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Standard Chartered Bank

Reference Number ZC18

Directors’ Report and

Financ

ial Statements

31 December 2024

Incorporated in England with lim

ited l

iab

il

ity by Royal Charter 1853

Princ

ipal Office: 1 Bas

inghall Avenue, London, EC2V 5DD, England

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

Contents

Page

Strategic report

01-35

Who we are and what we do

02

Where we operate

05

Market environment

06

Our strategy

09

Our business model

10

Client Segment reviews

12

Financ

ial rev

iew

14

Our business

18

Risk review

19

Stakeholders and responsib

il

it

ies

26

Directors’ report

36-42

Statement of directors’ responsib

il

it

ies

43

Risk review and Capital review

44-110

Risk Management Framework

45

Princ

ipal r

isks

50

Risk profile

58

Capital review

109

Financ

ial Statements and Notes

111-244

Independent Auditors’ report

111

Financ

ial statements

123

Notes to the financial statements

130

Supplementary

245

Glossary

252

About this report

Sustainab

il

ity reporting – We adopt an integrated approach to corporate reporting, embedding non-financ

ial

informat

ion throughout our Annual Report.

For more informat

ion on Standard Chartered please v

is

it sc.com

linked

in.com/company/standard-chartered-bank

facebook.com/standardchartered

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. All disclosures in the Strategic Report, Directors’ Report, Risk Review and Capital Review, Supplementary informat

ion and Glossary are unaud

ited unless

otherwise stated. Unless context requires, with

in th

is document, ‘China’ 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,

Mainland China, Hong Kong, Japan, Korea, Macau, Taiwan; Africa includes Botswana, Côte d’Ivoire, Egypt, Ghana, Kenya, Maurit

ius, N

iger

ia, South Afr

ica, Tanzania, UAE,

Uganda, and Zambia. The Middle East includes Bahrain, Iraq, Oman, Pakistan, Qatar, Saudi Arabia and 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 Bank is incorporated in England and Wales with lim

ited l

iab

il

ity and is headquartered in London. The Group’s head office provides guidance on

governance and regulatory standards.

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

1

Strategic report

Combin

ing cross-border capab

il

it

ies with wealth management expertise

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 cross-border and affluent strategy is designed to deliver our purpose: to drive commerce and prosperity through

our unique divers

ity.

This is underpinned by our brand promise, here for good.

The following are company designat

ions as descr

ibed in the document:

Standard Chartered Bank Group (Group) – being Standard Chartered Bank and its subsid

iar

ies

Standard Chartered PLC Group (PLC Group) – being the ultimate parent and its subsid

iar

ies

Standard Chartered Bank (Company) – being the standalone Bank legal entity

Standard Chartered PLC (PLC) – being the standalone legal entity of the ultimate parent

FINANCIAL KPIs AND MEASURES

1

Operating income

$12,414m

7%

Read more on (page 15)

Profit before tax

$4,447m

1%

Read more on (page 15)

CAPITAL KPIs

Common Equity Tier 1 ratio

13.3%

12bps

2

Read more on (page 17)

NON-FINANCIAL KPIs

Divers

ity and

inclus

ion: Women

in senior roles

3

29.6%

+0.4ppt

1

KPIs have been updated to move to a greater use of reported measures, in line with how the Group is run

2

Basis point (bps) and percentage movements are in relation to 31 December 2023, with brackets representing negative movements

3

Senior leadership is defined as Managing Directors and Band 4 roles (includ

ing Management Team)

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

2

Strategic report continued

Who we are and what we do

We serve three client segments, with support from seven global functions.

Our client segments

Corporate & Investment Banking (CIB)

Corporate & Investment Banking supports large

corporations, development organisat

ions, governments,

banks and investors to access cross-border trade and

investment opportunit

ies

in the world’s most dynamic

markets.

Operating income

$8,531m

Wealth & Retail Banking (WRB)

Wealth & Retail Banking serves the local and internat

ional

banking needs of affluent clients across the full wealth

continum via Private, Prior

ity and Personal Bank

ing, as well

as Small and Medium Enterprises.

Operating income

$3,706m

Ventures

Ventures invests in disrupt

ive financial technology and

creating alternative financ

ial serv

ice business models,

promoting a culture of innovat

ion across the Group.

Operating income

$86m

Central and other items

Operating income

$91m

Total operating income

$12,414m

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzV7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKfQpdXT48L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik02NSwxMTk5LjhIODQ0LjUiIGNsYXNzPSJnMF81Ii8+CjxpbWFnZSBwcmVzZXJ2ZUFzcGVjdFJhdGlvPSJub25lIiB4PSI1OCIgeT0iMTIwOCIgd2lkdGg9IjEwNSIgaGVpZ2h0PSI0MSIgeGxpbms6aHJlZj0iZGF0YTppbWFnZS9wbmc7YmFzZTY0LGlWQk9SdzBLR2dvQUFBQU5TVWhFVWdBQUFHa0FBQUFwQ0FNQUFBQUJCUGRrQUFBREFGQk1WRVVBQUFBbGpnQUNWN0l2dFFBSUlnQUFNMjlKU1VzQUkwc0RjdW83T3p3MzB3QUFCdzlCUWtNQkkwZ1BsZ0E1T2p3QlZySTdQRDBCSFR4UVVWTUNTNWtFY09RbUp5Z2JZUUFORFEwRGMrcDNkM2NhSlNVMzBnQTVPVG80emdBckxDMGlJaUpKU2t3QU5Hd3JORFJLVkZWT1VGSUFIcDhDYXRnRENnQUFiTjlMVFZBWVhnQlhWMUlWRmhveHZRQXdNREZXV0ZwS1UwNFRFeFJSVWxJRGR2QUFScEV5d0FBUlFBQTUyQUJLU2tzOVBqOVVWRlptWjJkWFdFY0FGU3BQVUZFbEppa0NhdHRwYVFOU1ZGVlNWRlU4UEYwR0dBQUFRWXhXV0ZrOUR4QUJaZEpSVWxOUlVsUk1UVU5EUTBRckxDd2RjQUE1MVFBUkVSRlNWRlVrSkNVQ1k4dFVWRlliR3h4VlZsaFZWbGdCVEpvMU9qNVJVbFFlSGhvRWR2QmNYVjh5TWdBaWhBQXFKaG96dndCVVZWWlNWRllFZVBKWldseEFRVU1BUk1OWVdGcEFRa1poWVdNMU56Z2JhQUFEZGZCUlVWTlVWbGhDUTBVMTBnQWhJU0ZTVWxVNzNRQVVGQlFJQ0FBdk1USUJQWDRZR1JrQ2N1a0VjK3c5U2t0UlVGRWhJeVF6eFFBRGRPMFlHQmxJU0VwVVZGWUVjK3RVVkZSVVVsUStQa0JSVWxWVVZWZ3RMUzBBRGgwQmIrcERSVVpZV1ZzU1N3QWFHaHhMVEU0RGRmQlJVbFVkYlFCTlRrOGdnd0FsSlNVNTJRQUFBZ1lDYysxRVJraERRMHdEYysxUlVWVUFHelkzTnpoUlYxZ0NZTWNvS1NwV1ZsWkRSVVpDUkVRMU5UVk5VRkZXVWxoRlJrZ0VkTzA0MGdCTHlRQlRWRlZZV1Z0UVVsSmFYRjRpSXlSVFdWc0JQSHRBUUVFb0tDMDMwZ0JFUlVVNDFRQUFRbms0MGdBbm1nQTdPejhBVWFORDNRQUJMVndpZ2dBMzJBQk9UbEZGUmtvb0tDZ0NjZW80MVFBRGRPNFZVQUFFZE8wUkVSUUZCUVltSGg0NVFFQVhGd0JLU2t3MU5qWkZSa2hJU2tzQVVLRUpDUWtmSHlFdVIwY0FZY1VPRHhCR1JrY1lHUmxUVkU0K1FFQWRIUjRBTEZvRWVQUTMxUUJIU0VncnBBQlNVbFFCUVlGTVRWQlNVbFFkY1FBRWRmRTlQVDgvUDBFMXlRQXdNREVCVXFrakpDUTQxUUFDYytjMXpBQUNlT01sV3dCRFNVazQwUUFBRVNNQlNwWUVlUFEyMGdBQUdFVUJNV1VOTkFEbUk4OWFBQUFCQUhSU1RsTUFiMlptQnd6TUNzNE4zZ0tpS1I2TE5Vc282V2E5UmdvRi9oQUcrRDIyWXkyVUt3dGNyUngxQVN4c0o4a0dNeWZ2TUNXTDZTV0xEUFVTWmV0cXN3N0tESWdGa2MxS0JoblhKVmZSemFRNVdVYjdDckEwY05JNzd0RkREZkFMOXZvQlZ3dEtyZTczNzMwUmpVVkxPRHE1cnBXRWlBMk05Z2dBVVVWR3RmOUZjeGR1MHcrd2xLcEx2Vld5cndZR1dGZnZHUTI4MDI4bGpRc00zQUNVVlRLdkN3cHV4b2d4TEdZYUQxRm1pdjNSS0czVVZPMG50VDlPRTdkS3pneitOQ0lQZ2pJcHQ1UTZDMjZ3cnd2VUJBSU1FQUNyVEtpRElRWVVDQjBNY2lsYVdBd1QwcHVlU1ZRc3JUb3UxQ3VLa0JOYUtJMkVOV0VVSUs4SE5mZHhCQ1VTdFlCeUx3QUFCek5KUkVGVWVOcTFsMzlZVTljWng5OWFXa1haTEdiVHNOWXA2MmdwTGlaS2JDbTNsYnJjMlZPbDBBQkdVaVBaNm4yRW1Ta0VpYzdXTEdrMWNMMUNKMUowZ1Bnb01hTFFXQjZCRGt1cDNTWS9wbkpyL2JIWUl0UnFwaWhPVm0xbkxhN2JPZmNtM0t2RitnK2NQM0x2T2ZmYyszbSs1L3UrN3prQmtOcTQyVjhkemJqK2ZBV01lSHY1c05jZTRUMzgvRWh6SHBpVDRZM0F6ZHN4c3B5ZGY4M0dnZ1JTOWtoeUtoNmJvN1dMb0FqdjJwRWtQWEV1SUdpRVYrL2k5WXhCa0Qwai84TVJBLzBqV3laSXUyRG51THROOUlYeTMvdWhSV2Z2OG1CdnAzQjVmNHdrYU9tUG53Q1lPMzNsMTdlS2gzaWhOTmIzZmFEbEJ2WFFEMnFZZFVLNmpob0lncng5SGFNaGV0cVQ1WHA5WFBPMDJ5YTNsK0VmenVYektmR1ZmMjVRVzN1N2VPV2ZhNGNxTXlHcDJwWEJodytyQURyYkM2SFZMWkJtNTNzRGdyejVQN3NKc0tRNXJnVTMvVThuU1p6Q1A3SzBQMG5KdVc3NEkvZXEyazdTNjlzcVR4WSs2djlESmVjKzFVVGsrR25PRXFOUmc4K1NReC9mYm5rYkdpS1RMSTBuNEwzZVJPWktrSlFka0hSMDFQc0FSNjdwOVMxQ2k5c2lrZFprK3JOWWF3cm5jdFJUVDllazB5K3lLTkhVZjh4a1FMMGxtY3htdmtkalBCNkZXTE5hV1V2UllTVlVnZ0U4OVZGR1kzaVd4dTFuYVpZVlNXTkVUZmJzV2JqM243L0VCVWhqSlpLeVZiRUl5aHA4bk91anRMUitnODc1Y2Q0YWhXbnZNUlB5cUZiSG9JWDlCcGV6Yy9FSmcwbDlKWDI4RTFaUHBHandVSVlUemdMcWxKUC9LTjVjSXBJT0J6TldPdys3RlAxbHM0RFNINUJXVC9WTVp0UU0wU2VBQzZnYjMzYTJtdFRIVEZ1eEpVOHJYaXVnWnBKcDQ4M3FYT29MY3FmRHBFMy9BckFaQkVNVHhOVXIyclUwR0JBRDIzNkFqU3ErV3E1djBUZi9UUllQZVZrMHhTem5CWkxEU0Q3cnl5S2Fuc0hSdTBQeFdxMWJJRlZwMUdISVNlNGNaUFhpQWF5Tnd1c0JuK0NpZGpESXZlY1d6QVo0YXNXMTg3ZTIzQjZvM1g5MnN6TlRDYWtIa2MrcXJNUW5rV1NwUVM4UW1aRWFkWmFveVVWSW54Rk5vYmgzTmtIMENXRGUwc0hFeFh2R3A5L2RucFEzZkJYOEpUU1RZWHc4djRPeThUeC9pWkkwRmZ5RTB1R2hibVJTSjJsc1NwNmZRUmxGMHE4MFovQ0ROZVlnQ2Y3OWxwUzczcjVSbjk5SlNuRXhwVEZ1YTFjUFpiVnhPK0twUnB2TFlDQStCVWg4UE1YYWREU044OGxCTVRZcm1qOWZKS1ZFcGpPeFZqclJIU1NObTdVdFl4QVZrYkgyNGgwa1h1MUlUUzI5d1MrdVpaaFNsUzlKeDFrdDRicEZuK2dtWThOREhic3JmRWsyemhvZXZxd2ZWcC9RY2E2MmdsSm9XcGFFMyt3cWNIRTJ6LzY2emNKM1F1YmlYV1BlVVZudHkraTRPWFJaNGJ2dVV0ZnlmUGNxcnI0dUNEbi85WW9RZ0crM2FiMFM2dkM3UlVOTlQ4NFp1b1kyTUpaN2dQZ2VGcWJINmN0Zko5SCthcC9rbGwzNytKQWt6Y0doU1NqM1hxUTZCVnpEaWFyLyt3ZlJVUEhocnNGOUYwZkc0M0pWS1RVdTFyby9KZGwwcVk1bExxVGdnUTBNWjl2ZFV3dHE2NVhQbUV2SXBtdE00bWVXY2x3ZHpvSGEyb2JZdXJLcE5wYnB3Y3ZOVDE3R1dkdW1JTmduVklTeDkrR1NVUFNRdEZQWnRlOUtvTTJ0Q01lUVlYdXl5YzNGTXBSRFZlaENWaHhqaUlNMTVoemFXb0JzRzZscWo1RzJ4UnBaSjNBR04xdjdPOVRvc0ZKUjYyQ0RBc2NxU2xUQUkyS1pXN1VQYnhNVjR6b0dnbTU1cjB0aGtXeXU0b0hmc3lmWm5ITzI0dUVvcXFreTgrYzRVV28wcVppVTJNMS9nWEtiZHFnWVNsM0JlemFOQjhaY3lqY2g5alRQaDV1bmhDcGNPQnQzSXpPTUZVbFkxcTNpYU5qNWNuWWc0TzM1TjZWOFFua0JuOEx4YjN5OVp6MTltc1FUdXhHVHFnSStkYnVqRnVMMm9IdHpEcTVPRXpOelNVL1J1bjlUR3ZFcDFpVDRGR0FkK0NjZSs3eERERUt2Uk9waXVJQTIweFdSOUdESllrS3lrdFZiSGlRaGxJaWJnVHZOYlZ3Tnlla0cwa094RGpTVmtHSVU4RTVRRkdHdC9CTWUvWFFNS1UvZU9USk5pazhDcElOeVRWMk5xWEtTY1d1Z2tLVmkwa1JTSTBpcnJnOXFtbnYvV0wyRU92VFNFWHl5MklVRGZ1QlZLVVEzYUhLZG9KeDZla3FRVkVsVjVYMzhTb3dtUUhLaTQxMi83bmVsaHkvKy9TdHAzUUtweWUzR08zQmUyam9uY2psQk5kRmdKZ2VVWmhrcTdtb3hDY0w4Z1RFUHlCSjhxNFlPVzQ4c1U4d0JrdEttU1hqeEZ3cGpZUFY4L2swbHo2Yk9jRk5jMkxQMWs0R3NubSs3RVowOG1ZQThjS0YrZmxnSmlUM2MvbmQxbFl6Vi9DVXVUNk1YUEhSYjVyM1hTL2RXaDZiNSs4bWhJYklCVWlwNzNaRjdxcytBeDArT0tYdFBzV3oxdWw5V2MzU3ZwUkRPbk1FWkJ3ZHpXYmUvclJDVVNmamNZVm40dHZDZHAxWWNrc3Q2Y3N0M2sxelZycnB6UUNtdkFjTGhDY3JhTzJXRFpjRXA4cW1UYnVsbHJIMUxSdVFJZTNQQ2hBazdBVDQ0RkNlaFdxNU5HMzVRMFlKejJyNzhiNHFpaTE4dmw3djFteVBEVFhvelE2aHliK0xiSHg1WUplWFdxc3ZEVFJLUGUvZ0ErODEvWWRKOSs2U0tzVEprbUVuQjdXOGcrN2U0ZC9sOFM1QjFmcmhKYjRpYUJ0WitLL2FYQk56U3I1dzczRDVwdlhhNzk2MGZCVXRDOU9XcjVNQ3NMeDkybjBaLzFSZWgzVFpMOXZjc1pFbnpJM0VIcGcrM3BQOEQ0UTEvZVZQbHFTNEFBQUFBU1VWT1JLNUNZSUk9Ii8+Cjwvc3ZnPg==)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

