Connecting the world’s
most dynamic markets
Annual Report 2024
Connecting the world’s most dynamic markets
Standard Chartered is a global bank connecting corporate, inst
itut
ional and
affluent clients to a network that offers unique access to sustainable growth
opportunit
ies across As
ia, Africa and the Middle East.
Our strategy combines different
iated cross-border capab
il
it
ies and leading
wealth management expertise. Our purpose is to drive commerce and
prosperity through our unique divers
ity.
This is underpinned by our brand promise, here for good.
Strategic report
Financ
ial KPIs
1
Return on tangible equity (RoTE)
11.7
%
160bps
Underlying basis
9.7
%
130bps
Reported basis
Common Equity Tier 1 ratio (CET1)
14.2
%
19bps
Above our 13-14% target range
Total shareholder return
47.5
%
2023: 9.4%
Non-financial KPIs
2
Divers
ity and
inclus
ion: women
in senior roles
4
33.1
%
0.6ppt
Mobil
is
ing sustainable finance
$121bn
$34bn
Employee net promoter score (eNPS)
20.44
5.42 points
Other financial measures
1, 3
Operating income
$19,696
m
14%
Underlying basis
$19,543
m
10%
Reported basis
Profit before tax
$6,811
m
21%
Underlying basis
$6,014
m
19%
Reported basis
Earnings per share
168.1
cents
39.2
cents
Underlying basis
141.3
cents
32.7
cents
Reported basis
Tangible net asset value
per ordinary share
1,541
cents
148 cents
1
Reconcil
iat
ions from underlying to reported and defin
it
ions of alternative performance measures can be found on pages 54 to 56.
2
For more informat
ion on our culture of
inclus
ion see page 40, and for more on our Susta
inab
il
ity Aspirat
ions see page 64.
3
Year-on-year growth on Operating income and Profit before tax is on constant currency basis.
4
Senior leadership is defined as Managing Directors and Band 4 roles (includ
ing the Group Management Team).
01
Standard Chartered
– Annual Report 2024
Strategic report
In this report
Unless another currency is specif
ied, the word ‘dollar’ or symbol
‘$’ in this document means US dollar and the word ‘cent’ or
symbol ‘c’ means one-hundredth of one US dollar. Disclosures
in the Strategic report, Financ
ial rev
iew, Sustainab
il
ity
review, Directors’ report, Risk review and Capital review and
Supplementary informat
ion are unaud
ited unless otherwise
stated. Unless context requires with
in the document, ‘Ch
ina’
refers to the People’s Republic of China and, for the purposes of
this document only, excludes Hong Kong Special Admin
istrat
ive
Region (Hong Kong), Macau Special Admin
istrat
ive Region
(Macau) and Taiwan. ‘Korea’ or ‘South Korea’ refers to the
Republic of Korea. Asia includes Australia, Bangladesh, Brunei,
Cambodia, India, Indonesia, Laos, Malaysia, Myanmar, Nepal,
Phil
ipp
ines, Singapore, Sri Lanka, Thailand, Vietnam, China,
Hong Kong, Japan, Korea, Macau and Taiwan; Africa includes
Botswana, Côte d’Ivoire, Egypt, Ghana, Kenya, Maurit
ius, N
iger
ia,
South Africa, Tanzania, Uganda and Zambia. The Middle East
includes Bahrain, Iraq, Oman, Pakistan, Qatar and Saudi Arabia
and the UAE. Europe includes Belgium, Falkland Islands, France,
Germany, Jersey, Luxembourg, Poland, Sweden, Türkiye and the
UK. The Americas includes Argentina, Brazil, Colombia and the
US. With
in the tables
in this report, blank spaces ind
icate that
the number is not disclosed, dashes ind
icate that the number
is
zero and ‘nm’ stands for not meaningful. Standard Chartered PLC
is incorporated in England and Wales
ited l
iab
il
ity, and
is headquartered in London. The Group’s head office provides
guidance on governance and regulatory standards. Standard
Chartered PLC Stock codes are: LSE STAN.LN and HKSE 02888.
Sustainab
il
ity and ESG reporting
The Group includes Environmental, Social and Governance
(ESG) and sustainab
il
ity informat
ion
in this Annual Report,
provid
ing
investors and stakeholders with an understanding
of the impl
icat
ions of relevant sustainab
il
ity-related risks
and opportunit
ies and progress aga
inst our object
ives.
