Standard Chartered profit up in 2010

2 March 2011

London-based banking giant Standard Chartered has revealed that its net profit climbed by 29 per cent over the course of 2010 and claimed that it has also enjoyed a positive start to this year.

In its latest round of results, Standard Chartered confirmed that its pre-tax profits stood at $6.1 billion for last year - up from 2009's figure of $5.1 billion - with encouraging growth seen in Asia, the Middle East and Africa.

Speaking to BBC Radio 4's Today programme, chief executive Peter Sands played down concerns that the ongoing political unrest in Libya and some neighbouring countries could impact expansion and profitability over the next few months.

"[This profit] is not really under threat - we still see substantial opportunities for growth in the Middle East. Much of the turmoil is happening in North Africa and we are not present in North Africa," he explained.

Last week, rival Lloyds announced that it had made a pre-tax profit of £4.7 billion ($7.67 billion) in 2010, compared with £1.3 billion in the previous year.

By Asim Shah

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