StanChart shrugs off Dubai, set for record profit
Thursday, 10 December 2009
LONDON, Dec 9 (Economic Times): Asia-focused bank Standard Chartered said any losses it suffers in Dubai were unlikely to be material and it was on track for a record profit this year.
The London-based bank said Wednesday that in the 11 months to the end of November it had delivered a strong performance with "record levels of income and operating profit before tax".
Income growth has been driven by a "very strong" performance in wholesale banking, offsetting lower income in consumer banking. It expected 2009 income growth to exceed cost growth.
"Our markets are returning to growth as economic conditions improve, although it is still too early to forecast a sustained recovery.
The London-based bank said Wednesday that in the 11 months to the end of November it had delivered a strong performance with "record levels of income and operating profit before tax".
Income growth has been driven by a "very strong" performance in wholesale banking, offsetting lower income in consumer banking. It expected 2009 income growth to exceed cost growth.
"Our markets are returning to growth as economic conditions improve, although it is still too early to forecast a sustained recovery.