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09th of August 2011
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Standard Chartered reports rise in H1 profits

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by Kay Mitchell

London-based emerging markets bank, Standard Chartered, has today posted half-year pre-tax profits of $3.6 billion (£2.2 billion) – a rise of 17% compared with the same period a year ago.

The figures represented its ninth consecutive first half of record profits and beat expectations of $3.47 billion.

The bank, which has a strong presence in Asia, said profits were higher in all of the markets in which it operates, apart from its largest, India, where profits were 5% lower.

Profits were 23% higher in Hong Kong, 34% in Singapore, 14% in South Korea and 19% in China.

Sir John Peace, the bank’s chairman, said: “The group’s strong performance in the first half of 2011 should be seen in the context of the ongoing economic uncertainties, particularly in the West, and the sustained global regulatory upheaval.

“Standard Chartered has had a strong start to 2011 and this momentum has continued into the second half,” he added.

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News posted: August 3, 2011

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