Interim Results - Part 1

Standard Chartered PLC
1 August 2001



Part 1


Standard Chartered's results

- Profit  before taxation up 16 per cent to $651 million from $559 million
  to 30 June 2000 (31 December 2000: $879 million).
- Operating profit before goodwill and restructuring up 23 per cent to $719
  million from $584 million to 30 June 2000 (31 December 2000: $716 million).
- Net  revenue up 11 per cent to $2,187 million from 30 June 2000  ($1,968
  million) and up 3 per cent from 31 December 2000 ($2,122 million).
- Ongoing costs excluding goodwill and restructuring ($1,199 million) up 6
  per  cent from 30 June 2000 ($1,127 million) and 1 per cent from 31 December
  2000 ($1,193 million).
- Provisions up 5 per cent at $269 million from 30 June 2000 ($257 million)
  and 26 per cent from 31 December 2000 ($213 million).
- Normalised earnings per share up 16 per cent to 40.2 cents from 30  June
  2000 (34.8 cents) and up 11 per cent from 31 December 2000 (36.2 cents).
- Interim dividend per share increased by 10 per cent to 12.82 cents.

Commenting  on  these  results, the Chairman of Standard  Chartered  PLC,  Sir
Patrick Gillam, said:

'Our  focus this year is on delivering value from the strategic moves we  made
in  2000.   The results for the first six months show that we are making  good
progress.   They  demonstrate our ability to achieve growth even  against  the
backdrop of difficult economic conditions in many of our markets'.

STANDARD CHARTERED PLC
SUMMARY OF RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001

                                            6 months     6 months   6 months
                                               ended        ended      ended
                                            30.06.01     30.06.00   31.12.00
                                                  $m           $m         $m
                                                                            
RESULTS                                                                     
                                                                            
Net revenue                                    2,187        1,968      2,122
Provisions for bad and doubtful debts and      (269)        (257)      (213)
contingent liabilities
Operating profit after goodwill and                                         
provisions but before restructuring              651          559        670
charge
Restructuring charge                               -            -      (323)
Profit on disposal of subsidiary                   -            -        532
undertakings
Profit before taxation                           651          559        879
Profit attributable to shareholders              404          363        663
                                                                            
BALANCE SHEET                                                               
                                                                            
Total assets                                 109,681       90,438    102,280
                                                                            
Shareholders  funds:                                                        
  Equity                                       6,235        5,222      6,053
  Non-equity                                   1,251          302        300
                                                                            
Capital resources                             13,025        9,609     10,990
                                                                            
INFORMATION PER ORDINARY SHARE                 Cents        Cents      Cents
                                                                            
Normalised earnings per share                   40.2         34.8       36.2
Dividends per share                           12.820       11.651     26.454
Net asset value per share                      552.5        486.1      537.2
                                                                            
RATIOS                                             %            %          %
                                                                            
Post-tax return on ordinary shareholders                                    
funds - normalised basis                        14.8         14.3       14.3
                                                                            
Cost to income ratio - normalised basis         55.0         57.4       56.4
                                                                            
Capital ratios:                                                             
  Tier 1 capital                                 8.8          9.3        7.0
  Total capital                                 16.2         15.9       14.0


Results on a normalised basis reflect the Group's results excluding profits on
disposal  of  subsidiary undertakings and the charges for  restructuring  (see
note 9).

CHAIRMAN S STATEMENT

In  2000  we  transformed our business.  It was a year when we  made  the  two
largest  acquisitions in our history and announced a major programme to  boost
productivity.

Our focus this year is on delivering value from the strategic moves we made in
2000.   The  results  for the first six months show that we  are  making  good
progress.   They  demonstrate our ability to achieve growth even  against  the
backdrop of difficult economic conditions in many of our markets.

Profit before taxation up 16 per cent to $651 million.

Net revenue increased by 11 per cent to $2,187 million.

Costs  increased  10  per cent ($1,267 million).  Excluding  goodwill  of  $68
million, the cost increase was held at 6 per cent.

Provisions up 5 per cent at $269 million, reflecting a larger Consumer Banking
business and tougher economic conditions.

Normalised earnings per share increased 16 per cent to 40.2 cents.

Tier 1 capital ratio stands at 8.8 per cent.

As the Group's results are now stated in US dollars, the dividend will also be
declared  in  US  dollars.  It will continue to be paid in  Sterling  with  an
option  to  receive US dollars.  In setting the dividend we have balanced  the
desire to share our good performance against our concerns regarding continuing
uncertain economic conditions.  We are therefore declaring a dividend of 12.82
cents for the half year, an increase of 10 per cent.

