Standard Chartered increases profits on 2011 — but only just
Standard Chartered on Tuesday morning revealed profits before tax of just under $6.9bn for 2012, just 1% up from 2011 but enough for the emerging markets bank to be able to claim 10 years of consecutive profits.
However, wholesale banking operating profits fell 2% to $5.136bn. Profits would have risen 11%, had it not been for a $667m settlement with US authorities over alleged violations of US sanctions with Iran and a legacy legal provision of $86m.
Capital markets operating income was up 8%, largely due
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