|StanChart reports flat earnings, China income tops US$1b
British bank Standard Chartered (02888), which was penalized for concealing money laundering deals with Iran and keeping false records despite saying its is ‘here for good,’ said today annual earnings were flat at US$4.79 billion.
It also said income in China reached US$1 billion for the first time. Income in Hong Kong has more than doubled to US$3.4 billion.
In 2012, Hong Kong, Taiwan and mainland China booked income of US$4.9 billion, up 11 per cent and exceeding the compound annual growth rate of 9 per cent over the last five years, the bank said.
Return on equity was 12.8 percent, the bank said.
Chairman Sir John Peace said US$667 million settlements for violations “dented our profit growth and damaged our reputation.’’
Chief executive Peter Sands said income in Hong Kong grew by 10 per cent, with wholesale banking income from yuan-denominated business up 30 per
cent, mainly in foreign exchange and trade, while yuan deposits in the consumer bank grew by 70 per cent year on year