Net profit for 2010 was driven by increased wholesale income and a sharp reduction in loan-impairment charges.
Profit before tax rose by just under a $1bn from 2009’s $5.15bn, with India contributing more than any other region to profits for the first time in the bank’s history.
Total operating income for the 12 months ended 31 December 2010 was $16.1bn, up 5.8% from $15.2bn in 2009, while loan-impairment charges dropped 56% to $883m from $2bn.
Net interest income, or revenue from lending minus payments to depositors, climbed 11% last year to $8.47bn. Fee income climbed 19% to $4.56bn.
According to the bank, its bad-loan costs declined 56% and lending jumped 22% in the year 2010.
Standard Chartered said it expects to keep delivering double-digit income growth this year despite higher costs, regulatory pressures and a cautious forecast for the world economy.
Standard Chartered CEO Peter Sands said regulation poses the biggest threat as global lenders grapple with stricter capital rules. A UK bank levy set to take effect this year will cost Standard Chartered $180m after tax in 2011.
