Pre-close Trading Statement

Standard Chartered PLC
23 June 2004


Standard Chartered PLC will be holding discussions with analysts ahead of its
close period for the half year ending 30 June 2004.  This statement details the
information that will be covered in those discussions.





Overall



Standard Chartered has continued to make strong progress in the first few months
of 2004.  This strong underlying performance has been complemented by the gains
from the sale of Bank of China and Koram Bank shares, offset in part by the
exceptional costs associated with the incorporation of our Hong Kong business
and the buyback of a sub-debt portfolio.



Based on our performance to date (excluding the above exceptional items) we are
very comfortable in meeting the current profit before tax market consensus for
the year.



The organic revenue momentum we have seen so far this year has surpassed our
expectations, particularly in Wholesale Banking.  This growth is broad based and
we have continued to gain market share in both our Consumer and Wholesale
businesses.



The bad debt performance to date has been very strong, a direct result of a
significantly strengthened risk management discipline within the bank as well as
a benign credit environment.



Given favourable economic conditions and strong operating performance, we have
maintained the pace of investment in our businesses to capture growth
opportunities.  Costs for the first few months have grown broadly in line with
our revenue.



The incorporation of our Hong Kong business is on target.  We fully anticipate
the transfer of our Hong Kong businesses to our new subsidiary beginning July 1,
positioning us to take further advantage of the growing opportunities between
China and Hong Kong.



Overall, we are making very good progress in improving our ROE.



Revenue



Consumer Banking



Consumer Banking continues to deliver good revenue growth.  Most countries have
seen revenue growth at high single digit or low double digit levels.  Markets
like Indonesia, Malaysia, Thailand, and UAE are performing particularly well.
Our expansion plans in India are on track.



Hong Kong, our largest market, has continued to show positive progress.  Whilst
we have not seen any market growth in consumer assets, we have seen strong
demand for wealth management services.



Wholesale Banking



Despite subdued asset demand and strong liquidity in Asia, Wholesale Banking is
achieving good revenue growth.



Major growth contributors are trade finance and global markets products.  We are
seeing strong increases in customer-driven business, particularly in more
sophisticated products such as structured trade, derivatives and corporate
advisory.  The decline we have seen in previous halves in ALM revenues has
stabilised with the gradual steepening of the yield curve.



Overall, Wholesale Banking is making good progress in improving returns.



Costs



Costs remain a key focus as we work to improve the overall cost income ratio.
We are making good progress in centralising, standardising and reengineering our
back office activities, with savings achieved broadly offsetting the rise in
costs from increased business volumes.



We have continued to invest in our businesses.   For Consumer Banking, these
investments include product innovation, expansion in distribution networks and
entry into new markets including South Korea and South Africa.  For Wholesale
Banking, the investments reflect the expansion in our product capabilities, such
as derivatives and debt capital markets.



Despite the benign market conditions, we have increased our emphasis on risk
management and other control functions.  This is in addition to the investments
we have made on projects including KYC, IAS and Basle II in the context of an
increasingly demanding regulatory environment.



We will continue to manage our cost base in a disciplined manner, driving cost
efficiencies at the BAU level and balancing the trade off between delivery today
and investing for growth tomorrow.



Bad Debts



Consumer Banking



Consumer Banking bad debts are performing according to our predictive models,
growing in line with the business.



In Hong Kong, we have seen a marked improvement in bankruptcy related bad debts
as a result of the early actions we took.  Bankruptcy petitions to date have
been significantly lower than last year.



Wholesale Banking



The Wholesale Banking book continues to perform very well.  The actions we took
to improve the risk profile of the portfolio in 2002 and 2003 are paying off.
The general strength of balance sheet of Asian corporates remains strong.  We
have seen no other major changes in the shape of our portfolio.





Bryan Sanderson, Chairman, commented, 'The bank is in very good shape.  We see
strong prospects in our markets and we are strategically well-placed to take
advantage of this growth.'



Mervyn Davies, Group Chief Executive, commented, 'We are very pleased with the
continued strong progress in our financial performance.   We are delivering
against our management agenda and will sustain investments in our strategic
growth opportunities.'





For further information, please contact:



Ben Hung, Head of Investor Relations                        (44) 207 280 7245

Paul Marriage, Head of Media Relations                      (44) 207 280 7163

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