Of Special Interest
4th November 2011
Standard Chartered profits continue upwards
Standard Chartered bank issues a trading update on the quarters which contains no precise figures. The latest update reports 9 month income up by a high single digit figure and the quarter's income significantly higher than a year ago. For the 9 months profit is up by a double digit amount with no mention of profit growth for the quarter.
Consumer and Transaction banking has shown double digit income growth and Corporate Finance is said to be higher than for 2010 Q3. Principal finance " has been affected by the uncertain market environment". Income geographically is said to be good in most regions with the exception of India which has seen a slowdown and Korea which is described as remaining muted. Alternative sources reported income from India down 14% in the first 9 months.
The bank is unusual in continuing to increase staff number in order to take advantage of current opportunities. The bank is not exposed to Eurozone sovereign debt. With a Loan to Deposit ratio of 80% the bank is not reliant on the wholesale markets. Cost to income ratio is reported improved.