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Standard Chartered full-yr. profit rises

LONDON --Standard Chartered PLC, a British bank with a large presence in Asia, said Tuesday that full-year profit rose 17 percent as the company boosted interest income and as Asian acquisitions contributed to earnings.

Net income in the year through Dec. 31 rose to US$2.28 billion (euro1.8 billion), from US$1.95 billion in the same period a year earlier, the company said in a statement. Net interest income rose 23 percent to US$5.3 billion (euro4 billion).

"We have achieved great momentum and will continue to benefit from the growth opportunities in Asia, Africa and the Middle East," the company said.

Provisions for bad loans, however, almost doubled to US$629 million (euro477 million).

Standard Chartered shares slipped 2.1 percent to 1,477 pence (US$29.00; euro22.02) on the London Stock Exchange.