Standard Chartered reported that its income growth leveled up with cost growth in the first half of this year as its austerity policy helped it evade more than a year of expenses outpacing profit.

The bank expected profit before tax to rise by a double-digit figure in the first half of the year, helped by strong growth in Singapore, Hong Kong, Malaysia, China and Indonesia, it said in a statement to the Hong Kong stock exchange.

In a move to cut costs the bank decreased its workforce in the region.