We have observed our obligat
ions under: (
i) sections
414CA and 414CB of the UK Companies Act 2006; (i
i)
the UK’s Financ
ial Conduct Author
ity’s List
ing Rules
in
respect of climate-related disclosures; and (i
i
i) the ESG
Reporting Guide contained in Appendix C2 to the Rules
Governing the List
ing of Secur
it
ies on the Stock Exchange
of Hong Kong Lim
ited. We have made d
isclosures
consistent with the Task Force on Climate-Related
Financ
ial D
isclosures (TCFD) recommendations and
recommended disclosures throughout this Annual Report.
In preparing this report we have given considerat
ion to
(but do not align in full with) the guidance provided by the
International Sustainab
il
ity Standards Board (ISSB) Standards
finalised
in 2023: IFRS S1 and IFRS S2, noting that IFRS S2,
although largely based on TCFD, requires a more granular
level of disclosure. IFRS S1 and S2 are voluntary standards and
compliance is not yet required in the Group’s list
ing locat
ions.
Addit
ionally, we publ
ish an ESG reporting index against
the voluntary Global Reporting Init
iat
ive (GRI) Universal
Standards and select GRI Topic Standards, and the World
Economic Forum Stakeholder Capital
ism Metr
ics framework.
The Group’s sustainab
il
ity-related
disclosures can be accessed via
sc.com/sustainab
il
ityl
ibrary
Alternative performance measures
The Group uses a number of alternative performance
measures in the discuss
ion of
its performance. These
measures exclude certain items which management believes
are not representative of the underlying performance
of the business and which distort period-on-period
comparison. They provide the reader with ins
ight
into how
management measures the performance of the business.
For more informat
ion on
Standard Chartered please vis
it
sc.com
All informat
ion presented
in the Group Chairman’s
statement, and Group CEO and CFO reviews are on an
underlying basis unless otherwise stated. A reconcil
iat
ion
from underlying to reported and defin
it
ions of alternative
performance measures can be found on pages 54 to 56.
About this report
Strategic report
02
Who we are and what we do
04
Where we operate
06
Group Chairman’s statement
08
Group Chief Executive’s review
12
Key performance ind
icators
14
Market environment
18
Our strategy
19
Business model
21
Client segment reviews
24
Group Chief Financ
ial
Officer’s review
27
Group Chief Risk Officer’s review
35
Stakeholders
42
Sustainab
il
ity overview
45
Viab
il
ity statement
Financ
ial rev
iew
48
Financ
ial summary
54
Underlying versus reported results
reconcil
iat
ions
56
Alternative performance measures
Sustainab
il
ity review
58
Sustainab
il
ity review
69
Sustainable finance
74
Climate
90
Nature
91
Social impact
93
Managing Environmental and Social Risk
98
Sustainab
il
ity governance
Directors’ report
104
Group Chairman’s governance overview
105 Board of Directors
110
Management Team
113
Corporate governance
143
Directors’ remuneration report
174
Addit
ional remunerat
ion disclosures
182
Other statutory and regulatory
disclosures
192
Statement of directors’ responsib
il
it
ies
Risk review and Capital review
196
Enterprise Risk Management Framework
201 Princ
ipal r
isks
207 Risk profile
256 Climate Risk
270 Capital review
Financ
ial statements
276
Independent Auditor’s report
287 Financ
ial statements
294
Notes to the financial statements
Supplementary informat
ion
382 Supplementary financial
informat
ion
388
Supplementary people informat
ion
393 Supplementary sustainab
il
ity informat
ion
396 Shareholder informat
ion
399 Glossary
58
Stakeholders
35
08
Sustainab
il
ity review
Our strategy
18
Client segment
reviews
21
Group Chief
Executive’s review
02
Standard Chartered
– Annual Report 2024
Strategic report
segments, with support from
Who we are and what we do
Our client-facing businesses are supported by our global functions, which work together to ensure
the Group’s operations run smoothly.
$7,816m
Underlying basis
$7,839m
Reported basis
$11,818m
Underlying basis
$11,863m
Reported basis
$183m
Underlying basis
$183m
Reported basis
$(121)m
Underlying basis
$(342)m
Reported basis
Our client segments
Global functions
Strategy & Talent
Brings together the Corporate Strategy, Group-wide Transformation, Corporate Affairs, Brand &
Marketing, Corporate Real Estate Services, Human Resources, Supply Chain Management and
Fit for Growth programme teams. The function plays a crit
ical role
in how we develop, execute
and communicate our strategy and build and deploy our skills and resources to transform the
Bank and achieve sustainable growth.
Group Internal Audit
An independent function with the primary role of supporting the Board and Management
Team, and protecting the assets, reputation and sustainab
il
ity of the Group.
Technology
& Operations
Responsible for reshaping the Group’s systems and technology platforms to ensure we provide
robust, responsive and innovat
ive technology and d
ig
ital solut
ions. Also manages all client
operations, seeking to provide an optimal client service and experience across the board.
