StanChart expects pre-tax profit to rise 10 percent

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Standard Chartered said on Thursday that it expects pretax profit to rise by at least 10 percent this year to another record, helped by a strong performance in emerging markets such as Singapore and Hong Kong.

Net interest margins were also expected to rise from 2010 levels, it said in a filing to the Hong Kong bourse, adding that its headcount was now about 2,000 higher than at the end of 2010.

The bank also said it had initiated a restructuring programme, which it said would cost about $50 million or more, depending on the level of participation.

Reuters