Standard Chartered is on track for record profits in 2009 even though the emerging markets bank had been dogged by concerns about its exposure to Dubai.

The London-based bank told the City today it had achieved "record levels of income and operating profit before tax" in the 11 months to November and insisted that any losses it suffered in Dubai were unlikely to have an impact on its profits.

Analysts are forecasting a profit rise of 6% to $5.1bn (£3bn) by the year-end.

Richard Meddings, Standard Chartered's finance director, said of the potential losses in Dubai: "The situation is fluid and in its early stages, but given the profile of our exposures, we don't expect any impairment to be material."

Standard Chartered was described by one banking analyst as "simply the best, better than all the rest". Ian Gordon, banks analyst at Exane BNP Paribas, said: "The reason why Standard Chartered has enjoyed remarkably low levels of "peak" impairments during this crisis is that it is first and foremost a trade bank, not a balance sheet lender".

He noted that the trading update ahead of its full year results to be published early next year was consistent with the market's expectations and would not lead to any change in his forecasts.

Meddings said the bank's exposure to the United Arab Emirates was $12bn and "very well spread and well diversified across multiple customer accounts". Standard Chartered is the first London-listed bank to make a formal statement on its exposure to Dubai amid speculation that Royal Bank of Scotland, soon to be 84% owned by the taxpayer, has the greatest exposure.

Standard Chartered's shares, which have been knocked by the uncertainty over Dubai, were up 2.85% at lunchtime, after a day in which the government announced a plan to tax bankers' bonuses. Speaking before confirmation of the new tax, Meddings said: "We are absolute advocates of performance-related pay and incentivised performance. It's the way to incentivise high energy levels and high performance for the benefit of the bank as a whole and its shareholders."

The bank, which has not taken any direct taxpayer bailouts during the crisis but had to close down its off-balance sheet vehicle Whistlejacket, is positioning itself for growth in Asia and the other emerging markets where it has a presence.

Peter Sands, chief executive, said: "Our markets are returning to growth as economic conditions improve, although it is still too early to forecast a sustained recovery and we therefore retain a degree of caution as to the macro economic outlook".

"The group is very well positioned to benefit from the opportunities in our markets as they continue to recover," said Sands.