Standard Chartered PLC has announced a ninth consecutive year of record profits and income in 2011.
According to the reports, Its continued performance is underpinned by strong capital and liquidity and multiple sources of income across the faster-growing markets of Asia, Africa and the Middle East.
The bank reports that the Income was up 10 per cent to US$17.64 billion and operating profit increased 11 per cent to US$6.78 billion.
The bank further state that the group has now 24 markets generating income and 14 producing profits of more than $100 million.
The diversity of different businesses and geographic markets gives the Bank resilient income momentum and enables it to grow even when some markets have a difficult year.
“In each of the last five years, it has increased capital levels, staff numbers, earnings per share and dividends, as well and income and profits. Over the same period total lending has
increased by 91 per cent.”
The Group has a policy of maintaining a strong capital and liquidity position, which enables it to stay open for business and take market share through the economic cycle in core areas of business such as trade finance.
At the end of 2011, the Core Tier 1 ratio was 11.8 per cent and advances to deposits ratio was 76.4 per cent. The Group has no direct sovereign exposure to Greece, Ireland, Italy, Portugal or Spain.
During the year, customer deposits grew by 11 per cent to US$352 billion and lending to customers by 9 per cent to US$269. Cost growth was in line with income growth, at 10 per cent, despite the UK Bank Levy of US$165 million. Staff numbers were up by some 1,600 over the year to nearly 87,000.
Consumer Banking income climbed 12 per cent to US$6.79 billion and profit 26 per cent to US$1.65 billion as the transformation programme continued. The business benefitted from selective growth in unsecured assets, improving deposit margins and the impact of the investments made in 2010. Good income growth was seen in all the High Value Segments of Private Banking, up 21 per cent, SME, up 14 per cent, and Priority Banking up, 10 per cent.
and the impact of the investments made in 2010. Good income growth was seen in all the High Value Segments of Private Banking, up 21 per cent, SME, up 14 per cent, and Priority Banking up, 10 per cent.
The focus on the strong fundamentals continues, with a low average loan-to-value of around 49 per cent on mortgages, and a well-diversified and strongly-secured loan book.