Standard Chartered PLC : StanChart : 1Q Operating Profit Posted Low Double-Digit Growth
05/02/2012| 12:39am US/Eastern
Standard Chartered PLC (STAN.LN) said Wednesday it had "a strong start to 2012," with low double-digit operating profit growth in the first-quarter compared with a year earlier.
The U.K.-based, Asia-focused bank said it posted high single-digit income growth in the three months ended March 31, boosted by double-digit income growth across major markets such as Hong Kong, Malaysia, Indonesia, China and regions in the Americas, U.K. and Europe, which more than offset the impact of subdued domestic business sentiment in India, the lender said.
Both consumer banking and wholesale banking divisions posted "good single-digit" income growth in the period, while expenses were growing at a lesser extent than income.
It said it had more new bad-debt charges in the quarter than last year, but they are broadly in-line with expectations, and the bank's capital and liquidity positions were in good shape.
"Macroeconomic sentiment is showing signs of improvement, although there remain clear uncertainties and risks in the global environment," Group Chief Executive Peter Sands said in a statement.
Unlike some of its peers in the U.K., Standard Chartered only issues half-year and full-year earnings reports.
-By Fiona Law, Dow Jones Newswires; 852-2802-7002; email@example.com
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