Business Progress

We  have  continued to expand our existing business.  I am delighted  that  we
have  achieved particular progress in credit cards, wealth management,  global
markets and cash management.  These are all high return businesses.

We  have  made  substantial progress and are ahead of plan on integrating  the
acquisitions of Chase in Hong Kong and Grindlays.  Both of these have given us
leadership positions in key markets.  Our business in India is now  our  third
largest profit generator.

As  a result we now have a better balanced business, both across products  and
countries.

At  the  same  time,  we  have made big steps forward  with  our  productivity
programme.  The first global processing hub in Chennai is now operational with
the  hub  in  Kuala Lumpur opening today.  In addition, we have  a  number  of
separate productivity projects underway throughout the Group.  We are  already
seeing cost savings from these.

In  Singapore,  one  of our largest markets, we were delighted  with  the  new
privileges   announced  under  our  Qualifying  Full   Bank   Licence.    This
liberalisation  will  allow us to broaden our product offering  and,  for  the
first time, have access to pension fund investment accounts.

Capital Strategy

In the first half of this year we have raised over $2 billion of Tier 1 and  2
capital.  For the first time we accessed US institutional investors using  the
'Rule  144A'  process and, separately, retail investors in Asia.   We  believe
that this was well timed.  Our Tier 1 capital ratio is now at the upper end of
our target range.

We  have  recently filed an application with the Hong Kong Stock  Exchange  to
list  the Company s shares on the main board of the Exchange by way of a  dual
primary  listing  in  addition  to its existing  primary  listing  in  London.
Subject  to  the  approval of the Listing Committee of  the  Hong  Kong  Stock
Exchange and market conditions, the listing is expected to take place  in  the
fourth quarter of 2001.  We expect that the listing will be accompanied  by  a
retail offering in Hong Kong and a placing of new shares to international  and
professional investors.  The offering will not be greater than 5 per  cent  of
the issued share capital of the Company.  This listing will give us access  to
an  enlarged shareholder base and further demonstrates the Group's  commitment
to  Hong  Kong and the rest of Asia.  The net proceeds from the share offering
will help to support the ongoing growth of the Group.

Outlook

The  first half of this year has been dominated by a major slowdown in the  US
economy.   There  are also continuing concerns about Japan and  evidence  that
European  growth  has  slowed.   This  has  impacted  negatively  on  economic
performance in many of our markets.  Some countries, such as Malaysia,  Taiwan
and  Singapore,  are suffering because of weak export demand, notably  in  the
electronics  sector,  and  low commodity prices  have  affected  many  of  the
countries in which we operate.  However, China continues to do well  and  Hong
Kong is still growing but at a lower rate than expected.  In India the rate of
economic expansion has been sustained at 5 to 6 per cent.  Also certain  other
countries in the Middle East, South Asia and Africa, are less affected by  the
slowdown  and  provide a balance.  However, the outlook  for  several  of  our
markets  is  still uncertain which may impact revenues and bad  debts  in  the
second half.

Despite the tougher economic outlook in the short term, I am confident that we
can  deliver on our overall growth strategy.  The transformation of our  Group
has given us a bigger and more balanced business that strengthens our position
as the world s leading emerging markets bank.

Sir Patrick Gillam                                                          
Chairman                                                       1 August 2001


GROUP CHIEF EXECUTIVE S REVIEW

The  first six months of 2001 demonstrate the benefits of our growth  strategy
and of the transformation of the Group over the past two years.

We have continued to strengthen our franchise and have achieved growth in both
revenues and profits.  These are good results in a tough trading environment.

Revenue  growth has exceeded cost growth, both before and after the impact  of
the  acquisitions and disposals we made last year.  The benefits  of  the  re-
engineering  and  productivity programmes we announced  last  year  are  being
realised and have funded investment in strengthening our franchise.   In  line
with  our commitment, we have also paced discretionary expenditure to keep  in
line with the slower rate of economic growth in our major markets.

Bad  debts have increased, reflecting the impact of the slowdown in the  major
world economies and the growth of the Consumer Banking book.

Our growth strategy remains on course.  This set of results demonstrates that,
with  our  long experience in the emerging markets, we can perform well  in  a
difficult economic environment.

This combination of our growth in market share and revenues, of effective cost
management and of control of bad debts has resulted in a 23 per cent  increase
in pre-tax profits before goodwill amortisation.  If goodwill is included, the
increase is 16 per cent.

Our current priorities are:

1.   To  deliver growth and improved profitability by growing market share and
     revenues in our key businesses, while investing for the future;
2.   To integrate successfully the acquisitions of the past two years;
3.   To drive forward with our productivity programme.

