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August 5, 2009

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Retail banking sees losses

STANDARD Chartered Bank said its operating profit in China jumped 137 percent in the first half of this year and its operating revenue also grew, but its retail banking business continued to lose money.

Its operating profit in China totaled US$135 million in the first six months, the bank said in a statement yesterday. It, however, said that losses continued in its consumer banking business in the country.

The British bank's operating revenue in China grew 22 percent to US$372 million in the first six months, it said. Income that originated in China but booked elsewhere soared 60 percent, it said, without giving a figure.

The bank said the corporate banking segment is lucrative in China but it didn't give separate figures.

It also said it will invest in its network, products and employees in China.

It was among the first batch of four overseas lenders to be locally incorporated in 2007.


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