Standard Chartered reports record H1 operating profit
by Richard Kilner
Standard Chartered PLC has announced its financial results for the first half of the year, including a record pre-tax operating profit of £3.12bn.
During the first half of 2010 both earnings per share and dividends per share have risen by 10%.
The bank’s core tier 1 capital ratio has risen to 9%, with total capital remaining on 15.5%.
Standard Chartered also increased lending to SMEs, a politically charged area, by 7% in the first half of the year, following a 14% rise in 2009.
Wholesale banking, which comprises 81% of income, saw profits increase by 10% although total income remained flat with 2009.
Consumer banking saw profits increase, year-on-year, by 85%, with mortgages and auto finance income up 35% compared to the same time last year.
Group Chief Executive Peter Sands has hailed the record results as a continuation of Standard Chartered’s excellent performance over recent years.