Standard Chartered unveils 2003 annual results

The Group's net revenues rose 5 per cent, with pre-tax profits rising 22 per cent.

The Middle East and South Asia region, which contributed over 20% to the Group's pre-tax profits on revenues of USD549 million, was noted for its performance and for the product benefits provided to customers.

The region, which includes the United Arab Emirates where the Bank's regional headquarters are based, showed increased revenues of 9% on 2002. This year, for the first time, the Group results included a detailed reporting of its UAE business, recognising the growing importance of this market to the Bank.

David Edwards, Regional General Manager for Standard Chartered in the Middle East and South Asia, noted: "The growth of the Middle East and South Asia business is a clear reflection of the commitment of our staff to our communities and our clients.

"I am incredibly proud that the Bank in this region earned over 20% of the Group trading profit."

The Bank celebrated its 150th anniversary in 2003, an event the Bank marked by launching its global "Seeing is Believing" initiative. With an original target to return eyesight through cataract operations to 28,000 people globally - one for every member of staff - the Bank actually raised enough to return sight to 56,000 people.

When asked about future plans, Mr. Edwards confirmed, "The Bank is dedicated to continuing to grow our business here. We are the first international bank in Afghanistan, and are proud to be able to play a role in assisting with the rebuilding of that economy. We are a key partner in the consortium for the Trade Bank of Iraq and are very pleased to be among the first to move to the next stage for a branch licence in Iraq. We have a strong portfolio of both consumer and corporate banking products in all our markets, and are leaders in many market segments across the region.

"We will continue to build on these, and to provide the best quality of service and product to our customers."

Other highlights were the Bank's revenue performance in Consumer Banking and accelerated investment in new markets, new products and new service platforms.

Headquartered in London and listed on the FTSE 100 in the United Kingdom and the Hang Seng Index in Hong Kong, the Bank has a franchise that includes two of Asia's most promising large markets: China and India.

In the United Arab Emirates, Chief Executive Ray Ferguson added, "We are extremely proud of our team here. Standard Chartered Bank UAE has a great portfolio of products and services that have been warmly received in the market. We provide a range of high quality retail and banking products, including auto loans, personal loans, and credit cards, with competitive rates and benefits. On the wholesale banking side, we have leading cash management, treasury and trade finance products for our corporate clients.

"We continue to focus our priorities on meeting the financial services needs of our customers."

Commenting on these results, the Chairman of Standard Chartered PLC, Bryan Sanderson, said:

"I am very pleased to report that our Group has delivered another strong performance. Not only did our business succeed in making up for the uncertain economic start to 2003, we went on to achieve strong growth over the previous year, underlining the progress we are making towards our goal of leading the way in Asia, Africa and the Middle East."