Standard Chartered bank posts record profits
LONDON; Emerging markets bank Standard Chartered posted record first-half profits on Tuesday and said it would issue new shares to raise one billion pounds to fund growth.
Pre-tax profits surged 9.7 percent to a record 1.765 billion pounds in the six months to the end of June, compared with 1.526 billion in the same part of last year.
The group added in a results statement that net profits rose 5.5 percent to 1.111 billion pounds.
"We have achieved record results through our disciplined management approach and the diversity of our business and markets in Asia, Africa and the Middle East," said Chairman John Peace in the earnings release.
"I believe that the Bank has a very clear and focused strategy and we have no intention of deviating from this.
"Our strong levels of capital and liquidity have given us a competitive advantage and our decision to raise further capital today will reinforce this and support our future growth."
The bank also revealed that revenues soared 13.9 percent to 4.69 billion pounds, but bad debts more than doubled to 642 million.
Peace added: "These remain testing times for banks and we remain cautious about the near term global economic outlook."