Flip through the latest issue of Gulf Weekly.
Standard Chartered announced another record performance for the first half of 2009 with income rising 14 per cent to $7.96 billion and operating profit before tax of 10 per cent to $2.84 billion.
The group has seen substantial income momentum across markets with four key geographies reporting over $500 million of income each in the first half.
The performance was driven by strong momentum in wholesale banking with income rising 37 per cent, benefitting from market dislocation and volatility leading to market share gains.
Restructuring initiatives in consumer banking began to show early positive results with income falling only three per cent over the second half of 2008 while operating profit increased 11 per cent over the same period.
The board also announced an interim dividend of 21.23 cents per share, up 10 per cent.
Peter Sands, group chief executive, said: "These results show record income and profit performance, characterised by significant momentum over both the first and second halves of last year. Our balance sheet strength is now a source of competitive differentiation helping us win more businesses. We are in the right markets at the right time."
Shayne Nelson, regional chief executive, Standard Chartered MENA, said: "Our continued disciplined approach to our strategy and our focus on Asia, Africa and the Middle East, has enabled us to remain liquid and well capitalised. Standard Chartered's performance in the region has been good and has contributed to our strong Group interim results.
"In the Middle East and North Africa, we have seen a number of record months in the first half of the year and we are well positioned to continue our good momentum in the second half as economies in the region stabilise.
Our focus is to considerably deepen our existing client relationships and our role in the recent Ras Al Khaimah government sukuk issuance is testament to this. We will actively monitor the economy, manage risks and stand by our customers in times of uncertainty."
