Interim Results - Part 2
STANDARD CHARTERED PLC
4 August 1999
Part 2
STANDARD CHARTERED PLC
NOTES
1. Segmental information
By geographic segment
6 months ended 30.6.99
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Interest receivable 665 637 116 199
Interest payable (398) (407) (54) (125)
Net interest income 267 230 62 74
Fees and commissions
receivable, net 66 72 26 26
Dealing profits and
exchange 16 45 18 12
Other operating income 1 4 4 1
Net revenue 350 351 110 113
Operating expenses before
Year 2000 costs (161) (173) (58) (77)
Year 2000 costs - - - -
Profit before provisions 189 178 52 36
Provisions for debts (108) (80) (2) (30)
Profit before taxation 81 98 50 6
Loans and advances to
customers-average 9,984 8,573 723 1,745
Net interest margin (%) 3.2 3.0 8.7 3.4
6 months ended 30.6.99
UK &
Group
Head
Americas Office Total
£m £m £m
Interest receivable 132 634 2,383
Interest payable (96) (485) (1,565)
Net interest income 36 149 818
Fees and commissions
receivable, net 21 (2) 209
Dealing profits and
exchange 13 28 132
Other operating income 2 7 19
Net revenue 72 182 1,178
Operating expenses before
Year 2000 costs (50) (118) (637)
Year 2000 costs - (30) (30)
Profit before provisions 22 34 511
Provisions for debts (10) (10) (240)
Profit before taxation 12 24 271
Loans and advances to
customers-average 1,287 4,309 26,621
Net interest margin (%) 1.4 1.8 3.5
a) Total interest receivable and total interest payable include intra-
group interest of £538 million.
b) Group central expenses have been distributed between segments in
proportion to their direct costs and the benefit of the Group s
capital has been distributed between segments in proportion to their
risk weighted assets.
c) The resolution of Year 2000 related technology issues is being
managed from the centre as a global project and all expenses are
included in the UK & Group Head Office segment.
1. Segmental information
By geographic segment (continued)
30.6.99
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Residential mortgages 6,459 2,704 12 13
Other retail 912 694 87 358
Other 3,486 5,622 662 1,499
Loans and advances to 10,857 9,020 761 1,870
customers
Loans and advances to banks 1,855 4,331 92 634
Total assets employed 20,704 19,767 1,800 4,520
Total risk weighted assets
and contingents 9,438 11,213 949 2,756
Gross non-performing loans
and advances 448 920 74 136
Specific provisions for bad
and doubtful debts (178) (341) (20) (66)
Interest in suspense (30) (103) (29) (16)
240 476 25 54
30.6.99
UK &
Group
Head
Americas Office Total
£m £m £m
Residential mortgages - 171 9,359
Other retail 6 65 2,122
Other 1,261 4,395 16,925
Loans and advances to 1,267 4,631 28,406
customers
Loans and advances to banks 1,324 4,380 12,616
Total assets employed 6,084 14,203 67,078
Total risk weighted assets
and contingents 3,052 8,243 35,651
Gross non-performing loans
and advances 101 214 1,893
Specific provisions for bad
and doubtful debts (31) (62) (698)
Interest in suspense (1) (18) (197)
69 134 998
d) Total assets employed include intra-group items of £11,636 million
and balances of £735 million which are netted in the Summarised
Consolidated Balance Sheet. Total risk weighted assets and
contingents include balances of £153 million which are netted in
Note 14 on Capital ratios.
e) Specific provisions and interest in suspense (including provisions
held against enhanced and other performing emerging markets debt
(see Note 11)) together cover 52 per cent of total non-performing
lending to customers. If lending and provisions are adjusted for
the cumulative amounts written off, the effective cover is 61 per
cent.
f) Assets held at the centre have been distributed between geographic
segments in proportion to their total assets employed.
1. Segmental information
By geographic segment (continued)
6 months ended 30.6.98
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Interest receivable 712 719 131 171
Interest payable (485) (490) (66) (113)
Net interest income 227 229 65 58
Fees and commissions
receivable, net 63 70 24 23
Dealing profits and
exchange 26 125 16 10
Other operating income - 1 1 1
Net revenue 316 425 106 92
Operating expenses before
Year 2000 costs (150) (164) (56) (56)
Year 2000 costs - - - -
Profit before provisions 166 261 50 36
Provisions for debts (26) (93) (5) (8)
Profit before taxation 140 168 45 28
Loans and advances to
customers-average 9,734 8,458 670 1,668
Net interest margin (%) 2.8 3.1 9.9 3.5
6 months ended 30.6.98
UK &
Group
Head
Americas Office Total
£m £m £m
Interest receivable 175 676 2,584
Interest payable (136) (538) (1,828)
Net interest income 39 138 756
Fees and commissions
receivable, net 19 5 204
Dealing profits and
exchange 21 40 238
Other operating income 1 3 7
Net revenue 80 186 1,205
Operating expenses before
Year 2000 costs (46) (94) (566)
Year 2000 costs - (34) (34)
Profit before provisions 34 58 605
Provisions for debts (3) (54) (189)
Profit before taxation 31 4 416
Loans and advances to
customers-average 1,582 4,127 26,239
Net interest margin (%) 1.5 1.7 3.4
g) Total interest receivable and total interest payable include intra-
group interest of £627 million.
h) Group central expenses have been distributed between segments in
proportion to their direct costs and the benefit of the Group s
capital has been distributed between segments in proportion to their
risk weighted assets.
i) The resolution of Year 2000 related technology issues is being
managed from the centre as a global project and all expenses are
included in the UK & Group Head Office segment.
