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StanChart tracking strongly but Hong Kong flat

StanChart tracking strongly but Hong Kong flat

(June 24 2005 – UK) Standard Chartered said its business was displaying good revenue momentum with asset growth increasing in both consumer and wholesale banking. As a result, the bank said it was on track to meet earnings forecasts given earlier this year.

"We are continuing to drive performance and our momentum reflects the success of our business strategy and the disciplined way it is being implemented," Standard Chartered chief executive Mervyn Davies said.

The bank said it was growing its country businesses by more than 10 percent but said Hong Kong, from where Standard Chartered derives 25 percent of its earnings, was "broadly stable".

Singapore was another market that was experiencing margin pressure, the bank said.

Standard Chartered said its wholesale provisions were benefiting from a good credit environment and that bad debts in the consumer space were tracking asset growth.

The bank said integration of South Korea’s Korea First Bank, which it bought for US$3.3 billion in April, was ahead of schedule.
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