“We continue to invest selectively in the business, positioning us well to take advantage of the long-term growth opportunities across our markets, whilst maintaining a strong focus on the fundamentals of the bank. Normalised earnings per share increased 14 per cent and dividend per share was up 9 per cent, with RoE at 14.1 per cent, as the Group continues to deliver long-term value for shareholders,” the bank in a statement said.
According to the bank, 2010 delivered strong and diversified profit and income growth across our markets in Asia, Africa and the Middle East.
Wholesale banking saw income climb by seven per cent to just under US$10bn, with profit up 17 per cent at $4.77 billion. Wholesale Banking has now achieved double-digit profit growth every year since 2002. Client income grew 17 per cent on the back of growing trade and investment flows to and from our markets, with trade finance assets and contingents growing 28 per cent, commodities by 66 per cent, and FX by 14 per cent.
“Consumer banking continues to make strong progress in its transformation, with income up eight per cent to just over $6 billion, whilst profit climbed 51 per cent to $1.31billion, despite ongoing margin compression,” the bank added.
“The balance sheet remains conservative, highly liquid, with minimal refinancing requirements. Strong organic equity growth of over $4.2 billion, supplemented by a successful capital raising, saw Core Tier 1 capital rise to 11.8 per cent, up from 8.9 per cent in 2009, with total capital up 1.9 per cent to 18.4 per cent. The normalised cost/income ratio rose slightly to 55.9 per cent, reflecting the deliberate and strong investment across the Group.
“Standard Chartered has continued to provide support for its customers and corporate clients, both during and after the financial crisis, with total lending up over $ 90billion, up 60%, from the start of the crisis in mid-2007. SME lending climbed by 32 per cent, or just under $4.3 billion during 2010, on top of a 14 per cent increase in 2009. We continued to support potential homeowners in our markets, with mortgage lending up by 23 per cent.”
“This has been a strong year for the Group, with good growth in volumes as we take market share from our competitors. We have continued our planned investment in the businesses to position us well for the long-term opportunities across our markets, whilst delivering our eighth year of record profit and income. We continue to see strong momentum in both businesses, and the Group has a seen a record start to 2011,” said
Peter Sands, Group Chief Executive, StanChart.
“Standard Chartered has seen strong revenue growth across the Middle East. Despite the market uncertainties, we have remained very much open for business for our customers and clients and have continued to support them. With over 90 years’ of history in Bahrain, the Bank has a proven and longstanding commitment centred on our confidence in the long-term growth potential of the region. We will continue to perform a critical role supporting trade and investment in the Middle East providing financial support and advice to our customers and clients,” said
Jonathan Morris, Chief Executive Officer, StanChart Bahrain.