StanChart posts record profit | The Daily Star
11:00 PM, August 04, 2009 / LAST MODIFIED: 11:00 PM, August 04, 2009

StanChart posts record profit

Standard Chartered yesterday announced a record performance for the first half of 2009 with income rising 14 percent to $7.96 billion and operating profit before tax by 10 percent to $2.84 billion.
The London-based bank plans to raise $1.6 billion in new shares to support its business growth in Asia and other emerging markets. The bank added that net profit rose 5.5 percent to $1.883 billion.
In a press statement, Standard Chartered said it has seen substantial income momentum across markets with four key geographies reporting over $500 million of income each in the first half.
Restructuring initiatives in consumer banking began to show early positive results with income falling only 3 percent over the second half of 2008.
Peter Sands, group chief executive, said: “These results show record income and profit performance, characterised by significant momentum over both the first and second halves of last year. Our balance sheet strength is now a source of competitive differentiation helping us win more businesses. We are in the right markets at the right time.”
Richard Meddings, finance director for the group, said: “The second half of 2009 has started well with wholesale banking in July running ahead of the first half average monthly profit with robust transaction pipelines.”

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