Standard Chartered Bank Plc has recorded a growth of 11 per cent in profit after tax to US$6.78 billion even as it grew its loan advances by 9 per cent to $269 billion in its 2011 financial year end.
The bank whose deposit base grew by 11 per cent to $352 billion, further recorded a core tier 1 ratio of 11.8 per cent and minimal refinancing required ending of 2013.
According to statement from the bank, annual dividend per share increased in the period under review by 10 per cent to 76 cents per share even as ongoing support for customers, lending up 91 per cent since 2006.
“24 markets delivered over $100 million of income, 14 over $100 million of profit, just as Consumer Banking profits up 26 per cent and Wholesale Banking exceeding US$5 billion for the first time. Expenses grew in line with revenue growth whilst continuing to invest in the business.
The bank's continued performance is underpinned by strong capital and liquidity and multiple sources of income across the faster-growing markets of Asia, Africa and the Middle East. Income was up 10 per cent to US$17.64 billion and operating profit increased 11 per cent to US$6.78 billion.
The Group now has 24 markets generating income and 14 producing profits of more than $100 million. The diversity of different businesses and geographic markets gives the bank resilient income momentum and enables it to grow even when some markets have a difficult year. In each of the last five years, it has increased capital levels, staff numbers, earnings per share and dividends as well as income and profits. Over the same period total lending has increased by 91 per cent.
The Group has a policy of maintaining a strong capital and liquidity position, which enables it to stay open for business and take market share through the economic cycle in core areas of business such as trade finance. At the end of 2011, the Core Tier 1 ratio was 11.8 per cent and advances to deposits ratio was 76.4 per cent. The Group has no direct sovereign exposure to Greece, Ireland, Italy, Portugal or Spain.
During the year, “customer deposits grew by 11 per cent to US$352 billion and lending to customers by 9 per cent to US$269. Cost growth was in line with income growth, at 10 per cent, despite the UK Bank Levy of US$165 million. Staff numbers were up by some 1,600 over the year to nearly 87,000.