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StanChart had record profit in year to May

StanChart had record profit in year to May
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First Published: Thu, Jun 25 2009. 11 14 PM IST
Updated: Thu, Jun 25 2009. 11 14 PM IST
London: British bank Standard Chartered Plc, which earns most of its profits in emerging markets, said it had a strong performance in the first five months of the year with record levels of income and profit.
Revenue growth in wholesale banking has offset lower income in consumer banking, the London-based company said in a statement on Thursday. It did not give detailed figures.
“It is still too early to forecast a sustained recovery and we therefore remain cautious on the outlook,” said chief executive officer Peter Sands, 47, in the statement. The economic downturn in our markets will be less pronounced than in western markets.
The bank, unlike British rivals Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, hasn’t needed a government bailout, and raised $1.8 billion from investors last year to increase capital and increase its buffer against bad loans. Standard Chartered also plans to raise $1 billion with an initial public offering in India.
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JSL reports FY09 loss as stainless steel prices fall
Mumbai: The country’s biggest maker of stainless steel, JSL Ltd, reported a loss of Rs580 crore in the year ended March as prices declined and the rupee depreciated against currencies including the dollar. The loss compared with a net income of Rs240 crore in the year-earlier period, the company said in a statement on Wednesday. Sales fell to Rs4,850 crore from Rs5,200 crore a year ago.
Production for the year declined 20% to 466,834 metric tonnes, the Hisar, Haryana-based company said.
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First Published: Thu, Jun 25 2009. 11 14 PM IST