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I am an existing Standard Chartered Current/Checking/Savings Account holder

    How would you like to apply?

    I am NOT an existing Standard Chartered Current/Checking/Savings Account holder

    *SingPass holders with a MyInfo profile can use MyInfo to automatically fill up the form. By clicking “Next”, you will be re-directed to the MyInfo portal, which is not owned or controlled by Standard Chartered Bank (Singapore) Limited or any member of the Standard Chartered Group (the “Bank”). The Bank bears no liability or responsibility over your usage of the MyInfo portal.

    *Please note that MyInfo is temporarily unavailable at the stipulated downtimes:

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    I am an existing Standard Chartered Current/Checking/Savings Account holder

      Standard Chartered Singapore delivers income of US$1,035 million and operating profit of US$455 million for H1 2014

      Press Release

      FOR IMMEDIATE RELEASE

      Standard Chartered Singapore delivers income of US$1,035 million and operating profit of US$455 million for H1 2014

      Highlights

      • Income1 at US$1,035 million, down eight per cent year-on-year (YoY) and up six per cent half-on-half (HoH).
      • Operating profit before tax at US$455 million, down five per cent YoY and up nine per cent HoH.
      • Expenses at US$551 million, a decrease of 10 per cent YoY and an increase of seven per cent HoH.
      • Customer loans up eleven per cent; customer deposits up five per cent YoY.
      • Client income up one per cent YoY and contributed more than 90 per cent of total income.
      • Top- and bottom-line YoY growth impacted by muted global trade sentiment, regulatory changes, weak commodity prices and a 54 per cent YoY drop in Own Account Income.
      • Profitable business; strong balance sheet and well-managed costs

      6 August 2014, Singapore – Standard Chartered Bank in Singapore (the Bank) reported income of US$1,035 million representing year-on-year (YoY) decline of eight per cent and half-on-half (HoH) growth of six per cent. The Bank posted an operating profit before tax of US$455 million, down five per cent YoY and up nine per cent HoH.

      While the Bank’s YoY top line and bottom line were affected by muted global trade sentiment, regulatory changes, weak commodity prices and a 54 per cent decrease in Own Account Income, its fundamentals remain robust and the franchise continues to be backed by a strong balance sheet.

      In addition, its client income held up well, with an increase of one per cent YoY, contributing in excess of 90 per cent of the franchise’s total income. Customer loans and deposits also went up by eleven per cent and five per cent respectively.

      Expenses were well managed at US$551 million, a decrease of 10 per cent YoY and an increase of seven per cent HoH.

      Neeraj Swaroop, Chief Executive Officer, Standard Chartered Bank, Singapore, said:

      “We continue to adapt to the evolving regulatory and operating landscape in Singapore and we remain focused on our clients. However, it has been a challenging period. Take for example, the property cooling measures, enhancements to credit rules, and the recent Personal Data Protection Act had a combined impact on lending and sales. The historical low volatility and reduced market liquidity resulted in challenging trading conditions which affected Financial Markets’ Own Account Income.

      Despite these changes amidst intense competition, our franchise in Singapore remains profitable, with a strong balance sheet, well-managed costs and we continue to be the second largest contributor to Group income and profit.”

      Fundamentals remain robust
      The Singapore franchise’s fundamentals remain robust. The Bank’s combined balance sheets of the Branch2 and the Subsidiary3 in Singapore are in excess of US$100 billion. The Asset-Deposit ratios are 83 per cent at the Branch; 86 per cent at the Subsidiary. The portfolio remains healthy with Loan Impairment at a low level (US$28 million).

      Long-term commitment to Singapore
      The Bank is deeply rooted in Singapore and has completed the local subsidiarisation of its retail and SME banking business in Singapore. The franchise is one of Singapore’s top employers with around 7,300 staff in Singapore. Its global business, including retail, commercial and private banking operates from here.

      In addition to the office building at Marina Bay Financial Centre Tower 1 which the Bank currently houses its frontline staff, it also owns the office building at Changi Business Park (CBP) and is leasing an additional extension building at CBP to support the business.

      Making progress on key business priorities
      The Bank’s key priorities which included the following themes have seen good progress to date:

      • To leverage further opportunities in RMB: The Bank leveraged its capabilities and leadership in RMB to gain market share in RMB deposits. As a major player in RMB, the Bank has been growing its market share by enabling clients to take advantage of the opportunities and benefits presented by the internationalisation of the RMB.
      • To be the main digital bank for customers: The Bank, which has always focused on digitising its products and services to enhance convenience for customers, partnered with SingTel to launch Dash4, a revolutionary mobile commerce and banking solution.
      • To leverage on Singapore’s position as a Wealth Management (WM) hub and grow our WM business: The Bank’s WM income grew eight per cent YoY, driven mainly by high value segments.
      • To maximise one-bank collaboration: The Bank continues to bring the whole bank to customers, providing them with a broader range of products from all segments and generating new income opportunities.

      – Ends –

      1 Income and profit exclude own credit adjustment

      2 Standard Chartered’s Branch in Singapore houses its business in Corporate Banking and Private Banking.

      3 Standard Chartered’s local Subsidiary houses its business in Retail Banking and SME.

      4 Dash: A ground-breaking mobile money service that offers innovative solutions that update the way customers access, save or borrow money, make payments, and purchase insurance.

      For more information, please contact:

      Lim Siow Joo
      Corporate Affairs, Singapore
      Standard Chartered Bank
      DID: ++65 6596 7759
      Email: siow-joo.lim@sc.com

      Carol Chan
      Corporate Affairs, Singapore
      Standard Chartered Bank
      DID: +65 6596 9403
      Email: Carol-HY.Chan@sc.com

      Note to Editors:

      Standard Chartered in Singapore is part of an international banking group with more than 86,000 employees and a 150-year history in some of the world’s dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.

      Standard Chartered has a history of 155 years in Singapore, opening its first branch here in 1859 and in October 1999 was among the first international banks to receive a Qualifying Full Bank (QFB) license, an endorsement of the Group’s long-standing commitment to its businesses in the country.

      The Bank transferred its Singapore Retail and SME business to a locally-incorporated subsidiary, Standard Chartered Bank (Singapore) Limited on 7 October 2013.

      The Bank in Singapore serves both retail and corporate customers. It provides credit cards, personal loans, auto loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. The Bank also provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

      The Bank employs over 7,300 people in Singapore and has a network of 19 branches, 7 Priority Banking centres and 31 ATMs. Standard Chartered is the only international bank to offer NETS service, giving its customers access to EFTPOS at over 17,000 outlets island-wide.

      The Bank’s global business is managed out of Singapore, as is its global Technology & Operations function.