Standard Chartered attributes 20 percent of profits for 2003 to Middle East operations
Standard Chartered Bank reported pre-tax profits of $1,542 million, ahead of most analysts' forecasts, on revenues of $4,753 million. The Group's net revenues rose five percent, with pre-tax profits rising 22 percent.
The Middle East and South Asia region, which contributed over 20 percent to the Group's pre-tax profits on revenues of $549 million, was noted for its performance and for the product benefits provided to customers.
The region, which includes the United Arab Emirates (UAE) where the Bank's regional headquarters are based, showed increased revenues of nine percent on 2002. This year, for the first time, the Group results included a detailed reporting of its UAE business, recognizing the growing importance of this market to the Bank.
Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It serves both Consumer and Wholesale Banking customers. — (menareport.com)
© 2004 Mena Report (www.menareport.com)