Standard Chartered’s woes in India are partly the result of loans that failed to fully factor in the risk of extending credit to companies such as Essar. Photo: ReutersHong Kong/ Singapore: Standard Chartered Plc is over the worst of its challenges in India that led to loan writedowns and dragged on profit, according to the lender’s South Asia head. “We want to make sure we get the most” out of the bank’s presence in India, he said. Standard Chartered’s woes in India are partly the result of loans that failed to fully factor in the risk of extending credit to companies like Essar, current and former bank employees said in November last year, speaking on condition of anonymity. “While the environment remains challenging, loan impairments, which shows the quality of loans, are OK.”Still, Standard Chartered’s third-quarter profit missed analyst estimates on a drop in revenue at all four of the bank’s divisions.

Source: Mint November 02, 2016 06:43 UTC