Jon Menon, Bloomberg.com, May 4, 2010
(Bloomberg) — Standard Chartered Plc, the British bank that generates the majority of its earnings in Asia, said it posted “very strong” profit and revenue in the first quarter on an improved performance from consumer and corporate banking.
Profit was “higher” than in the first quarter of 2009, the London-based company said in a statement today. It didn’t provide a figure for earnings.
“Standard’s wholesale bank is enjoying a fair tail wind,” wrote Bruce Packard, a London-based analyst at Seymour Pierce Ltd., who has a “hold” rating on the stock. “The consumer bank, which has enormous potential, is beginning to take up the running from wholesale banking, improving the balance between the two businesses.”
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