1. Segmental information
By geographic segment (continued)
30.6.98
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Residential mortgages 5,031 2,205 12 10
Other retail 887 1,018 94 283
Other 3,908 4,783 585 1,337
Loans and advances to 9,826 8,006 691 1,630
customers
Loans and advances to banks 2,246 3,157 89 456
Total assets employed 18,008 16,533 1,608 3,531
Total risk weighted assets
and contingents 9,039 10,025 935 2,428
Gross non-performing loans
and advances 115 425 72 83
Specific provisions for bad
and doubtful debts (40) (143) (16) (37)
Interest in suspense (8) (29) (21) (10)
67 253 35 36
30.6.98
UK &
Group
Head
Americas Office Total
£m £m £m
Residential mortgages - 133 7,391
Other retail 10 63 2,355
Other 1,521 3,898 16,032
Loans and advances to 1,531 4,094 25,778
customers
Loans and advances to banks 1,970 3,216 11,134
Total assets employed 5,374 15,313 60,367
Total risk weighted assets
and contingents 3,056 7,072 32,555
Gross non-performing loans
and advances 41 268 1,004
Specific provisions for bad
and doubtful debts (16) (113) (365)
Interest in suspense (1) (33) (102)
24 122 537
j) Total assets employed include intra-group items of £10,305 million
and balances of £1,635 million which are netted in the Summarised
Consolidated Balance Sheet. Total risk weighted assets and
contingents include balances of £336 million which are netted in
Note 14 on Capital ratios.
k) Specific provisions and interest in suspense (including provisions
held against enhanced and other performing emerging markets debt
(see Note 11)) together cover 52 per cent of total non-performing
lending to customers. If lending and provisions are adjusted for
the cumulative amounts written off, the effective cover is 66 per
cent.
l) Assets held at the centre have been distributed between geographic
segments in proportion to their total assets employed.
1. Segmental information
By geographic segment (continued)
6 months ended 31.12.98
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Interest receivable 729 705 120 176
Interest payable (498) (470) (61) (113)
Net interest income 231 235 59 63
Fees and commissions
receivable, net 66 69 28 22
Dealing profits and
exchange 24 55 23 12
Other operating income 3 4 2 2
Net revenue 324 363 112 99
Operating expenses before
Year 2000 costs (143) (165) (54) (69)
Year 2000 costs - - - -
Profit before provisions 181 198 58 30
Provisions for debts (64) (159) (4) (16)
Profit before taxation 117 39 54 14
Loans and advances to
customers-average 9,790 7,968 700 1,618
Net interest margin (%) 2.9 3.4 9.0 3.5
6 months ended 31.12.98
UK &
Group
Head
Americas Office Total
£m £m £m
Interest receivable 169 686 2,585
Interest payable (133) (542) (1,817)
Net interest income 36 144 768
Fees and commissions
receivable, net 18 (2) 201
Dealing profits and
exchange 19 47 180
Other operating income 1 1 13
Net revenue 74 190 1,162
Operating expenses before
Year 2000 costs (48) (107) (586)
Year 2000 costs - (42) (42)
Profit before provisions 26 41 534
Provisions for debts (14) 10 (247)
Profit before taxation 12 51 287
Loans and advances to
customers-average 1,322 4,513 25,911
Net interest margin (%) 1.4 1.9 3.5
m) Total interest receivable and total interest payable include intra-
group interest of £539 million.
n) Group central expenses have been distributed between segments in
proportion to their direct costs and the benefit of the Group s
capital has been distributed between segments in proportion to their
risk weighted assets.
o) The resolution of Year 2000 related technology issues is being
managed from the centre as a global project and all expenses are
included in the UK & Group Head Office segment.
1. Segmental information
By geographic segment (continued)
31.12.98
Asia Pacific Middle
Hong Other East &
Kong countries Africa S Asia
£m £m £m £m
Residential mortgages 5,622 2,302 11 15
Other retail 903 889 69 332
Other 3,278 4,982 580 1,296
Loans and advances to 9,803 8,173 660 1,643
customers
Loans and advances to banks 1,154 3,192 92 533
Total assets employed 18,083 17,461 1,609 3,692
Total risk weighted assets
and contingents 8,700 10,199 881 2,556
Gross non-performing loans
and advances 197 730 66 91
Specific provisions for bad
and doubtful debts (86) (300) (16) (39)
Interest in suspense (15) (67) (21) (11)
96 363 29 41
31.12.98
UK &
Group
Head
Americas Office Total
£m £m £m
Residential mortgages - 157 8,107
Other retail 7 65 2,265
Other 1,401 4,182 15,719
Loans and advances to 1,408 4,404 26,091
customers
Loans and advances to banks 1,087 3,470 9,528
Total assets employed 5,255 14,073 60,173
Total risk weighted assets
and contingents 2,827 7,574 32,737
Gross non-performing loans
and advances 67 267 1,418
Specific provisions for bad
and doubtful debts (23) (96) (560)
Interest in suspense (1) (34) (149)
43 137 709
p) Total assets employed include intra-group items of £11,160 million
and balances of £1,155 million which are netted in the Summarised
Consolidated Balance Sheet. Total risk weighted assets and
contingents include balances of £239 million which are netted in
Note 14 on Capital ratios.
q) Specific provisions and interest in suspense (including provisions
held against enhanced and other performing emerging markets debt
(see Note 11)) together cover 56 per cent of total non-performing
lending to customers. If lending and provisions are adjusted for
the cumulative amounts written off, the effective cover is 69 per
cent.
r) Assets held at the centre have been distributed between
geographic segments in proportion to their total assets employed.
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