Standard Chartered named ‘Global Bank of the Year’

Friday, 10 December 2010 00:30 -     - {{hitsCtrl.values.hits}}

Wins ‘Best Bank in Asia’ for the second consecutive year as well in a haul of seven awards

Standard Chartered said yesterday it has won seven awards at The Banker’s ‘Bank of the Year Awards 2010’. The bank was named: ‘Global Bank of the Year,’ ‘Bank of the Year in Asia,’ ‘Bank of the Year in Afghanistan,’ ‘Bank of the Year in Bangladesh,’ ‘Bank of the Year in Hong Kong,’ ‘Bank of the Year in Tanzania’ and ‘Bank of the Year in Zambia’.

The Banker’s ‘Bank of the Year Awards’ are regarded as the industry standard for banking excellence. The winners are judged on their ability to deliver shareholder returns and to gain strategic advantage.

On winning ‘Global Bank of the Year’ Peter Sands, Group Chief Executive, Standard Chartered Bank, said: “We are delighted to be named ‘Global Bank of the Year’. During the past 12 months we have continued our strategy of becoming the world’s best international bank, leading the way in Asia, Africa and the Middle East. Our clear strategic focus, coupled with a commitment to the basics of banking, has enabled us to deliver seven consecutive years of record profit and income.”

“In March, we rolled out our ‘Here for Good’ brand promise, which embodies our commitment to create value for our shareholders, to support and partner our clients and customers and to make a positive contribution to the broader community. In June, we reinforced our leading position in India, where we opened our first ever branch in 1858, by listing in Mumbai with an Indian Depository Receipt (IDR) offer, the first of its kind, allowing investors in India to participate in our growth.

“We are very proud of these achievements. This has been a great 12 months for Standard Chartered. The Banker’s ‘Global Bank of the Year’ award is testament to our continued strong performance. I would like to thank our staff for their professionalism and teamwork, our clients and customers for the trust they put in us.”

On winning ‘Bank of the Year in Asia,’ Jaspal Bindra, Chief Executive Officer, Asia said: “We are extremely pleased to be named ‘Best Bank in Asia’ by The Banker for the second consecutive year.

Standard Chartered has come through the recent crisis fitter and stronger, and we continue to demonstrate our commitment in Asia, where we consistently derive more than 70 per cent of income and profits. We believe that Asia is leading the global recovery, and Standard Chartered is well-positioned for further growth given our presence and expertise in the region.”

StanChart sees record 2010 profit

Standard Chartered said on Thursday that it expects to post record income and profit for this year, helped by falling loan impairments and growth in consumer banking.

Income in the second half of 2010 was expected to clock in at levels similar to the first six months, the bank said in an update posted on the Hong Kong stock exchange website, before its regular year-end briefing later in the day.

‘The group has continued to perform well, consistent with our expectations and guidance,’ the bank said in the statement. ‘Both businesses have performed well, with client income growth in wholesale banking very good and income in consumer banking showing good levels of growth.’     

The bank’s Hong Kong-listed shares were up 3.8 percent before it gave the update, but eased slightly after the midday trading break.    

Standard Chartered reported a first-half profit of $3.12 billion as bad debts more than halved and its key Asian markets performed better than those in the West.    

The fall in loan impairments was likely to have extended into the second half of this year, the bank said in the Thursday statement, and it expected bad loans to be significantly lower in 2010 compared with the previous year.

StanChart has been expanding aggressively in the wholesale and consumer banking areas, snagging several high-profile deals including as lead underwriter for McDonald’s Corp’s landmark 200 million yuan bond in Hong Kong earlier this year.

Cost growth would exceed income growth in the full year as a result of these new businesses, the bank said, adding that it also saw margin pressure from increased compliance costs and higher staff expenses.    

Net interest margins were set to fall from 2009 due to pressure on asset margins across a number of different countries, it added. Standard Chartered raised $5.3 billion from a rights issue in October, which it said would bolster its finances ahead of new capital rules and provide firepower to take advantage of new opportunities.    

The bank’s London-listed shares have rallied 23 percent so far this year, massively outperforming a 20 percent fall by the broader European bank sector. - Reuters