BRIEF: Standard Chartered's operating profit rises 10% to $2.8b, income 14% to $7.9b in first half

Sun. August 23, 2009; Posted: 11:57 AM

AMMAN, Aug 23, 2009 (Jordan Times - McClatchy-Tribune Information Services via COMTEX) -- SCBFF | Quote | Chart | News | PowerRating -- Standard Chartered Plc. announced last week, in a press release, another record performance for the first half of 2009 with income rising 14 per cent to $7.96 billion and operating profit before tax of 10 per cent to $2.84 billion. In the press statement, the group said it has seen substantial income momentum across markets with four key geographies reporting over $500 million of income each in the first half. "The performance was driven by strong momentum in wholesale banking with income rising 37 per cent, benefiting from market dislocation and volatility leading to market share gains," the bank said in the press release. "Restructuring initiatives in consumer banking began to show early positive results with income falling only 3 per cent over the second half of 2008 while operating profit increased 11 per cent over the same period." Peter Sands, group chief executive, Standard Chartered, said: "These results show record income and profit performance, characterised by significant momentum over both the first and second halves of last year. Our balance sheet strength is now a source of competitive differentiation helping us win more businesses. We are in the right markets at the right time."

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