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Standard Chartered in 9th straight record profit

Standard Chartered in 9th straight record profit

February 29th, 2012 in News

LONDON (AP) - Standard Chartered PLC has reported its ninth consecutive year of record profit with a 12 percent gain in 2011.

The bank said Wednesday that net profit was $4.75 billion, up from $4.23 billion in 2010.

Operating income was up 10 percent to $17.6 billion, also a ninth consecutive record.

Standard Chartered, which concentrates on corporate banking and has a strong presence in Asia, raised its dividend by 10 percent to 76 cents per share.

Standard Chartered shares were up 0.7 percent at 1,632.5 pence in early trading in London.

Looking ahead, Chief Executive Peter Sands says the bank's return on equity will likely be below target in 2012 because of growing pressure from regulatory changes and the impact of low interest rates.