Increasing Growth Momentum

In  Consumer Banking we have seen strong progress in building our revenue base
across  a broad range of products, specifically  in cards, personal loans  and
wealth  management  where we have increased market  share  in  all  our  major
markets.

In  credit  cards we have increased outstanding balances - the key  driver  of
profitability - by 78 per cent.  We now have around 5 million cards in  issue.
In  addition  we have also changed the geographic balance to tap  the  larger,
fast-growing  markets.   Hong  Kong remains our largest  credit  card  market.
Taiwan and India have also become major markets for us and are now in our  top
three.   With  the  volume  growth  in this  business,  provisions  have  also
increased  as expected but, critically, revenue growth continues  to  outstrip
growth in provisions.

We  continue to be the largest independent distributor of unit trusts in Asia.
We  have  diversified our wealth management business to  include  a  range  of
retail  foreign  exchange products.  We are also seeing  good  growth  in  the
distribution of insurance products.

The  growth in both credit cards and wealth management provides us with a more
stable  business  mix.  This is particularly important  at  a  time  when  our
largest mortgage market, in Hong Kong, has seen continued pressure on margins.
Mortgages remain an important and attractive product for us and we continue to
increase market share to help offset the reduction in pricing.

Consumer  Banking is a high return business and we are intensifying our  focus
on  areas  within  this business, such as credit cards and wealth  management,
which offer the best returns.

Overall  this  has been a very good performance in a period of  slow  economic
growth.

The  integration  of  corporate banking and treasury into a  single  Wholesale
Banking business has created greater opportunities for cross-selling.  As part
of this integration and to meet changing customer needs, we are broadening our
range  of products and services.  We are, for example, building an Asian fixed
income  and  syndications  capability to complement our  strength  in  foreign
exchange  and  local  currency money markets.  We are already  seeing  greater
customer volumes in our Global Markets business.

We have continued to invest in regional cash management products.  As a result
we  are  winning  regional mandates from some of the world s top  corporations
against stiff competition from global competitors.

Within  Wholesale  Banking, we are realigning our business  to  gain  improved
returns  through focus on less capital intensive products.  Lending  continues
to  be a very important part of our business but is not the sole driver behind
a corporate relationship.  We are placing increasing emphasis on cross-selling
and leading with higher value products, in order to increase the overall value
of  the relationship.  Corporate relationships are being assessed individually
to monitor their value contribution.  We are portfolio managing or exiting low
value accounts.

Integrating Acquisitions

The  successful integration of recent acquisitions remains a high priority for
us.

The  integration  of Nakornthon Bank in Thailand is largely  complete.   In  a
country where we had just one branch until two years ago, we now have  one  of
the  most recognised financial services brands.  Even though the Thai  economy
is  still  sluggish,  which  is  holding back  revenue  growth,  we  are  well
positioned for growth in the medium term.

The  integration  of  Grindlays is ahead of target.  The necessary  legal  and
regulatory  approvals have been obtained and synergies are now being  seen  in
both Consumer Banking and Wholesale Banking.  Consumer Banking has attained an
impressive scale with the coming together of the two banks.  In India alone we
now  have  a customer base in excess of two million and credit cards in  issue
have  crossed  the one million mark.  In Wholesale Banking our  customers  are
also  reaping  the benefits.  Since the two banks have operated  together,  we
have  completed several transactions of much larger magnitude than  either  of
the  banks could have undertaken on their own.  This growth has been  achieved
alongside  a complex integration and cost reduction programme.  This  progress
is reflected in the Group's financial performance in these markets.

In  Hong  Kong,  we have completed the back office integration  of  the  Chase
consumer  banking business.  This is ahead of schedule and the  expected  cost
synergies  are being exceeded.  We are already cross-selling between  the  two
card portfolios, which is having a positive effect on revenues.

We  estimated  that the benefits of the integration of the acquisitions  would
deliver  $50  million of cost savings in 2001.  We are ahead of  schedule  and
have  already achieved $36 million of cost savings and headcount reduction  of
nearly  600.  Voluntary retirement schemes, currently in progress, will  drive
further reductions.

Driving Forward On Productivity

A  year  ago,  I  announced  a major productivity  programme  to  improve  our
efficiency   and  our  competitive  position.   This  included   building   an
operational  platform to support our growth ambitions.

Total  cost  savings  of $21 million out of a total target  for  2001  of  $58
million have now been achieved, excluding the above integration benefits.

Including  the reduction in headcount associated with the integration  of  the
acquisitions, we have already attained a reduction in total Group headcount of
2,800 people of our previously announced target of 6,200 by the end of 2003.

