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Sun 22 Nov 2009 12:50 PM

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The Middle East’s 25 smartest banks-Standard Chartered Bank Middle East

The Middle East’s 25 smartest banks-Standard Chartered Bank Middle East

Standard Chartered PLC, listed on both the London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation.

The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.

In August, the bank announced another record performance for the first half of 2009 with income rising fourteen percent to $7.96bn and operating profit before tax of ten percent to $2.84bn.

The group saw substantial income momentum across markets with four key geographies reporting over $500m of income each in the first half.

The performance was driven by strong momentum in Wholesale Banking with income rising 37 percent, benefitting from market dislocation and volatility leading to market share gains, Standard Chartered said. Restructuring initiatives in Consumer Banking began to show early positive results with income falling only three percent over the second half of 2008 while operating profit increased eleven percent over the same period.

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