Standard Chartered bank posts rising income, profits

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Asia-focused emerging markets bank Standard Chartered said on Wednesday that income and profits grew in the first nine months of the year despite tough trading conditions.

"Income in the first nine months of 2011 has grown by a high single digit percentage over the first nine months of 2010," the London-listed lender said in a trading update.

"Over the same period, operating profit before tax grew at a double digit rate," it added.

Standard Chartered added that it predicts double-digit increases in both revenue and pre-tax profit for the whole of 2011.

"The group has continued to perform well in the third quarter of 2011 with income momentum across a broad spread of products and geographies," said chief executive Peter Sands.

"Despite recent macroeconomic events, our markets continue to exhibit strong growth and their growth credentials remain intact."

© 2011 AFP

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