ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

Standard Chartered Charting Well for 2012

Share On Facebook
share on Linkedin
Print

Standard Chartered (LSE:STAN) announced high single-digit growth in revenue in an Interim Management Report for the first quarter of the fiscal year issued this morning.  Oddly, share prices dropped over 3.5% to 1,458.50 by mid-afternoon.

The Report

In addition to the revenue growth, they reported the low double-digit growth in operating profit during the last quarter. It should be noted that the bank is not being cryptic in its non-specific in its reporting, but that it normally reports specific financial information in its mid-year and year-end reports.  Although the bank remains confident of hitting its forecasted double-digit revenue gain for the year,  it remains concerned that it’s core Asian markets could face a tough time with further escalation of the Eurozone debt crisis and possible further strengthening of the US dollar against Asian currencies. Both consumer and wholesale divisions recorded revenue growth during the first quarter. The largest contributions to the revenue growth were from the Hong Kong, Malaysian, Indonesian, Chinese, American, UK, and European markets against a sluggish performance in India.

Corporate Comments

  • CEO Peter Sands said that Standard Chartered has had a strong start to 2012, with good performances across a broad spread of geographies and products. We continue to benefit from the disciplined execution of our strategy and are very well positioned in dynamic markets with strong fundamentals. We are in excellent shape, we are a growth company and are differentiated by our liquidity and capital strength. Macroeconomic sentiment is showing signs of improvement, although there remain clear uncertainties and risks in the global environment.”
  • Finance Director, Richard Meddings, indicated that the banking group has begun 2012 “with good momentum” and that “We’re investing in Hong Kong, China, (and) branches in Africa on an accelerated basis and ahead of budget. The acceleration in investment is a real sign of confidence.” He also indicated that the bank has “minimal exposure in the Eurozone”so that any increased problems there “would have only secondary impact.” In an interview on Bloomberg’s The Pulse, he said “We are not as yet seeing any contagion coming out of the Eurozone into our markets. Our markets remain strongly growing, high savings rates, high activity levels, low unemployment, and we are clearly, as a bank, benefiting from serving customers in those markets.”

Company Spotlight

Standard Chartered is an international banking group with more than 1,700 branches in over 70 countries offering personal banking, preferred banking, priority & international banking, wholesale banking, SME banking, and Islamic banking.  StanChart, as the company is also known, is the UK’s second largest bank by market value.

References
 Company History
 Business Operation
 Banking Services

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com