Update: Standard Chartered profits jump, positive on Asia

LONDON - Standard Chartered, the emerging markets bank, said on Tuesday that its net profits jumped a fifth to US$3.41 billion in 2008, leaving it well-placed to tackle the Asia slowdown.

Despite the lift in profits after tax, Standard Chartered was not immune to rising bad debts linked to the credit crisis, as it wrote off US$1.79 billion in 2008, more than double the amount of US$818 million in 2007
Despite the lift in profits after tax, Standard Chartered was not immune to rising bad debts linked to the credit crisis, as it wrote off US$1.79 billion in 2008, more than double the amount of US$818 million in 2007.

'To deliver record results in this exceptional environment is a great achievement,' the bank's acting chairman John Peace said in the group's earnings statement.

Chief executive Peter Sands said the best way to continue delivering shareholder value was through Standard Chartered's 'rigorous focus on Asia, Africa and the Middle East' in addition to a 'prudent approach to liquidity and capital' and 'continued discipline in cost and risk management'.

Mr Sands said Asian banks were far better placed to withstand the financial crisis than their Western peers that are losing billions of dollars because of the credit crisis and issuing new shares to boost capital.

Full Article :Business Times