Standard Chartered reports $3.38bn profits for 2009

3 March 2010

Standard Chartered increased its profit margin to $3.38 billion last year, the British bank has revealed.

The figure is a slight improvement on the $3.24 billion figure recorded for 2008.

Its operations in India and Hong Kong both posted profits of more than $1 billion last year – results that delighted Peter Sands, the chief executive officer (CEO) of Standard Chartered.

"There is a race for which will be our biggest market by profits this year," he said.

"We have built a superb franchise in India."

Mr Sands added that Standard Chartered will build on its success in India by selling stock in a move that could net the bank around $750 million.

He also announced that he will be giving his $3.2 billion bonus to charity – a move that follows in the recent footsteps of HSBC CEO Michael Geoghegan.

Last month, Standard Chartered announced it was appointing Michael Pratt, its head of consumer banking for China and north-east Asia, as a new board director.

By Gary Cooper

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