Korea First Bank Results 2004

Standard Chartered PLC
11 March 2005


Announcement by Korea First Bank of Its Unaudited Financial Results for the Year
Ended 31 December 2004


On 10 January 2005, Standard Chartered PLC ('the Company') announced that
Standard Chartered Bank had entered into an agreement to acquire the entire
share capital of Korea First Bank. The acquisition, which is subject to certain
conditions including regulatory consents, is expected to be completed by the end
of April 2005.


The following is a copy of an announcement released today by Korea First Bank,
reporting their results for the twelve months ended 31 December 2004.


The Company is issuing this announcement for information purposes only.


'Public Disclosure on 15% or More Changes in Sales or Profits/Losses


1.  Rationale: Article 69 of 'Regulation on Securities Issuance and
    Disclosure' (FSC) and Article 4 of 'Disclosure Regulation' (KRX)


2.  Date of Disclosure: March 11, 2005 (Korea Time)



3.  Method of Disclosure: To Financial Supervisory Commission and Korea
    Exchange by Electronic Disclosure System


4.      Contents of Disclosure

                                           (Unit : Million KRW)

1. Details of Changes in                      Current        Previous    Increase or      Amount       Rate
                                                                            Decrease
   Sales or Profits/Losses                Fiscal Year     Fiscal Year

- Sales                                     2,685,841       2,417,993       Increase     267,848       11.1
- Operating Income                            239,256         250,303       Decrease    (11,047)      (4.4)
- Ordinary Income                             166,456          93,133       Increase      73,323       78.7
- Net Income                                  119,979        (13,470)       Increase     133,449      990.7

2. Financial Status                                  Current Fiscal Year               Previous Fiscal Year

- Total assets                                                41,712,661                         39,480,658
- Total liabilities                                           39,872,911                         37,832,548
- Common stock                                                 1,029,613                          1,029,613
- Total shareholders' equity                                   1,839,750                          1,648,110
- Total shareholders' equity /                                    178.7%                             160.1%
  Ratio to Capital stock

3. Main Reasons for                   - Decrease of Bad debts expenses
 Changes in Sales or P&L

4. Date of Board Resolution           March 9, 2005(USA Time)
  (Decision Date)

- Attendance of        Present(No.)   14
Outside Directors       Absent(No.)   1

- Attendance of Auditors              -
(Members of audit committee who are
outside directors)

5. Shareholders meeting of date       March 28, 2005

6. Others                             - The above may be subject to change in external audit result.



1.      Balance Sheets


As at 31 December 2004

As at 31 December 2003



          Banking A/C
                                             (Unit: Million Won)
Description                                           Current Fiscal Year          Previous Fiscal Year
                                                                   Amount                        Amount
Assets


1.      Cash & Due from Banks                                   1,714,597                     3,061,229
2.      Trading Securities                                        112,593                           -
3.      Available-for-Sale Securities                           6,634,310                     6,812,155
4.      Held-to-Maturity Securities                               252,009                       193,047
5.      Equity Securities                                          51,740                        66,774
6.      Loans                                                  30,438,131                    26,801,405
7.      Fixed Assets                                            1,206,468                     1,228,179
8.      Other Assets                                            1,302,813                     1,317,869

Total Assets                                                41,712,661                       39,480,658
Liabilities

1.      Deposits                                               27,488,106                    27,196,857
2.      Borrowings                                              1,554,554                     1,892,320
3.      Financial Debentures                                    8,824,561                     5,695,014
4.      Other Liabilities                                       2,005,690                     3,048,357
Total Liabilities                                              39,872,911                    37,832,548
Stockholder's Equity

1.      Capital Stock                                           1,029,613                     1,029,613
2.      Capital Surplus                                            17,111                        17,111
3.      Retained Earnings                                         723,980                       605,637
        Net Income(Loss):
           Current Fiscal Year:  119,979
           Previous Fiscal Year: (-)13,470
4.      Capital Adjustment                                         69,046                     (-) 4,251

Total Stockholder's Equity                                      1,839,750                     1,648,110
Total Liabilities and Stockholder's Equity                     41,712,661                    39,480,658



2.      Income Statements


For the year ended 31 December 2004

For the year ended 31 December 2003


          Banking A/C
                                             (Unit: Million Won)
Description                                           Current Fiscal Year          Previous Fiscal Year
                                                                   Amount                        Amount

1.      Operating Revenues                                      2,685,841                     2,417,993
2.      Operating Expenses                                      2,446,585                     2,167,690
3.      Operating Income                                          239,256                       250,303
4.      Non-Operating Revenues                                     50,415                       130,057
5.      Non-Operating Expenses                                    123,215                       287,227
6.      Ordinary Income                                           166,456                        93,133
7.      Extraordinary Gain(Loss)                                        -                             -
8.      Income before Income Taxes                                166,456                        93,133
9.      Income Tax Expenses                                        46,477                       106,603
10.     Net Income(Loss)                                          119,979                     (-)13,470
        Ordinary Income(Loss) Per Share

        Current Fiscal Year:           583
        Previous Fiscal Year:        (-)67
        Earning(Loss) Per Share
        Current Fiscal Year:           583
        Previous Fiscal Year: (-)       67
                                                                               '

For further information please contact:


Cindy Tang, Head of Media Relations

[phone]


Romy Murray, Head of Investor Relations

[phone]


Betty Ku, Head of Investor Relations, Asia Pacific

+ 852 2821 1310

                      This information is provided by RNS
            The company news service from the London Stock Exchange