Standard Chartered mideast bad loans surge

Standard Chartered saw bad loans in its Middle East and South Asia wholesale banking unit grow by US$313 million (Dh1.15 billion) in the first half of 2009, compared to the same period a year earlier, the bank reported today.

Impaired loans, or loans that the bank does not expect to be paid back fully, rose from only $4m in the first half of 2008 to $317m in the first half of this year, the Asia-focused bank said.

In the same period, bad loans in the bank’s consumer business increased by 88 per cent to $143m.