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A record start for Standard chartered despite the stress
25.06.09
Standard Chartered, the Far East-facing bank, today said it had enjoyed record levels of income and profits for the first five months of this year.
Chief executive Peter Sands said: "Although there are tentative signs of improving economic conditions in some of our markets, equally there are signs of continuing stress."
Sands said the investment banking side of the group, which had a "very strong performance", had more than offset lower income on the consumer banking side.
The bank also benefited from its concentration on developing rather than developed countries.
The chief executive added: "The economic downturn in our markets will be less pronounced than in Western markets, and given our conservative business model the group is very well positioned to benefit as markets recover."
Standard Chartered reported "a moderate deterioration" of tens of millions of dollars in loan impairments since the first quarter, particularly in India, Pakistan and the United Arab Emirates.
