Standard Chartered records 8% profit rise in 2012

6 March 2013

Standard Chartered recorded a higher level of income last year as its restructuring plans began to take effect.

The major British bank's annual results for 2012 have showed that its total income rose to $19.07 billion throughout the 12-month period - an improvement of eight per cent on the figure registered in 2011.

According to the financier, 26 of its markets delivered income streams in excess of $100 million, with its wholesale and consumer banking divisions posting increases of nine per cent and six per cent to $11.78 billion and $7.2 billion respectively.

In addition, Standard Chartered also made progress towards meeting the requirements of the incoming Basel III regulations, as its core tier 1 capital ratio hit a level of 11.7 per cent.

Sir John Peace, chairman of the bank, commented: "Standard Chartered remains a growth story … we are entering the new year with strong momentum in both of our businesses and the board remains confident for the year ahead."

By Gary Cooper

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