Standard Chartered issues positive trading statement

| June 28, 2010 | 0 Comments

In a trading update today, London-based Standard Chartered bank said it is on target for a strong performance for the half-year ending June 30.

Standard Chartered has weathered the downturn better than many of its rivals due to strong capital and liquidity and recently said it has had a “very strong start to the year despite margin headwinds and increasing competitive pressures.”

However, the bank, which has a strong presence in Asia, said economic uncertainty had resulted in a weakening in client demand.

Chief executive Peter Sands said: “Standard Chartered is tracking towards another strong performance in the first half of 2010, continuing our record of consistent delivery for shareholders.

“Economic conditions continue to improve across our geographies and business activity levels are increasing, although recent market volatility has had some impact on sentiment,” he added.

Shares in the bank are up 11% this year and are only 6% below their record high seen in March.

Growth at the bank has been fuelled by its wholesale division, which includes investment banking services and accounted for around 80% of group earnings last year.

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 next month.

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