Paul Mwijagye

Standard Chartered PLC announced last week it had made $5.15b in operating profits last year, up by 13% from 2008 and a record income of $15.18b. StanChart said wholesale banking and consumer banking were the two main drivers of earnings growth.

Last year delivered strong and diversified profits and income growth across the bank's markets in Asia, Africa and the Middle East.  Hong Kong, Singapore, Korea, India and the UAE individually delivered income of over US$1 billion. India produced profits in excess of US$1 billion for the first time.

Peter Sands, Group Chief Executive said:  "2009 was the seventh consecutive year when we produced record income and profits. The bank has used its strong capital and liquidity position and its increasingly powerful brand to capture market share from competitors and to deepen relationships with customers and clients. We enter 2010 with real resilience and momentum."

Lending and other forms of support across the bank's markets also significantly improved despite the economic crisis. 

Africa recorded an excellent performance in 2009 with income increased by 20% to $1.09billion and operating profits increased by 54% to $482m. Both the bank's Consumer and Wholesale Banking businesses showed very good momentum, recording double digit, broad based income growth.

"Africa recorded extremely strong income and profit growth in 2009, driven by an exceptional performance in our Wholesale Banking business," noted  Mike Hart, Regional Chief Executive Officer, Africa while commenting on the region's results.