Standard Chartered, the emerging markets bank, said on Tuesday that net profit rose by 25 percent to 2.81 billion dollars (1.90 billion euros) in 2007 and that it had largely escaped the US subprime mortgage crisis.
"The group's strategy to pursue growth in Asia, Africa and the Middle East has resulted in no direct exposure to US subprime mortgages and extremely limited indirect exposure," Standard Chartered said in its earnings statement.
However debts written-off still increased by 21 percent to 761 million dollars last year from 2006.
"The credit environment remained generally favourable during the period, notwithstanding the turbulent market conditions triggered by the subprime mortgage crisis," the bank said.