Interim Results 2009 - Part 3

RNS Number : 8071W

Standard Chartered PLC

04 August 2009

 



Standard Chartered PLC 

Condensed consolidated interim income statement

For the six months ended 30 June 2009

	Notes		6 months ended  30.06.09 $million	6 months  ended  30.06.08 $million	6 months  ended  31.12.08 $million
Interest income			6,490	8,276	8,102
Interest expense			(2,790)	(4,566)	(4,425)
Net interest income			3,700	3,710	3,677
Fees and commission income			1,853	1,955	1,465
Fees and commission expense			(168)	(274)	(205)
Net trading income	3		1,740	1,151	1,254
Other operating income	4		835	445	790
Non-interest income			4,260	3,277	3,304
Operating income			7,960	6,987	6,981
Staff costs			(2,618)	(2,585)	(2,152)
Premises costs			(314)	(347)	(391)
General administrative expenses			(860)	(767)	(944)
Depreciation and amortisation	5		(235)	(201)	(224)
Operating expenses			(4,027)	(3,900)	(3,711)
Operating profit before impairment losses and taxation			3,933	3,087	3,270
Impairment losses on loans and advances and  other credit risk provisions	14		(1,088)	(465)	(856)
Other impairment	6		(15)	(26)	(443)
Profit/(loss) from associates			8	(10)	11
Operating profit			2,838	2,586	1,982
Rights issue option	7		-	-	233
Profit before taxation			2,838	2,586	2,215
Taxation	8		(847)	(698)	(592)
Profit for the period			1,991	1,888	1,623
Profit attributable to:
Minority interests	28		58	44	59
Parent company shareholders			1,933	1,844	1,564
Profit for the period			1,991	1,888	1,623
Earnings per share:
Basic earnings per ordinary share	10		98.8c	110.6c+	91.8c
Diluted earnings per ordinary share	10		98.0c	109.5c+	91.5c
Dividends per ordinary share (cents):
Interim dividend declared	9		21.23	-	-
Interim dividend paid	9		-	19.30++	-
Final dividend paid	9		-	-	42.32
Total dividend ($million):
Total interim dividend payable			409#	-	-
Total interim dividend (paid 9 October 2008)			-	364	-
Total final dividend (paid 15 May 2009)			-	-	801

+	'Earnings per share' has been restated for the impact of the rights issue as explained in note 10.
++	Dividends per share have been adjusted for the impact of the rights issue as explained in note 9.
#	The total interim dividend payable is based on the  number of ordinary shares outstanding at the date of declaration. The actual amount paid will be higher by the extent of the shares issued in the placing announced on 4 August 2009 (see note 40).

Standard Chartered PLC 

Condensed consolidated interim statement of comprehensive income

For the six months ended 30 June 2009

	Notes	6 months ended 30.06.09 $million	6 months ended 30.06.08 $million	6 months ended 31.12.08 $million
Profit for the period		1,991	1,888	1,623
Other comprehensive income:
Exchange differences on translation of foreign operations:
Net losses taken to equity		(38)	(779)	(2,015)
Actuarial losses on retirement benefit obligations	25	(127)	(122)	(107)
Available-for-sale investments:
Net valuation (losses)/gains taken to equity		(30)	(946)	208
Reclassified to income		(380)	(105)	(93)
Cash flow hedges:
Net gains/(losses) taken to equity		44	(22)	(154)
Reclassified to income		69	(38)	20
Taxation relating to components of other comprehensive income		105	143	75
Other comprehensive income for the period, net of taxation		(357)	(1,869)	(2,066)
Total comprehensive income for the period		1,634	19	(443)
Total comprehensive income attributable to:
Minority interests	28	65	(14)	11
Parent company shareholders		1,569	33	(454)
		1,634	19	(443)

Standard Chartered PLC 

Condensed consolidated interim balance sheet

As at 30 June 2009

	Notes		30.06.09 $million	30.06.08* $million	31.12.08 $million
Assets
Cash and balances at central banks	30		12,141	10,471	24,161
Financial assets held at fair value through profit or loss	12		16,450	23,070	15,425
Derivative financial instruments	13		45,823	42,838	69,657
Loans and advances to banks	14		45,366	49,175	46,583
Loans and advances to customers	14		182,748	174,735	174,178
Investment securities	16		72,616	64,259	69,342
Other assets	18		19,653	15,917	20,374
Current tax assets			649	735	764
Prepayments and accrued income			4,274	4,467	3,466
Interests in associates			487	271	511
Goodwill and intangible assets			6,404	6,738	6,361
Property, plant and equipment			3,934	3,488	3,586
Deferred tax assets			675	656	660
Total assets			411,220	396,820	435,068
Liabilities
Deposits by banks	19		33,634	38,389	31,909
Customer accounts	20		230,147	205,539	234,008
Financial liabilities held at fair value through profit or loss	21		16,947	14,650	15,478
Derivative financial instruments	13		43,109	42,161	67,775
Debt securities in issue	22		20,860	32,511	23,447
Other liabilities	23		20,598	18,903	17,363
Current tax liabilities			592	733	512
Accruals and deferred income			3,493	3,635	4,132
Subordinated liabilities and other borrowed funds	24		16,922	18,745	16,986
Deferred tax liabilities			176	93	176
Provisions for liabilities and charges			310	68	140
Retirement benefit obligations	25		542	488	447
Total liabilities			387,330	375,915	412,373
Equity
Share capital	26		967	711	948
Reserves			22,360	19,601	21,192
Total parent company shareholders' equity			23,327	20,312	22,140
Minority interests	28		563	593	555
Total equity			23,890	20,905	22,695
Total equity and liabilities			411,220	396,820	435,068

*	Amounts have been restated as explained in note 37.

