Standard Chartered PLC, a Britain-based bank that does most of its business in Asia, said Tuesday full-year profit rose 27 percent as the lender boosted income at both its wholesale and consumer businesses.
Net income for the year through Dec. 31 rose to US$3 billion (euro2 billion) from US$2.4 billion in the previous year, the company said in a statement. Net interest income climbed to US$16.2 billion (euro10.9 billion) from US$13 billion.
"We are not complacent about the future but are confident that we will deliver another strong performance in 2008," Chairman Mervyn Davies said.
Still the bank added a note of caution.
"What is clear is that the U.S. economy is now facing a period of weaker growth. "A U.S. slowdown will impact the rest of the world, dampen global growth, slow the pace of trade and will take the heat out of commodity markets."
Standard Chartered made a number of acquisitions in 2007, including A. Brain Co. Ltd., but contributions from these businesses were not included in full-year earnings.
Operating profit at the bank's consumer banking unit grew 25 percent, to US$1.6 billion (euro1.1 billion), while in wholesale banking it rose 34 percent, to US$5.2 billion (euro3.5 billion).
Shares of Standard Chartered jumped 6.2 percent to 1,678 pence (US$33.00; euro22.26) on the London Stock Exchange.