Money & Banking

StanChart operating profit grows by mid single digit

PTI London | Updated on March 12, 2018 Published on October 30, 2012

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Standard Chartered Plc today said the group’s operating profit has grown at a mid single digit rate in the first nine months of this year driven by good momentum across its businesses and geographies.

However, the company did not provide details.

According to its Interim Management Statement, the year to date income grew at “a mid single digit rate”, maintaining the trajectory seen in the first half of 2012 driven by the strength of the dollar against Asian currencies.

“Standard Chartered has continued to perform strongly in the third quarter of 2012. Although the environment remains turbulent, we are in the right markets and continue to see good momentum across our businesses and geographies,” Standard Chartered Group Chief Executive Peter Sands said in a statement.

Geography-wise, Hong Kong, China, Indonesia and the Americas, UK and Europe region have delivered strong performances, it said.

The robust performance of Standard Chartered in these geographies has more than offset the continued currency weakness impacting India’s growth, a slowdown in Singapore’s wholesale banking business and a muted consumer banking performance in Korea, the statement added.

“We manage the Group conservatively with costs controlled tightly and risk well managed. Our balance sheet philosophy remains a source of competitive advantage with a focus on diversity, high levels of liquidity and a strong capital position,” Sands said.

The Interim Management Statement, excludes the impact of the UK bank levy but includes a payment of $340 million made to the New York State Department of Financial Services (NY DFS).

Excluding the NY DFS settlement, the Group’s operating profit for the year to date has grown at a double digit rate, the statement said.

“We continue to see growth on both sides of the balance sheet with inflows of deposits and continued disciplined loan growth highlighting the strength of our franchise,” the release said adding that the “advances to deposit ratio remains strong and was below 80 per cent at the end of the third quarter.”

Published on October 30, 2012
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