Standard Chartered expects double-digit profit growth

28th June 2011, Comments 0 comments

Asia-focused banking group Standard Chartered said on Tuesday it expected double-digit growth in pre-tax profits for the first six months of 2011.

"We anticipate double digit growth in profit before tax" compared with the first half of 2010, the British bank said in a trading update covering the six months to the end of June.

It added that weaker income in India has been offset by "very strong performances" elsewhere in Asia, including in China, Hong Kong and Singapore.

Standard Chartered, which survived the global financial crisis without state assistance, has a strong footprint across emerging markets.

Its 2010 net profit soared by almost a third to $4.2 billion as it delivered a record performance for an eighth successive year.

© 2011 AFP

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