Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
1st July 2011
StanChart double digit profit increase forecast
In the Standard Chartered trading update Peter Sands, Group Chief Executive, commented, "Standard Chartered is on course to deliver another strong first half. We anticipate delivering cost growth broadly in line with income growth for the first six months of 2011. The credit environment remains benign across Asia. We are advantaged by a very strong balance sheet which remains highly liquid, very well capitalised, diverse and conservative; and are capturing increasing levels of business from our markets across Asia, Africa and the Middle East."
The bank went on to say that as at the end of May income and profit were showing double digit growth over the comparable period in 2010.
It is interesting that Standard Chartered notes a fall in income in India compared with a year ago. There have been increasing signs of a slow down in India for all banks. It also notes that African growth 'is muted'. These particular slowdowns being more than countered by the Middle East and Asia-Pac.
Impairments are expected lower and NIM steady compared with the previous period. The bank reports no exposure to sovereign debt in Southern Europe. The bank is liquid and a net lender to the interbank market. The deposit base is still increasing all be it at a slower pace than previous.
The bank reports wealth management business particularly strong.