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Standard Chartered profits from Hong Kong recovery

Standard Chartered profits from Hong Kong recovery

(16th December 2003 – UK) Standard Chartered has flagged profits for the year ending 31 December 2003 at about US$1.45 billion with earnings per share likely to show growth in the mid to high teens. The bank said both its wholesale and consumer banking divisions were achieving good growth with each benefiting from the economic turnaround in Hong Kong, its largest market.

According to the bank, its wholesale banking business was achieving good momentum despite subdued asset demand and strong liquidity in Asia.

"Major growth contributors have been trade finance and global markets. Within global markets, strong increases in customer-driven business have more than offset the expected decline in asset and liability management revenue," the bank said.

"The wholesale banking book continues to perform well. This reflects the actions we have taken to trade revenue for an improved risk profile as well as the generally robust balance sheets of Asian corporates."
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