4.56 PM Wednesday, 4 October 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:55 06:09 12:10 15:32 18:06 19:20
04 October 2023

Standard Chartered profits jump 27 per cent

By Agencies


Asia-focused bank Standard Chartered beat expectations with a 27 percent rise in annual profit on Tuesday despite a higher write-down on risky assets, and said it was confident of a strong 2008.

Standard Chartered, which makes three-quarters of its profits in Asia, reported a 2007 pretax profit of $4.04 billion, up from $3.18 billion in 2006 and ahead of the average forecast of $3.92 billion from a Reuters Estimates poll of analysts.

It said it had an "excellent" start to 2008, particularly in wholesale banking.

The bank took a $300 million write-down on its Whistlejacket structured investment vehicle and its asset securitisation portfolio due to "financial turmoil". It had previously flagged a $116 million hit for Whistlejacket, which has been forced into receivership. (Reuters)