The reason noticed behind such a significant growth is the efficient wholesale banking and consumer banking activities of the bank. These two divisions helped the bank in posting a good momentum during the first quarter of 2011, which ended on March 31, 2011.
"StanChart has enjoyed an excellent start to 2011, with good momentum in both businesses. We continue to benefit from the disciplined execution of our strategy and we remain very well- positioned in dynamic markets with strong fundamentals," the Group Chief Executive Peter Sands said in a statement.
Apart from this, a reduction has been brought in by the bank in its employee"s strength for the purpose of reducing its costs. It further informed that the expenses planned by the bank are in accordance to what prevailed in the second half of the previous year.
"We are maintaining a firm grip on expenses, with headcount levels at the end of the first quarter slightly below the level seen at the end of 2010," Peter said.