Standard Chartered posted record first-half profits for the 10th consecutive year yesterday as its conservative strategy and emerging-market focus continue to protect it from the ravages its European rivals are suffering.
Pre-tax profit grew to $3.9 billion, up by 8.6% on the first half of last year and 25.8% on the second half. The bank earned a healthy 13.3% return on equity thanks to continued investment in its target markets of Africa, Asia and the Middle East, where it has managed to grow its business without paying through the nose indeed, its cost-to-income ratio fell slightly to 52%.
The main engine of growth remains the wholesale bank,...
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