Asia-focused bank Standard Chartered (STAN.L) has revealed double-digit growth in income and profit in the first half of 2011.

Growth was fuelled by 'very strong' performance in Hong Kong, Singapore, Malaysia, MESA [Middle East and Other South Asia], China and Indonesia.

Peter Sands, group chief executive at Standard Chartered, said, 'We anticipate delivering cost growth broadly in line with income growth for the first six months of 2011.

'The credit environment remains benign across Asia. We are advantaged by a very strong balance sheet which remains highly liquid, very well capitalised, diverse and conservative; and are capturing increasing levels of business from our markets across Asia, Africa and the Middle East.'

However, income from India was lower year-on-year, while growth in Africa was described as 'muted'.

The bank reported expenses had been managed tightly with cost growth set to be inline with income growth during the first half.

The bank had no direct exposure to sovereign debt in Southern Europe, and remained highly liquid and well capitalised.

Its consumer banking division has shown low double digit growth in the first half, according to the statement, fuelled by its wealth management business.
Deposit income has also grown strongly during the first half and the bank has seen double digit growth in income from credit cards and personal loans as it target its unsecured business on Hong Kong, Korea and Singapore

The wholesale banking division, meanwhile is expected to report single-digit growth, year-on-year, for the first half.