Standard Chartered posts 'strong' year-to-date profit

30 October 2012

Standard Chartered has achieved a "strong" operating profit so far in 2012, despite ongoing difficulties in the banking industry.

In the international financier's interim management statement for quarter three released this morning (30 October), the firm revealed it experienced a "mid single digit" rate of profit growth in the nine months ending on 30 September.

The bank also indicated that its operating profits would have been in the "double digit" range, but this was prevented by the payment of $340 million it made to the New York State Department of Financial Services to settle a probe launched into alleged money laundering in Iran.

Standard Chartered went on to note that its performance this year has been good, even though the global economy and the rate of expansion in Asian countries is slowing.

Peter Sands, group chief executive at the bank, observed: "Our balance sheet philosophy remains a source of competitive advantage with a focus on diversity, high levels of liquidity and a strong capital position."

By Gary Cooper

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