Standard Chartered Singapore posted record income of US$1,738mn for 2010

A record operating profit of US$718 million was also reported for the financial year 2010.

According to Standard Chartered, the Bank continued to invest in Singapore, a core market for its businesses, to sustain business momentum and strengthen its market position.

FY2010 Key Financial Highlights:

A record income of US$1,738 million (S$2,369 million), up 9 per cent from FY2009 due to strong underlying business momentum.

- Solid income growth for both businesses – 17 per cent for Wholesale Banking (client income) and 15 per cent growth for Consumer Banking.

- Record income for Consumer Banking at US$728 million (S$992 million) for 2010 – more than doubled from US$324 million (S$442 million) since 2005.

- Record income for Wholesale Banking – crossed US$1 billion mark for the first time, growing more than five times from US$190 million (S$259 million) in 2005.

A rise in cost by 23 per cent to US$986 million (S$1,344 million) on continued investment in additional headcount, new premises, enhanced capabilities, and new products and services, in line with growth of the business.

Impairments decreased by 56 per cent in 2010 due to strong risk management processes.

A record operating profit before tax of US$718 million (S$978 million), flattish year-on-year as the Bank took on a deliberate strategy to make significant and continued investment in Singapore.

Strong and well-managed Balance Sheet with assets growth of 25 per cent, liabilities growing by 26 per cent, strong CASA growth of 24 per cent, and a stable A-D ratio at 77 per cent.

Ray Ferguson, Regional Chief Executive, Singapore and Southeast Asia, Standard Chartered Bank, said:

“Singapore is a strategic and core market for the Bank. It continues to be the third largest contributor to Group income and profit and is the operational hub for our global Consumer Banking and Wholesale Banking businesses.

Over the years, we have demonstrated that we are Here for good and our focus has always been the long term and sustainable growth of our business franchise in Singapore.

Hence, post the global financial crisis, while some companies may be more cautious in the way they invest, Standard Chartered saw it as an opportune time to strengthen our position in the market. We took a deliberate approach to invest significantly in the business in Singapore and maintain the business momentum, at the same time, grow our capabilities to capture growth opportunities.”