Standard Chartered enjoys 'strong' start to 2012

2 May 2012

Standard Chartered enjoyed a buoyant start to 2012 thanks to the solid performance of all aspects of its business.

According to the bank's Interim Management Statement for the first quarter of they year released today (2 May), the group posted a "strong" opening three months by recording "high single digit income growth" in comparison to the corresponding time in 2011.

The lender put this down to "good income progression" in the early stages of the year, but also admitted its expansion had been restricted by the continued strength of the US dollar against its Asian counterparts.

Nevertheless, it still achieved diverse double digit income growth in regions such as the UK, the US, China and Malaysia, which offsets its subdued performance in India, the report noted.

Peter Sands - chief executive of Standard Chartered, which has more than 87,000 staff globally - commented: "We continue to benefit from the disciplined execution of our strategy and are very well positioned in dynamic markets with strong fundamentals."

By Gary Cooper

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