Banking

Standard Chartered's Income Increases by 26%

VIVAnews - Standard Chartered PLC had in 2008 recorded revenue increase by 26 percent to US$13.97 billion.

Standard Chartered gained profits before tax by 13 percent to US$4.57 billion.

Standard Chartered Group Chief Executive Peter Sands said almost 80 percent of income growth acquired from company's organic growth. "This is an achievement obtained amidst the difficult economic situation, especially on the second half of 2008," he said on Tuesday, March 3.

Peter said during the first half of 2008, the company managed to have strong economic growth in various main markets across the globe. However, by the second half of 2008, the company was affected by the global crisis.

Standard Chartered recorded increase in its number of customers by 31 percent in 2008.

The success was supported by such sound liquidity as the improved company's financial balance. In addition, the rights issue announcement carried out in December had improved the group's liquidity.

According to Sands, most of Standard Chartered's offices had fine financial performance. Seven out of nine offices earned more than US$1 billion of income during 2008.

Singapore gained profits before tax by 67 percent; India by 37 percent; Middle East and South Asia by 25 percent; Korea by 10 percent and Africa by 5 percent.

Hong Kong recorded income decrease by 15 percent in the second half of 2008.

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Translated by: Bonardo Maulana Wahono

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29 Maret 2024