Helped by a 60 per cent year-on-year fall in the group's impairment charge to $437m (£275m), Standard Chartered's pre-tax profits grew 10 per cent in the period to $3.1bn. The bank remains well capitalised, too, with a 9 per cent core tier one capital ratio.
The consumer operation witnessed a sharp recovery in most markets - indeed, the Korean and other Asia Pacific businesses reported a combined profit of $220m; up from last year's combined loss of $76m. India also managed an impressive consumer performance - profits more than doubled to $53m - although the Hong Kong consumer business did see profits fall 34 per cent to $150m. Standard managed a robust wholesale banking performance, too. Overall, wholesale profits rose 10 per cent to $2.47bn, with decent growth reported in the Middle East and other south Asia unit, as well as in India, Hong Kong and Africa.