3

Enabling and supporting our businesses

Global functions

Our client-facing businesses are supported by our global functions, which work together to ensure the Group’s operations

run smoothly and consistently.

Group Chief Financ

ial Office (GCFO)

Partners with the business and collaborates with other functions to execute on the Group strategy. GCFO comprises of four

areas, namely, Finance, Treasury, Investor Relations and Corporate Development.

Strategy and 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 teams

play a crit

ical role

in how we execute and communicate our strategy and develop and deploy our skills and resources to

transform the Bank and achieve sustainable growth.

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.

Group Internal Audit

An independent function with the primary role of supporting the Court and Management Team, and protect the assets,

reputation and sustainab

il

ity of the Group.

Compliance, Financ

ial Cr

ime & Conduct Risk

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.

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

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

4

Strategic report continued

Our purpose and our strategy

Our purpose is to drive commerce and prosperity through our unique divers

ity. Our strategy

is combin

ing d

ifferent

iated

cross-border corporate and investment banking capabil

it

ies with leading wealth management expertise.

> Read more on

Our strategy

, page 10.

Our culture

We’ve been supporting clients ever since we first opened our doors in Mumbai, Kolkata and Shanghai in 1853

and – 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, deliver

ing

innovat

ive solut

ions that create

long-term value for our clients and the communit

ies w

ith

in wh

ich 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 find opportunit

ies at every turn.

We are guided by our valued behaviours, our Stands and our brand promise, here for good.

Valued behaviours

Our valued behaviours are key to deliver

ing on our strategy. As the gu

id

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, allow

ing us to take opportunit

ies to

go above and beyond for our clients.

Do the right thing

Doing the right thing means acting in the best interests of our clients, colleagues and stakeholders.

Better together

We build relationsh

ips w

ith our clients and each other so we can share our unique capabil

it

ies.

Never settle

We’re ambit

ious

in our constant pursuit of excellence and market-leading innovat

ion.

Our Stands

We set long-term ambit

ions to address some of the most press

ing societal challenges of our time.

Climate change, deepening inequal

ity and the

inequ

it

ies of globalisat

ion rema

in as urgent today as ever before.

• Accelerating Zero

• Lift

ing Part

ic

ipat

ion

• Resetting Globalisat

ion

+ Read more on Our Stands at

sc.com/en/about/who-we-are/

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

5

Where we operate

We operate in the world’s most dynamic markets which set the pace for global growth and prosperity.

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 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 sets us apart.

Asia

Australia

Japan

Singapore

Bangladesh

Laos

Sri Lanka

Brunei

Macau

Taiwan

Cambodia

Malaysia

Thailand

China

Myanmar

Vietnam

India

Nepal

Indonesia

Phil

ipp

ines

Africa

Botswana

Kenya

Tanzania

Cote d’Ivoire

Maurit

ius

Uganda

Egypt

Niger

ia

Zambia

Ghana

South Africa

The Middle East

Bahrain

Pakistan

UAE

Iraq

Qatar

Oman

Saudi Arabia

Europe

Belgium

Jersey

Türkiye

Falkland Islands

Luxembourg

UK

France

Poland

Germany

Sweden

Americas

Argentina

Colombia

Brazil

US

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

6

Market environment

Global macro trends: Macroeconomic factors affecting the global landscape

Trends in 2024

•

Global GDP growth held at 3.2% in 2024, the same as 2023, as central banks began to loosen policy in the face of

declin

ing

inflat

ion.

•

Asia was the best-performing region, recording growth of 5.0% as ASEAN economies in particular were supported by

improv

ing tour

ism and the semiconductor upcycle. Growth in China was slower relative to 2023, but appeared to have

accelerated in Q4 helped by policy support. Growth in India normalised to 6.2% from 8.2% in 2023.

•

Sub-Saharan Africa likely saw growth of 3.4% in 2024, an improvement from 3.1% in 2023, supported by easing global

financial cond

it

ions, the reg

ion’s continued recovery from COVID-19 cris

is and country-spec

if

ic factors.

•

Among the majors, the US economy remained resil

ient, w

ith growth improv

ing to 2.7% from 2.5%

in 2023, led by personal

consumption, despite recent signs of softening in the labour market. Growth also recovered in the UK to 0.8% in 2024 as

inflat

ion fell and

investment levels recovered. The euro-area economy grew by 0.7 per cent in 2024, following 0.4 per cent

growth in 2023, as growth was constrained by a subdued consumer recovery and weak investment. In most majors, labour

markets remained strong, but there are signs of softening.

•

Major central banks like the Fed and ECB started to loosen monetary policy from mid-2024 onwards as inflat

ion showed

clearer signs of returning to target levels, while fiscal policy remained accommodative in the US.

Outlook for 2025

•

We expect global economic growth to be broadly flat in 2025, slowing slightly to 3.1% from 3.2% in 2024. Support from

looser financial cond

it

ions and expans

ionary fiscal policy may be partly offset by protection

ist trade pol

ic

ies and st

ill-high

interest rates in the US and elsewhere.

•

The US economy is set to moderate in 2025, after a resil

ient 2024 performance desp

ite elevated interest rates. The euro

area continues to struggle; major European economies includ

ing Germany and France r

isk slipp

ing

into recession. Asia is

relatively healthy, although growth at the regional level is set to moderate slightly in 2025 as both China and India slow. The

GCC should also remain a bright spot for global growth, with the region’s non-oil growth exceeding overall global growth.

•

The global economy is facing heightened uncertainty following the US elections. The risk of a tit-for-tat tariff war has

increased with US tariffs on China already resulting in retaliatory tariffs on US imports. The US is also threatening to impose

tariffs on its other trading partners. Tariff wars are likely to result in further trade divers

ion and a reor

ientat

ion of supply

chains.

•

Expectations of a shallower rate cutting cycle from the Fed is likely to translate into a stronger USD and a steeper

US yield curve. Higher US rates and a stronger USD will make it harder for EM issuers to borrow in internat

ional cap

ital

markets, and could sign

ificantly reduce portfol

io flows to EM. In addit

ion, EM central banks may be constra

ined from

cutting rates meaningfully.

