Standard Chartered delivers record first half profit

4 August 2010

Standard Chartered has delivered record first half pre-tax profits of $3.12 billion.

The figure is ten per cent up on the same period last year and 35 per cent higher than the amount recorded in the second half of 2010.

Peter Sands, group chief executive of Standard Chartered, said: "This is not a bounce back [or] a sharp recovery in profits; it is simply another set of record results, continuing a trajectory that now extends over more than seven years."

He added that the bank and its operations have good momentum at the moment, but said Standard Chartered will remain "extremely watchful" about the overall global economic outlook.

Nevertheless, Mr Sands stated the financial institution is in great shape and is in an excellent position for the future.

In June, Standard Chartered announced it was going to invest $500 million in the Agricultural Bank of China's initial public offering in Hong Kong.

By Claire Archer

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