Echo: Standard Chartered annouce record profits

Liverpool FC sponsor Standard Chartered Bank posted its 10th successive year of record first half profits today.

The bank, which deals mostly in the Asia region, unveiled a nine per cent jump in pre-tax profits of £2.63bn in the six months to the end of June.

It said its operating income, compared with the same time last year, was also up nine per cent, at £6.34bn.

Chairman Sir John Peace described the performance as "another excellent set of results" and said: "Once again, it seems that the world is becoming more uncertain by the day."

But he added: "We have continued to deliver consistent good returns."

And, referring to the row over the Libor rate fixing he said: "In recent weeks, issues have surfaced around governance and behaviour in banking.

"At Standard Chartered we believe it is not just about what we do, but how we do it.

"Our culture and values continue to be a source of strength and a competitive advantage. Strong corporate governance and an obsession with the basics of banking remain key areas of focus for our board."

The bank achieved income growth of 26 per cent in the Americas, UK and Europe, which group chief executive Peter Sands said might seem odd in these economic conditions.

But he explained: "This is not about us drifting into doing domestic business in such markets; it is purely about winning market share in facilitating trade and investment between Europe and the Americas and our core markets.

"We are helping German companies sell cars in China; Indian companies make acquisitions in the UK; and US or French companies raise capital from Asian investors."

Source: Liverpool Echo