•

On the geopolit

ical front, markets w

ill be eager to see if President Trump is able to end the wars in Ukraine and the

Middle East, which would have far-reaching consequences globally.

Medium-and long-term view

Broader global trends

•

Long-term growth in the developed world is constrained by ageing populations and high levels of debt.

•

Ris

ing nat

ional

ism, ant

i-globalisat

ion and protect

ion

ism are threats to long-term growth prospects

in emerging markets.

•

However, there are potential offsets. Higher capex to meet sustainab

il

ity targets, and moves towards dig

ital

isat

ion could

boost productiv

ity growth, prov

ing an antidote to economic scarring concerns. With

in emerg

ing markets, countries in

Asia are best placed to take advantage of dig

ital

isat

ion,

includ

ing generat

ive Artif

ic

ial Intelligence (AI).

•

Relatively younger populations, and the adoption of dig

ital technology, w

ill allow emerging markets to become

increas

ingly

important to global growth.

•

In order to meet net zero targets, energy-related spending will have to increase sign

ificantly; headw

inds include

insuff

ic

ient funds across emerging markets, labour shortages and supply chain constraints.

The world under Trump 2.0

•

Trump’s victory in the US elections is likely to have sign

ificant

impl

icat

ions for the exist

ing geopol

it

ical env

ironment.

His reject

ion of mult

ilateral

ism and preference for an adversar

ial approach has impl

icat

ions for global climate policy,

the UN, Bretton Woods inst

itut

ions, and US relations with the EU.

•

Trump has pledged to use import tariffs to reduce the US trade defic

it and br

ing production back to the US. While this

process has begun, uncertainty around the scope and extent of tariff action from the US and likely retaliat

ion by trade

Strategic report continued

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

7

partners might act as drags on consumer and investor confidence, slowing growth.

•

Global trade has remained resil

ient

in the face of ris

ing protect

ion

ism over the past decade. However, an escalat

ion in

tit-for-tat tariff wars has the potential not only to accelerate the reorientat

ion of supply cha

ins already under way but also

lead to lower global trade overall.

•

Expectations of spending on defence and infrastructure together with possible tax cuts is likely to be inflat

ionary and could

see the Fed terminal rate settling at a higher level than in the pre-pandemic period.

•

This would sign

ificantly change the global fund

ing environment for emerging markets. The external funding environment

for emerging markets will likely be tougher as US Money Market rates could stay elevated with a higher Fed terminal rate.

•

Emerging market economies that are more domestically driven and have better fiscal and monetary buffers to offset

external shocks are likely to be more resil

ient to external shocks.

Regional outlooks

Actual and projected growth by market

2025

2024

Asia

China

4.5%

5.0%

Hong Kong

2.2%

2.5%

India

6.5%

6.2%

Indonesia

5.0%

5.0%

Singapore

2.5%

3.8%

Americas

US

1.8%

2.7%

Africa

Niger

ia

3.8%

3.5%

South Africa

2.0%

1.1%

Kenya

4.7%

4.5%

Middle East

UAE

5.0%

4.0%

Europe

UK

1.3%

0.8%

Euro area

0.8%

0.7%

Asia

•

China is likely to bear the brunt of US tariff policy, with in

it

ial US tariffs being met by retaliatory tariffs from China. The

authorit

ies are prepar

ing for the potential fallout by deliver

ing add

it

ional st

imulus to support the domestic economy. In late

September, China pivoted toward more aggressive policy easing that helped generate a Q4 rebound. In December, the top

planning meeting adopted a pro-growth stance for 2025, pledging to raise the defic

it rat

io and loosen monetary policy.

The authorit

ies appear determ

ined to tap the policy space to offset a potentially sharp increase in the US tariffs, focusing

more on consumption than investment.

•

Net exports have contributed sign

ificantly to Ch

ina’s growth in 2024; this contribut

ion

is expected to decline substantially

in 2025. However, the real-estate sector – which has weighed heavily on growth for the past few years – is likely to be less of

a drag in 2025 as supportive polic

ies take effect. Wh

ile the PBoC is expected to keep monetary policy loose, expansionary

fiscal policy will be the biggest source of support for 2025 growth, in our view. We expect China’s economy to grow 4.5% in

2025.

•

Hong Kong is likely to be disproport

ionally affected by outs

ized US trade measures targeted against China. The US-China

trade war under Trump 1.0 pushed Hong Kong to trade more with China and ASEAN (at the expense of trade with the

US and Europe); this secular trend could accelerate as global supply chains reorient around new US tariff threats. We

believe Hong Kong still has a key role to play as China’s ‘super-connector’ as South-South trade and investment links

expand in an increas

ingly fragmented world.

•

India’s growth has likely moderated to 6.2% in 2024 and 6.5% in 2025 down from 8.2% in 2023 owing to a cyclical slowdown

in urban demand, and delays in the private sector investment cycle. However, the likel

ihood of more measures to

improve

rupee liqu

id

ity, a shallow rate cutting cycle and a large income tax cut delivered in the recent budget are likely to provide a

floor. The government remains focused on fiscal consolidat

ion, albe

it gradually amid slowing domestic growth and

external uncertainty.

•

We expect growth in ASEAN to remain healthy but slow slightly in 2025 versus 2024 due to the effects of monetary

tighten

ing and the moderat

ing economic outlook for key trade partners – namely the US, the euro area and China.

Trade-reliant economies like Singapore, Vietnam, Malaysia and Thailand are exposed to US trade polic

ies. Even

if they are

not directly targeted by tariffs or other measures, Asia’s small, open economies could be hit by spillover from China in the

short term.

•

Larger and more domestically driven economies – includ

ing Ind

ia, Indonesia and the Phil

ipp

ines – may be less affected but

are not immune to a sign

ificant h

it to China and/or global trade. Over the medium term, however, we expect ASEAN to

continue to attract strong FDI as investors seek to divers

ify the

ir operational capacity and tap new markets.

Strategic report continued

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

8

Strategic report continued

•

Asian central banks focused on FX stabil

ity are l

ikely to scale back their rate-cutting cycles due to sharply reduced Fed

easing expectations, the spectre of a stronger USD in 2025, and an uncertain Asian trade environment. For India, we

mainta

in our call for 50bps of rate cuts; we th

ink monetary policy will focus more on the growth and inflat

ion

impact of

US trade polic

ies than on FX concerns. For the reg

ion’s small, open economies, negative currency spillover may have less

influence on policy decis

ions

in the coming year. Singapore has already eased monetary policy in January and we expect

Thailand to lower rates further in 2025.

Americas

•

The US economy is likely to stay on a healthy footing, with layoffs remain

ing low and consumer and bus

iness sentiment

staying strong. Tighter financ

ial cond

it

ions towards end-2024 could br

ing some growth softness in H1 2025 before

returning to trend in H2 2025.

•

Slowing growth and softening labour market should allow the Fed to continue with cautious easing.

•

Trade and fiscal polic

ies pledged by the

incom

ing adm

in

istrat

ion increase uncertainty around monetary policy decis

ions

in

the wider region; The Fed may have to tighten slightly in 2026 when the impact of stimulus and tariffs hits. A more

accommodative regulatory environment in the US could further boost investment sentiment and productiv

ity growth.

•

In Latin America, ris

ing fiscal r

isks have weighed on investor sentiment towards the region. High borrowing costs,

legislat

ive uncerta

inty and lacklustre growth momentum are likely to continue to challenge the fiscal outlook.

Africa

•

While escalating global trade tensions and higher UST yields are downside risks to SSA, stepped-up fiscal stimulus in China

may eventually support the region’s commodity-dependent economies. Sub-Saharan Africa trade dependency on the US

has declined in recent years, reflecting greater US energy self-suffic

iency; the EU

is the region’s largest trading partner,

followed by China.

•

Domestic reform momentum remains strong in South Africa and Niger

ia, the reg

ion’s two largest economies; this may

provide a buffer against global uncertainty. South Africa’s Government of National Unity has invested sign

ificant pol

it

ical

capital in ensuring that growth-boosting structural reforms yield meaningful div

idends. South Afr

ica may adopt a fiscal

rule in 2025, and eventually a lower inflat

ion target, as

it aims to regain its investment-grade status in the medium term.

Faster growth will be crit

ical to stab

il

is

ing South Africa’s debt.

•

Niger

ia has embarked on content

ious fuel subsidy and FX liberal

isat

ion reforms, trigger

ing h

igher inflat

ion. 2025 should

bring greater FX and price stabil

ity, as well as offshore

investor interest in Niger

ia’s local-currency debt market. However,

Niger

ia rema

ins exposed to a material decline in oil prices, which could negatively impact oil revenues and FX earnings.

•

2025 should also see the rehabil

itat

ion of economies that have recently concluded debt restructuring agreements.

While final agreements with non-Eurobond creditors are still awaited in Zambia and Ghana, the economic outlook for

both countries is set to stabil

ise. Zamb

ia should see sign

ificant growth ga

ins following a recent drought. Ghana’s inflat

ion

should stabil

ise somewhat after the country’s December 2024 elect

ions; post-election years are often characterised by

greater fiscal restraint (but also slower growth momentum).

•

While new external debt restructurings in the region look unlikely in 2025, liqu

id

ity pressures – and how they are navigated – will

be closely watched. Dependence on IFIs for liqu

id

ity support has increased in recent years in economies such as Kenya. Kenya is

now likely to focus on attracting greater private flows, with a reliance on public-private partnerships to boost capital spending.

Middle East

•

Despite some pressure on the energy sector, we expect the Gulf Cooperation Council (GCC) to remain a bright spot for

global growth in 2025, with the region’s non-oil growth exceeding overall global economic growth. With the exceptions of

Saudi Arabia and Bahrain, most of the region’s fiscal breakeven oil prices remain low. In some cases they have declined; for

Oman, this has prompted consecutive credit rating upgrades. Investment in the non-oil sector will continue to drive

economic activ

ity

in 2025, while lower interest rates should benefit interest rate-sensit

ive sectors such as hous

ing in Saudi

Arabia, the UAE and Qatar.

•

Lower geopolit

ical r

isk and supported oil prices should bode well for the MENA region in 2025. De-escalation of the regional

conflict should have posit

ive ram

if

icat

ions for external funding in Egypt and Lebanon. On the trade front, the GCC – and

the UAE in particular – will continue to benefit from ris

ing South-South trade as global trade

is re-routed in a more

fragmented world.

Europe

•

The euro area economy is likely to struggle in the face of structural headwinds – includ

ing poor compet

it

iveness and h

igh

energy costs – as well as external pressures from possible US trade protection

ist measures. Wh

ile there are recession risks in

Germany and France, private consumption should help to keep overall European growth posit

ive as

interest rates fall and

labour markets remain tight. The ECB is set to continue cutting into accommodative territory as inflat

ion returns to target

and growth is weak. Fiscal policy is unlikely to offer a sign

ificant ta

ilw

ind to growth as countr

ies must adhere to EU rules,

although flexib

il

ity could be applied if growth weakens sign

ificantly.

•

UK growth should be supported in 2025 as the Bank of England continues to cut interest rates and the government pursues

pro-growth reforms alongside an improvement in trading relations with the EU. However, the government is also likely to

tighten spending in the coming months, to ensure it keeps with

in

its own fiscal rules.

•

In Central and Eastern Europe, external spillovers weigh on domestic growth, while labour market tightness and fiscal

pressures delay central bank easing. President

ial elect

ions in Poland and legislat

ive elect

ions in Czechia this year pose

uncertainty for investors.

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"/>
</svg>)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

9

Strategic report continued

Our strategy

Our strategy is designed to deliver our purpose: to drive commerce and prosperity through our unique divers

ity.

This is underpinned by our brand promise, here for good.

We are 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.

Strategic prior

it

ies

Cross-border

•

Continue to sharpen our focus on serving the cross-border needs of our larger global corporate and financ

ial

inst

itut

ion clients.

