Lending & deposits grow at Standard Chartered

Standard Chartered, the bank focused on emerging markets, continued to see good momentum across its businesses and geographies in the third quarter.

Standard Chartered, the bank focused on emerging markets, continued to see good momentum across its businesses and geographies in the third quarter.

In the year to date, income grew at a high single digit percentage rate, maintaining the trajectory seen in the first half of 2012. Income has continued to be affected by the strength of the US dollar against Asian currencies, with year to date income growing at a double digit rate on a constant currency basis.

The group, which recently reached a $340m settlement with the New York State Department of Financial Services over breaches of US sanctions against Iran, continues to engage with the other US agencies on their review of the group's historical US sanctions compliance.

The group's operating profit for the year to date has grown at a mid-single digit rate, or at a double digit rate excluding the New York settlement.

"Lending and deposits have both increased over the last three months as we continue to support our customers and clients," revealed Peter Sands, Group Chief Executive.

"We manage the group conservatively with costs controlled tightly and risk well managed. Our balance sheet philosophy remains a source of competitive advantage with a focus on diversity, high levels of liquidity and a strong capital position," Sands claimed.

JH

Recommended

How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.7%, but can you trust it to deliver?
Share tips

Persimmon yields 12.7%, but can you trust it to deliver?

With a dividend yield of 12.7%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate a com…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022

Most Popular

Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022