• Tue
  • Sep 2, 2014
  • Updated: 9:01pm

StanChart sees record profit in HK

PUBLISHED : Friday, 02 March, 2012, 12:00am
UPDATED : Friday, 02 March, 2012, 12:00am
 

Benjamin Hung, chief executive of Standard Chartered Bank Hong Kong, said the Greater China region contributed more than 31 per cent in pre-tax profits to the total group last year, with Hong Kong posting a record profit among all the bank's markets.

Hong Kong pre-tax profits rose 35.8 per cent to HK$9.96 billion, with personal banking and commercial banking revenues all rising to record highs.

Hung said the bank hired about 450 more employees, bringing the total headcount in Hong Kong to about 6,000 people last year. Hiring plans would depend on performances this year, he said.

Yuan deposits in Hong Kong would reach about 700 billion (HK$862 billion) by the end of this year, said John Tan, head of global markets at Standard Chartered Bank Hong Kong.

Yuan deposits dropped to 588 billion in December from 627 billion in November.

Standard Chartered has said that about half of the yuan deposits in Hong Kong would likely be invested in so-called dim sum bonds - yuan bonds issued in the city. That investment would amount to 350 billion yuan to 400 billion yuan by the end of this year, the bank said.

Standard Chartered Bank did not access the European Central Bank's three-year loan allocations and had no plans to do so, chief executive officer Peter Sands said yesterday. He said the bank might increase its headcount by 2 per cent to 3 per cent this year, according to Bloomberg.

The bank said it was aiming for 'double-digit growth' in revenue this year, after announcing record annual profits for the ninth consecutive year despite setbacks in two of its largest Asian markets, South Korea and India.

Net profit rose 12 per cent to US$4.85 billion on strong growth in consumer banking. This beat analyst estimates of US$4.75 billion. But the bank's bonus pool remained flat.

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