adminIn financial statements released yesterday, the bank said this contributed to the US$23,5 million profit after tax that was posted for the year to December 31, 2012.
The amount was less than the US$29,3 million that was recorded at the same time in 2011. To account for the difference, the bank said the prior period amount included a once-off recovery of US$6,3 million.
Standard Chartered increased its lending to retail and corporate customers by 216 percent and 24 percent respectively and this was mirrored by a firmer interest income recorded in 2012.
The bank said the non-funded income grew 6 percent due to the movement of customer transactions to lower cost channels earlier that year. The cost growth was limited to 7 percent due to tight cost control and the use of cheaper alternate channels.
This resulted in the cost to income ratio improving from 59 percent to 57 percent.
The bank’s asset base grew significantly in the period under review from US$325 million in 2011 to US$389 million.
Standard Chartered said it was committed to maintaining its status as a premium international franchise.
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