StanChart Singapore operating profit down 7% in 2013

STANDARD Chartered Bank in Singapore said yesterday that its full-year operating profit for 2013 fell 7 per cent from a year ago, on the back of margin compression and regulatory pressure.

Operating profit on a pre-tax basis for the 12 months ended Dec 31, 2013, was US$896 million, down from US$966 million a year ago. Full-year income was US$2.1 billion, down 5 per cent from US$2.2 billion.

The Singapore franchise remains the second-largest contributor to the group's income and profit. Hong Kong is the bank's biggest market.