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Standard Chartered triples profit

By Wang Zhenghua (China Daily)
Updated: 2007-03-01 09:43

SHANGHAI: Standard Chartered Plc, a British bank that earns most of its money in emerging markets, doubled income and tripled profit in China last year on the back of the country's fast-growing economy and loosening controls on foreign financial players.

According to a statement released yesterday, the London-based lender had its total income more than double to almost $300 million in 2006 in China, with its profit three times larger than that of 2005.

Overseas banks are gaining considerable profits as they have wider access to the nation's individual customers following opening of the banking sector on December 11 to meet World Trade Organization entry commitments.

Standard Chartered performed well in China last year, the London- andHong Kong-listed bank said yesterday.

"2006 was certainly a year of rapid progress for our organic business and our performance has continued to be strong," said Katherine Tsang,CEOof the bank's China operation.

"2007 promises to be equally exciting. With local incorporation, the launch of many new products and our accelerating investment to expand our network and infrastructure, we believe we will be able to offer even more and better service to our local customers this year," she added.

Along with eight other overseas financial institutions, Standard Chartered has been approved to form a locally incorporated entity, which is expected to soon launch its business.