StanChart has good start to 2008, writes down $97 mln

LONDON: Standard Chartered took a $97 million writedown on the value of assets tarnished by the financial crisis, but said it had a strong start to 2008 as its core operating markets held up well in a turbulent first quarter.

Standard Chartered said in a trading update at its annual shareholder meeting that a combination of impairment and widening credit spreads had resulted in a $97 million hit to profits from its asset backed securitisation portfolio.

It took an additional charge to the available-for-sale reserve of $156 million in the quarter.

The Asia-focused bank took a $300 million writedown on its risky assets in 2007, lower than most rivals.