Asia-focused Standard Chartered said it had made a strong start to 2009, helping lift the bank's shares as much as 13% after reporting a 19% rise in full-year profit.
'Whilst the world is uncertain, we are in good shape, managing tightly and not complacent,' the UK bank said in a statement. '2009 has started well,' it added.
Standard Chartered posted a 2008 pre-tax profit of $4.8 billion, above average forecasts of $4.6 billion.
The bank, which gets two thirds of its revenue from Asia, said wholesale banking had a very strong January, with income broad-based and well above levels seen a year earlier.
Trade finance had a record month, Standard Chartered said, while income at its consumer banking operations was running 'slightly, but not materially' below the average run rate for the second half of 2008.
Standard Chartered said its bad debts jumped 74% last year to $1.3 billion, as more corporate and retail customers ran into trouble in the second half of the year. It tightened both its risk and cost control in the face of the worsening outlook.
