03 Mar '11, 2pm

StanChart reports record profit for Singapore operations

StanChart reports record profit for Singapore operations

SINGAPORE : Standard Chartered bank has reported a record profit before tax of S$978 million for its Singapore operations for the year ended December 2010. This is a one per cent increase from last year and the bank said this is due to its continued investment in Singapore. The British-based bank also registered record income of S$2.4 billion and this is driven mainly by growth in its consumer and wholesale banking business. Income from the bank's consumer banking business grew 17 per cent to S$992 million last year. Meanwhile, StanChart's income from its wholesale banking arm rose 6 per cent to S$1.38 billion. Stanchart also said it has contributed around 40 per cent of the industry's growth in credit card balances last year. Card balances in Singapore grew by S$742 million between December 2009 and December 2010. Standard Chartered contributed around 40 per cent of this ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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