Standard Chartered Bank, which operates ten branches across the UAE, has announced a 15 per cent increase in profits for the first six months of 2006. Operating profit before tax rose to $1,527 million compared to $1,333 million in the first half of 2005. The bank said its growth in the Middle East/Asia region was led by the UAE and Pakistan.
"The region continues to grow well, with income up 25 per cent, and we have seen particularly strong income growth in the first half from Pakistan and the UAE," said group CEO Mervyn Davies. "This is another strong performance and reflects the successful implementation of our strategy," said Standard Chartered chairman, Bryan Sanderson. "Our broader geographic spread and product portfolio have increased our resilience to individual market events. We are confident in our ability to continue to deliver good returns to our shareholders."
In all, the bank's total assets rose 16 per cent to $238 billion from $205 billion in the first half of 2005, and the interim dividend per share increased ten per cent to 20.83 cents. "We are the largest international bank in growing markets such as Bahrain, Jordan, Pakistan and Bangladesh, and the region is an area of key management, investment and strategic focus for us," said Davies. "Standard Chartered is a leading bank in Abu Dhabi and Dubai, where the potential is huge. The new Dubai International Financial Centre (DIFC) will be a world-class regional capital markets centre and provide a gateway for flows into and from the region," he said.
© 7Days 2006
