Standard Chartered delivered low double digit growth in operating profit in the first quarter this year over the same period of 2011.

Peter Sands, Group Chief Executive, while releasing Interim Management Statement (IMS) for the first quarter of 2012 said, “Standard Chartered has had a strong start to 2012, with good performances across a broad spread of geographies and products.

“We continue to benefit from the disciplined execution of our strategy and are very well positioned in dynamic markets with strong fundamentals. We are in excellent shape; we are a growth company and are differentiated by our liquidity and capital strength.”

“Macroeconomic sentiment is showing signs of improvement, although there remain clear uncertainties and risks in the global environment,” he said.

The Group’s first quarter performance builds on the excellent momentum seen at the end of 2011 with good income progression in both businesses over the comparable period. Income growth has, however, been impacted by the continued strength of the US dollar against Asian currencies in the first quarter, as indicated at the time of the full year results.

From a geographic perspective, diverse double digit income growth in Hong Kong, Malaysia, Indonesia, China and the Americas, UK and Europe region has more than compensated for the impact of subdued domestic business sentiment in India.

In Korea, we continue to make progress with the repositioning of our business and are seeing the benefits of the Early Retirement Programme (ERP) in the cost line, he said.

The Group remains highly liquid and well capitalised and we continue to see disciplined growth on both sides of the balance sheet, in both consumer banking and wholesale banking. Risk weighted asset growth was well controlled in the first quarter of 2012.

Consumer banking delivered good single digit income growth on the first quarter of 2011. Income continued to be broadly spread, with deposit income growing at a double digit rate, reflecting good volume growth and improved margins.

Credit cards and personal loans performed well, with double digit income growth year on year, as we selectively grew our unsecured business, especially in Hong Kong, Singapore, Malaysia, Taiwan and Korea.

Wealth management income was in line with the strong first quarter of 2011 and up on the run rate seen in the second half of 2011. Mortgage income was down on the first quarter of 2011 with assets broadly stable on the year end position and continued margin pressure.

SME performed well, with double digit income growth over the comparable period in 2011, driven by trade and cash management.

Expenses have been well controlled in the first quarter of 2012, and were up on the comparable period in 2011 by a single digit rate.

There has been growth on both sides of the balance sheet since the year end, with a partial benefit from currency translation. Liability margins in the first quarter increased on the year end position, whilst asset margins were broadly flat on the level seen during the second half of 2011.

The Daily Sun/Bangladesh/ 4th May 2012