StanChart’s Q3 boosted by strong Asia, wholesale

StanChart’s Q3 boosted by strong Asia, wholesale
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First Published: Thu, Oct 29 2009. 02 12 PM IST
Updated: Thu, Oct 29 2009. 02 12 PM IST
London: Asian-focused bank Standard Chartered Plc said on Thursday it was benefiting from growth across its franchises but cautioned the economic outlook remained fragile.
In its third-quarter trading statement published on Thursday, the bank said its key wholesale division -- which caters to corporations, other banks and government agencies -- had seen continued strong income performance although competitor activity was increasing.
Its consumer banking business, which has been hit by higher loan losses, lower margin lending and less demand for investment products, saw sustained income with strong mortgage performance, cost discipline and improving portfolio credit quality.
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First Published: Thu, Oct 29 2009. 02 12 PM IST