The majority of this has been through operational efficiencies in our existing
businesses which resulted in job reductions of around 1,800 people.

An  important  component  of our productivity drive is  the  consolidation  of
processing into two global hubs in Chennai and Kuala Lumpur.  This has already
resulted  in additional staff reductions of around 400 people mainly  in  high
cost locations offset by the creation of new jobs in Chennai.  The Chennai hub
is  already  operational  and  handling a number  of  data  centre  and  trade
processing functions for markets such as Singapore and Hong Kong and  for  our
African  operations.  A number of other process functions will be migrated  to
Chennai  during the second half.  The Kuala Lumpur hub has opened today.   The
transfer of a number of Global Markets  operations into these low cost centres
will be completed by the end of 2002.

The benefits of the productivity programme are reflected in these results.

Well Positioned

Standard  Chartered  is  an extraordinary organisation.   We  operate  in  the
emerging  markets  of  the world where, with increasing levels  of  affluence,
literally  millions of new potential consumers, both personal  and  corporate,
join our target market each year.

Three years ago we were largely dependent on three countries for our earnings.
Today,  through  organic  growth  and  acquisition,  we  are  now  much   more
diversified  and have a significant presence in well over double that  number.
At the same time we have broadened the range of products and services we offer
to  customers,  having identified those which can make a real contribution  to
Group  profits.  This is a major achievement and demonstrates that we  have  a
management team in place that understands our markets and can deliver.   These
are  the  key  factors underlying development of our strategy as the  world  s
leading emerging markets bank.

We  regard  these results as being very good in a difficult environment.   The
global economic outlook continues to be uncertain and inevitably will have  an
impact  on  our  customers  and therefore our business.   I  remain  confident
however  that we are well positioned to benefit over time as the economies  in
which we operate grow and prosper.

Rana Talwar                                                                 
Group Chief Executive                                          1 August 2001


OPERATING AND FINANCIAL REVIEW

With  effect from 1 January 2001 the Group changed its reporting currency from
pounds  sterling to US dollars.  Since most of the Group's business is  in  US
dollars  or  currencies  linked  to  the  US  dollar  it  is  considered  most
appropriate  for the Group to prepare its accounts in US dollars.  Comparative
figures  have been translated from pounds sterling into US dollars as outlined
on page 15.

Trading  conditions  during the first half of 2001 were  overshadowed  by  the
slowdown  of  the  US economy and competitive pressures on  mortgage  margins.
Against  this background, the Group has achieved a robust performance  with  a
profit  before tax of $651 million, up 16 per cent compared to the first  half
of 2000.

This  is  the  first  reporting  period to reflect  the  full  impact  of  the
acquisitions  of  Grindlays and the Chase Hong Kong consumer banking  business
('Chase  HK'), and the disposal of Chartered Trust.  During the first half  of
2001,  Grindlays  and Chase HK contributed a net profit to the  Group  of  $18
million,  after  bearing the full funding costs and amortisation  of  goodwill
relating  to the two acquisitions.  The underlying profit before  tax  of  the
Group, excluding the acquisitions and disposal, increased by 20 per cent.

                                                         6 months to 30.06.01
                              As Reported                                    
                                               Acquisitions        Underlying
                                       $m                $m                $m
Net revenue                         2,220               290             1,930
Est. net funding cost                                                        
of acquisitions                      (33)              (33)                 -
Net revenue after cost of                                                    
funding                             2,187               257             1,930
Operating costs (excl.                                                       
goodwill)                         (1,199)             (163)           (1,036)
                                                                             
Amortisation of goodwill             (68)              (49)              (19)
                                                                             
Profit before provns                  920                45               875
                                                                             
Charge for debts                    (269)              (27)             (242)
                                                                             
Profit before tax                     651                18               633

                                                         6 months to 30.06.00
                              As Reported      Acquisition/                  
                                                   Disposal        Underlying
                                       $m                $m                $m
Net revenue                         1,968               145             1,823
Est. net funding cost                                                        
of acquisitions                         -                 -                 -
Net revenue after cost of                                                    
funding                             1,968               145             1,823
Operating costs (excl.                                                       
goodwill)                         (1,127)              (80)           (1,047)
                                                                             
Amortisation of goodwill             (25)               (8)              (17)
                                                                             
Profit before provns                  816                57               759
                                                                             
Charge for debts                    (257)              (27)             (230)
                                                                             
Profit before tax                     559                30               529

The  acquisitions  of Grindlays and Chase HK were expected to  yield  combined
synergistic  benefits of at least $50 million during 2001.   Benefits  of  $36
million  have  already  been  achieved  and  both  businesses  are  ahead   of
expectations  at  this  point  in  the year.  Both  integration  projects  are
proceeding well without disruption to the Group and with very little attrition
of profitable customers.

