Standard Chartered Bank posts record income of US$2b in FY11

Thanks to its consumer and wholesale banking business which accounted for 42% and 58% of the income, consecutively.

According to a release, Standard Chartered Bank in Singapore delivered record income of US$2.186 billion for the financial year ended 2011, up 26 per cent year-on-year (YOY) and crossing US$2 billion for the first time. Operating profit crossed US$1 billion and grew 40 per cent YOY to US$1.002 billion despite margin pressure and market sentiment. The Bank’s twin engines of growth, Consumer Banking and Wholesale Banking, both fired up strongly, whilst effective cost management showed positive impact on the Bank’s bottom line.

FY2011 Country Financial Highlights (YOY):
• Record income crossing US$2 billion, at US$2.186 billion. Income was up 26 per cent, driven by strong growth in Consumer and Wholesale Banking
• Record profit, crossing US$1 billion, at US$1.002 billion, up 40 per cent
• Balanced income contribution by both businesses, with Consumer Banking contributing 42 per cent to income and Wholesale Banking, 58 per cent
• Disciplined management of controllable costs as expenses grew 12 per cent to US$1.105 billion due to flow through costs of up-scaling talent and capabilities
• Singapore continues to be a core contributor to Group income and profit, ranking second amongst the markets
• Strong fundamentals with robust growth in customer loans of 21 per cent funded by 22 per cent growth in customer deposits; stable Asset-Deposit ratio of
75 per cent