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Standard Chartered (StanChart) Bank's profit before tax increased by 39 per cent in 2004 due to strong asset growth, robust risk management policy and strengthened infrastructure and technology structure.
It was revealed as its global results for 2004 were announced in London recently.
The pre-tax profit of $2.158 million exceeded most analysts' forecasts on revenues of $5.367 million. The group's net revenues rose 13 per cent. The pre-tax profit in 2003 was $1.55 million.
According to the results for the year ended on December 31, 2004 the net revenue went up by 13 per cent to $5.367 million from $4.740 million in 2003 while the normalised cost income ratio stood at 53.5 per cent against 53.6 per cent in 2003. The debt charge went down by 60 per cent to $214 million compared to $536 million of 2003.
The normalised earnings per share rose by 40 per cent and the normalised return on equity reached 20.1 per cent compared to 15.7 per cent of 2003.
The annual dividend per share increased by 10.6 per cent to 57.5 cents.
Of the significant achievements, its record profits exceeded $2 billion for the first time driven by good revenue growth and excellent risk management while consumer banking and wholesale banking each achieved $1 billion in operating profit.
It incorporated Hong Kong operations to help expansion in China and made significant progress on acquisitions and alliances -- Korea First Bank, Bank Permata, Bohai Bank and Prime Credit.
Standard Chartered Chief Executive Officer (CEO) in Bangladesh Osman Morad said, "2004 has been a great year for Standard Chartered Bank, and it shows that the Bank has strong potential for growth. We are very happy to participate in this success doing our part in Bangladesh."
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