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British bank posts 27% income rise

STANDARD Chartered Bank achieved an income growth of 27 percent to US$632 million on Chinese mainland in 2008, it reported in a statement yesterday.

The British bank posted a US$177-million operating profit from its wholesale banking on the mainland but it recorded a loss of US$111 million in its consumer banking business. The bank didn't release its net profit figure in the statement.

Before factoring in expenditure, the bank saw a 20-percent jump in the consumer banking business that was driven by a rise in deposits and strong growth in the volume of personal loans, mortgages and non-collateral small loans. But expenses in the sector ballooned to US$238 million as the bank continued to invest to build up its network and human resources.

"Standard Chartered Bank is committed to our business development in China and we will continue to invest for growth," the bank said.


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