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Standard Chartered profits rise 11% to new record | Standard Chartered profits rise 11% to new record |
(40 minutes later) | |
Asian-focused bank Standard Chartered has reported record profits for the ninth year in a row. | Asian-focused bank Standard Chartered has reported record profits for the ninth year in a row. |
href="http://www.investegate.co.uk/Article.aspx?id=201202290700173420Y" >Profits at the London-based bank during 2011 rose 11% to $6.8bn (£4.26bn) thanks to its exposure to the fast-growing Asian markets. | |
Standard Chartered makes more than 75% of its profits in Asia. | Standard Chartered makes more than 75% of its profits in Asia. |
Growth was particularly strong in Singapore and Hong Kong, although in two of its other major markets, India and South Korea, profits fell. | Growth was particularly strong in Singapore and Hong Kong, although in two of its other major markets, India and South Korea, profits fell. |
Staff costs rose by 15%, with underlying wage inflation at 5%. | Staff costs rose by 15%, with underlying wage inflation at 5%. |
Companies operating in Asia are increasingly having to pay higher salaries to attract staff. | Companies operating in Asia are increasingly having to pay higher salaries to attract staff. |
"Yes, we are facing acute competition for talent, but we are still managing to invest and keep a tight grip on costs," said Standard Chartered's chief executive Peter Sands. | "Yes, we are facing acute competition for talent, but we are still managing to invest and keep a tight grip on costs," said Standard Chartered's chief executive Peter Sands. |
He said the bank paid about £800m in bonuses to staff for 2011, in line with the amount paid out in 2010. | He said the bank paid about £800m in bonuses to staff for 2011, in line with the amount paid out in 2010. |
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