UK bank net profit rises 4% to record US$3.4b
By Robert Barr |
March 4, 2010, Thursday
|
Print Edition
Print Edition
STANDARD Chartered Plc yesterday reported a seventh consecutive record annual profit, of US$3.38 billion, as stronger wholesale banking earnings offset an increase in provisions for bad loans and other credit risks.
It said net profit rose 4 percent in 2009 from US$3.24 billion a year earlier.
Impairment losses on loans and other credit rose from US$1.3 billion to US$2 billion, although the bank said the rate of impairment declined in the second half.
Pretax profit rose 13 percent to US$5.15 billion, and operating income climbed nearly 9 percent to US$15.2 billion, driven by the bank's wholesale division with a 17 percent rise in interest income.
The bank set a final dividend of 44.8 cents, up 7 percent.
"The bank's exposure to Dubai had weighed on investors' minds, but management today issued further assurance that the losses would not be material," said Richard Hunter, analyst at Hargreaves Lansdown Stockbrokers.
Rises in impairment charges were in the Middle East, India, Singapore and Korea, the bank said.
While hailing the record profit, CEO Peter Sands highlighted the uncertain outlook for the current year.
"Remarkably little progress appears to have been made in rebalancing the world economy. And while imbalances of such scale exist, so there remains the potential for currency crises, asset bubbles and trade wars," Sands said.
It said net profit rose 4 percent in 2009 from US$3.24 billion a year earlier.
Impairment losses on loans and other credit rose from US$1.3 billion to US$2 billion, although the bank said the rate of impairment declined in the second half.
Pretax profit rose 13 percent to US$5.15 billion, and operating income climbed nearly 9 percent to US$15.2 billion, driven by the bank's wholesale division with a 17 percent rise in interest income.
The bank set a final dividend of 44.8 cents, up 7 percent.
"The bank's exposure to Dubai had weighed on investors' minds, but management today issued further assurance that the losses would not be material," said Richard Hunter, analyst at Hargreaves Lansdown Stockbrokers.
Rises in impairment charges were in the Middle East, India, Singapore and Korea, the bank said.
While hailing the record profit, CEO Peter Sands highlighted the uncertain outlook for the current year.
"Remarkably little progress appears to have been made in rebalancing the world economy. And while imbalances of such scale exist, so there remains the potential for currency crises, asset bubbles and trade wars," Sands said.
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