Standard Chartered says makes 'strong start' to 2010

4th May 2010, Comments 0 comments

Asia-focused bank Standard Chartered revealed Tuesday that it made a "strong start" to the year and enjoyed record levels of profit and income in the first quarter of 2010.

"Overall, the group has had a very strong start to the year, despite margin headwinds and increasing competitive pressures, with a record quarter in terms of both profit and income," the London-based bank said in a trading update.

It added: "The group remains in excellent shape, is highly liquid, well capitalised and has a firm grip of risks and costs."

Standard Chartered meanwhile made no further bad debt charges during the first quarter, or three months to March 31.

"Asset quality in the corporate loan book remains good with no material new impairments charged in the period," the bank said.

"Early alert indicators are consistent with the year-end position, having fallen substantially from the peak levels seen in March 2009, and are not showing any particular industry or geographic concentration."

© 2010 AFP

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