Asia-focussed bank Standard Chartered aims to be one of India's top five banks by revenues and to double its income from the country in the next four years, it said on Monday.
On the first day of an analyst roadshow, Standard Chartered
said it expects income in India to double to more than $2.6 billion (1.7 billion pounds) by 2011, from $1.3 billion last year. Income rose to $975 million in the first half of this year.
In India, it currently ranks outside the top 10 in revenues. It ranks in the top six among India's banks in terms of profits, which reached $690 million last year, up from $194 million in 2004.
The bank plans to have a presence in India's top 100 cities, reach five million consumer customers and be in the top three in its chosen products and segments, according to slides used for the roadshow.
It currently has 90 branches in 33 cities. It aims to grab a 10 percent share and be one of the top three banks in wholesale banking.
Standard Chartered told analysts it is confident on prospects for Asia despite a moderation in growth as the credit crisis spills into the region.
Separately, the bank said it was comfortable with its capital position after the Sunday Telegraph newspaper said it was considering raising billion of pounds to boost its balance sheet.
Standard Chartered's shares last month crashed to a five-year low on fears of an Asia slowdown and as analysts said it could need to raise up to $5 billion. It said on October 28 its capital was strong and trading had held up well in the third quarter.
By 12 p.m., its shares were down 3 percent to 753 pence, in line with a weak European bank index.
(Reporting by Steve Slater; Editing by Andrew Macdonald)
LONDON (Reuters)