The  Group's net revenue rose by 11 per cent to $2,187 million in  the  first
half  of  2001, compared with the equivalent period last year.  The underlying
growth  rate,  excluding the acquisitions and disposal, was 6 per  cent.   The
substantial fall in US dollar interest rates during the first half of the year
has reduced the Group's income from capital and non-interest bearing deposits,
but  has  enhanced  the  net interest margin from other products  and  created
opportunities  for  the  treasury business  to  earn  income  from  asset  and
liability  management  ('ALM').   The  Group  has  also  suffered   from   the
substantial (and probably permanent) realignment of mortgage margins  in  Hong
Kong.   Taking  these  factors  into account,  there  has  still  been  strong
underlying revenue growth in many of the Group's core products.

Net  interest  income rose 7 per cent in the first half,  with  an  underlying
growth  rate of 6 per cent.  Although the US slowdown has held back the demand
for  trade finance business, the Group has achieved significant volume  growth
in  credit cards, mortgages and other personal lending products.  As a result,
the  average interest bearing assets of the Group have grown by 16  per  cent.
Net  interest  margins have contracted, from 3.3 per cent  to  3.0  per  cent,
mainly due to intense competitive pressures in mortgages, but volume increases
and  changes to the product mix have off-set this to yield a positive  overall
growth rate.

Fees  and commissions rose by 16 per cent with an underlying fall of around  4
per  cent,  reflecting the sluggish demand for trade finance and the depressed
state of the Asian stock markets.  However, dealing profits and exchange  rose
38 per cent as the Group expanded its customer driven treasury business while,
at the same time, enhancing its product offering.

The Group's total operating expenses rose by 10 per cent to $1,267 million  in
the   first  half  of  2001  but  the  underlying  cost  base,  excluding  the
acquisitions,  disposal and goodwill amortisation, fell by 1 per  cent.   This
reflects tight cost control in response to the slower trading conditions  that
have  existed  during the first half of the year in some  Asian  markets.   In
addition, the benefits of the productivity improvement programme initiated  in
2000  have  begun  to flow through during the first half  of  2001,  and  have
enabled the Group to maintain an appropriate level of new investment into  its
key value generating businesses.

The net charge for debts rose by $12 million or 5 per cent to $269 million  in
the  first  half of 2001.  This is partly due to underlying volume  growth  in
personal  lending but also reflects the overarching impact of the US  slowdown
on  the  consumer  and  wholesale banking businesses.   Nevertheless,  in  key
stressed   economies such as Indonesia and Zimbabwe, the Group's  response  to
the  worsening  economic and political situation has been effective.   It  has
rapidly  scaled down its lending exposure in these two territories  and  their
impact on the overall debt charge for the first half of the year has not  been
significant.

Consumer Banking

The profit before tax of the Consumer Banking business fell by 10 per cent  to
$347  million  in the first half of 2001, primarily because of  severe  margin
pressure on mortgages in Hong Kong.
Net  revenue  rose  by 8 per cent to $1,084 million but the underlying  growth
rate,  excluding the acquisitions and disposal, was around 3 per cent.  During
the  last  12  months,  Consumer Banking has been  actively  re-balancing  its
product portfolio.  Intense price competition in the Hong Kong mortgage market
has  reduced  the  average portfolio yield by over 100 bps compared  with  the
first half of 2000 and this has reduced mortgage revenue by approximately  $60
million.   In  response,  the Group has successfully  grown  its  credit  card
outstandings, personal lending and wealth management products,  all  of  which
are  high  value adding products and these have off-set the loss  of  mortgage
revenue.  Mortgages remain important and in Hong Kong, for example, the  Group
has grown its mortgage outstandings by 13 per cent, pushing the Group's market
share  up from 13.0 per cent to 14.3 per cent.  Nevertheless, the new  product
balance  provides a much sounder and more secure basis for revenue  growth  in
the future.

Costs  rose  by  16 per cent to $614 million but the underlying  growth  rate,
excluding  the  acquisitions and disposal, was lower at  around  6  per  cent.
Consumer Banking is a key engine of growth for the whole Group and a conscious
effort  has  been made to maintain the necessary level of investment  to  grow
this  business.   Cost  control  and  productivity  improvements  remain  very
important  -  for  example,  in  Hong Kong  85  per  cent  of  branch  counter
transactions have now been migrated to automated and self-service  channels  -
but  new  investment  has  also  been a priority,  targeted  at  higher  value
generating activities.

