Standard Chartered announced a growth in both income and profits for the first half of 2013 with a total group income of $9.75 billion, up four per cent from the previous year.
The strong performance was driven by growth in consumer banking revenues and an increase in Q2 income in wholesale banking.
Meanwhile Standard Chartered UAE’s income recorded single digit growth in the first half while pre-tax profit rose 56 per cent on lower loan impairment and an improving economic environment.
“The UAE economy continues to recover with a strong growth in trade and tourism, as well as sizeable planned government spending in the next few years,” said Sir John Peace, chairman of Standard Chartered.
Consumer banking income rose seven per cent to touch $3.68 billion while wholesale banking income was up two per cent amounting $6.07 billion. Client income too was up by six per cent in the first half.
Around 17 markets achieved double-digit income growth while 25 markets delivered income over $50 million.
“We have a strong balance sheet and ample liquidity. We have entered the second half of the year with good momentum and the board remains confident for the long term,” said Sir Peace.
The bank’s balance sheet has an asset to deposit ratio and liquid asset ratio of 76.6 per cent and over 28 per cent respectively with Core Tier 1 capital ratio standing at 11.4 per cent.
Standard Chartered makes about four-fifths of its earnings in Asia and the Middle East. According to the bank’s 2012 annual report, Middle East and South Asia markets contributed around 11.7 per cent of Standard Chartered’s $19.07 billion of operating income last year.
Recently Standard Chartered hired Sarmad Lone, an ex Morgan Stanley executive to help boost the bank’s business with top international companies in the Middle East and North Africa region.
Lone has joined the bank as its regional head for global corporates for Middle East, North Africa and Pakistan (MENAP).