Stanchart H1 net falls 39%

Driven by higher provision for bad loans and hardening in interest rates Standard Chartered India on Wednesday announced a 39% decline in profit before tax at Rs 1,664 crore during January to June 2011 from Rs 2,747crore in the same period last year.

Driven by higher provision for bad loans and hardening in interest rates Standard Chartered India on Wednesday announced a 39% decline in profit before tax at Rs 1,664 crore during January to June 2011 from Rs 2,747crore in the same period last year.

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"The RBI has raised interest rates 11 times in the last 17 months and that inevitably has an impact on business activity," said Peter Sands, CEO, StanChart.