Standard Chartered bank H1 profit up 5.5 pct

Standard Chartered PLC reported on Tuesday that first-half profit rose 5.5 per cent compared with a year ago even as provisions for bad loans more than doubled to over a billion dollars.

Standard Chartered PLC reported on Tuesday that first-half profit rose 5.5 per cent compared with a year ago even as provisions for bad loans more than doubled to over a billion dollars.

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The bank, whose business focus is in Asia, Africa and the Middle East, said net profit was $1.88 billion compared with $1.79 billion in the first half of last year. Operating income rose 14 percent to $7.96 billion.

Provisions for losses on bad loans rose to $1.088 billion, up 133 per cent from $465 million in the first half of 2008.