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Standard Chartered posts $111m loss in consumer banking

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-05 18:27

Standard Chartered Bank posted a $111 million loss in consumer banking in China last year, the lender said in a statement on Thursday.

A 58.2 percent rise in operating expenses contributed to the lender's loss, despite revenue growth of 20 percent to $143 million. The lender spent $238 million in its consumer banking sector in China, expanding its number of outlets from 38 to 54. The bank also hired 1,000 new employees and introduced new products such as debit cards and payroll accounts in 2008.

The lender's wholesale banking business recorded a $177 million profit last year in China and its income grew 27 percent to $632 million.

Standard Chartered Bank reported a 17 percent rise in its annual net in 2008 from its global operations.