Standard Chartered reveals 17% profit rise

On Tuesday Standard Chartered, that does most of its business in Asia and has become the second-biggest UK-listed bank, unveiled a 17% rise of its annual net profit that appears to be a good start for 2009. The bank said that both its wholesale and consumer banking businesses focused on increasing deposits during the year and that it has been a net lender into the inter-bank market. 

In 2008 bank’s net profit rose to $3.3 billion compared with $2.81 billion of the previous year, that was slightly ahead than the forecasted $3.2 billion. 

As other European banks posted modest gains following Monday's heavy losses, shares of the group climbed 7.2% on Tuesday. Operating revenue for the year increased 26% to $13.97 billion and the group said its total dividend payout would increase by 3% to 61.62 cents a share. 

CEO of Standard Chartered Peter Sands said the bank will continue to focus on managing its balance sheet and liquidity, noting that deposits in Hong Kong had increased by 31% last year to $64 billion. According to his opinion, recovery in consumer banking depends on general levels of consumer confidence.