Standard Chartered

Standard Chartered reported that its income growth leveled up with cost growth in the first half of this year as its austerity policy helped it evade more than a year of expenses outpacing profit.

The bank expected profit before tax to rise by a double-digit figure in the first half of the year, helped by strong growth in Singapore, Hong Kong, Malaysia, China and Indonesia, it said in a statement to the Hong Kong stock exchange.

In a move to cut costs the bank decreased its workforce in the region.
 

airtel Africa, Standard Chartered Bank and MasterCard Worldwide have partnered to launch first virtual card that will reside on a mobile phone. The new payment method dubbed as airtel 1time Shopping Card will further promote mobile commerce in Africa.

Using their mobile phones airtel Africa customers in Kenya will be able to make online purchases from MasterCard merchants around the world.

Standard Chartered is replacing Research in Motion’s BlackBerry smartphones for Apple’s iPhone devices. The move is expected to result in thousands of its bankers switching to the Apple device for business communication on the go. According to the reports cited by Reuters, Standard Chartered in Asia says London-based company allows corporate BlackBerry users to choose whether they want to switch to the iPhone or not.

As it became known HSBC’s and Standard Chartered’s CEOs intend to provide charity with their bonuses.

Michael Geoghegan chief executive of HSBC would accept his bonus but give it to several charities. Geoghegan stands to be awarded a bonus of four times his basic salary of 1.1 million pounds (or $1.68 million).

At the same time, Peter Sands, head of Standard Chartered, planned to donate his bonus to charity as well.

According to the Monday media report, last week India's Reserve Bank endorsed Standard Chartered PLC, the largest foreign bank operating in India, to list on the nation's main stock exchange, letting Standard Chartered move closer to becoming the first foreign company to list in Mumbai using Indian depositary receipts. 

 Thus, India's central bank approved the deal, making the London and Hong Kong-listed Standard Chartered among the first in line to sell shares in India under new rules set out in late July that apply to foreign firms.

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.