Standard Chartered Share Price: H1 Income to Grow at Mid Single Digit Rate

on Jun 26, 2013
Updated: Feb 27, 2024

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iNVEZZ, Wednesday, June 26: Standard Chartered Plc (LON:STAN), expects that income in the first half of 2013 will grow “at a mid single digit rate”, reflecting strong performance in the second quarter. The

British banking group released today a trading update for the first six months of the year, providing guidance ahead of the close of the period ending June 30. The bank said that unless stated otherwise all comparisons in the update were made in relation to the corresponding period in the previous year and excluded any accrual for the UK Bank Levy.
The Standard Chartered share price rose nearly two percent at one point during the morning session on the London Stock Exchange on Wednesday. It stood at 1,428.89p, up 1.34 percent, at 11:27 GMT.

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**Operating profit to grow by low single digit percentage**
Standard Chartered said that it expected to see a mid-single-digit growth in the first six months, which “reflects the acceleration in business momentum in the second quarter driven by strong volume growth and client activity levels across our markets, offsetting the pressure on margins”. The bank highlighted performance in certain markets such as Hong Kong and Africa, where it expected double-digit income growth, as well as India, which was also growing at a good rate. However, the group projected income in South Korea and Singapore to remain weak, offsetting growth in other regions.

Standard Chartered also said that costs remained “tightly managed” and “have grown broadly in line with income”. The group’s headcount has been reduced in the second quarter and at the end of May was at the same level as the year end.
Operating profit for the period, after taking into account an estimate for the UK Bank Levy which has increased by some 75 percent over the run rate for the first six months of 2012, was expected to grow by a low single digit percentage, the group said.

Peter Sands, Chief Executive Officer of Standard Chartered said that this was “a good performance against a backdrop of ongoing turbulence in the global economy, with the Group’s second quarter showing an acceleration over the first quarter of 2013 and over the comparable period last year”.
!m[Standard Chartered Plc (LON:STAN)](/uploads/story/3419/thumbs/pic1_inline.jpg)

Standard Chartered said that the Consumer Banking division was expected to deliver high single digit income growth in the first six months, driven by strong performance in markets such as China, Hong Kong, India, MESA and Africa.
Wholesale Banking income in the period was forecast to grow by a low single digit percentage compared with the corresponding period in 2012.
**The Standard Chartered share price was 1,416.00p as of 12.20 GMT, 26.06.2013**
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