•

Concentrate our efforts on enhancing our cross-border product and advisory suite to meet our clients’ complex needs.

•

Optim

ise resource allocat

ion by reducing the number of clients whose needs do not play directly to our strengths.

•

Continue to scale sustainable finance and support to our clients’ transit

ion journeys across our markets.

Affluent

•

Solid

ify our pos

it

ion as a lead

ing wealth manager in Asia, Africa and the Middle East with a different

iated, fast-grow

ing

and high-returning internat

ional affluent franch

ise.

•

Invest in our wealth and dig

ital platforms, cl

ient centres, people and brand and marketing, to accelerate income

growth and returns.

•

Reshape our mass retail business to focus on developing a strong pipel

ine of future affluent and

internat

ional

banking clients.

•

Enable access to sustainable investments by integrat

ing Env

ironmental, Social and Governance (ESG) into our Wealth

Solutions proposit

ions and leverag

ing bank-wide sustainab

il

ity capabil

it

ies as a key different

iator to our affluent cl

ients.

![](data:image/svg+xml;base64,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)

Strategic report continued

Standard Chartered Bank

10

Directors’ Report and Financ

ial Statements 2024

Our Business model

Our business model reflects our strategy of combin

ing d

ifferent

iated cross-border capab

il

it

ies with leading wealth

management expertise.

Our business segments

Corporate & Investment Banking (CIB)

Supports large corporations, development organisat

ions, governments, banks and

investors to access cross-border trade

and investment opportunit

ies.

Wealth & Retail Banking (WRB)

Serves the local and internat

ional bank

ing needs of our clients across the full wealth continuum via Private, Prior

ity and

Personal Banking, as well as Small and Medium Enterprises.

Ventures

Promotes a culture of innovat

ion across the Group,

invest

ing

in disrupt

ive financial technology and creat

ing alternative

financial serv

ice business models, as well as growing Trust, our dig

ital bank

in Singapore.

Our key products and services

Global Markets & Global Banking

•

Macro, credit & commodit

ies trad

ing

• Lending & financ

ial solut

ions

• Capital markets & advisory

Transaction Services

• Payments and liqu

id

ity solutions

• Trade & Working capital

• Securit

ies & pr

ime services

Wealth Solutions

• Investments

• Bancassurance

• Wealth advice

• Portfolio management

Retail Products

• Deposits

• Mortgages

• Credit cards

• Personal loans

Our sustainab

il

ity capabil

ity

is an integral part of our client offering across all our business segments,

and the Group as a whole.

Responsible business practices

•

We strive to be a responsible business by operational

is

ing our net zero targets, managing environmental and social risks,

and acting transparently.

Bespoke sustainable finance solutions

•

We offer sustainable finance solutions designed to help our clients address environmental and social challenges and

achieve sustainable growth.

Innovation in service of our markets

•

We advocate in service of our markets to unlock the areas where capital is not flowing at scale or not at all and to drive

economic inclus

ion.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

11

Strategic report continued

Our resources provide the strong foundation that helps us deliver our strategy.

Human capital

Divers

ity d

ifferent

iates us;

it is in our Purpose statement. Deliver

ing our strategy rests on how we cont

inue to invest in our

people, the employee experience, and culture.

International network

Our network is our unique competit

ive advantage and connects corporates, financial

inst

itut

ions, ind

iv

iduals and small and

medium enterprises across some of the world’s fastest-growing and most dynamic markets.

Local expertise

We are deeply rooted in the markets where we operate, offering us ins

ights that help our cl

ients achieve their ambit

ions

locally and across the borders.

Brand recognit

ion

We are a leading internat

ional bank

ing group with 170 years of history. In many of our markets, we are a household name.

Financ

ial strength

With our solid balance sheet and prudent financ

ial management, we are a strong and trusted partner for our cl

ients.

Technology

Our strong dig

ital foundat

ions and leading technological capabil

it

ies continue to enable a data-driven dig

ital bank that

delivers world-class client service.

We create long-term value for a broad range of stakeholders.

Clients

We deliver banking solutions for our clients across our network, both dig

itally and

in person. We help ind

iv

iduals grow

their wealth while connecting corporates and financ

ial

inst

itut

ions to opportunit

ies across our network.

Employees

We believe that great employee experience drives great client experience. We want all our people to pursue their ambit

ions,

deliver with purpose and have a rewarding career enabled by great people leaders.

Suppliers

We engage diverse suppliers, locally and globally, to provide effic

ient and susta

inable goods and services for our business.

Investors

We aim to deliver robust returns and long-term sustainable value for our investors.

Regulators and governments

We play our part in supporting the effective function

ing of the financial system and the broader economy by proact

ively

engaging with public authorit

ies.

Society

We strive to operate as a sustainable and responsible company, working with local partners to promote social and

economic development.

![](data:image/svg+xml;base64,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)

Strategic report continued

Standard Chartered Bank

12

Directors’ Report and Financ

ial Statements 2024

Client segment reviews

Corporate & Investment Banking

Profit before taxation

$3,787m

Segment overview

Corporate & Investment Banking supports local and large corporations, governments, banks and investors with their

transaction services, banking and financ

ial markets needs. We prov

ide different

iated cross-border capab

il

it

ies to clients in

some of the world’s fastest-growing economies and most active trade corridors. Our clients operate or invest in several

markets across the globe.

Our strong and deep local presence enables us to help co-create bespoke financing solut

ions and connect our clients

multilaterally to investors, suppliers, buyers and sellers. Our products and services enable our clients to move capital, manage

risk and invest to create wealth. Our clients represent a large and important part of the economies we serve. Corporate and

Investment Banking is at the heart of the Group’s shared purpose to drive commerce and prosperity through our unique

divers

ity.

We are also committed to promoting sustainable finance in our markets and channelling capital to where the impact will

be greatest. We are deliver

ing on our amb

it

ion to support susta

inable economic growth, increas

ing support

and funding for financ

ial offer

ings that have a posit

ive

impact on our communit

ies and env

ironment.

Performance highl

ights

•

Profit before taxation of $3,787 mill

ion down 3 per cent dr

iven by higher costs and impa

irments, partly offset by h

igher

income.

•

Operating income of $8,531 mill

ion was up 6 per cent dr

iven by higher orig

inat

ion volumes in Global Banking and growth in

flow income in Global Markets, partly offset by lower trade volumes.

•

Operating Expense of $4,794 mill

ion was up 12 per cent due to h

igher staff costs and investments.

•

Credit impa

irment

is a net writeback of $262m, due to sign

ificant releases

in Stage 3. Other impa

irment

is a charge of

$212 mill

ion and

is related to software impa

irments.

Wealth & Retail Banking

Profit before taxation

$1,006m

Segment overview

Wealth & Retail Banking serves ind

iv

iduals and small businesses, with a focus on the affluent segment which encompasses

Private Bank, Prior

ity Pr

ivate, Prior

ity Bank

ing, and Premium. In the mass retail space, we are focused on emerging affluent

clients who will progress in their wealth journey with us and form the pipel

ine of future affluent cl

ients.

We are a leading wealth manager in Asia, Africa and the Middle East, as our deep local presence and internat

ional network

enables us to capture the strong structural tailw

inds wh

ich are driv

ing cross-border wealth flows.

Our comprehensive product proposit

ions span across depos

its, payments, financ

ing, adv

isory, investments and

bancassurance. In particular, our open product architecture allows us to collaborate and innovate with product partners to

offer best-in-class and first-to-market wealth solutions to our clients. We also support our small business clients with their

trade, working capital and other banking needs.

Wealth & Retail Banking is closely integrated with the Group’s other client segments; for example, we offer employee banking

services to Corporate & Investment Banking clients, and we also provide a source of high-quality liqu

id

ity for the Group.

Performance highl

ights

•

Profit before taxation of $1,006 mill

ion down 23 per cent dr

iven by higher costs and impa

irments, partly offset by h

igher

income.

•

Operating income of $3,706 mill

ion was up 6 per cent, due to by Wealth Solut

ions (Investment Products), Deposits

(due to volume growth), and Unsecured Lending.

•

Operating Expense of $2,339 mill

ion was up 13 per cent on account of

inflat

ion and frontl

ine hir

ing.

•

Credit impa

irment was a net charge of $286 m

ill

ion and relates to h

igher provis

ions

in Stage 3 and normal flows and higher

delinquenc

ies

in Stages 1 and 2. Other impa

irment

is a charge of $75 mill

ion and

is related to software impa

irments.

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

13

Strategic report continued

Ventures

Profit before taxation

$(80)m

Segment overview

Ventures is comprised of Trust Bank, which is Singapore’s first dig

itally nat

ive bank, launched in partnership with FairPr

ice

Group in September 2022. It has become one of the world’s fastest growing dig

ital banks, rap

idly expanding to 974,000

customers in Singapore by the end of 2024 and build

ing a w

ide range of innovat

ive products and serv

ices.

Performance highl

ights

•

Loss before tax of $80mill

ion decreased by $177m

ill

ion dr

iven by lower cost aris

ing from pr

ior year disposal of SC Ventures

business, as well as growth in both customer numbers and volumes in Trust Bank.

![](data:image/svg+xml;base64,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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

14

Strategic report continued

Financ

ial rev

iew

Summary of financial performance

2024

$mill

ion

2023

$mill

ion

Change

%

Net Interest income

4,400

4,607

(5)

Non NII

8,014

6,942

15

Operating income

12,414

11,549

7

Operating expenses

(7,550)

(7,147)

(6)

Operating profit before impa

irment and taxat

ion

4,864

4,402

10

Credit impa

irment

(15)

58

(126)

Goodwill & Other impa

irment

(410)

(42)

nm

Profit/(Loss) from associates and jo

int ventures

8

(4)

nm

Profit before taxation

4,447

4,414

1

Taxation

(1,465)

(1,177)

(24)

Profit for the period

2,982

3,237

(8)

Operating income

increased 7 per cent. Excluding three notable items relating to gains on revaluation of FX posit

ions

in

Egypt, hyperinflat

ionary account

ing adjustments in Ghana, and loss/gain on subsid

iar

ies disposals, as well as the

reclassif

icat

ion of deposit insurance premium to expenses (the reclassif

icat

ion), operating income was up 10 per cent and

was driven by growth in Non net interest income (Non NII).

Net interest income (NII)

decreased 5 per cent, driven by lower volumes and impact of elevated pass through rates on

margins, partly offset by short-term hedge roll off. Excluding the reclassif

icat

ion, NII decreased 6 percent.

Non NII

increased 15 per cent driven by higher orig

inat

ion volumes and fees in Global Banking, robust flow and episod

ic

income in Global Markets and sustained momentum in Wealth Solutions. Excluding notable items, Non NII increased 21 per

cent.

Operating expenses

are up 6 per cent or 5 per cent excluding the reclassif

icat

ion. This was largely driven by inflat

ion, strateg

ic

investments and continued investments into business growth in

it

iat

ives.

Credit impa

irment

is a net charge of $15mill

ion and

is driven by normal flows and higher delinquenc

ies

in WRB partially

offset by releases in CIB.

Other impa

irment

is a net charge of $410m, of which $383m relates to write-off of software assets.

Taxation

of $1,465 mill

ion for the year represents an effect

ive tax rate of 33 per cent against prior year effective tax rate of

27%, and is due to increased non-creditable withhold

ing taxes and other taxes, as well as loss on sale of subs

id

iar

ies in

Africa for which tax relief is not available.

Profit/(loss) before tax by client segment

2024

$mill

ion

2023

(Restated)¹

$mill

ion

Change

%

Corporate & Investment Banking

3,787

3,886

(3)

Wealth & Retail Banking

1,006

1,304

(23)

Ventures

(80)

(257)

69

Central & other items (segment)

(266)

(519)

49

Profit before taxation

4,447

4,414

1%

1

Prior period amounts have been restated to align with changes to the current year presentation which now reflect the impact of restructuring cost and gain on sale of

businesses.

