StanChart income up 10% in 2011

MANILA, Philippines - Standard Chartered Plc (StanChart) has reported an increase in income of 10 percent to $17.64 billion and an increase of 11 percent in operating profit to $6.78 billion. Total lending has increased by 91 percent. StanChart has 24 markets generating income and 14 producing profits of more than $100 million. Its continued performance is underpinned by strong capital and liquidity and multiple sources of income across the faster-growing markets of Asia, Africa and the Middle East. At the end of 2011, the Core Tier 1 ratio was 11.8 percent and advances to deposits ratio were 76.4 percent. It has no direct sovereign exposure to Greece, Ireland, Italy, Portugal or Spain. During the year, customer deposits grew 11 percent to $352 billion and lending to customers by nine percent to $269. Cost growth was in line with income growth at 10 percent, despite the UK Bank Levy of $165 million. Staff numbers were up by some 1,600 over the year to nearly 87,000.