Standard Chartered warns that recovery may falter

By DAILY MAIL REPORTER
Updated:

City giant Standard Chartered unveiled record profits so far this year but warned that the green shoots of recovery could easily wither away. 

Chief executive Peter Sands believes the prospects for the global economy remain uncertain, despite the 'tentative signs' of improvement.

'It's too early to forecast a sustained recovery and we remain cautious,' he said.

Too far: Standard Chartered says the 'green shoots' of recovery are still a long way away

Too far: Standard Chartered says the 'green shoots' of recovery are still a long way away

Standard Chartered has emerged from the financial turmoil in better shape than many of its rivals, largely because the bulk of its Asian heartland has avoided sliding into recession.

Yet, Sands admitted that the bank has not been immune been immune to the steepest downturn in the world economy since the Second World War.

Bad debts are rising as Asian consumers and businesses struggle to keep on top of their loans, the bank revealed.

Although Standard Chartered (down 26p to 1,172p) is on track to deliver its best ever first-half results, some analysts believe it will struggle to match last year's £2.9billion profit.

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