StanChart’s income reaches a record US$1.094b

The bank's operating profit also increased 11% to a record US$465 million in the first half of 2011.

According to a release, Standard Chartered Bank in Singapore delivered a record income of US$1.094 billion for H1 2011, representing a strong growth of 20% year-on-year. The Bank’s half year income, which crossed the US$1 billion mark for the first time, was driven by outstanding double-digit customer income growth.

Standard Chartered Singapore H1 2011 Key Financial Highlights:
• Record income of US$1.094 billion, a strong growth of 20% year-on-year

• Consumer Banking delivered a record income of US$445 million, representing a strong 34% year-on-year income growth
• Wholesale Banking delivered a record income of US$649 million, up 12% year-on-year

• Outstanding double-digit customer income growth year-on-year for both businesses: 34% growth for Consumer Banking; 38% growth for Wholesale Banking.
• Record operating profit of US$465 million, a 11% year-on-year growth

• Consumer Banking recorded a strong 30% year-on-year growth in operating profit
• Wholesale Banking operating profit was flattish year-on-year

• Expenses grew by 22% year-on-year as a result of flow-through expenses from past investments made to upscale talent and capabilities; enhance marketing and sales to capture market share; and build processes and infrastructure.
• Strong and well-managed Balance Sheet with year-on-year assets growth of 24%, liabilities growth by 24%, strong CASA growth of 21% and a stable A-D ratio of 79%.