Standard Chartered reports 'excellent' start to year

4th May 2011, Comments 0 comments

Asia-focused banking group Standard Chartered said on Wednesday it had made "an excellent start" to 2011 thanks to strong income growth.

"Standard Chartered has enjoyed an excellent start to 2011," the British group's chief executive Peter Sands said in a statement.

"The group has had a strong start to the year, with double digit income growth compared to the first quarter of 2010 and good momentum in both Consumer Banking and Wholesale Banking," Standard added in an earnings update.

Standard Chartered survived the global financial crisis without state assistance and 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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