Standard Chartered tells of 'very strong start' to 2010

5 May 2010

Standard Chartered has said it had a positive first quarter of the year, with profit and income in both its consumer and wholesale banking operations higher than the levels recorded in the first three months of 2009.

While not providing detailed figures to back up its assertion, the bank did reveal that there was a 20 per cent growth in client income in its wholesale banking division in the first quarter of 2010.

Standard Chartered also stated that its corporate finance unit is in an equally strong position, increasing its income and having new deals in the pipeline.

"Overall, the group has had a very strong start to the year, despite margin headwinds and increasing competitive pressures, with a record quarter in terms of both profit and income," the statement concluded.

In March, the bank revealed it had made profits of $3.38 billion across the course of 2009 – an increase on the $3.24 billion figure it raked in the year before.

By Claire Archer

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