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Daily Digit: StanChart's record profit

Tuesday, March 05, 2013 - 01:03

March 5 - Standard Chartered notchs up a 10th successive record year with a 1 percent profit increase in 2012 to $6.9bln. It's just below expectations but a big fine for breaking sanctions on Iran was countered by strong growth in Asia. Hayley Platt reports.

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ATTN CLIENTS - RESENT WITH NEWS PICTURES - SOME CLIENTS MAY HAVE FIELD ORDER PROBLEM WITH PREVIOUS EDIT - APOLOGISES 6.9 billion dollars is today's daily digit - the pretax profit notched up by Standard Chartered last year. It's a 1 percent increase on the previous year and the bank's tenth rise in a row. It's largely thanks to success in Asia over the last decade. That offset a fine of more than $650m for breaking US sanctions on Iran and the extra costs of implementing new regulations. The bank says the rules on liquidity and capital combined with a UK bank tax cost them upwards of $500 million a year. They're also concerned about the European Union's proposal to cap bankers' bonuses. The London-listed bank has already cut its 2012 bonus pool by 7 percent to $1.43 billion The bank's chief Peter Sands will see his bonus fall by 10 percent on the year to just over $3m. Standard Chartered shares rose almost three percent after the results.

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Daily Digit: StanChart's record profit

Tuesday, March 05, 2013 - 01:03