Bang balls Temasek haters: Standard Chartered’s Profit Rises Despite U.S. Fine

In Banks, Temasek on 06/03/2013 at 10:07 am

Standard Chartered posted a slight increase in annual net profit in 2012. Its businesses in emerging economies offset a US$667 million fine in the United States connected to illegal money income rose less than 1, to US$4.8 billion, compared with 2011, while revenue rose 8%, to US$19.1 billion. It was the 10th consecutive year that Standard Chartered had reported a yearly increase in its profit. Its vast operations across Asia, Africa and the Middle East helped protect the bank from many of the problems affecting developed economies like the United States and Europe … Standard Chartered has continued to expand in emerging markets by taking advantage of growing demand for financial services from both local companies and international entities looking to invest.

The bank said its operating income in China grew 21 percent last year, to $1 billion, as it benefited from expanding its local branch network sixfold since 2003. Standard Charted said it was now active in 25 emerging economies where its annual growth was in double digits.

  1. All citizens of singapore who are stakeholders of TMH should cheer for this and thank Almighty God for the blessing.This is great news which we are all waiting eagerly.

  2. With the very difficult macro enviroment during this period,I would suggest that Madam Ho should now seize the opportunity to take profit for us.

    • What does “take profit for us” mean? Has TH ever taken profit and distributed it to the citizens? Where did their money come from in the first place? Why they have such massive holdings in the local economy? Do they interfer with the local market? Do they benefit from policy decisions of the government which is run by the husband of TH’s CEO? Is there any limit to the amount of wealth TH can accumulate in our names? Does our government, which loves long term planning, have a long term plan for the size and function of our reserves?

      • @andyxianwong
        As far as I know,TMH has never taken profit and distributed it to us,but I prefer TMH to take profit as I can’t forget what happened to Standard Chartered the “rogue institution” ,the sooner we run away from it,the better.
        Reuters Today: Standard Chartered rebuts “rogue institution” tag

  3. What a timely article when the DOW hits an all-time high. A rising tide lifts all boats. Nothing to crow about. I am sure many investors in stocks are feeling like geniuses now.

  4. Now then you believe har?? I kept saying since 2009 — golden age coming. But everybody so pessimistic until 3 months ago, then suddenly so bullish. That’s why I say just follow the PAPies and elites in S’pore.
    Risk assets will consolidate for a while. Asian stocks will make historical highs later middle of the year.

    • MM Lee unfortunately got his timing wrong completely,so much for Papies’ brillance.
      The worst is yet to be,we shall wait for a while,we should know withing this year,I wish that you are right!

  5. It’s fine that they make some profit here and there. They are up to their eye balls with our money in enough foreign businesses that it’s inevitable they make some profit occasionally! We do have to ask however if we are well served by having our reserves managed by the PM (he is running GIC) and his wife. Is there a long term plan for the function of our reserves and the correct absolute quantity of wealth we should be amassing. And where did the money come from in the first place? Most countries with sovereign wealth funds get the money from selling oil, which is fair enough, but it obviously doesn’t apply to Singapore. So where on day 1 did the money actually come from?

    • “So where on day 1 did the money actually come from?”
      answer”the money is our CPF pension fund ,so us to get it back when we WALK ROAD 走

      • CPF is one source. Government surpluses from taxing too much and spending too little are another source. This wealth is all built up from money accumulated over the years from the citizens. If we are supposed to believe that TH makes 17% over the long term, but we get 2.5% or 4% on the CPF, then where did the rest go? What is the purpose of accumlating so much money it would take 50 years to count it all, but we apparently can never spend it. Do they have a plan for this? Do they have a plan for anything?

  6. @andyxianwong 9 March 2013 at 3pm,thank you, sorry,I am a joker born with a Suspicious Mind,I am not sure the money are still there,anyway we shall know by this year.It is still early,March only,we have 9 more months to go.

    • TH and GIC have been operating this way for decades … I don’t think another 9 months is going to make much difference! The point, in case I was being too subtle, is that they use our money to make themselves richer, but we do not benefit. I am sure they don’t steal it or anything crazy like that, but presumably there is some performance related pay and bonus structure that can benefit HC & LHL. End of the year the money just gets locked up in the magical box called “the reserves” and if anyone wants to look inside to see how much is available, we are always told not to “raid the reserves” Don’t you think it is suspicious?

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: