Chartered makes good profits from South Asia, Middle East
Standard Chartered PLC has managed to increase its profits in the
Middle East and South Asia region sevenfold over the past 10 years.
The bank has announced that profit before tax for the first half
ending June 30, 2005 was up 20 percent to $1.3 billion, compared
with $1.1 billion in H1 2004.
during the period grew by 19 per cent to $3.2 billion from $2.7
billion while total assets were up 54 per cent to $203.9 billion
from $132.6 billion, a bank statement said.
wholesale banking and consumer banking recorded record profits with
growth rates of 23 percent and 24 percent, respectively. “Eleven
of our geographies now deliver over US$100 million in income,”
said Mervyn Davies, Group CEO. “Profits in the Middle East
and South Asia region, including the United Arab Emirates, have
grown sevenfold over the past 10 years. The momentum in both businesses
remains strong, with income and profit growth across almost all
said the bank had doubled profits and earnings per share in three
years. Commenting on these results, the Chairman of Standard Chartered,
Bryan Sanderson, said: “This is a strong set of results. We
are making good progress. We are on course to achieve our strategic
goals, building on our track record of performance.” So far
this year, the bank has made a number of investments, which include
the purchase of Thailand’s Financial Institutions Development
Fund’s 24.97 per cent shareholding in Standard Chartered Nakornthon
bank also acquired a minority stake in Travelex, the world’s
largest non-bank foreign exchange specialist, bought an 8.56 per
cent minority stake in Asia Commercial Bank in Vietnam, one of the
two joint stock banks in the country; and acquired the commercial
banking business of American Express Bank Limited in Bangladesh.
on the bank’s performance in Sri Lanka, Vishnu Mohan, CEO
Sri Lanka, said: “We are leading the way in product innovation
and value addition to win market share.” The bank has upgraded
and developed channels of customer interface including a new ATM
at Battaramulla and a service centre at Wattala.