The  net charge for debts from Consumer Banking has risen from $88 million  in
the  first  half of 2000 to $123 million this year.  Underlying volume  growth
has  contributed to this increase but a more difficult economic  risk  climate
across   many  of  the  Group's  major  markets  has  also  been  a   factor.
Notwithstanding this, the consumer risk profile of Standard Chartered  remains
very  low;  for  example, in Hong Kong the mortgage delinquency  rates  remain
significantly better than the industry average.

Wholesale Banking

The  profit before tax from the Wholesale Banking business rose by 71 per cent
to $372 million in the first half of 2001.

Net  revenue  rose  substantially  by 14 per  cent  to  $1,103  million,  with
underlying  growth  of  7 per cent excluding the acquisitions.   The  treasury
business  made a considerable contribution with the recent US dollar  interest
rate  cuts creating opportunities for significant ALM earnings, and a  general
growth  in  the  level  of customer driven business increasing  earnings  from
foreign  exchange  and related products.  Strengthened dealing  teams  and  an
enhanced product offering also contributed to this growth.

Trade  and  lending  volumes were hit by the US slowdown, resulting  in  lower
revenue.  Custody fees were impacted by the depressed state of the Asian stock
markets which caused a modest fall in revenue.  Cash management made excellent
advances with a significant increase in the number of new mandates producing a
healthy increase in fee income and a rise in the volume of deposits generating
additional interest income, despite the fall in US dollar interest rates.
Costs  were held flat at $585 million, but the underlying costs fell by 4  per
cent.   This  reflects  a  deliberate move to improve the  returns  from  this
business  as a whole, and to focus investment upon the key areas that generate
most value.

The net charge for debts during the first half of 2001 was $146 million.  This
is  lower  than the $169 million charged in the first half of 2000 but  higher
than  the $119 million charged in the second half.  The US slowdown has had  a
direct  impact on credit quality in several Asian markets and is  clearly  the
main  driver  behind  this number.  Nevertheless, it must be  emphasised  that
there are still many parts of the Group, such as India, China, the Middle East
and  Africa, where the economic drivers are different and the impact has  been
much more muted.

Key Territories

Standard  Chartered  operates  in  approximately  50  countries  but  a  large
proportion  of  its  profit  is  derived from a  relatively  small  number  of
territories.  These  core  territories are crucial to the success of the Group
and  have traditionally included Hong Kong, Singapore and Malaysia.  With  the
acquisition  of Grindlays, India has now joined this core group  and,  in  the
first half of 2001, was the third largest profit contributor to the Group as a
whole.

Hong Kong delivered a 7 per cent increase in profit before tax to $271 million
though  profits were flat after excluding Chase HK.  This was achieved against
a  background of fierce margin pressure on mortgages.  Net revenue was  up  24
per cent and costs 27 per cent, with the inclusion of Chase HK.  However there
was also strong underlying volume growth and a good treasury performance.

Singapore  recorded a 13 per cent fall in profit before tax  to  $97  million.
Despite slower economic growth and sluggish loan demand, revenue increased  by
8  per  cent as a result of a good performance from treasury products.   Costs
increased  by 13 per cent largely as a result of the restoration of  statutory
employer pension contributions.  The charge for debts rose significantly  from
$8  million in the first half of 2000 to $26 million this year, mainly due  to
the impact of the economic slowdown on our corporate customers.

India  more than doubled its profit before tax as the acquisition of Grindlays
transformed the business.  Underlying revenue growth (excluding Grindlays) was
around  13 per cent, driven by strong growth in credit cards where the  number
of  cards in issue has now reached 1.12 million, a 11 per cent increase in the
last six months alone.  Treasury earnings, particularly ALM, have also made  a
significant contribution.  The underlying cost base rose by about 15 per  cent
reflecting  continuing investment in the Consumer business.   The  charge  for
debts  fell  significantly, mainly because of a large provision in  the  first
half of 2000.

Malaysia suffered a significant fall in profit before tax in the first half of
2001.   Flat  loan demand and compressed margins contributed to a 4  per  cent
fall  in revenue with costs rising 5 per cent.  The charge for debts rose from
$3  million last year to $51 million this year as the US slowdown made  itself
felt.   Sentiment  in the KL Stock Exchange remained weak, which  put  further
pressure on corporate customers seeking longer term finance.

