SCB Yearend Results (3 of 3)
Standard Chartered PLC
21 February 2001
SCB Yearend Results (3 of 3)
14. Cross border assets
The following table shows the Group s cross border assets, including
acceptances, where they exceed 1 per cent of the Group s total assets.
Cross border assets exclude facilities provided within the Group. They
comprise loans and advances, interest bearing deposits with other banks,
trade and other bills, acceptances, amounts receivable under finance
leases, certificates of deposit and other negotiable paper and investment
securities where the counterparty is resident in a country other than
that where the cross border asset is recorded. Cross border assets also
include exposures to local residents denominated in currencies other than
the local currency.
2000
Public
sector Banks Other Total
£m £m £m £m
USA 431 1,062 467 1,960
Germany - 1,615 9 1,624
Hong Kong 8 54 1,289 1,351
Singapore 3 451 717 1,171
Korea 65 905 75 1,045
France 2 575 446 1,023
Italy 130 834 21 985
Japan - 689 38 727
Australia 82 588 46 716
1999
Public
sector Banks Other Total
£m £m £m £m
USA 764 282 424 1,470
Hong Kong 8 95 1,188 1,291
Germany 32 1,187 7 1,226
Singapore 18 364 523 905
Korea 3 684 101 788
France 53 676 32 761
Japan 2 637 19 658
Brazil 8 559 69 636
15. Net interest margin and interest spread
2000 1999
Net interest margin 3.1% 3.4%
Interest spread 2.5% 2.8%
£m £m
Average interest earning assets 57,105 47,977
Average interest bearing liabilities 50,300 41,998
16. Capital ratios
2000 1999
£m £m
Tier 1 capital 3,039 3,026
Tier 2 capital 3,080 2,195
6,119 5,221
Less supervisory adjustments (23) (24)
Adjusted capital base 6,096 5,197
Risk weighted assets 33,860 28,082
Risk weighted contingents 9,377 7,121
Total risk weighted assets and contingents 43,237 35,203
Capital ratios % %
Tier 1 capital 7.0 8.6
Total capital 14.1 14.8
On 17 March 2000, the Group issued at par _575 million of 4.5 per cent
Subordinated Guaranteed Convertible Bonds via a Jersey incorporated
subsidiary, Standard Chartered Finance (Jersey) Ltd. The bondholders
have the right to convert each bond (denominated in units of _1,000 face
value) into one fully paid _1,000 preference share in Standard Chartered
Finance (Jersey) Ltd. These will be exchanged immediately for ordinary
shares in Standard Chartered PLC at a price of 1,018.70 pence per
ordinary share (the 'exchange price', which is subject to adjustment as
set out in the offering circular). Unless previously redeemed, purchased
and cancelled or converted, the bonds will be redeemed on 30 March 2010,
although they may be redeemed at Standard Chartered s option after
15 April 2005. They may be redeemed earlier if 85 per cent of the bonds
have been converted.
On 22 March 2000, the Group issued tier 1 capital of _500 million of 8.16
per cent Noncumulative Trust Preferred Securities in Standard Chartered
Capital Trust 1 LP, a Delaware statutory business trust, representing a
corresponding amount of 8.16 per cent Noncumulative Partnership Preferred
Securities of Standard Chartered Capital 1 LP, a Delaware limited
partnership in which Standard Chartered Bank ('the Bank') is the general
partner. The securities may be redeemed at the option of the Bank in its
capacity as general partner of the Partnership in whole or (in certain
circumstances) in part on 23 March 2010 or in whole or in part on any
dividend payment date thereafter. Dividends are fixed at 8.16 per cent
for 10 years and at Euribor plus 3.8 per cent thereafter. The securities
will be exchanged for preference shares in Standard Chartered PLC in the
event that they have not been redeemed by 2045, the Bank s or Group s
total capital ratio is less than the regulatory minimum or the
Partnership is liquidated. The holders of the securities will have the
right, subject to the Partnership s right of redemption, to exchange
their securities for the cash proceeds of a sale of ordinary shares of
Standard Chartered PLC on 23 March 2010.
17. Consolidated cash flow statement
Reconciliation between operating profit before taxation and net cash
inflow from operating activities
2000 1999
£m £m
Operating profit 598 507
Items not involving cash flow:
Amortisation of goodwill 47 22
Depreciation and amortisation of premises and 149 95
equipment
Amortisation of investments (18) (30)
Charge for bad and doubtful debts and contingent 310 495
liabilities
Debts written off, net of recoveries (629) (250)
Increase/(decrease) in accruals and deferred 105 (221)
income
(Increase)/decrease in prepayments and accrued (224) 122
income
Adjustments for items shown separately:
Interest paid on subordinated loan capital 135 102
Net cash inflow from trading activities 471 842
Net (increase)/decrease in cheques in the course of (38) 3
collection
Net increase in treasury bills and other eligible (68) (31)
bills
Net increase in loans and advances to banks and (3,714) (3,345)
customers
Net increase in deposits from banks, customer
accounts and debt securities in issue 4,964 3,499
Net increase in dealing securities (31) (231)
Net increase in mark-to-market adjustment (70) (65)
Net increase in other accounts 883 309
Net cash inflow from operating activities 2,397 981
Analysis of changes in cash
Balance at beginning of period 1,389 1,275
Exchange translation differences (13) 35
Net cash inflow 1,497 79
Balance at end of period 2,873 1,389
18. Supplementary information on Hong Kong
The following table includes the results of all the Group s activities in
Hong Kong. It has been prepared using the same principles as those used
to prepare the geographical segmental information included in note 1.
