Tags: Standard | Chartered | Profit

Standard Chartered Profit to Rise by Double Digits

Tuesday, 28 Jun 2011 08:59 AM

Standard Chartered said income growth caught up with cost growth in the first half of this year, as belt-tightening helped reverse more than a year of expenses outpacing profit.

The Asia-focused bank also expected profit before tax to rise by a double-digit figure in the first half of the year, helped by strong growth in Singapore, Hong Kong, Malaysia, China and Indonesia, it said in a statement to the Hong Kong stock exchange.

London-based StanChart makes more than four-fifths of its profit from Asia, and has been trying to keep costs under control by cutting staff as banks in the region battle to hire and retain talent.

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Standard Charteredsaid income growth caught up with cost growth in the first half of this year, as belt-tightening helped reverse more than a year of expenses outpacing profit. The Asia-focused bank also expected profit before tax to rise by a double-digit figure in the...
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