Pre-close Trading Update

Standard Chartered PLC
11 December 2003

Standard Chartered PLC will be holding a conference call with analysts ahead of
its close period for the year ending 31 December 2003.  This statement details
the information that will be covered in those discussions.

Overall

Standard Chartered has continued to make good progress in the second half of
2003.  Profit before tax for the year is expected to be above the market
consensus of $1,446M (current range:  $1,380M to $1,550M). Normalised earnings
per share (EPS) for the year is likely to show growth in mid to high teens.

Consumer Banking is achieving good growth.  Wholesale Banking continues to make
significant progress on our strategy of improving returns.

Hong Kong, our largest market, is showing positive signs of an economic
turnaround and this is reflected in our business performance.

In the second half we have increased the pace of investment in our growth
businesses, particularly in Consumer Banking.  As a result, costs will likely be
higher than current market estimates.

Risk management has been very successful.  Net bad debt in Wholesale Banking has
been outstanding, underpinned by very strong recoveries.  The trade offs we have
made between revenue and risk reduction are paying off, particularly in our
unsecured portfolio in Hong Kong.   The total debt charge is expected to be
materially better than market consensus.

Overall, we are continuing to make good progress towards improving our ROE.

Revenue

Consumer Banking

Consumer Banking is delivering good revenue growth outside of Hong Kong; most
countries are seeing revenue growth at high single digit or low double digit
levels, underpinned by strong asset growth.  Markets like Thailand, Indonesia,
Middle East and Africa are performing particularly well.

Revenues in Hong Kong have improved in the second half as the economy
strengthens.  We have resumed marketing activity for the unsecured portfolio
following the introduction of the positive credit bureau in August.

Margins, on a product-by-product basis, have remained at broadly stable levels.

Wholesale Banking

Despite subdued asset demand and strong liquidity in Asia, Wholesale Banking
continues to achieve good momentum, building on a robust first half performance.

Major growth contributors have been trade finance and global markets.  Within
global markets, strong increases in customer-driven business have more than
offset the expected decline in asset and liability management (ALM) revenue.

Overall, Wholesale Banking is delivering positive operating jaws (the gap
between revenue and cost growth).  We have continued to keep economic capital
broadly flat.

Costs

Costs continue to be a key focus as we work to improve the overall cost income
ratio. Underlying costs remain tightly controlled and we are beginning to see
real benefits from our hubbing activities.  At the same time, given our strong
trading performance and the attractive opportunities in our markets, we have
decided to accelerate investment for future growth in Consumer Banking.

Specifically, we have invested in innovative products, improvements in customer
service, expansion in distribution channels and entry into new markets - South
Africa and South Korea.  These investments will temporarily impact progress
towards our cost income ratio target, but will help accelerate future revenue
growth.

Bad Debts

Consumer Banking

Across Consumer Banking net bad debts continue to perform well.  The net bad
debt ratio has improved from H1, notwithstanding our decision to reshape a
specific part of our portfolio in India.

In Hong Kong, Consumer Banking net bad debts have improved as a result of the
early actions we took.   Bankruptcy related debt charges for Q3 were $40M, down
from $56M in Q2.

Wholesale Banking

The Wholesale Banking book continues to perform well. This reflects the actions
we have taken to trade revenue for an improved risk profile as well as the
generally robust balance sheets of Asian corporates.

Mervyn Davies, Group Chief Executive, commented, 'We are very pleased with the
positive progress in our financial performance.  As we come to the end of year,
we believe we have taken the required actions to create real momentum in the
business entering 2004.'

Bryan Sanderson, Chairman, commented, 'The markets in which we operate continue
to offer many exciting growth opportunities.  We are committed to pursue sound
execution of our strategic objectives with disciplined financial management,
delivering our shareholders superior short term performance and long term
growth.'

                                    - end -

The conference call with analysts will be webcast live on our website (http://
investors.standardchartered.com) at 10:00 GMT and archived after the event.  If
you have a Bloomberg terminal you will be able to listen to the conference call
by typing LIVE .

For further information, please contact:

Ben Hung, Head of Investor Relations                       (44) 207 280 7245
Caoimhe Buckley, Media Relations Manager                   (44) 207 280 6170
Betty Ku, Head of Investor Relations, Asia Pacific         (852) 2821 1310
Lavina Chan, Senior Corporate Affairs Manager              (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