StanChart expects doubled profit for wholesale banking division

Targets US$10 billion in profits over the next four years.

Standard Chartered also eyes increases of more than 2-1/2 times economic growth in some key markets. It said its key countries including China and the "golden triangle" of Africa, the Middle East and Asia was meeting expectations.

Mike Rees, chief executive of the wholesale banking division said there is no economic crisis at the moment.

"The world economy is OK,” he pointed out. “Europe may be showing little GDP growth and the US only about 2%, but China and India can still grow sustainably at 8% and Africa looks likely to grow between 6% and 7%."

Recently opened offices in Myanmar and Mongolia, among others, helped increase wholesale banking revenues by 9% to US$11.8 billion in 2012, a new record. Profits dropped by 2% to US$5.1 billion, however.

Rees noted that the bank had increased revenues and profits every year for the past decade, and that its focus on emerging market trade flows ought to put it in a good position to continue that trend.

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