StanChart Singapore pre-tax profit up 11% to $465mn

The lender’s units in Singapore were its second largest contributor after Hong Kong in the first half.

Standard Chartered Bank (Stanchart) in Singapore racked up record turnover and operating profits for the first six months of the year thanks to strong growth in its consumer and wholesale banking arms.

The bank booked profit before tax of US$465 million (SG$562 million), 11 percent up from the same period last year.
Revenue grew 20 percent to US$1.094 billion for the six months to June 30, the first time the local operations have crossed US$1 billion.

“Against the backdrop of a tight labor market, low interest rates and intense competition, our Singapore business has done exceptionally well for the first half of 2011,” said Ray Ferguson, regional chief executive of Singapore and Southeast Asia at Stanchart.

Stanchart's Singapore operations were the second largest contributor to the bank after Hong Kong in the first half, Ferguson said.

The increased profits came despite expenses increasing 22 percent to US$582 million, driven by added spending on marketing and sales and more investment in processes and infrastructure. The bank also increased its headcount, including hiring specialists, and paid its staff more.

View the full story in China Post.