Growth rises at Standard Chartered

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The Independent Online

Standard Chartered, the emerging markets bank fending off a row about the pay of its top bankers, yesterday reported a trading update that might give some justification for those rewards.

The London-based bank that does most of its business in Asia says it enjoyed "high single-digit" revenue growth in the first quarter.

Growth of more than 10 per cent in Hong Kong and elsewhere more than compensated for "subdued" sentiment in India, it argued.

Investor groups say Standard's pay policies are too geared to short-term performance and say shareholders should vote against the latest company remuneration report.