Standard Chartered first half profit up 17 percent to US$ 3.64 billion

Karachi: Standard Chartered PLC Thursday announced a ninth successive record first half of profit with income growing by 11 per cent to US$8.76 billion as profit climbed 17 per cent to US$3.64 billion, says a press release.

It produced diverse and resilient income growth across a number of products, geographies, driven by recent investment in new product capabilities and income streams. Income growth is underpinned by a highly liquid, well funded and growing balance sheet, while we maintain strong cost control. With rapidly developing trade and investment flows across our footprint, allied to a fast-growing middle class, Standard Chartered sees strong opportunities for further organic growth across Asia, Africa and the Middle East.

Group continues to focus on strength of balance sheet to support organic growth and support customers. Customer deposits grew by 19 per cent or $55 billion to $343 billion, with advances to deposits ratio remaining strong at 78.1 per cent. Group continues to be highly liquid, with $150 billion of cash or near cash assets.

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