Another year, another
set of record earnings from Standard Chartered
(StanChart).

For the ninth year in a
row, StanChart has reported record revenues and profits.

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Group profit before tax
rose by 11% year-on-year for the 12 months to 31 December to
$6.78bn, boosted by a 26% rise in retail banking profit before tax
to $1.65bn (2010: $1.31bn).

StanChart’s fiscal 2011
results were boosted by a 20% rise in net interest income to
$10.15bn; by contrast, non-interest income fell by 1% to
$7.5bn.

StanChart’s Hong Kong
and Singapore country units performed particularly strongly,
reporting increases in profit of 41% and 40% respectively in fiscal
2011.

By contrast, the
business units in Korea and India posted a fall in profit before
tax of 56% and 33% respectively.

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Group total assets
increased by 15.9% to $599.1bn.

StanChart CEO Peter
Sands said:

“Our enthusiasm for
India as a market remains undiminished. We have continued to invest
at pace, in people, products, technology and branches. We remain
convinced that India will become one of the world’s largest
economies, and is one of our biggest growth
opportunities.”

The growing importance
of the China market for StanChart is reflected in the 2011 results:
Greater China contributed 25% of StanChart’s total income and 31%
of group profit.

Retail banking
highlights across the group in 2011 included:

  • Income from cards, personal loans and
    unsecured lending grew $378m, or 18%per cent, to
    $2.42bn;
  • Retail loan impairments fell by 9% to
    $524m, and
  • Low costs CASA balances remained strong
    and constitute 56% of retail banking deposits (2010:
    59%).