Corporate & Investment Banking (CIB)

profit decreased 3 percent driven by higher cost and software impa

irments, partly

offset by higher income, largely from Global Banking and Global Markets, and stage 3 Expected Credit Loss (ECL) releases.

Wealth & Retail Banking (WRB)

profit decreased 23 percent driven by higher costs and credit impa

irments, partly offset

by higher income from Wealth Solutions.

Ventures

loss lower than prior year due to lower cost aris

ing from pr

ior year disposal of SC Ventures business.

Central & Other items (C&O)

loss is 49 per cent lower than prior year, driven by benefits from the roll-off of short-term hedges,

translation gains on the revaluation of FX posit

ions

in Egypt and gain relating to a hyperinflat

ionary account

ing adjustment

in Ghana, partly offset by non-repeat of gain from subsid

iary d

isposal in previous year.

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

15

Strategic report continued

Credit risk summary

Balance Sheet

2024

$mill

ion

2023

$mill

ion

Change

1

%

Gross loans and advances to customers

2

161,141

159,552

1

Of which stage 1

149,751

146,718

2

Of which stage 2

7,292

7,657

(5)

Of which stage 3

4,098

5,177

(21)

Expected credit loss provis

ions

(2,899)

(3,409)

(15)

Of which stage 1

(254)

(198)

28

Of which stage 2

(193)

(193)

–

Of which stage 3

(2,452)

(3,018)

(19)

Net loans and advances to customers

158,242

156,143

1

Of which stage 1

149,497

146,520

2

Of which stage 2

7,099

7,464

(5)

Of which stage 3

1,646

2,159

(24)

Cover ratio of stage 3 before/after collateral (%)

3

60/74

58/73

2/1

Credit grade 12 accounts ($mill

ion)

892

2,117

(58)

Early alerts ($mill

ion)

3,830

3,791

1

Investment grade corporate exposures (%)

3

75

75

–

1

Variance is increase/(decrease) comparing current reporting period to prior reporting period

2

Includes reverse repurchase agreements and other sim

ilar secured lend

ing held at amortised cost of $9,121 mill

ion at 31 December 2024

(31 December 2023: $13,827 mill

ion)

3

Change is the percentage points difference between the two points rather than the percentage change

Net charge-off ratio

2024

2023

Credit

impa

irment

(charge)/

release for the

year/ period

$mill

ion

Net average

exposure

$mill

ion

Net Charge-

off Ratio

%

Credit

impa

irment

(charge)/

release for the

year/ period

$mill

ion

Net average

exposure

$mill

ion

Net

Charge-off

Ratio

%

Stage 1

(18)

171,508

0.01%

32

169,013

(0.02)%

Stage 2

(158)

7,142

2.21%

(132)

7,154

1.85%

Stage 3

118

1,861

(6.34)%

45

2,358

(1.91)%

Total exposure

(58)

180,511

0.03%

(55)

178,525

0.03%

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

16

Strategic report continued

Balance sheet and liqu

id

ity

2024

$mill

ion

2023

$mill

ion

Assets

Loans and advances to banks

22,941

22,803

Loans and advances to customers

158,242

156,143

Other assets

382,351

359,633

Total assets

563,534

538,579

Liab

il

it

ies

Deposits by banks

22,409

23,616

Customer accounts

239,204

237,902

Other liab

il

it

ies

267,805

243,117

Total liab

il

it

ies

529,418

504,635

Equity

34,116

33,944

Total equity and liab

il

it

ies

563,534

538,579

Advances-to-deposits ratio (%)

1

53.9%

50.5%

1

Advances exclude $19,187mill

ion held w

ith central banks (31 December 2023: $20,710 mill

ion) that have been confirmed as repayable at the po

int of stress, repurchase

agreements and other sim

ilar secured lend

ing of $9,121 mill

ion (31 December 2023: $13,827 m

ill

ion) and

include loans and advances to customers held at fair value

through profit or loss of $3,989 mill

ion (31 December 2023: $3,188 m

ill

ion). Depos

its include customer accounts held at fair value through profit or loss of $9,222 mill

ion (31

December 2023: $9,166 mill

ion)

The Group’s balance sheet is strong, highly liqu

id and d

ivers

ified.

Loans and advances to customers increased 1 per cent since December 2023 to $158 bill

ion due ma

inly to higher orig

inat

ion

volumes in Global Banking.

Customer accounts of $239 bill

ion decreased by 1 per cent s

ince December 2023 driven mainly by increase in retail term deposits.

Capital base and ratios

2024

$mill

ion

2023

$mill

ion

CET1 capital

22,475

21,794

Addit

ional T

ier 1 capital (AT1)

5,897

5,453

Tier 1 capital

28,372

27,247

Tier 2 capital

10,553

11,607

Total capital

38,925

38,854

CET1 capital ratio (%)

13.3%

13.2%

Total capital ratio (%)

23.0%

23.5%

Leverage ratio (%)

5.1%

5.0%

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

17

Strategic report continued

Capital disclosures in this document are provided on the basis of Standard Chartered (Group), being Standard Chartered

Bank and its subsid

iar

ies.

Standard Chartered Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financ

ial Conduct

Authority (FCA).

Capital requirements are set by the PRA for Standard Chartered Bank on a solo-consolidat

ion bas

is. The solo-consolidated

group differs from Standard Chartered Bank (Company) in that it includes the full consolidat

ion of four subs

id

iar

ies, namely

Standard Chartered Holdings (International) B.V., Standard Chartered Grindlays PTY Lim

ited, SCMB Overseas L

im

ited and

Corrasi Covered Bonds LLP.

The Group continues to operate through its branches and various subsid

iar

ies, all of which remain well-capital

ised

in

accordance with their applicable risk appetites and applicable regulatory requirements.

The Group’s CET1 capital ratio increased by 12bps to 13.3 per cent at 31 December 2024 with leverage ratio of 5.1 per cent. The

Group mainta

ins h

igh levels of loss absorbing capacity.

