Standard Chartered beats forecasts with 17% profit rise

London-based, Asia-focused Standard Chartered Bank has reported an increase in half-year profits.

Pre-tax profits for the first six months of the year were $3.6bn (£2.2bn), up 17% from last year.
Profits grew in all of the territories where Standard Chartered operates, except for its biggest market, India, where profits fell by 5%.
It blamed rising interest rates, growing competition and regulatory changes for falling profits in India.
Profits grew by 23% in Hong Kong, 34% in Singapore, 14% in South Korea and 19% in China.
Income from its businesses in the Middle East grew 4%, in Africa it grew 10% and in the Americas and Europe it grew 11%.
"The group's strong performance in the first half of 2011 should be seen in the context of the ongoing economic uncertainties, particularly in the West, and the sustained global regulatory upheaval," said Standard Chartered chairman Sir John Peace.
"Standard Chartered has had a strong start to 2011 and this momentum has continued into the second half."

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