Standard Chartered posts record income, profit in Q1

08:48, May 05, 2010      

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The London-based Standard Chartered PLC said Tuesday it had "a very strong start to the year " with a record quarter in terms of both profit and income.

In a statement filed to the Hong Kong stock exchange, the British company, which has 90 percent of its earnings coming from Asia, said it remained in excellent shape and was highly liquid, well capitalized and had a firm grip of risks and costs.

The company, however, didn't disclose specific figures on earnings in the statement.

"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," said the statement.

Consumer banking income achieved double-digit growth in the first quarter this year from a year earlier, it said.

Management income continued to improve across a number of geographies including Hong Kong, Singapore and India, said the company.

The wholesale banking had a strong start to 2010 with a record performance in client income, up over 20 percent from a year earlier, contributing over 80 percent of total wholesale banking income, according to the statement.

Shares of Standard Chartered rose 0.57 percent to close at 211 HK dollars (27.2 U.S. dollars). The total market value stood at 428.1 billion HK dollars. (one U.S. dollar equals to 7.756 HK dollars)



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