered regional chief executive for India & South Asia Sunil Kaushal,while announcing the numbers here today,blamed decline in operating profit to the poor macroeconomic conditions in the country,which saw its cash-cow business of wholesale banking getting impacted. The performance was impacted by a difficult macro environment,combined with lower corporate activity and currency headwinds, Kaushal said,adding that in constant currency terms,the drop is only 4 per cent.
Notably,between 2011 and 2012,the rupee declined a steep 15 per cent against the US currency. The average rupee-dollar exchange rate was 46.63 to the dollar in 2011 against 53.43 in 2012,he said.
For the group as a whole income grows 8 per cent to $19.07 billion,led by wholesale banking income of $11.78 billion,taking the operating profit to $6.9 billion.