STANDARD Chartered, the Asian-focused bank and Liverpool FC shirt sponsor, unveiled strong annual progress, driven by its India markets, today.
It said 2011 has also got off to a record start in terms of income and profit for January.
Pre-tax profits for the year in 2010 rose from £3.15bn to £3.75bn, with India contributing more to profits than any other region for the first time in the bank’s history.
Losses on loans and other risks tumbled from £1.22bn in 2009 to £613m for 2010.
Operating income rose to £9.85bn from £9.31bn in 2009 and the bank said its capital ratios are looking healthier following the group’s £2bn rights issue last year.
Loans and advances to customers rose by 22% to £151bn.
Chief executive Peter Sands said today: “What you’re seeing is a very sharp, cyclical slowdown, as a result of collapsing demand in the West. But Asia doesn’t face the same sort of structural de-leveraging that Western economies are going through.”
Group finance director Richard Meddings added: “The bank is in good shape, strongly liquid, well capitalised.”
