Standard Chartered Bank pulls profit up 17%

This surge results to a whopping income of US$1.162 bn.

In a release, Standard Chartered Bank in Singapore delivered a record operating profit of US$546 million for H1 2012, a strong 17% growth from H1 2011; and an income of US$1.162 billion, representing a year-on-year (YOY) growth of 6% from the same period last year. Despite Singapore’s open economy being impacted by challenges in the West, a slowing down in the East and weak investor appetite, the Bank continued to grow its business in Singapore.

Strengths, and significant and continued investments in the business showing good returns. Record income of US$1.162 billion, a growth of 6% YOY Consumer Banking delivered a record income of US$479 million, representing a 8% YOY income growth. Wholesale Banking delivered a record income of US$683 million, up 5% YOY. Record operating profit of US$546 million, a 17% YOY growth.

Wholesale Banking recorded a 30% YOY growth in operating profit. Consumer Banking operating profit was flattish YOY. Expenses were flat at US$588 million due to excellent cost control. Strong and well-managed Balance Sheet with a stable A-D ratio of 83%, and no direct sovereign exposure to Eurozone countries perceived as being troubled. This is the result of having built a resilient platform, capitalising on the Bank’s