The rest of the Group has generally had a satisfactory first half.  The Middle
East and South Asia (excluding India) delivered a very good result with profit
before  tax  up 50 per cent.  Strong revenue growth, particularly in  consumer
banking, coupled with tight cost control, were the main reasons.  The business
in  Africa has had to contend with difficult political and economic conditions
in  Zimbabwe and very significant currency devaluation in Ghana.  Against this
background, the profit before tax has held up quite well, rising 64  per  cent
to  $64 million compared with the same period last year, when significant debt
provisions  were taken.  The businesses in the UK and Americas  are  primarily
focused  on  supporting the needs of the Group's multinational corporates  and
institutions.  As such, they have suffered from the general slowdown in the US
economy  but have benefited from the ALM opportunities provided by  the  large
fall in US dollar interest rates.

Summary

The  Group has performed well in a difficult economic climate.  Its underlying
business  continues to advance with significant revenue growth in key  product
areas.   The productivity programme is gathering pace and is already producing
efficiency  improvements,  as evidenced by the low  underlying  rate  of  cost
increase  and  the strong differential between revenue and cost  growth.   The
integration of Grindlays and Chase HK is progressing well and are beginning to
deliver the expected financial benefits.

The  outlook  for  the trading climate in the Group's key markets  during  the
second  half of the year remains cautious but the Group is on track to deliver
its growth strategy.


STANDARD CHARTERED PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2001
                                              6 months  6 months    6 months
                                                 ended     ended       ended
                                              30.06.01  30.06.00    31.12.00
                                    Notes           $m        $m          $m
                                                                            
Interest receivable                              3,400     3,203       3,702
Interest payable                               (1,972)   (1,867)     (2,329)
Net interest income                              1,428     1,336       1,373
Fees and commissions receivable,                   477       411         477
net
Dealing profits and exchange          4            249       180         197
Other operating income                5             33        41          75
                                                   759       632         749
Net revenue                                      2,187     1,968       2,122
Administrative expenses:                                                    
  Staff                                          (617)     (595)       (792)
  Premises                                       (150)     (137)       (165)
  Other                                          (348)     (309)       (419)
                                                                            
Depreciation and amortisation, of                (152)     (111)       (186)
which:
  Amortisation of goodwill                        (68)      (25)        (46)
  Other                                           (84)      (86)       (140)
                                                                            
                                                                            
Total expenses:  - ongoing                     (1,267)   (1,152)     (1,239)
    - restructuring                                  -         -       (323)
Total operating expenses                       (1,267)   (1,152)     (1,562)
Operating profit before provisions                 920       816         560
Provisions for bad and doubtful     1,2,12       (269)     (257)       (205)
debts
Provisions for contingent                            -         -         (8)
liabilities and commitments
Operating profit                                   651       559         347
Profit on disposal of subsidiary                     -         -         532
undertakings
Profit before taxation               1,2           651       559         879
Taxation                              6          (218)     (179)       (198)
Profit after taxation                              433       380         681
Minority interests (equity)                        (6)       (6)           -
Minority interests (non-equity)                   (23)      (11)        (18)
Profit for the period attributable                 404       363         663
to shareholders
Dividends on non-equity preference    7           (12)      (12)        (12)
shares
Dividends on ordinary equity          8          (145)     (126)       (298)
shares
Retained profit                                    247       225         353

Refer to note on comparative figures on page 15.
An analysis of results between acquisitions, disposals and underlying
business is given in Note 3.


STANDARD CHARTERED PLC
SUMMARISED CONSOLIDATED BALANCE SHEET
As at 30 June 2001
                                              30.06.01   30.06.00   31.12.00
                                      Notes         $m         $m         $m
                                                                            
Assets                                                                      
Cash, balances at central banks and                                         
cheques in course of                             1,172      1,931        895
  collection
Treasury bills and other eligible                3,227      3,763      3,962
bills
Loans and advances to banks             1       26,967     20,086     23,759
Loans and advances to customers         1       52,927     48,113     51,882
Debt securities and equity shares               14,393      9,147      9,949
Intangible fixed assets                          2,342        560      2,327
Tangible fixed assets                              970        917        977
Prepayments, accrued income and                  7,683      5,921      8,529
other assets
Total assets                                   109,681     90,438    102,280
                                                                            
Liabilities                                                                 
Deposits by banks                               14,771     11,922     11,103
Customer accounts                               66,884     57,157     65,037
Debt securities in issue                         4,983      4,459      4,533
Accruals, deferred income and other             10,018      7,291     10,617
liabilities
Subordinated liabilities:                                                   
  Undated loan capital                           1,788      1,527      1,818
  Dated loan capital                             2,811      1,975      2,257
Minority interests:                                                         
  Equity                                            80        112         76
  Non-equity                                       860        471        486
Shareholders  funds                    11        7,486      5,524      6,353
Total liabilities and shareholders             109,681     90,438    102,280
funds

Comparative figures
With  effect  from  1 January 2001 the Group changed its reporting  currency
from  pounds sterling to US dollars.  Since most of the Group's business  is
in US dollars or currencies linked to the US dollar it is considered that it
is  most  appropriate for the Group to prepare its accounts in  US  dollars.
The  comparative figures have been translated from pounds sterling  into  US
dollars using the following principles:

Assets  and liabilities have been translated at the rate of exchange  ruling
on the date of the comparative balance sheet.

