Standard Chartered Group’s net revenue was up by 11% to US$ 2,187 million during the first half of this year, compared with the corresponding period last year, a Bank release said.

Profit before tax increased by 16% to US$ 651 million and operating profit before goodwill was up by 23% to US$ 719 million and interim dividend per share increased by 10% to 12.82 US cents. On the downside, ongoing costs excluding goodwill was up by 6% to US$ 1,199 million and provisions were up by 5% to US$ 269 million.

Commenting on these results, the Chairman of Standard Chartered PLC, Sir Patrick Gillam, said: "Our focus this year is on delivering value from the strategic moves we made in 2000. The results for the first six months show that we are making good progress. They demonstrate our ability to achieve growth even against the backdrop of difficult economic conditions in many of our markets".

The Bank’s Consumer business has continued to expand with success in credit cards, personal loans and wealth management. Despite lower mortgage prices in Hong Kong, and low activity in capital

and investment markets revenues were up 8%.

The wholesale bank saw the integration of some of its key areas creating a business focused on improved returns through less capital intensive products. There was also increased emphasis on cross selling and leading with higher value products, in order to increase the overall value of corporate relationships. As a result profits increased by 71% over the same period last year.

The integration of Chase in Hong Kong and Grindlays is ahead of plan. With these two acquisitions, the Bank has established leadership in key markets such as India, which is now the third largest profit generator. The UAE is also a core market. These developments create a better balanced business, both across products and geographies.

The Bank is also focused on a number of productivity projects throughout the Bank and already seeing cost savings. The first global processing hub in Chennai is now operational and the hub in Kuala Lumpur went live this month. These promise not only to provide cost savings but also improved efficiency.

Subject to regulatory approval and market conditions, the Group will be listing on the Hong Kong Stock Exchange in the fourth quarter of 2001. The listing is currently proposed as a dual primary listing. This will be in addition to the existing listing in London. This listing will probably be accompanied by a retail offering in Hong Kong and a placing of new shares to international and professional investors. The offering will not be greater than 5% of the issued share capital of the Company. It will give the bank access to an enlarged shareholder base and further demonstrates the Group’s commitment to Hong Kong and the rest of Asia. The net proceeds from the share offering will help to support the ongoing growth of the Group.