Regional uncertainties prevailing in the market failed to deter growth of Standard Chartered that posted a growth of 7 per cent in the Middle East and South Asia, or Mesa, region. Bank’s operating profit before tax stood at $429 million led by a vibrant growth in the UAE despite unrest in the neighbor regions. UAE accounts for 60 per cent of the regional income and 80 per cent of the profit of the firm.

Strong financial credentials of UAE made the bank to cross the one billion dollar mark two years in a row to hit $1.12 billion. On global level, the bank showed 17 per cent profit before taxation growth. Standard Chartered’s operating income rose 11 per cent to stand at $8.764 billion as compared to $7.924 billion during the corresponding period last year. Similarly, wholesale revenue surged 11 per cent led by decline in bad debt charges.

Chairman of Standard Chartered, Sir John Peace, said, “Our costs are tightly controlled and we have many diverse sources of good income growth. We have increased our support to our customers, with loans and deposits up, and our capital and liquidity remain strong. Standard Chartered is growing and winning market share in many product areas and markets