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
“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
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
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.