Standard Chartered has announced a tenth consecutive year of income, profit and dividend growth.
With operations in many of the world’s most dynamic economies, the company now has 26 markets delivering over US$100 million of income.
Total group income was up 8 per cent to US$19.07 billion n 2012. Pretax profit rose to $6.88 billion from $6.78 billion a year earlier.
The Group is increasingly generating income through more effective use of our network as trade grows strongly across markets: in 2012 over 50 per cent of client income in wholesale banking was generated outside of the home market country of clients.
Commenting on these results, Chairman of Standard Chartered Sir John Peace, said: 'I am pleased to report that 2012 was our tenth consecutive year of income and profit growth. Standard Chartered remains a growth story and we are sticking to our strategy, focusing on the basics of good banking, in markets we know well, with clients and customers with whom we have deep relationships. We are entering the new year with strong momentum in both of our businesses and the Board remains confident for the year ahead'.
Wholesale Banking performed strongly
The Group's client focused strategy generated 8 per cent income growth in Wholesale Banking. This year is the tenth consecutive year of income growth.
Commercial Banking, which accounts for 54 per cent of client income, was up strongly on the back of growing trade and investment flows to and from our markets.
Global Markets income was up 7 per cent, with strong performance in both Principal Finance and Corporate Finance, delivering income growth of 75 per cent and 19 per cent respectively.