RWAs increased by $3.6 bill

ion to $169.2 b

ill

ion. CET1 cap

ital increased by $0.7 bill

ion to $22.5 b

ill

ion dr

iven primar

ily by profits

of $3 bill

ion, lower regulatory deduct

ions of $0.6 bill

ion (largely from

intang

ible assets), and movements

in other

comprehensive income of $0.2 bill

ion. These

increases were partially offset by distr

ibut

ions of $2.7 bill

ion and the fore

ign

currency translation impact of $0.4 bill

ion.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8yMCI+PHBhdGggZD0iTTU4LjksMTI0OS4zdi00MUgxNjQuNHY0MVoiLz48L2NsaXBQYXRoPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPjwhW0NEQVRBWwouZzBfMjB7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKfQouZzFfMjB7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzIwIi8+CjxpbWFnZSBjbGlwLXBhdGg9InVybCgjYzBfMjApIiBwcmVzZXJ2ZUFzcGVjdFJhdGlvPSJub25lIiB4PSI1OSIgeT0iMTIwOCIgd2lkdGg9IjEwNSIgaGVpZ2h0PSI0MSIgeGxpbms6aHJlZj0iZGF0YTppbWFnZS9wbmc7YmFzZTY0LGlWQk9SdzBLR2dvQUFBQU5TVWhFVWdBQUFHa0FBQUFwQ0FNQUFBQUJCUGRrQUFBREFGQk1WRVVBQUFBbGpnQUNWN0l2dFFBSUlnQUFNMjlKU1VzQUkwc0RjdW83T3p3MzB3QUFCdzlCUWtNQkkwZ1BsZ0E1T2p3QlZySTdQRDBCSFR4UVVWTUNTNWtFY09RbUp5Z2JZUUFORFEwRGMrcDNkM2NhSlNVMzBnQTVPVG80emdBckxDMGlJaUpKU2t3QU5Hd3JORFJLVkZWT1VGSUFIcDhDYXRnRENnQUFiTjlMVFZBWVhnQlhWMUlWRmhveHZRQXdNREZXV0ZwS1UwNFRFeFJSVWxJRGR2QUFScEV5d0FBUlFBQTUyQUJLU2tzOVBqOVVWRlptWjJkWFdFY0FGU3BQVUZFbEppa0NhdHRwYVFOU1ZGVlNWRlU4UEYwR0dBQUFRWXhXV0ZrOUR4QUJaZEpSVWxOUlVsUk1UVU5EUTBRckxDd2RjQUE1MVFBUkVSRlNWRlVrSkNVQ1k4dFVWRlliR3h4VlZsaFZWbGdCVEpvMU9qNVJVbFFlSGhvRWR2QmNYVjh5TWdBaWhBQXFKaG96dndCVVZWWlNWRllFZVBKWldseEFRVU1BUk1OWVdGcEFRa1poWVdNMU56Z2JhQUFEZGZCUlVWTlVWbGhDUTBVMTBnQWhJU0ZTVWxVNzNRQVVGQlFJQ0FBdk1USUJQWDRZR1JrQ2N1a0VjK3c5U2t0UlVGRWhJeVF6eFFBRGRPMFlHQmxJU0VwVVZGWUVjK3RVVkZSVVVsUStQa0JSVWxWVVZWZ3RMUzBBRGgwQmIrcERSVVpZV1ZzU1N3QWFHaHhMVEU0RGRmQlJVbFVkYlFCTlRrOGdnd0FsSlNVNTJRQUFBZ1lDYysxRVJraERRMHdEYysxUlVWVUFHelkzTnpoUlYxZ0NZTWNvS1NwV1ZsWkRSVVpDUkVRMU5UVk5VRkZXVWxoRlJrZ0VkTzA0MGdCTHlRQlRWRlZZV1Z0UVVsSmFYRjRpSXlSVFdWc0JQSHRBUUVFb0tDMDMwZ0JFUlVVNDFRQUFRbms0MGdBbm1nQTdPejhBVWFORDNRQUJMVndpZ2dBMzJBQk9UbEZGUmtvb0tDZ0NjZW80MVFBRGRPNFZVQUFFZE8wUkVSUUZCUVltSGg0NVFFQVhGd0JLU2t3MU5qWkZSa2hJU2tzQVVLRUpDUWtmSHlFdVIwY0FZY1VPRHhCR1JrY1lHUmxUVkU0K1FFQWRIUjRBTEZvRWVQUTMxUUJIU0VncnBBQlNVbFFCUVlGTVRWQlNVbFFkY1FBRWRmRTlQVDgvUDBFMXlRQXdNREVCVXFrakpDUTQxUUFDYytjMXpBQUNlT01sV3dCRFNVazQwUUFBRVNNQlNwWUVlUFEyMGdBQUdFVUJNV1VOTkFEbUk4OWFBQUFCQUhSU1RsTUFiMlptQnd6TUNzNE4zZ0tpS1I2TE5Vc282V2E5UmdvRi9oQUcrRDIyWXkyVUt3dGNyUngxQVN4c0o4a0dNeWZ2TUNXTDZTV0xEUFVTWmV0cXN3N0tESWdGa2MxS0JoblhKVmZSemFRNVdVYjdDckEwY05JNzd0RkREZkFMOXZvQlZ3dEtyZTczNzMwUmpVVkxPRHE1cnBXRWlBMk05Z2dBVVVWR3RmOUZjeGR1MHcrd2xLcEx2Vld5cndZR1dGZnZHUTI4MDI4bGpRc00zQUNVVlRLdkN3cHV4b2d4TEdZYUQxRm1pdjNSS0czVVZPMG50VDlPRTdkS3pneitOQ0lQZ2pJcHQ1UTZDMjZ3cnd2VUJBSU1FQUNyVEtpRElRWVVDQjBNY2lsYVdBd1QwcHVlU1ZRc3JUb3UxQ3VLa0JOYUtJMkVOV0VVSUs4SE5mZHhCQ1VTdFlCeUx3QUFCek5KUkVGVWVOcTFsMzlZVTljWng5OWFXa1haTEdiVHNOWXA2MmdwTGlaS2JDbTNsYnJjMlZPbDBBQkdVaVBaNm4yRW1Ta0VpYzdXTEdrMWNMMUNKMUowZ1Bnb01hTFFXQjZCRGt1cDNTWS9wbkpyL2JIWUl0UnFwaWhPVm0xbkxhN2JPZmNtM0t2RitnK2NQM0x2T2ZmYyszbSs1L3UrN3prQmtOcTQyVjhkemJqK2ZBV01lSHY1c05jZTRUMzgvRWh6SHBpVDRZM0F6ZHN4c3B5ZGY4M0dnZ1JTOWtoeUtoNmJvN1dMb0FqdjJwRWtQWEV1SUdpRVYrL2k5WXhCa0Qwai84TVJBLzBqV3laSXUyRG51THROOUlYeTMvdWhSV2Z2OG1CdnAzQjVmNHdrYU9tUG53Q1lPMzNsMTdlS2gzaWhOTmIzZmFEbEJ2WFFEMnFZZFVLNmpob0lncng5SGFNaGV0cVQ1WHA5WFBPMDJ5YTNsK0VmenVYektmR1ZmMjVRVzN1N2VPV2ZhNGNxTXlHcDJwWEJodytyQURyYkM2SFZMWkJtNTNzRGdyejVQN3NKc0tRNXJnVTMvVThuU1p6Q1A3SzBQMG5KdVc3NEkvZXEyazdTNjlzcVR4WSs2djlESmVjKzFVVGsrR25PRXFOUmc4K1NReC9mYm5rYkdpS1RMSTBuNEwzZVJPWktrSlFka0hSMDFQc0FSNjdwOVMxQ2k5c2lrZFprK3JOWWF3cm5jdFJUVDllazB5K3lLTkhVZjh4a1FMMGxtY3htdmtkalBCNkZXTE5hV1V2UllTVlVnZ0U4OVZGR1kzaVd4dTFuYVpZVlNXTkVUZmJzV2JqM243L0VCVWhqSlpLeVZiRUl5aHA4bk91anRMUitnODc1Y2Q0YWhXbnZNUlB5cUZiSG9JWDlCcGV6Yy9FSmcwbDlKWDI4RTFaUHBHandVSVlUemdMcWxKUC9LTjVjSXBJT0J6TldPdys3RlAxbHM0RFNINUJXVC9WTVp0UU0wU2VBQzZnYjMzYTJtdFRIVEZ1eEpVOHJYaXVnWnBKcDQ4M3FYT29MY3FmRHBFMy9BckFaQkVNVHhOVXIyclUwR0JBRDIzNkFqU3ErV3E1djBUZi9UUllQZVZrMHhTem5CWkxEU0Q3cnl5S2Fuc0hSdTBQeFdxMWJJRlZwMUdISVNlNGNaUFhpQWF5Tnd1c0JuK0NpZGpESXZlY1d6QVo0YXNXMTg3ZTIzQjZvM1g5MnN6TlRDYWtIa2MrcXJNUW5rV1NwUVM4UW1aRWFkWmFveVVWSW54Rk5vYmgzTmtIMENXRGUwc0hFeFh2R3A5L2RucFEzZkJYOEpUU1RZWHc4djRPeThUeC9pWkkwRmZ5RTB1R2hibVJTSjJsc1NwNmZRUmxGMHE4MFovQ0ROZVlnQ2Y3OWxwUzczcjVSbjk5SlNuRXhwVEZ1YTFjUFpiVnhPK0twUnB2TFlDQStCVWg4UE1YYWREU044OGxCTVRZcm1qOWZKS1ZFcGpPeFZqclJIU1NObTdVdFl4QVZrYkgyNGgwa1h1MUlUUzI5d1MrdVpaaFNsUzlKeDFrdDRicEZuK2dtWThOREhic3JmRWsyemhvZXZxd2ZWcC9RY2E2MmdsSm9XcGFFMyt3cWNIRTJ6LzY2emNKM1F1YmlYV1BlVVZudHkraTRPWFJaNGJ2dVV0ZnlmUGNxcnI0dUNEbi85WW9RZ0crM2FiMFM2dkM3UlVOTlQ4NFp1b1kyTUpaN2dQZ2VGcWJINmN0Zko5SCthcC9rbGwzNytKQWt6Y0doU1NqM1hxUTZCVnpEaWFyLyt3ZlJVUEhocnNGOUYwZkc0M0pWS1RVdTFyby9KZGwwcVk1bExxVGdnUTBNWjl2ZFV3dHE2NVhQbUV2SXBtdE00bWVXY2x3ZHpvSGEyb2JZdXJLcE5wYnB3Y3ZOVDE3R1dkdW1JTmduVklTeDkrR1NVUFNRdEZQWnRlOUtvTTJ0Q01lUVlYdXl5YzNGTXBSRFZlaENWaHhqaUlNMTVoemFXb0JzRzZscWo1RzJ4UnBaSjNBR04xdjdPOVRvc0ZKUjYyQ0RBc2NxU2xUQUkyS1pXN1VQYnhNVjR6b0dnbTU1cjB0aGtXeXU0b0hmc3lmWm5ITzI0dUVvcXFreTgrYzRVV28wcVppVTJNMS9nWEtiZHFnWVNsM0JlemFOQjhaY3lqY2g5alRQaDV1bmhDcGNPQnQzSXpPTUZVbFkxcTNpYU5qNWNuWWc0TzM1TjZWOFFua0JuOEx4YjN5OVp6MTltc1FUdXhHVHFnSStkYnVqRnVMMm9IdHpEcTVPRXpOelNVL1J1bjlUR3ZFcDFpVDRGR0FkK0NjZSs3eERERUt2Uk9waXVJQTIweFdSOUdESllrS3lrdFZiSGlRaGxJaWJnVHZOYlZ3Tnlla0cwa094RGpTVmtHSVU4RTVRRkdHdC9CTWUvWFFNS1UvZU9USk5pazhDcElOeVRWMk5xWEtTY1d1Z2tLVmkwa1JTSTBpcnJnOXFtbnYvV0wyRU92VFNFWHl5MklVRGZ1QlZLVVEzYUhLZG9KeDZla3FRVkVsVjVYMzhTb3dtUUhLaTQxMi83bmVsaHkvKy9TdHAzUUtweWUzR08zQmUyam9uY2psQk5kRmdKZ2VVWmhrcTdtb3hDY0w4Z1RFUHlCSjhxNFlPVzQ4c1U4d0JrdEttU1hqeEZ3cGpZUFY4L2swbHo2Yk9jRk5jMkxQMWs0R3NubSs3RVowOG1ZQThjS0YrZmxnSmlUM2MvbmQxbFl6Vi9DVXVUNk1YUEhSYjVyM1hTL2RXaDZiNSs4bWhJYklCVWlwNzNaRjdxcytBeDArT0tYdFBzV3oxdWw5V2MzU3ZwUkRPbk1FWkJ3ZHpXYmUvclJDVVNmamNZVm40dHZDZHAxWWNrc3Q2Y3N0M2sxelZycnB6UUNtdkFjTGhDY3JhTzJXRFpjRXA4cW1UYnVsbHJIMUxSdVFJZTNQQ2hBazdBVDQ0RkNlaFdxNU5HMzVRMFlKejJyNzhiNHFpaTE4dmw3djFteVBEVFhvelE2aHliK0xiSHg1WUplWFdxc3ZEVFJLUGUvZ0ErODEvWWRKOSs2U0tzVEprbUVuQjdXOGcrN2U0ZC9sOFM1QjFmcmhKYjRpYUJ0WitLL2FYQk56U3I1dzczRDVwdlhhNzk2MGZCVXRDOU9XcjVNQ3NMeDkybjBaLzFSZWgzVFpMOXZjc1pFbnpJM0VIcGcrM3BQOEQ0UTEvZVZQbHFTNEFBQUFBU1VWT1JLNUNZSUk9Ii8+CjxwYXRoIGQ9Ik02NSwzODVoODYuNm0wLDI1My44SDg0NC41TTY1LDI5Mi41aDg2LjZtMCwwSDg0NC41TTE1MS42LDM4NUg4NDQuNU02NSw0MzMuOWg4Ni42bTAsMEg4NDQuNU02NSw1MTEuOWg4Ni42bTAsMEg4NDQuNU02NSw1NjAuOGg4Ni42bTAsMEg4NDQuNU02NSw2MzguOGg4Ni42TTY1LDczOC41SDI1OS44bTAsMEg0NTQuN20wLDBINjQ5LjZtMCwwSDg0NC41TTY1LDc1OC40SDI1OS44bTAsMEg0NTQuN20wLDBINjQ5LjZtMCwwSDg0NC41TTY1LDc3OC4zSDI1OS44bTAsMEg0NTQuN20wLDBINjQ5LjZtMCwwSDg0NC41TTY1LDc5OC4ySDI1OS44bTAsMEg0NTQuN20wLDBINjQ5LjZtMCwwSDg0NC41IiBjbGFzcz0iZzFfMjAiLz4KPC9zdmc+)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

18

Our business

Standard Chartered Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and by

the Financ

ial Conduct Author

ity (FCA). The PRA is the consolidated supervisor in respect of the Group (of which PLC is the

ultimate parent).

Standard Chartered Bank is a material subsid

iary of the PLC Group for the purposes of the Bank of England-led s

ingle point of

entry preferred resolution strategy for the PLC Group. The Group is a core part of, and crit

ical prov

ider of essential services to

the PLC Group and is fundamental to the delivery of the PLC Group’s purpose, franchise, and strategy.

Clients

•

The Group remains the largest Corporate & Investment Banking (CIB) orig

inat

ion hub supporting a sign

ificant

part of CIB revenues and is key to the global network proposit

ion

•

The Group is the relationsh

ip hub for the majority of key CIB cl

ients, particularly Organisat

ion for Econom

ic

Co-operation and Development (OECD) clients

•

The Group holds the majority of the PLC Group’s corporate and financial

inst

itut

ions deposits, a sign

ificant

part of the PLC Group’s USD funding base

Capabil

it

ies

•

The Group holds key licenses and hosts infrastructure vital for the global franchise such as global USD & EUR clearing

•

The Group is the main Global Markets booking centre supporting the major

ity of Global Market revenues

•

The Group remains a main access point to high quality USD funding

Crit

ical

infrastructure

•

The Group is the key liqu

id

ity management centre: holding the major

ity of the PLC Group’s h

igh-quality liqu

id

assets for regulatory purposes

•

The Group provides functional support on a global basis

•

The Group operates global business services hubs for the benefit of the PLC Group includ

ing shared serv

ice

centres and centres of excellence

Investors

•

The Group’s UK domic

ile underp

ins a unique investor proposit

ion: emerg

ing markets access from

a UK regulated platform

•

A sign

ificant number of PLC Group’s equ

ity and debt investors are based in the Group’s footprint

Recovery and

resolution

•

Standard Chartered Bank is the largest material subsid

iary for the purposes of m

in

imum requ

irement for own

funds and elig

ible l

iab

il

it

ies (MREL) and total loss-absorb

ing capital (TLAC)

•

The Group is crit

ical to the del

ivery of capital and liqu

id

ity generating management actions in PLC Group’s

recovery planning

•

The Group houses various crit

ical serv

ices and crit

ical funct

ions in resolution and resolution management

The Group’s Credit Ratings

The Group remains a highly rated inst

itut

ion (in both absolute and relative terms). Moody’s revised the rating outlook on

Standard Chartered Bank in September 2024 to posit

ive from stable, reflect

ing improv

ing profitabil

ity and expectations

that asset quality, capital

isat

ion and liqu

id

ity would remain stable. S&P and Fitch ratings are on stable outlook.

