Standard Chartered (StanChart), the UK-based
but emerging markets focused lender, has earned record profits in
the first quarter, according to a market update issued by the
bank.
The bank’s consumer banking division recorded
“double digit” growth in the first quarter compared to the
corresponding quarter a year ago and continued to “underpin
momentum” with a continued focus on building the StanChart
brand.
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The bank kicked-off a global brand campaign,
called ‘Here for good’ (see RBI
629) in March in a drive to boost market share across
Asia, Africa and the Middle East.
Cost-income remained “positive” with growth in
customer loans and deposits. The bank said asset quality had
improved compared to the first quarter of 2009 and said it saw
“good volume growth” in mortgages.
The bank added that the focus on current and
savings accounts had boosted inflows, but margins remained under
pressure due to low interest rates.
“Overall, the group has had a very strong
start to the year, despite margin headwinds and increasing
competitive pressures. We remain vigilant and continue to take a
highly proactive approach to managing our balance sheet,” the bank
said.
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