Standard Chartered Bank announces 15 per cent profit increase for first six months of 2006

The Bank saw operating profit before tax rise to $1,527 million compared to $1,333 in the first half of 2005. Its operating income grew 27 per cent to $4,112 million from $3,236 million for the first half of 2005.

Profit attributable to ordinary shareholders increased 14 per cent to $1,088 million, compared to $956 million in the same period last year.

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 10 per cent to 20.83 cents.

Commenting on these results, the Chairman of Standard Chartered PLC, Bryan Sanderson, said: "This is another strong performance and reflects the successful implementation of our strategy. 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.

"Standard Chartered continues to make excellent progress and is in good financial shape, a message endorsed by the recent upgrade to our credit ratings. It is well positioned to maximise the opportunities and minimise the risks presented by recent economic developments. The Group has appropriate governance in place.

"The breadth of our markets and the diversity of our earnings give us confidence in our ability to continue to deliver good returns to our shareholders.

Looking specifically at the Middle East and South Asia, Standard Chartered's Group Chief Executive, Mervyn Davies said:

"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. 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."

"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.

"Standard Chartered was the first commercial bank to be licensed when DIFC opened in September 2004. We have a new building in the DIFC Gate Precinct and will locate 500 staff there later this year."