Standard Chartered profits rocket 29% in 2010
Standard Chartered made a record £2.6bn profit in 2010, largely on the back of the bank's operations in Hong Kong and India.
Quick Sands: The bank's CEO said 'We are well placed in the world's most attractive markets'
Net profit soared 29% and meant the bank, focused on emerging markets, made a record profit for the eighth year running.
That helped it raise its dividend by 9% to 69.15p a share. This morning Standard Chartered shares were up 62p (3.8%) at 1,680p.
The bank's second-half net profit was especially strong, with a 52% rise amid strong growth in emerging markets.
'This is not a bounce-back, or recovery story, but one of consistent delivery and of diverse and sustained growth,' chief executive Peter Sands said.
'We are well placed in the world's most attractive markets, winning market share, growing income and profits, and creating value for our shareholders.'
Standard Chartered is based in London but generates more than 80% of its profit in Asia and other emerging markets.
'We start 2011 strongly with the balance sheet in excellent shape, with good momentum and with volume growth in both businesses. We have had a record January, both in terms of income and profit,' said Sands.
He acknowledged the bank faces 'challenges' from the turmoil in the Middle East, but added: 'Thus far, the challenges here are more about protecting our staff and customers, rather than primarily financial, given that our businesses in the most affected countries tend to be rather small.
'And while rapid political change can be disruptive to business activity in the short term, it can also create opportunities.'
The bank added about 7,000 staff in 2010, a near 10% rise to about 85,000 people.
Rival HSBC Holdings, which reported its own 2010 earnings on Monday, cut its profitability targets because of the cost of tougher banking regulations and plans to cut costs and overhaul other areas after its annual profit fell short of expectations.
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