Commenting on these results, the Chairman of Standard Chartered PLC, Mervyn Davies, said: "Standard Chartered delivered another year of record income and profits in 2006, driven by strong organic growth driven by continued good progress in Korea. We also made strategic acquisitions in Taiwan and Pakistan."
Continued double-digit income growth is expected for the Group in 2007, relying on its successful fundamental strategy of organic growth supplemented by alliances and acquisitions. Trade within Asia and between Asia, the Middle East and Africa is increasing, with this broad-based growth sustaining the Bank's performance.
"We have achieved great momentum and will continue to benefit from the growth opportunities in Asia, Africa and the Middle East and from our investment in the business. We want all our stakeholders to see us as the Right Partner - Leading by Example," Davies concluded.
The Middle East in particular has experienced immense organic growth momentum, with income growing in the UAE by 32% in 2006.
"Growth momentum is occurring across the region, not only in Dubai but also in Abu Dhabi, Qatar and elsewhere," said Peter Sands, Group Chief Executive, Standard Chartered PLC.
"We see great potential in the Dubai International Financial Centre, are leveraging opportunities in Islamic Finance, and are also building our presence in Abu Dhabi. We believe the Middle East is one of Standard Chartered's biggest opportunities for continued growth, alongside China and India."
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Posted by Anne-Birte Stensgaard, Senior News Editor
