Standard Chartered posts record profits for 2010

Analysts and investors applaud Standard Chartered's 2010 results which show strong growth in both wholesale banking and India.
Peter Sands, Standard Chartered
Peter Sands, Standard Chartered

Standard Chartered yesterday announced record income of $16.2 billion for 2010, led by growth in its Asia wholesale banking business. Overall, income rose 6%.

We maintain a buy on Standard Chartered on the back of strong 2010 results declared today, said Sunil Garg, head of Asia equity research and bank research for J.P. Morgan in an interview with FinanceAsia. Management has been providing regular guidance and there were no surprises in the earnings the bank released.”

The wholesale bank continued to drive revenues, with pre-tax profits in the division growing by 17% to $4.8 billion. This is the ninth consecutive year Standard Chartered has managed...

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