Standard Chartered unveils 2004 annual results

The Group's net revenues rose 13 per cent, with pre-tax profits rising 39 per cent on the back of strong asset growth, robust risk management policy and strengthened infrastructure and technology structure.

Ray Ferguson, Chief Executive Officer for Standard Chartered UAE, noted: "The growth of this region's contribution to the Group performance is a clear reflection of the commitment of our management and staff in every country to our communities and our clients."

In 2004, Standard Chartered UAE was involved a number of syndicated big ticket loans across a variety of sectors, including real estate and manufacturing and picked up the 'Best Retail Bank in the Middle East' award at the annual international Lafferty awards.

When asked about future plans, Ferguson confirmed, "The Bank is committed to continue growing our business here. Last year, we announced that Standard Chartered was granted the first commercial banking licence by the Dubai International Financial Centre (DIFC) and this is just one example of the bank Leading the Way in the UAE's banking sector.

"We have been in the UAE for 47 years, and we are dedicated to being the right partner to our staff, customers, and communities."

Other highlights were the Group's revenue performance in both Consumer and Wholesale Banking, with both businesses reporting pre-tax profits of over USD1 billion for the first time.

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 in over 50 countries including some of Asia's most promising large markets: China, India and more recently, Korea, with the Group's agreement to acquire Korea First Bank.

Ferguson concluded, "We are extremely proud of our team here. Standard Chartered Bank UAE continues our momentum to deliver quality earnings personal loans and in the global markets business.

"Moving forward, Standard Chartered will continue to be cost-effective, customer- focused and innovative in product and technology advances. We are dedicated to being the right partner to our customers, staff and communities in the UAE."