The Indian operations of Standard Chartered Bank announced financial results for the financial year 2009, ended 31 March, reporting 12 per cent increase in its net profit which stood at Rs1,907 crore.

Neeraj Swaroop, Regional Chief Executive, Standard Chartered Bank, India and South Asia, said: "We have been growing rapidly in the last four-five years. We almost tripled both our revenues and profits from 2003 to 2008."

The bank, having presence in India since 1858, witnessed 22 per cent increase in its income during the reporting period, led by 33 per cent increase in non-interest income. The bank's deposit base stood at Rs 41,802 crore, as against the earlier Rs 37,004 crore; and advances increased to Rs 37,516 crore.

Mr. Sawroop further said: "In 2010 to 2011, the growth will be moderate as the base is high. Given our scale, we will continue to grow our consumer and wholesale banking business."

Standard Chartered, having 90 braches in the country, has got regulatory approval from the Reserve Bank to open four more branches in the current fiscal. It is eying affluent customers to revamp its consumer banking business in India. The bank, listed in Hong Kong and London, has assured long term commitment in India, a potential growing market in the South Asia.