Standard Chartered reports record profits

Friday, March 05, 2010

Standard Chartered has reported record profits in 2009 and criticised some recent proposals to regulate banks.

Pre-tax profits were $5.15bn (£3.4bn), up 13 percent from 2008. Total pay and bonuses rose 4 percent to $4.91bn.

The bank - which is based in the UK but makes most of its profits in Asia - said it was in the "interests of the business" to pay out bonuses. "2009 was the seventh successive year of record income and profits," Standard Chartered chairman John Peace said.

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