Standard Chartered 1H 'Strong'; Income Flat Vs Year-Ago

28th Jun 2010 06:53

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Standard Chartered PLC (STAN.LN) said Monday that it had a strong performance in the first half of the year, mostly driven by its consumer banking and wholesale banking client businesses. Income in the first six months of the year is expected to be flat from the year-ago period, but should show double-digit growth over the second half of 2009, the U.K.-based, Asia-focused bank said in a statement. "Economic conditions continue to improve across our geographies and business activity levels are increasing, although recent market volatility has had some impact on sentiment," it said. "Despite this, we are performing well and taking market share," it added. The lender said first-quarter trends continued to persist in the second quarter, with loan impairment trends "very good" in all businesses. However, it said net interest margins "have fallen fractionally from the levels seen in 2009," while its own account income in the wholesale banking division continued to fall from a year ago. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires June 28, 2010 01:53 ET (05:53 GMT)