Standard Chartered Bank group first half profit has scaled up to 17 per cent at US$3.64 billion. Standard Chartered Bank group chief executive officer Peter Sands said income has climbed to 11 per cent representing US$8.76 billion with strong momentum across products and market.
The group produced diverse and resilient income growth across a number of products and geographies, driven by recent investment in new products capabilities and income streams.
Addressing Journalists through a teleconference in Lusaka yesterday, Mr Sands said income growth was underpinned by a highly liquid, well funded and growing balance sheet, while the bank at the same time maintained strong cost control.
"With rapidly developing trade and investment flows across our footprint, allied to a fast growing middle class, Standard Chartered Bank sees strong opportunities for further organic growth across Asia, Africa and Middle East," Mr Sands said.
He said the group continues to focus on the strength of the balance sheet in order to support organic growth.
The bank will support the customer, while ensuring that it was well insulated from macro-economic and regulatory uncertainty.
"We have grown customer deposits and lending, as we take market share across as wide range of products despite increasing competition in a number of markets," he said.
Mr Sands said customer deposit grew by 19 per cent or US$343 billion, with advances deposits ratio remaining strong at 78.1 per cent.
The group continues to be highly liquid, with US$150 billion of cash or near cash assets, while we have no sovereign debt exposure to Portugal, Ireland, Italy, Greece or Span.
He said the bank continues to support economic growth and development across markets, with total lending climbing by 22 per cent and lending to small and medium entrepreneurs'(SMEs) up 38 per cent.
"At a group level, loan impairments fall by six per cent to US$412 million, driven by further significant falls in consumer banking loan impairments of 29 per cent year on year," Mr Sands said.
He said wholesale banking loan impairments of 29 per cent to US$201 million in the same period.