Standard Chartered chief sees strong start

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Peter Sands became the latest bank boss to reassure investors about business amid ongoing turmoil in the global financial markets.

"We've started the year very strongly," said Sands, adding the bank was "very comfortable" with its financial health.

At the end of last year, Standard Chartered raised $1.8 billion (£1.3 billion) in a rights issue and its tier one capital ratio, the measure of solvency, stands at just over 10%.

"I would never rule out raising more capital, but we are very comfortable with our capital position," Sands said.

However, he warned that rising unemployment in its key markets in Asia, the Middle East and Africa could weigh on the bank, which could continue to suffer deterioration in its loan book for the first quarter.

Last week, the company reported 17% rise in profits for 2008 to $3.3 billion.

"The message from the CEO is that the situation has stabilised," said Lee Yuk-Kei, an analyst at Pacific-Yamaichi International, said. "This dismisses some concern that asset quality in emerging markets will deteriorate sharply."

Standard has avoided much of the banking crisis since walking away from the rescue of its $7.1 billion structured investment vehicle Whistlejacket.