S&P

Moody’s

Fitch

Long Term

A+

A1

A+

Short Term

A-1

P-1

F1

Outlook

Stable

Posit

ive

Stable

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

19

Risk review

An update on our risk management approach

Our Risk Management Framework (RMF) sets out the princ

iples and m

in

imum requ

irements for risk management and

governance across the Group. The RMF enables the Group to manage enterprise-wide risks, with the object

ive of max

im

is

ing

risk-adjusted returns while remain

ing w

ith

in our R

isk Appetite (RA).

Princ

ipal R

isk Types and Risk Appetite

Princ

ipal R

isk Types (PRTs) are those risks that are inherent in our strategy and business model and have been formally

defined in the Group’s RMF.

The table below details the Group’s current PRTs and their corresponding RA statements.

Princ

ipal R

isk Types

Definit

ion

Risk Appetite Statement

Credit Risk

Potential for loss due to failure of a counterparty

to meet its agreed obligat

ions to pay the Group.

The Group manages its credit exposures following the

princ

iple of d

ivers

ification across products, geograph

ies,

client segments and industry sectors.

Traded Risk

Potential for loss resulting from activ

it

ies

undertaken by the Group in financ

ial markets.

The Group should control its financ

ial markets act

iv

it

ies to

ensure that market and counterparty credit risk losses do

not cause material damage to the Group’s franchise.

Treasury Risk

Potential for insuff

ic

ient capital, liqu

id

ity, or funding

to support our operations, the risk of reductions in

earnings or value from movements in interest rates

impact

ing bank

ing book items and the potential for

losses from a shortfall in the Group’s pension plans.

Indiv

idual regulated ent

it

ies w

ith

in the Group should

mainta

in sufficient cap

ital, liqu

id

ity, and funding to support

its operations, and an interest rate profile ensuring that the

reductions in earnings or value from movements in interest

rates impact

ing bank

ing book items does not cause material

damage to the Group’s franchise. In addit

ion, the Group

should ensure its pension plans are adequately funded.

Operational and

Technology Risk

Potential for loss resulting from inadequate or

failed internal processes, technology events,

human error, or from the impact of external events

(includ

ing legal r

isks).

The Group aims to control operational and technology risks

to ensure that operational losses (financ

ial or reputat

ional),

includ

ing those related to the conduct of bus

iness matters,

do not cause material damage to the Group’s franchise.

Information and

Cyber Security Risk

Risk to the Group’s assets, operations, and ind

iv

iduals

due to the potential for unauthorised access, use,

disclosure, disrupt

ion, mod

if

icat

ion, or destruction of

informat

ion assets and/or

informat

ion systems.

The Group aims to mit

igate and control ICS r

isks to ensure

that inc

idents do not cause the Bank mater

ial harm,

business disrupt

ion, financial loss or reputat

ional damage

– recognis

ing that wh

ilst inc

idents are unwanted, they

cannot be entirely avoided.

Financ

ial Cr

ime Risk

1

Potential for legal or regulatory penalties, material

financial loss or reputat

ional damage resulting

from the failure to comply with applicable laws

and regulations relating to internat

ional sanct

ions,

anti-money laundering and anti-bribery and

corruption, and fraud.

The Group has no appetite for breaches of laws

and regulations related to Financ

ial Cr

ime, recognis

ing

that whilst inc

idents are unwanted, they cannot be

entirely avoided.

Compliance Risk

Potential for penalties or loss to the Group or

for an adverse impact to our clients, stakeholders

or to the integr

ity of the markets we operate

in

through a failure on our part to comply with laws,

or regulations.

The Group has no appetite for breaches of laws and

regulations related to regulatory non-compliance;

recognis

ing that wh

ilst inc

idents are unwanted,

they cannot be entirely avoided.

Environmental,

Social and

Governance and

Reputational

(ESGR) Risk

Potential or actual adverse impact on the

environment and/or society, the Group’s financ

ial

performance, operations, or the Group’s name, brand

or standing, aris

ing from env

ironmental, social or

governance factors, or as a result of the Group’s

actual or perceived actions or inact

ions.

The Group aims to measure and manage financ

ial and

non-financial r

isks aris

ing from cl

imate change, reduce

emiss

ions

in line with our net zero strategy and protect the

Group from material reputational damage by upholding

responsible conduct and striv

ing to do no s

ign

ificant

environmental and social harm.

Model Risk

Potential loss that may occur because of decis

ions or

the risk of mis-estimat

ion that could be pr

inc

ipally

based on the output of models, due to errors in the

development, implementat

ion, or use of such models.

The Group has no appetite for material adverse impl

icat

ions

aris

ing from m

isuse of models or errors in the development

or implementat

ion of models; wh

ilst accepting some

model uncertainty.

1

Fraud forms part of the Financ

ial Cr

ime RA Statement but in line with market practice does not apply a zero-tolerance approach

As of November 2024, the Climate Risk RA statement was integrated into the ESGR PRT.

> Further details on our

Risk Management Approach

can be found on pages 45 to 57.

Strategic report continued

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

22

Supply chain issues and key material shortages

While the in

it

ial disrupt

ion caused by the Russ

ia–Ukraine and Middle East conflicts have somewhat abated, they highl

ighted

the continued vulnerabil

ity of global supply l

ines.

There is growing polit

ical awareness around the need for key component and resource secur

ity at national level. Countries

are enacting rules to “de-risk” by reducing reliance on rivals or concentrated suppliers (for example, semi-conductors) and

look to either re-industr

ial

ise or make use of near-shoring and friend-shoring production.

Countries’ increased will

ingness to

impose trade barriers to influence trading behaviour may disrupt exporters, strain relations

with trade partners and add to inflat

ionary pressures. A recent example

is the EU probe into unfair commercial practices in

the provis

ion of renewable energy equ

ipment, particularly subsid

ies related to offshore w

ind and solar energy.

The growing need for minerals and rare earth elements to power green energy technologies can be leveraged to achieve

economic or polit

ical a

ims by restrict

ing access. Th

is can bolster the negotiat

ing

influence of the main refiners and producers,

such as China, Indonesia and some African nations, while prompting some nations to slow down their green transit

ion plans.

Actions have already been taken in Western nations to de-risk through in

it

iat

ives such as the M

inerals Security Partnership.

How these risks are mit

igated

•

We remain vig

ilant

in monitor

ing r

isk and assessing impacts from geopolit

ical and macroeconom

ic risks to

portfolio concentrations.

•

We explored the impl

icat

ions of a second Trump admin

istrat

ion, evaluating policy direct

ion under d

ifferent scenarios,

the potential outcomes and challenges associated with each.

•

We mainta

in a d

ivers

ified portfol

io across products and geographies, with specif

ic r

isk appetite metrics to

monitor concentrations.

•

We are performing targeted portfolio analyses to ident

ify cl

ients that may be impacted by a new wave of tariffs.

•

Mit

igat

ions in our Wealth & Retail Banking segment include build

ing a res

il

ient revenue base and ma

inta

in

ing close

relations with clients for the awareness of early alerts.

•

Increased scrutiny is applied when onboarding clients in sensit

ive

industr

ies and

in ensuring compliance with sanctions.

•

We util

ise Cred

it Risk mit

igat

ion measures includ

ing collateral and cred

it insurance.

•

We conduct portfolio reviews as well as macroeconomic, thematic and event-driven stress tests at Group, country,

and business level, with regular reviews of vulnerable sectors, and undertake mit

igat

ing actions.

•

We have a dedicated country risk team that closely monitors sovereign risk.

•

We run a series of daily market risk stress scenarios to assess the impact of unlikely but plausible market shocks.

•

We run a suite of management scenarios with differ

ing sever

it

ies to assess the

ir impact on key risk appetite metrics.

•

We regularly review our third-party arrangements to improve operational resil

ience.

ESG considerat

ions

ESG risk

Higher frequencies of extreme weather events are observed each year and the cost of managing the climate impacts is

increas

ing, w

ith the burden disproport

ionately borne by develop

ing markets, where we have a large footprint. Alongside

climate, other environmental risks pose incremental challenges to food, health systems and energy security; for example,

biod

ivers

ity loss, pollution, and depletion of water.

Modern slavery and human rights concerns are increas

ingly

in focus with the scope expanding beyond direct operations

to extended supply chains and vendors.

ESG regulation continues to develop across the world, often with differ

ing taxonom

ies and disclosure requirements.

This increased regulation is also generating stakeholder scrutiny on greenwashing risk, with ESG lit

igat

ion being brought

against corporations and governments in multiple markets.

However, a succession of polit

ical, soc

ial and economic disrupt

ions

in recent years have diverted attention and resources

away from longer-term action on climate and sustainable development as competing spending demands are made of

stretched budgets. This will be further exacerbated by the new Trump admin

istrat

ion, which has rolled back green energy

polic

ies, and w

ithdrawn the US from the Paris Agreement.

For companies and governments, the trade-off between pragmatism and environmentalism has crystallised with several

delaying or rolling back targets. For example, there has been a sign

ificant reduct

ion in the number of ESG-focused funds

launched in 2024, and there has been a lack of progress at the recent COP meeting. Several US and Canadian banks have

withdrawn from the Net-Zero Banking Alliance. A slower transit

ion to low carbon bus

iness models may impact progress

towards the Group’s net zero targets and product roadmap.

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

21

Uncertain interest rate trajectory and credit downturn

Although rate cuts have been enacted by all major central banks, with further cuts signalled, the scale and pace of cuts are

still highly uncertain. Structurally higher defic

its, cont

inued supply disrupt

ions, m

il

itary spend

ing and other inflat

ionary

pressures such as addit

ional tar

iffs may keep rates higher.

A ‘higher-for-longer’ rate environment would continue to stretch companies and sovereigns alike, with the global corporate

default rate remain

ing well above the post-financial cr

is

is average

in 2024. Stress has continued in the global commercial

real estate sector and may extend to fixed-rate mortgages. In contrast, aggressive cuts could renew inflat

ion.

Despite this, markets have remained surpris

ingly res

il

ient to adverse geopol

it

ical cond

it

ions and

inflat

ion forecasts. The

conflicts in the Middle East and Russia have not had a material impact on commodity prices and the wider global economy.

However, oil price volatil

ity could re-emerge should the US strengthen sanct

ions enforcement. While credit spreads remain

below those observed at the outbreak of the Russia–Ukraine conflict, volatil

ity and abrupt changes

in sentiment remain a risk.

Economic challenges in China

China’s growth rate looks unlikely to return to pre-pandemic levels. Although prelim

inary figures reported 2024 growth at 5

per cent, the IMF’s forecast is for a drop to 4.5 per cent in 2025. As a result of the subdued growth rate, China announced a

co-ordinated package of stimulus measures in the second half of 2024 to boost the economy with a focus on the stressed real

estate and local government sectors.

Competit

ion w

ith the US and the EU is intense, particularly around modern technologies. Areas such as electric vehicles and

AI are key battlegrounds. China’s industr

ial overcapac

ity leads to increased search for export markets; electric vehicles and

steel are prime examples. This is stoking trade-related frict

ions and provok

ing economic counter measures such as tariffs

announced by the US and the EU, with the new Trump admin

istrat

ion’s plans to impose further trade barriers on China also

looming.

To combat this China has sought agreements with other nations, such as the Associat

ion of Southeast As

ia Nations

(ASEAN)–China Free Trade Agreement. As well as strengthening economic ties, they allow Chinese companies to establish

manufacturing overseas, potentially circumvent

ing the worst of the restr

ict

ions.

China is also urging partners to increase the use of renminb

i (RMB)

in trade. In the first half of 2024, RMB’s share of global

payments was 4.7 per cent, over double that of a year earlier, making it the fourth most used currency for global payments

by value.

