Lending & deposits grow at Standard Chartered

published 30 October 2012

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.

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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.