Standard Chartered Bank Reports Robust Performance

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Last updated at: (Beijing Time) Thursday, June 26, 2003

Standard Chartered Bank Reports Robust Performance

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Standard Chartered, one of Hong Kong's three note-issuing banks, has reported positive progress in the first few months of 2003, despite the uncertainties in the global economy, the impact of the Iraqi war and the outbreak of SARS.

Standard Chartered, also one of the oldest banks in Hong Kong, said in a press release on Wednesday that its overall trading performance to date has been "robust."

While its consumer banking is achieving good revenue and earnings growth outside Hong Kong, the bank continues to make progress in addressing the challenges posed by the personal bankruptcy situation in Hong Kong.

The bank said the severe acute respiratory syndrome (SARS) has had some impact on the Hong Kong economy, which will probably lead to some deterioration in the banking industry's overall consumer credit quality in the second and the third quarter.

However, wholesale banking is achieving good revenue growth, notwithstanding subdued asset demand and strong liquidity in Asia, it said.

Mervyn Davies, group chief executive of Standard Chartered, remarked, "although the trading environment remains challenging, we are very pleased with the positive progress in our financial performance. We will continue to be focused on delivering our management agenda and sustaining investments in our strategic growth opportunities."

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