Trading Statement

Standard Chartered PLC
08 December 2004

Standard Chartered PLC
Pre-close trading update

8th December 2004

Standard Chartered PLC will be holding discussions with analysts ahead of its
closed period for the full year ending 31 December 2004.  This statement details
the information that will be covered in those discussions.

Overall

Standard Chartered has continued to make good progress into the second half of
2004 and we expect to deliver a strong performance for the full year.   Based on
our performance to date we are comfortable with the current profit before tax
market consensus for the year.

The Group continues to achieve solid revenue growth for the year from a diverse
geographic base, with strong growth in many markets offsetting softness in Hong
Kong and Singapore. Second half revenues are expected to be in line with the
first half. Overall, we have seen good asset growth with stable net interest
margins.

We have maintained the pace of investment in our businesses to capture growth
opportunities in our chosen markets. We are investing for future revenue growth
but are pacing these investments with the overall performance of the Bank.  Full
year costs are expected to grow broadly in line with our revenue.

Debt provisions have continued to benefit from a very benign credit environment
as well as the actions we have taken to reshape the book and enhance risk
management.

We are making very good progress on return on equity as a result of our tight
discipline on risks, costs and capital.

Revenue

Consumer Banking

Consumer Banking is delivering strong asset growth and, outside of Hong Kong,
continues to deliver double digit revenue growth overall. Markets such as
Thailand, Indonesia and MESA including UAE are performing particularly well with
high double digit revenue and asset growth.

In the Hong Kong market as a whole, consumer assets have not grown over the year
as new demand has been offset by repayments.  We are pursuing operational
efficiencies to allow us to invest in product development, marketing and
distribution channels. We expect our full year revenues to be broadly in line
with 2003 with excellent growth in profits as a result of the reduction in bad
debts.

In Singapore volume growth has been largely offset by margin pressures and full
year revenues are expected to be similar to 2003.

India is delivering good asset growth and we are increasing the pace of our
investments in the expansion of our branch network as well as new products.

Overall, given the investments we are making to take advantage of the growth
opportunities that exist in our markets, the pace of full year cost growth will
be faster than the pace of revenue growth.

Wholesale Banking

We are seeing continued good year on year revenue momentum in Wholesale Banking
with broad based growth coming from both commercial banking and global markets
products.

Client driven revenues have performed strongly.  Our investments in more
sophisticated products such as project and structured trade, derivatives and
corporate advisory are already contributing meaningful revenues. However, in the
second half, a reduction in volatility in the foreign exchange markets has had
an impact on dealing revenues and ALM revenues remain subdued as a result of a
continuing low interest rate environment.

We expect Wholesale Banking to deliver positive operating jaws year on year.
Whilst maintaining the emphasis on improving returns, we are allowing economic
capital to grow in a disciplined fashion.

Costs

We are managing our cost base tightly, driving cost efficiencies in BAU and
investing for future growth.

We have maintained our commitment to invest in the Consumer and Wholesale
Banking businesses. In Consumer Banking, these investments are broadening the
range of products, markets and customer segments.  For instance, we have
launched Manhattan Card in India, we are building a consumer business in Korea
and expanding consumer finance in Hong Kong. For Wholesale Banking, the
investments include the expansion of our product capabilities.

In the context of an increasingly demanding regulatory environment, we are
increasing our investments in compliance and regulatory related activities
including KYC, IFRS and Basle II.

The overall cost income ratio is expected to be in line with 2003.

Bad Debts

Consumer Banking

In Hong Kong, we have seen a continued marked improvement in bankruptcy related
bad debts as the overall economy improves.

Outside Hong Kong, Consumer Banking bad debts have grown in line with asset
growth.

Wholesale Banking

Wholesale Banking bad debts continued to perform particularly well. The
environment remains benign and we have seen no significant changes in the
quality of our portfolio.

Bryan Sanderson, Chairman, commented,  'Standard Chartered continues to have
good momentum from a broader base of earnings. Our plans are led by organic
growth and, additionally, in the past six months, we are very pleased to have
announced a number of alliances and acquisitions in China, Hong Kong, Indonesia
and India which reinforce our strategy.'

Mervyn Davies, Group Chief Executive, commented, 'We have seen good revenue
growth this year. We are making strong progress on our performance goals and are
taking advantage of favourable economic conditions to accelerate investment in a
number of our markets. '

For further information, please contact:

Romy Murray, Head of Investor Relations               (44)  207 280 7245
Paul Marriage, Head of Corporate Communications       (44)  207 280 7163
Betty Ku, Head of Investor Relations, Asia Pacific    (852) 2821 1310
Lavina Chan, Head of Corporate Affairs, Hong Kong     (852) 2820 3075

This document contains forward-looking statements, including such statements
within the meaning of Section 27A of the US Securities Act of 1993 and section
21E of the Securities Exchange Act of 1934. These statements concern or may
affect future matters. These may include Standard Chartered's future strategies,
business plans, and results and are based on the current expectations of the
directors of Standard Chartered. They are subject to a number of risks and
uncertainties that might cause actual results and outcomes to differ materially
from expectations outlined in these forward-looking statements. These factors
are not limited to regulatory developments but include stock markets, IT,
developments, competitive and general operating conditions.


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