Standard Chartered bank says first-half profits rise 9.5 pct
British bank Standard Chartered said Wednesday that net profits rose 9.5 percent in the first half of 2010, as bad debts more than halved at the emerging markets group.
Profits after tax climbed to 2.181 billion dollars (1.649 billion euros) in the six months to the end of June, which compared with 1.991 billion dollars in the same part of 2009, the lender said in a results statement.
Loan impairment losses fell sharply to 437 million dollars in the first half, compared with 1.09 billion dollars last time around.
The group, which derives more than 90 percent of its income from emerging markets, added that pre-tax profits increased to 3.12 billion dollars, up from 2.84 billion, in line with market expectations.
"We continued our strong performance in the first half of 2010 and both of our businesses have had an encouraging start to the second half," said chairman John Peace in comments accompanying the release.
"Despite the regulatory and economic uncertainties, our focus on the basics of banking will continue to hold us in good stead. Standard Chartered remains in excellent shape."
© 2010 AFP