Standard Chartered records increased profits for 2005

BANK RESULTS: Standard Chartered PLC reporting on financial performance for the year ending December 31, 2005, announced record Group profits, driven by SC First Bank acquisition and strong underlying business momentum.

Profit before tax has grown 19 per cent to $2,681 million, compared with $2,251 million in 2004, while Income was up 27 per cent to $6,861 million from $5,382 million.

Both Wholesale Banking and Consume Banking recorded double digit income growth.

Commenting on these results, the Chairman of Standard Chartered PLC, Bryan Sanderson, said: "Standard Chartered's 2005 results demonstrate another strong performance. We are in markets with economic conditions which present us with opportunities to build on our performance track record.

It is particularly pleasing to note that SC First Bank, our Korean acquisition, became EPS accretive in the second half of 2005. In all our markets we have strong business relationships and extensive networks, which are serving us well as the pace of change and number of business opportunities increase,"

In his report Group CEO. Mervyn Davies stated that the scale of Standard Chartered was changing. Today the Bank has 12 Million customers up from 7 Million in 2003. Income has increased from $4.7 billion in 2003 to $6.9 billion in 2005.

The Group is growing rapidly, organically and through strategic alliances and acquisitions and now has 1,200 branches compared to 450 in 2003.

Discussing the Bank's performance in Sri Lanka CEO Sri Lanka, Vishnu Mohan said, "It has been another excellent year for us and we have recorded double digit growth in both income and trading profit. But most importantly we are creating opportunities in our markets, driving value creation and actively seeking future opportunities.

We are building diversity in our products so we can reach more customers, diversity in our markets so our business has a broader base and diversity in our people, so we can have the best available talent working for us. I am very proud of the team's passion, dynamism and vibrancy and their commitment to our brand promise."