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Standard Chartered Plc, a British bank that earns most of its money in emerging markets, doubled income and tripled profit in China last year on the back of the country's fast-growing economy and loosening controls on foreign financial players. 

According to a statement released yesterday, the London-based lender had its total income more than double to almost US$300 million in 2006 in China, with its profit three times larger than that of 2005.

Overseas banks are gaining considerable profits as they have wider access to the nation's individual customers following opening of the banking sector on December 11 to meet World Trade Organization entry commitments.

Standard Chartered performed well in China last year, the London- and Hong Kong-listed bank said yesterday.

"2006 was certainly a year of rapid progress for our organic business and our performance has continued to be strong," said Katherine Tsang, CEO of the bank's China operation.

"2007 promises to be equally exciting. With local incorporation, the launch of many new products and our accelerating investment to expand our network and infrastructure, we believe we will be able to offer even more and better service to our local customers this year," she added.

Along with eight other overseas financial institutions, Standard Chartered has been approved to form a locally incorporated entity, which is expected to soon launch its business.

Throughout 2006, the bank released more than 100 new products for its consumer and wholesale banking customers, while its network expanded to cover 22 locations in 14 cities.

Since the beginning of the year, the bank has launched retail branches in Nanjing, capital of East China's Jiangsu Province and Chengdu, capital of Southwest China's Sichuan Province. It also opened a sub-branch in Shanghai in January and received approval to have an outlet in Chongqing Municipality.

Chief Executive Officer Peter Sands said on Tuesday that the lender remains optimistic about China, even though it is still a "relatively small market" for the bank.

"2007 will be an important year for us in China," he said. "China will have bumps. We know how to navigate them."

The bank plans to offer private banking and incorporate to offer currency services, as well as credit and debit cards to individuals.

(China Daily March 1, 2007)