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Shares in Asia-focused bank Standard Chartered tops theFTSE 100 in London, rallying after a recent underperformance and lifted by arobust outlook and exposure to growth in Africa and India after first-halfprofits fell 16 percent to $3.3 billion from a year ago.
Standard Chartered's first half profits were down following a $1 billion hiton the value of its Korean business.
Chief Executive Peter Sands, however, said in a statement Standard Charteredwas determined to improve productivity and return on capital.
Before the impairment Standard Chartered, which is based in London but makesmore than 90 percent of its profits in Asia, Africa and the Middle East, beatI/B/E/S estimates on $4 billion for the first-half, according to Thomson Reutersdata.
"Africa and India are growing strongly which offers encouragement for thecompany. The bank said that it continues to increase market share which bodeswell for the future," TradeNext strategist Ronnie Chopra said.
Standard Chartered is up by 3.5 percent at 1,578 pence by 1010 GMT,outperforming a 0.1 percent fall on the benchmark FTSE 100 index.
The shares were recovering having fallen on Monday after rival HSBC posted profits below forecasts.
The stock has been under pressure since the start of 2013, up just 0.2percent compared with a 12 percent rise on the FTSE 100, dented by concerns overdemand from emerging markets and in particular Asia.
Simon Maughan, strategist at Olive Tree Financial Group, said the shareslook cheap, trading on 1.3 times reported book value, which implies zero growthwith 10 percent cost of capital, while 1.1 times forward price to book andforecast RoE (return on equity) of 12.2 percent suggests the stock is at least10 percent cheap.
Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net
Reuters messaging rm://david.brett.thomsonreuters.com@reuters.net
