Wednesday, August 4, 2010

StanChart H1 net profit up 11%

KUALA LUMPUR: Standard Chartered Bank announced its net profit in the first half ended June 30, 2010 had risen 11% to US$2.098 billion, up 11% from US$1.88 billion a year ago, boosted by significantly reduced impairment provisions.

The bank reported on Wednesday, Aug 6 that operating income was broadly flat at US$7.924 billion from US$7.960 billion in 1H 2009, but up 10% from US$7,224 million in 2H ended Dec 31, 2009.

StanChart said normalised income rose 3% to US$7.91 billion from US$7.704 billion in 1H 2009 (2H 2009:
US$7.210 billion)

Total assets increased by 17% to US$481 billion from US$411 billion in 1H 2009 (2H 2009: US$437 billion).

Among the highlights of StanChart's financial performance were its broad-based performance, with profit before taxation of US$3.116 billion, up by 10 per cent on 1H 2009 and up 35% on 2H 2009.

"Significantly reduced impairment provisions, driven by disciplined and proactive approach to risk. Raised over $4 billion of lower Tier 2 and senior debt, prefunding all maturity requirements of 2010 and leaving minimal refinancing obligations over next few years," it said.

No comments:

Post a Comment