Standard Chartered, the emerging markets bank fending off a row about the pay of its top bankers, today reported a trading update that might give some justification for those rewards.
The London-based bank that does most of its business in Asia says it enjoyed “high single-digit” revenue growth in the first quarter.
Growth of more than 10% in Hong Kong and elsewhere more than compensated for “subdued” sentiment in India, it argued.
Chief executive Peter Sands said: “Macroeconomic sentiment is showing signs of improvement, although there remain clear uncertainties and risks in the global environment.”
The eurozone looks “fragile”, noted finance director Richard Meddings.
Investor groups say Standard’s pay policies are too geared to short-term performance and say shareholders should vote against the latest company remuneration report. The top 13 bankers at the company got pay and bonuses worth £56 million last year.
Mike Rees, the head of the investment bank, got £8.2 million.
