Morning:
14°c
Pain limited at Standard Chartered
26.06.08
Standard Chartered today showed once again that it is coming through the credit crunch in a much stronger state than most of its major international rivals.
The bank, which makes most of its money in the Far East and emerging markets such as India and Africa, said it made a "very strong" start to the year.
But it is not totally immune to the credit crunch, and took a $108 million (£54.4 million) loss and a $184 million write-down on asset-backed securities in the five months to the end of May.
Chief executive Peter Sands was also cautious looking ahead: "Given the extraordinary turbulence in financial markets, and increasing inflationary pressures now arising in our geographies, we remain disciplined in our management of risks and costs."
He said that the growth had been largely driven by excellent results in wholesale banking and added: "We have yet to see a material slowdown in our markets."
The shares fell 62p to 1507p.
