Standard Chartered, which reported strong banking results for 2008
despite the difficult trading conditions (see RBI 608),
has released an equally bullish interim management statement for
the first quarter of 2009. The group said the “strong” quarter
delivered record levels of income and profit, adding: “Despite the
challenging macroeconomic environment and the continuing
difficulties in the financial markets, the group remains in very
good shape and we are selectively growing the business.”
Wholesale banking was the star performer. In
contrast, Standard Chartered’s consumer banking unit suffered, with
average monthly income levels slightly below those of the second
half of 2008, but marginally up on the levels seen in the fourth
quarter.
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“Wealth Management income remains muted and we
remain very cautious about the near term outlook. We continue to
see stresses in certain markets and investor confidence remains
weak,” it added. “Consumer Banking continues to attract strong
inflows of customer deposits. However, liability margins remain
under pressure given the low interest rate environment.”
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