Profits  and  losses  for  the  six months ended  30  June  2000  have  been
translated  at  the  average sterling exchange rate against  the  US  dollar
during that period.

Profits  and  losses  for the six months ended 31 December  2000  have  been
derived by deducting the profits and losses for the six months ended 30 June
2000  translated  at the average sterling exchange rate against  US  dollars
during  that  period  from the profits and losses  for  the  year  ended  31
December  2000  translated at the full year average sterling  exchange  rate
against the US dollar.


STANDARD CHARTERED PLC
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 June 2001
                                             6 months   6 months    6 months
                                                ended      ended       ended
                                             30.06.01   30.06.00    31.12.00
                                                   $m         $m          $m
                                                                            
Profit attributable to shareholders               404        363         663
Exchange translation differences:                                           
    Arising   from  change  in  reporting           -      (358)        (76)
    currency
    Other                                        (98)         55       (164)
Total recognised gains and losses                 306         60         423


HISTORICAL COST PROFITS AND LOSSES
For the six months ended 30 June 2001

There  is  no  material difference between the results  as  reported  and  the
results   that  would  have  been  reported  on  a  historical   cost   basis.
Accordingly, no note of historical cost profits and losses has been included.


STANDARD CHARTERED PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2001
                                               6 months  6 months   6 months
                                                  ended     ended      ended
                                               30.06.01  30.06.00   31.12.00
                                                     $m        $m         $m
                                                                            
Net cash inflow from operating activities         1,230     1,296      2,338
(see note 14)
                                                                            
Returns on investment and servicing of                                      
finance
Interest paid on subordinated loan capital        (128)      (92)      (110)
Subordinated loan capital issue expenses           (13)      (14)       (15)
Dividends paid to minority shareholders of          (3)       (3)       (18)
subsidiary undertakings
Dividends paid on preference shares                (11)      (13)       (11)
Net cash outflow from returns on investment       (155)     (122)      (154)
and servicing of finance
                                                                            
Taxation                                                                    
UK taxes paid                                      (52)       (3)       (44)
Overseas taxes paid                               (198)      (93)      (159)
Total taxes paid                                  (250)      (96)      (203)
                                                                            
Capital expenditure and financial investment                                
Purchases of tangible fixed assets                (115)     (107)      (131)
Acquisitions of treasury bills held for         (4,043)   (3,981)    (6,402)
investment purposes
Acquisitions of debt securities held for       (13,427)   (4,487)    (7,903)
investment purposes
Acquisitions of equity shares held for              (8)       (9)       (53)
investment purposes
Disposals of tangible fixed assets                   16        16         16
Disposals and maturities of treasury bills        4,735     4,375      6,167
held for investment purposes
Disposals and maturities of debt securities       8,756     3,653      7,729
held for investment purposes
Disposals of equity shares held for                  13         2          6
investment purposes
Net cash outflow from capital expenditure and   (4,073)     (538)      (571)
financial investment
                                                                            
Net cash (outflow)/inflow before acquisitions                               
and disposals, equity dividends paid and        (3,248)       540      1,410
financing
                                                                            
Acquisitions and disposals                                                  
Purchases of interests in subsidiary                  -      (17)    (2,496)
undertakings
Purchase of subordinated debt in subsidiary           -         -      (186)
undertaking
Disposals of interests in subsidiary and              2         -        934
associated undertakings
Net cash inflow/(outflow) from acquisitions           2      (17)    (1,748)
and disposals
                                                                            
Equity dividends paid to members of the           (298)     (132)      (108)
Company
                                                                            
Financing                                                                   
Gross proceeds from issue of ordinary share          15        22        701
capital
Issue expenses related to ordinary share              -         -        (8)
issue
Gross proceeds from issue of preference share     1,000         -          -
capital
Issue expenses related to preference share         (31)         -          -
issue
Gross proceeds from issue of preferred              418       482       (21)
securities
Gross proceeds from issue of subordinated           700       537        629
loan capital
Repayment of subordinated liabilities               (3)      (17)        (1)
Net cash inflow from financing                    2,099     1,024      1,300
                                                                            
(Decrease)/increase in cash in the period       (1,445)     1,415        854

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