Private Banking Income Rose At Standard Chartered In 2012

Tom Burroughes Group Editor 6 March 2013


Standard Chartered, the UK-listed bank which earns the bulk
of its revenues in Asia and other emerging regions such as India, reported
group income across all divisions of $19.07 billion in 2012, an 8 per cent
year-on-year rise and the 10th straight year of income, profit and
dividend growth.

Pre-tax profits rose by 8 per cent from 2011 to 2012 to $7.202
billion, the bank said in a statement today.

Private banking income rose by 12 per cent with around 4,000
new client accounts. The firm, which at the time of this publication’s press
deadline gave few other details about its private bank, said the “high value
segments” of the firm accounted for 46 per cent of group consumer banking
income and 57 per cent of consumer banking income growth last year.

The firm suffered a blow to its image when, late last year, it
was fined a total of $667 million by US regulators for breaching sanctions
regarding Iran
and some other nations. Other banks, such as HSBC, have also fallen foul of
such regulations, sharpening the spotlight on risks and compliance issues.

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