Standard Chartered says full-year profits up
by Elaine Frei
UK-based bank Standard Chartered (LS: STAN; SEHK: 2888) has revealed its full-year report, showing profits were up by 19 percent in 2006. The bank, which focuses its efforts on emerging markets, says that the increase was due to growth in Korea as well as expansion into new markets, including China.
The bank said it made $3.18 billion before taxes last year, about what analysts had expected, and that it assets were up by 24 percent to $266 billion. Operating income was up from $6.86 billion to $8.6 billion. During presentation of the results, chief executive Peter Sands said that they look for more growth in 2007 with opportunities for that in its markets in Asia, Africa, and the Middle East. He also announced that its 2006 dividend would be at US 71.04 cents, up 11 percent.
Still, by mid-afternoon in London, shares in Standard Chartered were almost 4 percent lower amid widespread sell-offs.
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