Standard Chartered reports 13% increase in full-year pretax profit to US$5.1bn

For the year ended 31 December 2009, Standard Chartered (LSE: STAN) reported pretax profits of US$5.1bn, up 13% compared to US$4.5bn the previous year. Earnings per share grew 2.8% during the period, to 179.8 cents. The Asia focused banking group recommended a final dividend of 44.80 cents per share, taking the annual dividend to 66.03 cents per share, a 7.2% increase from 2008.

“2009 was the seventh successive year of record income and profits. The bank has used its strong capital and liquidity position and its increasingly powerful brand to capture market share from competitors and to deepen relationships with customers and clients”, Standard Chartered Chairman John Peace commented. “The Bank enters 2010 with real resilience and momentum."
In his statement, the chairman said the company had consistently produced strong results throughout the financial crisis and economic downturn by sticking to its strategy. The company also highlighted that it did not take capital from any government or liquidity support from any central bank at any stage during the financial crisis. In 2009, Standard Chartered’s total lending increased by US$28 billion, more than 10%.

Looking ahead, Standard Chartered said that in 2010 the global economy looked better than at this time last year. The company expects a modest 2% recovery in global economic growth during the next twelve months. However the bank noted there is a sharp disparity between the prospects of its markets compared with those for Western economies.

Whilst acknowledging challenges in the economic and regulatory environment, the company believes it has the right strategy for sustainable growth.

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