Standard Chartered reports 31% rise in profit

by Gill Montia

Story link: Standard Chartered reports 31% rise in profit

Standard Chartered has posted a 31% rise in pre-tax profit for the six months to the end June, to $2.5 billion.

During the first half of the year, operations in Hong Kong (the bank’s biggest market) recorded a 28% rise in pre-tax profit, while for India pre-tax profit rose by 89%, to $606 million.

Singapore saw a 55% rise, to $317 million; the Middle East, 34% to $386 million and Africa, 41% to $157 million.

The bank’s chairman, Mervyn Davies, described the group’s performance across Asia, Africa and the Middle East as strong and commented that its focus on emerging markets had put it ahead of its competitors in these regions.

Asian growth is expected to moderate but Mr Davies believes the business is well placed to continue building its market share.

In Europe and the US, the bank made a first-half loss of $250 million, compared with a $32 million loss in the same period of 2007.

Around $130 million was written down on investments in asset-backed securities.

Standard Chartered has announced an 11% rise in its interim dividend, to 25.67 cents per share.