Maravi

Strong liquidity enables us to continue building market share – StanChart

Strong liquidity enables us to continue building market share – StanChart
By Chiwoyu Sinyangwe
Fri 05 Mar. 2010, 04:00 CAT

STANDARD Chartered Plc has announced a seventh successive year of record income of US $15.18 billion and operating profit before tax of US $5.15 billion last year despite adverse effects of the global economic crisis.

Standard Chartered Plc, which trades in the country as Standard Chartered Zambia Plc stated that the results demonstrated the underlying strength and momentum across its markets and businesses, despite the ongoing adverse global economic conditions.

“Our strong liquidity and capital position enabled us to continue building our market share across our footprint, generating positive business momentum as we enter 2010,” Standard Chartered Plc stated.

“2009 delivered strong and diversified profit and income growth across our markets in Asia, Africa and the Middle East. Five markets delivered income of over $1 billion, with India and Hong Kong also delivering over $1 billion in operating profit before tax (OPBT).”

Standard Chartered Plc stated that wholesale banking continued to demonstrate strong business momentum with significant increases in both client and own account income growth, while consumer banking saw a strong upturn in performance during the second half of the year.

“Throughout the tough environment, Standard Chartered has continued to provide support for its customers and corporate clients, significantly increasing lending and other forms of support across our markets,” stated Standard Chartered Plc. “2009 total lending climbed by 13 per cent US billion to US $250 billion. We helped many more of our customers buy their own homes, increasing our mortgage lending by nearly 21 per cent to US $58 billion. We helped small and medium enterprises start up and grow with an extra 14 per cent increase in lending to more than US $13 billion.”

Standard Chartered Plc stated that it continued to focus on the basics of good banking, keeping a tight grip on costs and risk control and maintaining a liquid and conservative balance sheet.

Labels: BANKING, STANCHART

posted by MrK @ 8:47 AM