For Standard Chartered PLC Chairman John Peace, Thursday began with an abject apology.

WSJ: Standard Chartered Recants, Apologizes for Iran Comments

Standard Chartered PLC's China unit reported profit of 883 million yuan, more than double what it earned the previous year.

WSJ: Foreign Banks in China Rev Profit Engines

Even in India, where defaults on personal debt rose sharply during the global financial crisis, the number of credit cards outstanding ticked up 7% to 18.9 million last year, driven in part by Western players such as Citigroup and Standard Chartered PLC.

WSJ: Loans Surge to Asia's Growing Middle Class