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Standard Chartered announces record profits

UK bank Standard Chartered, which has particularly heavy exposure in the Far East, has today announced record profits of $2.84 billion against last year's figure of $2.59 billion. When you also consider that bad debts doubled to just over $1 billion this really is a very credible and very impressive performance by one of the U.K.'s leading banks.



The company took advantage of a buoyant share price to place additional shares in the market place raising the company just short of £1 billion. The money will be used to further strengthen the bank's balance sheet and could finance potential opportunities for expansion in the Far East and other major banking areas of the world. When you consider these record profits together with yesterday's statement from Barclays bank and HSBC, it does appear as though the worldwide banking sector has started to recover.



It will be interesting to see as and when liquidity is increased in the consumer and business marketplace because while banks continue to announce record profits many consumers and many businesses are literally on the edge of the financial abyss. Governments around the world have tried to step in and force additional finance into the market place although as yet there has been limited success. Surely on the back of record profits it will be difficult for banks around the world to argue against increased liquidity as a means of refloating the worldwide economy?

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