2000 1999
HKDm HKDm
Net revenue 9,328 8,661
Total operating expenses (4,318) (3,966)
Profit before provisions 5,010 4,695
Provisions for bad and doubtful debts (979) (2,240)
Profit before taxation 4,031 2,455
The information below is extracted from the financial information
required by the Hong Kong Monetary Authority to be disclosed by
authorised institutions incorporated outside Hong Kong. It includes
Standard Chartered Bank in Hong Kong and Manhattan Card Company. It
should be noted that definitions used by the Hong Kong Monetary Authority
differ from those used by the Group.
2000 1999
HKDm HKDm
Advances to customers (including trade bills) 163,857 134,138
Other assets 107,466 105,335
Total assets 271,323 239,473
Analysis of advances to customers
Mortgages 88,699 76,139
Cards 15,366 7,272
Other consumer 7,069 3,909
Trade finance 8,750 10,728
Trade bills 1,990 2,100
Financial concerns 11,787 11,787
Other* 30,196 22,203
Provisions (2,573) (2,853)
Net advances to customers 161,284 131,285
*Includes HKD 5,710 million (1999: HKD 4,323 million) reported as
mortgages in note 1.
Gross non-performing advances to customers 6,398 7,397
Suspended interest (1,033) (805)
Specific provisions (2,573) (2,853)
2,792 3,739
Gross non-performing advances as a percentage of
gross advances to customers 3.9% 5.5%
19. Supplementary information on Singapore
The following table includes the results of all the Group s activities in
Singapore. It has been prepared using the same principles as those used
to prepare the geographical segmental information included in note 1.
2000 1999
SGDm SGDm
Net revenue 753 729
Total operating expenses (299) (280)
Profit before provisions 454 449
Provisions for bad and doubtful debts (35) (146)
Profit before taxation 419 303
The information below is provided in the same format as the financial
information given for Hong Kong, but has been prepared using the same
definitions as those used for the Group.
2000 1999
SGDm SGDm
Advances to customers (net) 10,907 10,089
Other assets 10,710 10,711
Total assets 21,617 20,800
Analysis of advances to customers
Mortgages 4,927 4,373
Other consumer 1,459 1,566
Trade finance 883 741
Other 3,961 3,709
Provisions (323) (300)
Net advances to customers 10,907 10,089
Gross non-performing advances to customers 557 614
Suspended interest (91) (63)
Specific provisions (232) (237)
234 314
Gross non-performing advances as a percentage of
gross advances to customers 5.0% 5.9%
20. Supplementary information on Malaysia
The information below is derived from the 2000 Annual Report of Standard
Chartered Bank Malaysia Berhad, which will be filed with Bank Negara
Malaysia.
2000 1999
MYRm MYRm
Net revenue 958 900
Total operating expenses (423) (369)
Profit before provisions 535 531
Provisions for bad and doubtful debts (76) (193)
Profit before taxation 459 338
Advances and financing (net) 12,027 11,975
Other assets 7,569 5,986
Total assets 19,596 17,961
Analysis of loans and advances and financing
Mortgages (excluding MYR 763 million of loans 5,504 4,952
sold to Cagamas (1999: MYR 834 million)
Other consumer 1,281 995
Trade finance 1,345 1,503
Other 4,918 5,470
Provisions (1,021) (945)
Net advances to customers 12,027 11,975
Gross non-performing advances to customers 1,543 1,513
Suspended interest (282) (233)
Specific provisions (517) (492)
744 788
Gross non-performing loans and advances as a
percentage of gross loans and advances 11.2% 11.0%
21. Supplementary information on India
The following table includes the results of all the Group s activities in
India. It has been prepared using the same principles as those used to
prepare the geographical segmental information included in note 1.
2000 1999
INRm INRm
Net revenue 12,243 5,776
Total operating expenses (5,936) (5,281)
Profit before provision 6,307 495
Provisions for bad and doubtful debts (1,370) (1,121)
Profit before taxation 4,937 (626)
The information below is provided in the same format at the financial
information given for Hong Kong, but has been prepared using the same
definitions as those used for the Group.
2000 1999
INRm INRm
Advances to customers (net) 82,119 34,023
Other assets 125,406 43,177
Total assets 207,525 77,200
Analysis of advances to customers
Mortgages 4,888 562
Other consumer 32,172 17,580
Trade finance 16,537 4,748
Other 34,504 13,874
Provisions (5,982) (2,741)
Net advances to customers 82,119 34,023
Gross non-performing advances to customers 7,514 4,068
Suspended interest (1,588) (711)
Specific provisions (4,394) (2,030)
1,532 1,327
Gross non-performing advances as a percentage
of gross advances to customers 8.5% 11.1%
The financial information included herein has been derived from the audited
and unaudited information contained in the Group s Report and Accounts for the
years ended 31 December 2000 and 1999. Statutory accounts for 1999 have been
delivered to the Registrar of Companies. The auditors have reported on these
accounts; their report was unqualified and did not contain a statement under
Section 237(2) (accounting records or returns inadequate or accounts not
agreeing with records and returns) or 237(3) (failure to obtain necessary
information and explanation) of the Companies Act 1985.
Financial Calendar
Ex-dividend date 28 February 2001
Record date 2 March 2001
Posting to shareholders of 2000 Report and Accounts 19 March 2001
Annual General Meeting 3 May 2001
Payment date - final dividend on ordinary shares 25 May 2001
Copies of this statement are available from Investor Relations, Standard
Chartered PLC, 1 Aldermanbury Square, London, EC2V 7SB or from our website on
www.standardchartered.com.
For further information please contact:
Pamela McGann, Group Head of External Affairs
on (020) 7280 7245
or
Tim Halford, Director of Corporate Affairs
on (020) 7280 7159
or
Stephen Seagrove, Group Investor Relations Manager
on (020) 7280 7164
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