Standard Chartered 'sees continued success'

4 August 2011

UK bank Standard Chartered has revealed its continuing success after posting a 17 per cent jump in its bottom line profits for the first half of 2011.

The lender, which carries out much of its operations in Asia, said it is likely to enjoy its eighth consecutive year of record revenue following a fruitful six months.

In addition, the institute claimed it could create around 1,000 new jobs this year and Peter Sands, chief executive of the group, noted the success story is somewhat different to that being experienced by other banks at present.

The industry figure observed the lender - which has been in operation for more than 150 years - is "delivering profit growth", adding: "We've got income up, profits up, deposits up, lending up, dividend up."

Pre-tax profit for Standard Chartered across the first half of the year stood at £2.2 billion ($3.64 billion), with operating revenues for its consumer bank increasing by 58 per cent.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development