Standard Chartered Reports 20% Surge In Net Profit

Standard Chartered PLC SCBFF reported a 20% rise in its first-half net profit. Standard Chartered's net profit surged to US$2.52 billion, from $2.10 billion, in the year-ago period. Analysts were expecting a profit of US$2.42 billion. Its revenue climbed to US$8.76 billion from $7.92 billion. Standard Chartered's consumer banking revenue increased 15%, while wholesale banking revenue gained 9%. Standard Chartered shares dropped 1.58% to close at $24.85 yesterday.