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Journalism of Courage
Asia-focused bank Standard Chartered said any losses it suffers in Dubai are unlikely to be material and that it was on track for record profits this year.
The London-based bank said on Wednesday that in the 11 months to the end of November it had delivered a strong performance with “record levels of income and operating profit before tax”.
Income growth has been driven by a “very strong” performance in wholesale banking,offsetting lower income in consumer banking. It expects 2009 income growth to exceed cost growth.
Its shares have recently been hit by concerns about its exposure to Dubai World and potential losses in UAE,but the bank said: “With regard to recent developments in the United Arab Emirates,the situation remains in its early stages and is fluid. However,given the profile of our exposures in Dubai,we do not believe any impairment would be material.”
