StanChart to invest heavily in China
(28 February 2007 – Asia) Standard Chartered has reported a 2006 pre-tax profit of US$3.18 billion, up from US$2.68 billion last year, a 19 percent increase.
The bank, which is headquartered in London but focussed on Asia and developing markets, said it would invest heavily in China and India over the next year.
Standard Chartered said it intends almost doubling its China network to 40 locations in 2007 from 22 currently. The bank said its China income reached US$300 million last year, double the previous year’s figure.
The bank acknowledged that investment costs would outstrip income growth over the first half of 2007 before settling down over the second half.
Standard Chartered said it would continue to explore acquisition opportunities in Asia and the Middle East.
Standard Chartered said its underlying income grew 18 percent over the past year while expenses grew 17 percent.
Standard Chartered chief executive Peter Sands, who has been in the job since November last year, said the bank was striving for a balance of enhancing profits whilst investing for the future.
He said the bank would continue to grow organically but that it would consider many acquisition opportunities, most of which the bank was likely to walk away from.
Standard Chartered said it intends almost doubling its China network to 40 locations in 2007 from 22 currently. The bank said its China income reached US$300 million last year, double the previous year’s figure.
The bank acknowledged that investment costs would outstrip income growth over the first half of 2007 before settling down over the second half.
Standard Chartered said it would continue to explore acquisition opportunities in Asia and the Middle East.
Standard Chartered said its underlying income grew 18 percent over the past year while expenses grew 17 percent.
Standard Chartered chief executive Peter Sands, who has been in the job since November last year, said the bank was striving for a balance of enhancing profits whilst investing for the future.
He said the bank would continue to grow organically but that it would consider many acquisition opportunities, most of which the bank was likely to walk away from.
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