StanChart enjoys excellent start
Friday, 6 May 2011
FE Report
Standard Chartered Thursday released its Interim Management Statement (IMS) for the first quarter of 2011. Peter Sands, Group Chief Executive, commented, "Standard Chartered has enjoyed an excellent start to 2011 with good momentum in both businesses. We continue to benefit from the disciplined execution of our strategy and we remain very well positioned in dynamic markets with strong fundamentals." The Group has had a strong start to the year, with double digit income growth compared to the first quarter of 2010 and good momentum in both Consumer Banking and Wholesale Banking. Building on the performance of last year, Consumer Banking is making a larger relative contribution to Group profit than in the comparable period of 2010, as it continues to make progress in its strategic repositioning. "We are maintaining a firm grip on expenses, with headcount levels at the end of the first quarter slightly below the level seen at the end of 2010. Expenses are broadly in line with the run rate seen in the second half of 2010. Whilst cost income jaws are negative when compared to the first quarter of 2010, they are significantly narrower than seen for the full year 2010," a StanChart statement added. The Group is in excellent shape, highly liquid and very well capitalised. We are continuing to see good asset and liability growth, albeit at a slower pace than seen for the full year 2010. Risk Weighted Asset growth remains controlled in the first quarter of 2011. Consumer Banking has built on the income momentum seen throughout the prior year and has delivered low double digit growth on the first quarter of 2010.
Standard Chartered Thursday released its Interim Management Statement (IMS) for the first quarter of 2011. Peter Sands, Group Chief Executive, commented, "Standard Chartered has enjoyed an excellent start to 2011 with good momentum in both businesses. We continue to benefit from the disciplined execution of our strategy and we remain very well positioned in dynamic markets with strong fundamentals." The Group has had a strong start to the year, with double digit income growth compared to the first quarter of 2010 and good momentum in both Consumer Banking and Wholesale Banking. Building on the performance of last year, Consumer Banking is making a larger relative contribution to Group profit than in the comparable period of 2010, as it continues to make progress in its strategic repositioning. "We are maintaining a firm grip on expenses, with headcount levels at the end of the first quarter slightly below the level seen at the end of 2010. Expenses are broadly in line with the run rate seen in the second half of 2010. Whilst cost income jaws are negative when compared to the first quarter of 2010, they are significantly narrower than seen for the full year 2010," a StanChart statement added. The Group is in excellent shape, highly liquid and very well capitalised. We are continuing to see good asset and liability growth, albeit at a slower pace than seen for the full year 2010. Risk Weighted Asset growth remains controlled in the first quarter of 2011. Consumer Banking has built on the income momentum seen throughout the prior year and has delivered low double digit growth on the first quarter of 2010.