London -- Standard Chartered PLC this week announced what is said is another record performance for the first half year ended 30 June 2008 with operating profit before tax (OPBT) rising 31 percent to US$2.59 billion and operating income increasing 33 percent to US$6.99 billion. Normalised earnings per share increased 19.6 percent to 120.4 UK cents.

Growth in underlying income accelerated to 28 percent, up from 23 percent in 2007. The performance was a result of the disciplined investments made in its core markets over the last few years with 85 percent of the operating income growth now coming from organic businesses, the Bank statement added.

“I am very proud of what we have achieved in terms of both financial performance and strategic progress, despite the turmoil in financial markets. The Bank is in great shape - we are strongly positioned to weather the economic uncertainties and superbly placed to capture opportunities,” noted Peter Sands, Group Chief Executive.

Most of the key markets in the Standard Chartered network delivered strong performance. Hong Kong, the Group’s largest market, increased pre-tax profits by 28 percent; India, now the second largest market, by 89 percent; Singapore by 55 percent; Africa by 41 percent; and UAE 65 percent. Seven of the nine markets delivered pre-tax profit growth in excess of 25 percent, and four at over 40 percent.

The Group’s key markets in Asia continued to enjoy robust economic growth underpinned by resilient domestic demand and increased intra-regional trade flows. The African economies continued to leverage off Asian economic growth and commodity demand, while the Middle East region continued to benefit from the high oil price and ample liquidity, the Bank said.
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