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Standard Chartered profit jumps

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Standard Chartered profit jumps

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Standard Chartered has reported a 13 percent jump in 2009 profit – in line with analysts’ expectation.

Strong investment banking growth in its core Asian markets offset a jump in bad debts in the Middle East.

The bank also said it would pay out more than 800 million euros in management bonuses, unlike many of its rivals.

It said that was necessary to retain talented staff in the face of “red hot” competition.