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StanChart performance in line with forecast

StanChart performance in line with forecast

(5 May 2006 – Asia) Standard Chartered chief executive Mervyn Davies told investors at the bank’s annual general meeting that it was achieving good income momentum in wholesale and consumer banking. He said the bank’s performance was in line with its forecasts and that he remained "optimistic about the future".

Davies said new provisions in wholesale banking remained low due to a benign credit environment. The main fly in the ointment was Taiwan’s credit card market which was proving to be more challenging than previously anticipated.

Although headquartered in London, Standard Chartered’s main operations are in Singapore and three quarters of its profits are made in Asia, Africa and the Middle East.

Last year the bank’s profit jumped 19 percent on the back of the acquisition of South Korea’s First Bank and success in emerging markets.

The bank said its future expansion would be centred on organic growth as well as alliances and acquisitions.

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