Standard Chartered PLC reported Wednesday that the company earned a seventh consecutive record annual profit, according to Associated Press.
The company said that its record profit was due mostly to stronger wholesale banking earnings, which offset an increase in provisions for bad loans and other credit risks.
The bank said net profit rose 4 percent to $3.38 billion in 2009, compared to $3.24 billion a year earlier.
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Impairment losses on loans and other credit rose from $1.3 billion to $2 billion, although the bank said the rate of impairment declined in the second half.
Pretax profit rose 13 percent to $5.15 billion, and operating income was up nearly 9 percent to $15.2 billion, driven by the bank's wholesale division with a 17 percent rise in interest income.
The bank set a final dividend of 44.8 cents, up 7 percent.
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