StanChart profits up 19% in '08; strong growth in India

Weathering the financial storm, British banking major Standard Chartered has posted a 19 per cent rise in annual pre-tax profits at $3.29 billion, bolstered by strong growth in emerging markets including India.

The banking entity which is more focused on emerging markets has reported pre-tax profits of $4.80 billion for the full year 2008, an increase of 19 per cent against the year-ago period.

StanChart had pre-tax profits of $4.03 billion in 2007.

Last year, the entity witnessed a 24 per cent growth in wholesale banking in India. Further, its consumer banking business in India grew by 19 per cent.

Wholesale banking's net income rose 24 per cent to $1.11 billion. Net income from consumer banking jumped 19 per cent to $484 million.

"...To deliver record results in this exceptional environment is a great achievement. The group has focused on building balance sheet strength and on maintaining high levels of liquidity.

"We are on a firm footing for the challenges and opportunities that will come during 2009," StanChart's Acting Chairman John Peace said in a statement.