StanChart operating profit up by 14%

Standard Chartered Bank was the top international bank for Singapore dollar bond issuances, while the number of private banking clients grew 9 per cent.
Standard Chartered Bank was the top international bank for Singapore dollar bond issuances, while the number of private banking clients grew 9 per cent.PHOTO: ST FILE

Standard Chartered Bank reported strong earnings growth here last year, helping the group trim its full-year loss.

Singapore operating profit before tax jumped 14 per cent year on year to US$416 million (S$584 million) in the 12 months to Dec 31, despite a 6 per cent drop in revenue to US$1.49 billion, due partly to tighter margins and lower financial market activity, the British bank reported yesterday.

Despite the lower full-year revenue, Singapore was still the bank's second biggest market in the world, behind Hong Kong, which contributed revenue of US$3.33 billion and ahead of India's US$955 million.

The bank's earnings here improved on the back of a 60 per cent or US$158 million drop in full-year loan impairment, reflecting efforts to improve the risk profile. The bank attracted an additional US$1.4 billion in current account savings account deposits while deposit income racked up double-digit growth.

The bank was also the top international bank for Singapore dollar bond issuances, while the number of private banking clients grew 9 per cent.

At the group level, the bank reported an operating revenue of US$13.81 billion, down 11 per cent from US$15.44 billion a year earlier. The full-year total loss of US$191 million was markedly less than 2015's US$2.2 billion loss.

Group chief executive Bill Winters said the bank has made "good progress" cleaning up its balance sheet and strengthening its capital position.

A version of this article appeared in the print edition of The Straits Times on February 25, 2017, with the headline 'StanChart operating profit up by 14%'. Print Edition | Subscribe