Compliance, Financ
ial
Crime & Conduct Risk
(CFCR)
Partners internally and externally to achieve the highest standards in conduct and compliance
to enable a sustainable business and to fight financ
ial cr
ime.
Total operating income
$19,696m
Underlying basis
$19,543m
Reported basis
1.
3.
2.
Operating income
Client segment
Group Chief
Financ
ial Office (GCFO)
Partners with the business and collaborates with other functions to execute on the
Group strategy. GCFO comprises four areas: Finance, Treasury, Investor Relations and
Corporate Development.
Who we are and what we do
Legal
Provides legal advice and support to the Group in managing legal risks and issues.
Risk
Provides oversight and challenge on the Group’s risk management, ensuring that business
is conducted in line with regulatory expectations.
1. Corporate & Investment
Banking (CIB)
Supports large corporations, development
organisat
ions, governments, banks and
investors in accessing cross-border trade
and investment opportunit
2. Wealth & Retail
Banking (WRB)
Serves the local and internat
ional bank
ing
needs of clients across the wealth continuum
from Personal to Prior
ity and Pr
ivate Banking,
as well as small and medium enterprises.
3. Ventures
Promotes a culture of innovat
ion across
the Group, invest
ing
in disrupt
ive financial
technology and creating alternative
financial serv
ice business models, as well as
growing our dig
4. Central & Other Items
03
Standard Chartered
– Annual Report 2024
Strategic report
Valued behaviours
We set long-term ambit
ions to address some of the
most pressing societal challenges of our time.
Climate change, deepening inequal
ity and the
inequ
it
ies of globalisat
ion
remain as urgent today as ever before.
Accelerating
Zero
Lift
ing
Partic
ipat
ion
Resetting
Globalisat
ion
Our culture
With our focus on cross-border banking and helping
generations of famil
ies grow the
ir wealth – we remain
the bank we set out to be over 170 years ago.
Our dist
inct
ive culture has been developed in pursuit of our
purpose – to drive commerce and prosperity through our
unique divers
ity. We del
iver innovat
ive solut
ions that create
long-term value for our clients and the communit
ies w
ith
in
which we operate.
We’re committed to promoting equality and inclus
ion,
as it’s our divers
ity – of people, cultures and networks –
that sets us apart and helps us drive business growth.
We are guided by our valued behaviours, our Stands and
our brand promise, here for good.
Our valued behaviours are key to deliver
ing on our strategy.
As the guid
ing pr
inc
iples for the way we do bus
iness every day,
they help us learn from our successes and take on new challenges.
When we live our valued behaviours, we question, innovate and make bold decis
ions,
allowing us to take opportunit
ies to go above and beyond for our cl
ients.
Do the right thing
Doing the right thing means acting
in the best interests of our clients,
colleagues and stakeholders.
Never settle
We’re ambit
ious
in our constant
pursuit of excellence and market-
leading innovat
ion.
Better together
We build relationsh
ips w
ith our
clients and each other so we can
share our unique capabil
it
ies.
Read more on our Stands
sc.com/who-we-are
Our Stands
04
Standard Chartered
– Annual Report 2024
Strategic report
Where we operate
We operate in the world’s most dynamic markets, which set the pace
for global growth and prosperity.
Americas
• Argentina
• Brazil
• Colombia
• US
Europe
• Belgium
• Falkland Islands
• France
• Germany
• Jersey
• Luxembourg
• Poland
• Sweden
• Türkiye
• UK
Middle East
• Bahrain
• Iraq
• Oman
• Pakistan
• Qatar
• Saudi Arabia
• UAE
Africa
• Botswana
• Côte d’Ivoire
• Egypt
• Ghana
• Kenya
• Maurit
ius
• Niger
ia
• South Africa
• Tanzania
• Uganda
• Zambia
Asia
• Australia
• Bangladesh
• Brunei
• Cambodia
• Hong Kong
• India
• Indonesia
• Japan
• Korea
• Laos
• Macau
• China
• Malaysia
• Myanmar
• Nepal
• Phil
ipp
ines
• Singapore
• Sri Lanka
• Taiwan
• Thailand
• Vietnam
Where we operate
Our locations
Our unique geographic footprint connects high-growth and emerging markets in Asia, Africa
and the Middle East with more established economies in Europe and the Americas, allowing us
to channel capital to where it’s needed most. For more than 170 years, we have used the power
of our network to maxim
ise opportun
it
ies for people and bus
inesses who trade, operate or
invest in these regions. Our diverse experience, capabil
it
ies and culture set us apart.
Markets across the world
53