LONDON — Standard Chartered PLC reported Tuesday that first-half profit rose 5.5 percent compared with a year ago even as provisions for bad loans more than doubled to over a billion dollars.
The bank also announced a share placing to raise about 1 billion pounds ($1.7 billion) to support expansion in key markets in Asia, Africa and the Middle East. The placing comes six months after Standard Chartered raised $2.68 billion from a rights issue.
The bank said net profit was $1.88 billion compared with $1.79 billion in the first half of last year.
Standard Chartered said it achieved a record half-year operating profit of $2.8 billion, up 10 percent from a year earlier.
Provisions for losses on bad loans rose to $1.088 billion, up 133 percent from $465 million in the first half of 2008.
Standard Chartered said profit from wholesale banking rose 37 percent, offsetting poor results in some countries: profit in Korea fell 61 percent, partly due to the depreciation of the won; profit in the Middle East and South Asia fell 43 percent.
Nonetheless, Chief Executive Peter Sands said there were opportunities which Standard Chartered could seize with new funding.
“We have learned the power of playing from strength,” Sands said. “More capital will also enable us to take full advantage of the opportunities emerging from the crisis. Asia will emerge faster than the rest of the world.”"
The bank also announced a share placing to raise about 1 billion pounds ($1.7 billion) to support expansion in key markets in Asia, Africa and the Middle East. The placing comes six months after Standard Chartered raised $2.68 billion from a rights issue.
The bank said net profit was $1.88 billion compared with $1.79 billion in the first half of last year.
Standard Chartered said it achieved a record half-year operating profit of $2.8 billion, up 10 percent from a year earlier.
Provisions for losses on bad loans rose to $1.088 billion, up 133 percent from $465 million in the first half of 2008.
Standard Chartered said profit from wholesale banking rose 37 percent, offsetting poor results in some countries: profit in Korea fell 61 percent, partly due to the depreciation of the won; profit in the Middle East and South Asia fell 43 percent.
Nonetheless, Chief Executive Peter Sands said there were opportunities which Standard Chartered could seize with new funding.
“We have learned the power of playing from strength,” Sands said. “More capital will also enable us to take full advantage of the opportunities emerging from the crisis. Asia will emerge faster than the rest of the world.”"
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