Standard Chartered Posts Record Income and Profits - Interviews With CEO and CFO

News provided by

Mar 03, 2010, 01:56 ET

LONDON, March 3, 2010 /PRNewswire-FirstCall/ -- Banking group Standard Chartered today announced a seventh successive year of record income and profits as it reported results for the full year ended 31 December 2009.

In a video interview on http://www.cantos.com Group CEO Peter Sands pointed to a focus on Asia, Africa and the Middle East as underpinning the 13 per cent rise in profits to over $5.1bn.

"We've stuck to our strategy, focused on the basics of banking, stayed open for business throughout all the turmoil and stayed true to our values and culture."

There had been speculation the emerging markets bank had significant exposures to bad debts in Dubai, but Group CFO Richard Meddings did not see this as an issue.

"Our exposures are around $500m. To the extent that there is loss to be taken there we do not believe that loss will be material."

The bank also reported a strong balance sheet with Core Tier One capital of 8.9 per cent.

The interviews and transcripts are available now on http://www.cantos.com.

Cantos.com, the online financial broadcaster, features in-depth interviews, documentaries and webcasts with senior company executives. If you would like to contact us, please email [email protected] or phone +44(0)207-936-1352.

SOURCE Standard Chartered