Standard Chartered claims record profit and income

Emerging markets bank Standard Chartered today said it is on course to produce record profits again this year despite costs rising faster than revenues.

Chief executive Peter Sands said: "We continue to be very well placed in markets that have strong growth prospects, despite continuing turbulence in the global economy."

The bank warned that it had seen "a significant increase in regulatory costs during the second half of the year".

Finance director Richard Medding said this had been "not just in the UK but across our world".

He played down talk that the bank might shift its headquarters from London saying: "We have no current plans to move our domicile."

Standard Chartered said it expected "double-digit growth in pre-tax profits" from its consumer and wholesale businesses, driven by Asia but with strong performances from Africa and India.

It also said bad debt writedowns would be "significantly lower than in 2009".

The bank said the fact its costs would rise more quickly than its income reflected its high level of investment in new branches and people.

It has taken on more than 7000 staff this year, making its total just over 85,000 and said it expects to continue "significant hirings" in 2011.

Medding refused to comment on the likely scale of bonuses this year after it paid out some $1.1 billion (£698 million) last year.

Standard recently dropped out of a group of UK banks discussing this year's bonuses with the coalition Government.