Standard Chartered PLC 

Condensed consolidated interim statement of changes in equity

For the six months ended 30 June 2009

	Share capital $million	Share premium account $million	Capital reserve $million	Capital redemption reserve $million	Merger reserve $million	Available-for-sale reserve $million	Cash flow hedge reserve $million	Translation reserve $million	Retained earnings $million	Minority interests $million	Total $million
At 1 January 2008	705	4,713	5	13	3,149	750	57	981	10,478	601	21,452
Total comprehensive income	-	-	-	-	-	(906)	(44)	(769)	1,752	(14)	19
Distributions	-	-	-	-	-	-	-	-	-	(94)	(94)
Shares issued, net of expenses	2	31	-	-	-	-	-	-	-	-	33
Net own shares adjustment	-	-	-	-	-	-	-	-	(56)	-	(56)
Share option expense and related taxation	-	-	-	-	-	-	-	-	37	-	37
Capitalised on scrip dividend	4	(4)	-	-	-	-	-	-	-	-	-
Dividends, net of scrip	-	-	-	-	-	-	-	-	(586)	-	(586)
Other increases	-	-	-	-	-	-	-	-	-	100	100
At 30 June 2008	711	4,740	5	13	3,149	(156)	13	212	11,625	593	20,905
Total comprehensive income	-	-	-	-	-	151	(96)	(1,996)	1,487	11	(443)
Distributions	-	-	-	-	-	-	-	-	-	(53)	(53)
Shares issued, net of expenses	235	5	-	-	2,468	-	-	-	-	-	2,708
Rights issue option, net of tax	-	-	-	-	(167)	-	-	-	-	-	(167)
Net own shares adjustment	-	-	-	-	-	-	-	-	(11)	-	(11)
Share option expense and related taxation	-	-	-	-	-	-	-	-	91	-	91
Capitalised on scrip dividend	2	(2)	-	-	-	-	-	-	-	-	-
Dividends, net of scrip	-	-	-	-	-	-	-	-	(339)	-	(339)
Other increases	-	-	-	-	-	-	-	-	-	4	4
At 31 December 2008	948	4,743	5	13	5,450	(5)	(83)	(1,784)	12,853	555	22,695
Total comprehensive income	-	-	-	-	-	(316)	78	(38)	1,845	65	1,634
Distributions	-	-	-	-	-	-	-	-	-	(54)	(54)
Shares issued, net of expenses	3	39	-	-	-	-	-	-	-	-	42
Net own shares adjustment	-	-	-	-	-	-	-	-	(69)	-	(69)
Share option expense and related taxation	-	-	-	-	-	-	-	-	117	-	117
Capitalised on scrip dividend	16	(16)	-	-	-	-	-	-	-	-	-
Dividends, net of scrip	-	-	-	-	-	-	-	-	(472)	-	(472)
Other decreases	-	-	-	-	-	-	-	-	-	(3)	(3)
At 30 June 2009	967	4,766	5	13	5,450	(321)	(5)	(1,822)	14,274	563	23,890

Standard Chartered PLC 

Condensed consolidated interim cash flow statement

For the six months ended 30 June 2009

	Notes	6 months ended 30.06.09 $million	6 months  ended  30.06.08* $million	6 months ended 31.12.08* $million
Cash flows from operating activities
Profit before taxation		2,838	2,586	2,215
Adjustments for:
Non-cash items included within income statement	29	413	1,195	567
Change in operating assets	29	10,923	(37,083)	(51,020)
Change in operating liabilities	29	(24,872)	50,931	54,982
Contributions to defined benefit schemes		(21)	(21)	(74)
UK and overseas taxes paid, net of refunds		(567)	(735)	(665)
Net cash (used in)/from operating activities		(11,286)	16,873	6,005
Net cash flows from investing activities
Purchase of property, plant and equipment		(85)	(185)	(394)
Disposal of property, plant and equipment		52	14	59
Acquisition of investment in subsidiaries, net of cash acquired		(45)	6,131	78
Disposal of investment in subsidiaries		-	159	-
Purchase of investment securities		(58,501)	(53,974)	(55,964)
Disposal and maturity of investment securities		56,331	45,423	52,333
Net cash used in investing activities		(2,248)	(2,432)	(3,888)
Net cash flows from financing activities
Issue of ordinary and preference share capital, net of expenses		42	33	2,720
Purchase of own shares		(82)	(64)	(12)
Exercise of share options through employee share plans		13	8	1
Interest paid on subordinated liabilities		(274)	(348)	(370)
Gross proceeds from issue of subordinated liabilities		1,742	3,421	246
Repayment of subordinated liabilities		(1,757)	(348)	(1,088)
Dividends paid to minority interests and preference shareholders		(104)	(153)	(104)
Dividends paid to ordinary shareholders		(422)	(526)	(289)
Net cash (used in)/from financing activities		(842)	2,023	1,104
Net (decrease)/increase in cash and cash equivalents		(14,376)	16,464	3,221
Cash and cash equivalents at beginning of the period		73,699	55,338	72,051
Effect of exchange rate movements on cash and cash equivalents		(113)	249	(1,573)
Cash and cash equivalents at end of the period	30	59,210	72,051	73,699

*	Amounts have been restated as explained in note 37.

 

END

 

 

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