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StanChart Singapore posts 14% increase in 2016 operating profit
STANDARD Chartered Singapore on Friday reported an underlying operating profit of US$416 million for the financial year ended Dec 31, 2016, an increase of 14 per cent compared to 2015.
Income in Singapore in 2016 declined 6 per cent year on year to US$1.49 billion, reflecting challenging market conditions that led to margin compression and lower financial market activity in corporate and institutional banking, as well as weaker demand for wealth management products, the bank said.
This was partly offset by higher deposit income in retail banking, and credit and funding adjustment gains in financial markets.
Total loan impairment fell by 60 per cent or US$158 million year on year.
StanChart said it took "decisive actions to improve its risk profile" in 2016, leading to lower loan impairment in retail banking and fewer provisions in corporate and institutional banking, as well as commercial banking.