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Standard Chartered Shines in ME

DUBAI — Standard Chartered recorded a 25 per cent jump in its 2008 operating profit before tax for its regional business in the Middle East and South Asia, the company said on Tuesday.

Shrugging off the gloom surrounding the financial sector, the bank said its global profit rose by 19 per cent in 2008, driven by growth in wholesale banking despite worldwide economic turmoil.

“With a history going back more than 88 years across the Middle East, the bank has a proven and long-standing commitment to the markets in which we operate,” said Shayne Nelson, Standard Chartered’s Regional Chief Executive for the Middle East and North Africa. He said the bank would continue to perform a critical role supporting investment and trade growth within emerging markets.

The bank reported an overall global profit of $3.3 billion, up from $2.8 billion in 2007. Operating income rose by 26 per cent to $13.97 billion, and total assets rose by 32 per cent to $435 billion. Operating profit before tax (OPBT) rose 13 per cent to $4.57 billion, it said.

“We have made a good start to 2009. Wholesale Banking has had a very strong January, above levels seen in the same period last year, and continued to increase market share,” said Peter Sands, Group Chief Executive, Standard Chartered.

Analysts said the results marked an upbeat ending to a series of depressed results from the financial sector, including Royal Bank of Scotland’s record British corporate loss of $33.9 billion last week and HSBC’s announcement Monday it would ask shareholders for £12.5 billion pounds after seeing its profits slump 70 per cent. — issacjohn@khaleejtimes.com