Standard Chartered profits rise on Asia growth

Asia-focused emerging markets bank Standard Chartered on Wednesday posted record net profits of $2.5 billion in the first half of the year, helped by strong revenues and tight cost controls.

Profit after tax of $2.52 billion (1.78 billion euros) for the six months to June compared with net profit of $2.10 billion a year earlier, the London-listed group said in a results statement.

That beat analyst expectations of $2.42 billion, according to a poll by Dow Jones Newswires.

“These are excellent results, our ninth successive first half of record profits,” Standard Chartered chairman John Peace said. “Our costs are tightly controlled and we have many diverse sources of good income growth.”

“We have increased our support to our customers, with loans and deposits up, and our capital and liquidity remain strong. Standard Chartered is growing and winning market share in many product areas and markets.” Revenues jumped 11 percent to $8.76 billion in the first half. “Standard Chartered continues to deliver strong, broad-based results,” added chief executive Peter Sands.

“We have stuck to our familiar strategy, to focus on Asia, Africa and the Middle East, markets in which we have a long history and which we know intimately.”

He said the group expected to deliver double-digit income growth for the full year.

Standard did not announce any new job losses, in contrast to rival British banks HSBC and Barclays earlier this week, but noted that the group’s headcount currently stood at 84,061, down 1,170 since the start of 2011.

Pre-tax profits jumped 17 percent to $3.64 billion, while record 29-percent revenue growth in Hong Kong helped to offset a five-percent decline in India.

London, AFP