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Standard Chartered in record quarterly profit

STANDARD Chartered has reported record first quarter profits – fuelled by a strong wholesale banking and improving consumer banking

In wholesale banking, which includes advisory, trade finance and other investment banking business, client income was up over 20 per cent on the first quarter of 2009.

The bank, which does not publish full quarterly results, said: "Overall, the group has had a very strong start to the year, despite margin headwinds and increasing competitive pressures, with a record quarter in terms of both profit and income."

Standard Chartered, which concentrates on Asian markets, said its wholesale unit's expenses are ahead of the run rate seen in the first half of 2009 due to a rise in staff numbers and as a result cost growth exceeded income growth in the quarter, it said.