Standard Chartered posts 10th year of record profit

Editorial Team
Editorial Team
Standard Chartered posts 10th year of record profit

Standard Chartered has posted net profit of $4.79 billion for 2012 despite being hit with a multi-million-dollar fine over a US sanctions probe.

It is the tenth straight year that the London-based firm has recorded a profit.

The figure compared to a $4.75 billion net profit in 2011, the Asia-focused lender said in a filing to the Hong Kong stock exchange.

In a statement the bank’s chairman Sir John Peace said, “We know that we will be held to our brand promise, Here for Good, and continue to work hard to embed this commitment in everything we do.

“We are not pretending we will get everything right, but Here for Good means we will try to do the right thing.”

The bank said although income rose eight percent to $19.07 billion, profit was hit by the $667 million it was forced to pay US authorities last year to settle charges it violated US sanctions covering Iran and three other countries.

“The $667 million settlements dented our profit growth and damaged our reputation,” group chief executive Peter Sands said in a statement.

Image: Standard Chartered

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The Editorial team at APAC Outlook Magazine is a team of professional in-house editors led by Jack Salter, Head of Editorial at Outlook Publishing.