UK bank may grow income by above 10%
Source: Agencies |
May 3, 2012, Thursday
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Print Edition
Print Edition
STANDARD Chartered said it may grow income by 10 percent or more this year even though growth dipped below that pace in the first quarter due to weakness in India and the strength of the US dollar against Asian currencies.
The Asia-focused bank said operating profit rose over 10 percent in the first quarter as it kept a tight grip on costs, and it expects to add about 2,000 staff during the year as it picks up the pace of its investment.
"We have real momentum and we have significant investment capacity, so we will accelerate investment over and above what we budgeted," said finance director Richard Meddings.
The bank expects to open its 100th branch in China this year - it now has 86, making it the third-biggest foreign bank in the country, after HSBC and Bank of East Asia.
Wages in the bank's main markets continue to rise, but after a spike in inflation last year - when the underlying rise in wages was 5.5 percent, and above 10 percent in hot markets like China and India - Meddings said the increase was "somewhat abating."
It kept its staffing level at around 87,000 in the first quarter, but should add about 2,000 jobs by the end of 2012, in its technology operational hubs and China sales force, Meddings said.
The London-based bank gets about four-fifths of its income in Asia.
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