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Standard Chartered profits increase despite huge fine

  • Standard Chartered bank reported a rise in profits on Tuesday despite being hit with a huge fine for breaking sanctions on Iran.

    The London-listed firm saw pre-tax profits for 2012 rise 1 percent to $6.9 billion.

    The results were released just days after the bank said it had reduced its bonus pool by 7 percent following the $667 million fine from U.S. regulators for breaching sanctions on Iran and three other countries.

    In addition, Standard Chartered said that income was up 8 percent to $19.07 billion, and that it hired some 2,000 people last year.

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