StanChart says first-half profits advance

British bank Standard Chartered said Wednesday that net profits rose 9.5 percent in the first half of 2010, as bad debts more than halved at the emerging markets group.
Profits after tax climbed to 2.181 billion dollars (1.649 billion euros) in the six months to the end of June, which compared with 1.991 billion dollars in the same part of 2009, the lender said in a results statement.
Loan impairment losses plunged 60 percent to 437 million dollars in the first half, compared with 1.09 billion dollars last time around.
"The challenging credit environment seen in early 2009 has continued to ease, resulting in lower delinquency trends since the second half of 2009 and consequent lower provisions," the group said.
The lender, which derives more than 90 percent of its income from emerging markets, added that pre-tax profits increased to 3.12 billion dollars, up from 2.84 billion, in line with market expectations.