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LONDON - ASIA-FOCUSED bank Standard Chartered earned record income and profits last year as it battled through the economic downturn, it announced on Wednesday, adding that 2010 had started well.
Chief executive Peter Sands meanwhile said that he had decided to donate his annual bonus to charity amid anger over excessive bankers' pay, mirroring a move made by the boss of HSBC earlier in the week.
The London-based bank which also trades across Africa and the Middle East, said net profits rose 4.7 per cent to US$3.279 billion (S$4.6 billion) last year compared with its performance in 2008.
'2009 was the seventh successive year of record income and profits,' the bank's chairman John Peace said in a group earnings statement. 'The Bank has used its strong capital and liquidity position and its increasingly powerful brand to capture market share from competitors and to deepen relationships with customers and clients. The Bank enters 2010 with real resilience and momentum,' he added.
The bank however cautioned that it saw challenges in the Middle East and South Asia markets, partly owing to political uncertainties in Pakistan and Dubai's debt problems. Standard Chartered, which derives more than 90 per cent of its income from emerging markets, is widely believed to have one of the highest exposures to Dubai among banks globally. Without providing details, Mr Sands said the bank was well-protected against potential losses.
Standard Chartered meanwhile announced that its total bad-debt charges rose to US$2 billion last year, up from $1.32 billion in 2008, with the Middle East and South Asia markets accounting for the largest chunk. Chairman Peace said the board had decided 'to reward the management team for yet another successful year and to retain top talent in these fiercely competitive markets, but only when appropriate to do so'. -- AFP
Chief executive Peter Sands meanwhile said that he had decided to donate his annual bonus to charity amid anger over excessive bankers' pay, mirroring a move made by the boss of HSBC earlier in the week.
The London-based bank which also trades across Africa and the Middle East, said net profits rose 4.7 per cent to US$3.279 billion (S$4.6 billion) last year compared with its performance in 2008.
'2009 was the seventh successive year of record income and profits,' the bank's chairman John Peace said in a group earnings statement. 'The Bank has used its strong capital and liquidity position and its increasingly powerful brand to capture market share from competitors and to deepen relationships with customers and clients. The Bank enters 2010 with real resilience and momentum,' he added.
The bank however cautioned that it saw challenges in the Middle East and South Asia markets, partly owing to political uncertainties in Pakistan and Dubai's debt problems. Standard Chartered, which derives more than 90 per cent of its income from emerging markets, is widely believed to have one of the highest exposures to Dubai among banks globally. Without providing details, Mr Sands said the bank was well-protected against potential losses.
Standard Chartered meanwhile announced that its total bad-debt charges rose to US$2 billion last year, up from $1.32 billion in 2008, with the Middle East and South Asia markets accounting for the largest chunk. Chairman Peace said the board had decided 'to reward the management team for yet another successful year and to retain top talent in these fiercely competitive markets, but only when appropriate to do so'. -- AFP
