Standard Chartered profits surge 13%

| March 3, 2010 | 0 Comments

London-based bank Standard Chartered today announced a rise in pre-tax profits - meeting analysts expectations.

The bank, which has a strong presence in Asia, said pre-tax profits in 2009 were £3.4 billion ($5.15 billion), a rise of 13% on 2008 figures.

Meanwhile, revenue was up 9% to £10.14 billion ($15.18 billion).

However, while many other banks have opted not to take their multi-million pound bonuses this year, the bank said it was in the “interests of the business” to pay out bonuses.

“2009 was the seventh successive year of record income and profits,” Standard Chartered chairman John Peace said.

The bank, which has been led by chief executive Peter Sands for more than three years, said it had “concluded that it is in the interests of the business and our shareholders to reward the management team for yet another successful year and to retain top talent in these fiercely competitive markets”.

The bank has weathered the downturn better than many of its rivals due to strong capital and liquidity and said this year had started “very strongly” and was ahead of a year ago.

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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