Standard Chartered celebrates record profit for quarter

Standard Chartered, the emerging markets bank based in London, said it made record profits in the first three months this year.

In the wake of strong trading statements from Lloyds and Barclays, Standard Chartered said: "The group has had a very strong start to the year, despite margin headwinds and increasing competitive pressures, with a record quarter in terms of both profit and income."

The bank does not give hard numbers each quarter but in the first half of 2009 its pre-tax profit rose 10% to $2.84 billion (£1.86 billion).

Retail banking showed the best growth making a larger contribution to profit and income than last year as consumer recovery continues. It has focused on new current and savings accounts in recent months. In wholesale banking, cost increases ran ahead of income growth as the bank took on new staff to prepare for increased business.

Bad debt write-downs improved in both sides of the bank: consumer banking enjoyed the growing trend for improved credit quality and wholesale banking said that there were no "material new impairments".

Standard Chartered said: "The group remains in excellent shape, is highly liquid, well capitalised and has a firm grip of risks and costs."