Standard chartered unmoved by credit wobble

Emerging markets bank Standard Chartered shrugged off the recent turmoil in global markets today as it posted a 30% rise in profits.

The bank, which gains 90% of its profits from Asia, Africa and the Middle East, reported forecast-beating pre-tax profits of $1.98bn US (€1.44bn) for the first half of the year.

Chairman Mervyn Davies said the bank had not been exposed to losses from US sub-prime mortgages, adding that there was “no significant credit deterioration” in its markets.

However, Mr Davies added: “We need to be vigilant and we remain extremely disciplined on our loan and credit standards.”