Standard Chartered has “very strong start to year”

| May 4, 2010

London-based bank Standard Chartered today announced record first quarter profits and income.

The bank, which has a strong presence in Asia, said wholesale banking showed robust results in the three months ending 31 March.

In wholesale banking, which includes advisory, trade finance and other investment banking business, client income was up by more than a fifth compared with the same three month period earlier, and contributed more than 80% percent of the wholesale income.

The bank has weathered the downturn better than many of its rivals due to strong capital and liquidity and said it 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.”

The bank has been led by chief executive Peter Sands for more than three years and last month, he pledged to donate his £2.1 million bonus to charity.

In related news, last year the bank announced it is be the main sponsor of Liverpool Football Club.

The £80 million agreement, which is a four-year deal, will see the famous red shirts emblazoned with the bank’s name from July 2010.


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