Given China’s importance to global trade, a prolonged slowdown would have wider impl

icat

ions across the supply chain,

especially for its trading partners, as well as for countries which rely on it for investment, such as those in Africa. However,

opportunit

ies ar

ise from the divers

ification of

intra-Asia trade and other global trade routes, and growth acceleration in

South Asia, especially India.

Sovereign risk

While a number of markets remain in debt distress, emerging markets have proven resil

ient

in 2024. Despite continued higher

rates, the last notable request for debt relief was made in early 2023. Progress has also been observed with Zambia and

Sri Lanka’s debt exchanges.

However bond issuance remains high, with global government debt set to exceed $100 trill

ion

in 2024, and potentially reach

100 per cent of global GDP by 2030. Markets are likely to find it diff

icult to reduce debt levels due to the preva

il

ing pol

it

ical

backdrop, weak GDP growth, demographic pressures and pressure to increase national security and defence.

While markets have remained opened for all categories of sovereign issuers, refinanc

ing costs have been r

is

ing, and

interest

payments are an increas

ing burden on both emerg

ing and developed markets. Emerging markets in particular will continue

to be affected by US dollar strengthening, which has intens

ified s

ince the US election. This would impact through multiple

avenues, namely higher import prices, lower flexib

il

ity in monetary policy and making refinanc

ing ex

ist

ing debt or access

ing

hard currency liqu

id

ity more challenging.

Some countries also face a heightened risk of fail

ing to manage soc

ietal demands and increas

ing pol

it

ical vulnerab

il

ity, as

evidenced by France’s recent downgrade. Food and security challenges exacerbated by armed conflict and climate change

also have the potential to drive social unrest.

Debt moratoria and refinanc

ing

in

it

iat

ives for some emerg

ing markets are complicated by a larger number of financ

iers, w

ith

much financing done on a b

ilateral basis outside of the Paris Club. Whilst the Global Sovereign Debt Roundtable has made

some progress on coordinat

ing approaches between the Par

is Club and other lenders, their interests do not always match.

This can lead to delays in negotiat

ions on debt resolut

ions for developing nations.

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

22

Supply chain issues and key material shortages

While the in

it

ial disrupt

ion caused by the Russ

ia–Ukraine and Middle East conflicts have somewhat abated, they highl

ighted

the continued vulnerabil

ity of global supply l

ines.

There is growing polit

ical awareness around the need for key component and resource secur

ity at national level. Countries

are enacting rules to “de-risk” by reducing reliance on rivals or concentrated suppliers (for example, semi-conductors) and

look to either re-industr

ial

ise or make use of near-shoring and friend-shoring production.

Countries’ increased will

ingness to

impose trade barriers to influence trading behaviour may disrupt exporters, strain relations

with trade partners and add to inflat

ionary pressures. A recent example

is the EU probe into unfair commercial practices in

the provis

ion of renewable energy equ

ipment, particularly subsid

ies related to offshore w

ind and solar energy.

The growing need for minerals and rare earth elements to power green energy technologies can be leveraged to achieve

economic or polit

ical a

ims by restrict

ing access. Th

is can bolster the negotiat

ing

influence of the main refiners and producers,

such as China, Indonesia and some African nations, while prompting some nations to slow down their green transit

ion plans.

Actions have already been taken in Western nations to de-risk through in

it

iat

ives such as the M

inerals Security Partnership.

How these risks are mit

igated

•

We remain vig

ilant

in monitor

ing r

isk and assessing impacts from geopolit

ical and macroeconom

ic risks to

portfolio concentrations.

•

We explored the impl

icat

ions of a second Trump admin

istrat

ion, evaluating policy direct

ion under d

ifferent scenarios,

the potential outcomes and challenges associated with each.

•

We mainta

in a d

ivers

ified portfol

io across products and geographies, with specif

ic r

isk appetite metrics to

monitor concentrations.

•

We are performing targeted portfolio analyses to ident

ify cl

ients that may be impacted by a new wave of tariffs.

•

Mit

igat

ions in our Wealth & Retail Banking segment include build

ing a res

il

ient revenue base and ma

inta

in

ing close

relations with clients for the awareness of early alerts.

•

Increased scrutiny is applied when onboarding clients in sensit

ive

industr

ies and

in ensuring compliance with sanctions.

•

We util

ise Cred

it Risk mit

igat

ion measures includ

ing collateral and cred

it insurance.

•

We conduct portfolio reviews as well as macroeconomic, thematic and event-driven stress tests at Group, country,

and business level, with regular reviews of vulnerable sectors, and undertake mit

igat

ing actions.

•

We have a dedicated country risk team that closely monitors sovereign risk.

•

We run a series of daily market risk stress scenarios to assess the impact of unlikely but plausible market shocks.

•

We run a suite of management scenarios with differ

ing sever

it

ies to assess the

ir impact on key risk appetite metrics.

•

We regularly review our third-party arrangements to improve operational resil

ience.

ESG considerat

ions

ESG risk

Higher frequencies of extreme weather events are observed each year and the cost of managing the climate impacts is

increas

ing, w

ith the burden disproport

ionately borne by develop

ing markets, where we have a large footprint. Alongside

climate, other environmental risks pose incremental challenges to food, health systems and energy security; for example,

biod

ivers

ity loss, pollution, and depletion of water.

Modern slavery and human rights concerns are increas

ingly

in focus with the scope expanding beyond direct operations

to extended supply chains and vendors.

ESG regulation continues to develop across the world, often with differ

ing taxonom

ies and disclosure requirements.

This increased regulation is also generating stakeholder scrutiny on greenwashing risk, with ESG lit

igat

ion being brought

against corporations and governments in multiple markets.

However, a succession of polit

ical, soc

ial and economic disrupt

ions

in recent years have diverted attention and resources

away from longer-term action on climate and sustainable development as competing spending demands are made of

stretched budgets. This will be further exacerbated by the new Trump admin

istrat

ion, which has rolled back green energy

polic

ies, and w

ithdrawn the US from the Paris Agreement.

For companies and governments, the trade-off between pragmatism and environmentalism has crystallised with several

delaying or rolling back targets. For example, there has been a sign

ificant reduct

ion in the number of ESG-focused funds

launched in 2024, and there has been a lack of progress at the recent COP meeting. Several US and Canadian banks have

withdrawn from the Glasgow Financ

ial All

iance on Net Zero. A slower transit

ion to low carbon bus

iness models may impact

progress towards the Group’s net zero targets and product roadmap.

Strategic report continued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

23

Strategic report continued

How these risks are mit

igated

•

Climate Risk considerat

ions are embedded across all relevant Pr

inc

ipal R

isk Types. This includes client-level

Climate Risk assessments, includ

ing sett

ing adequate mit

igants or controls as part of dec

is

ion mak

ing and portfolio

management activ

it

ies.

•

We embed our values through our Posit

ion Statements for sens

it

ive sectors and a l

ist of prohib

ited act

iv

it

ies. We also

mainta

in ESG and Reputat

ional Risk standards to ident

ify, assess and manage these r

isks when provid

ing financial

services to clients.

•

The management of greenwashing risks has been integrated into our ESG and Reputational Risk Framework, Reputational

Risk policy, Sustainable Finance product greenwashing standard, and Corporate Affairs, Brand and Marketing standards

for communicat

ions and segment campa

igns.

•

Detailed portfolio reviews and stress tests are conducted to test resil

ience to cl

imate-related physical and transit

ion r

isks

and enhance modelling capabil

it

ies to understand the financ

ial r

isks and opportunit

ies from cl

imate change.

•

We assess our relevant corporate clients and suppliers against various internat

ional human r

ights princ

iples, as well as

through our social safeguards.

+ Modern Slavery Statement:

sc.com/modernslavery

+ Human Rights Posit

ion Statement:

sc.com/humanrights

New business structures, channels and competit

ion

Competit

ion ar

is

ing from technolog

ical developments and non-bank lending

Tradit

ional bank

ing faces challenges in its external competit

ive env

ironment from a range of fintechs and private credit

players, which dis

intermed

iate and cause disrupt

ion to trad

it

ional lenders as well as publ

ic markets. There are also ‘dig

ital

enterprise’ business models, which integrate financ

ial serv

ices with emerging technologies like AI, big data analytics and

cloud computing fostering financ

ial d

is

intermed

iat

ion.

The rapid adoption of AI in particular raises a broad spectrum of challenges and opportunit

ies. There has been a large

increase of AI use in frauds and scams, and there are potential societal and economic impacts of the technology being used

to replace jobs across most sectors. However, with AI tools and models being embedded into everyday life it is likely to

become a foundational technology. Leveraging the benefits of augmented AI while managing these risks will be a core

part of the Group’s business model.

While there are challenges, banks themselves also have an opportunity to defend or leverage their competit

ive advantage

by harnessing new technologies, partnerships or new asset classes.

In the longer term, increased adoption of stable coins and dig

ital currenc

ies could sim

ilarly create alternat

ive deposit

channels and bank dis

intermed

iat

ion.

The rapid adoption of new technologies, partnership models or dig

ital assets by banks br

ings a range of inherent risks,

requir

ing clear operat

ing models and risk frameworks. It is essential to upskill our people to develop in-house expertise

and capabil

it

ies to manage associated risks, includ

ing model r

isks or managing external third parties which deliver these

technologies. We must ensure that the people, process and technology agendas are viewed holist

ically to ensure the most

effective and effic

ient

implementat

ion of new

infrastructure

Cyber security and data challenges

The Group’s dig

ital footpr

int is expanding. This increases inherent cyber risk as more services and products are dig

it

ised,

outsourced and made more accessible. Highly interconnected and extended enterprises drive effic

ienc

ies but can expand

the opportunit

ies ava

ilable for malic

ious actors to ga

in entry or access to corporate assets. This includes infrastructure such

as cloud and third-party enabled services.

The risk of cyber inc

idents

is amplif

ied by h

ighly organised and resourced threat actors includ

ing organ

ised crime and nation

states, with malic

ious act

iv

ity made eas

ier through the commodit

isat

ion or “as a service” access to malic

ious tools and

technologies. Emerging technology such as AI is enabling novel or augmented attack types, and cross-border tensions further

drive the arms race to develop more capable and innovat

ive cyber capab

il

it

ies, both offensive and defensive.

Geopolit

ical dynam

ics are leading to progressively fragmented and divergent regulatory frameworks through which

the Group must navigate. There are growing data sovereignty requirements to localise data, systems and operations,

with data increas

ingly recogn

ised as being at the centre of global trade.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

24

How these risks are mit

igated

•

We monitor emerging technology trends, business models and opportunit

ies relevant to the bank

ing sector.

•

We invest in our capabil

it

ies to prepare for and protect against disrupt

ion and new r

isks.

•

We have established enhanced governance for novel areas, such as the Dig

ital Asset R

isk Committee and the Responsible

AI Council.

•

We manage data risks through our Compliance Risk Type Framework and informat

ion secur

ity risks through our

Information and Cyber Security (ICS) Risk Type Framework. We mainta

in a ded

icated Group Data Conduct Policy with

globally applicable standards. These standards undergo regular review to ensure alignment with changing regulations

and industry best practice.

•

We augment our data risk management capabil

it

ies and controls, includ

ing through programmes to enhance data qual

ity

and compliance with Basel Committee of Banking Supervis

ion 239 requ

irements and to address evolving legal and

regulatory requirements relating to privacy and personal data protection, cross-border data transfers and the use of AI,

with progress tracked at executive level risk governance committees.

•

Risks embedded in key software programmes are continuously reassessed together with enhancements made in testing

stages of new systems before they go live.

•

The Group has implemented a ‘defence-in-depth’ ICS control environment strategy to protect, detect and respond to

known and emerging ICS threats.

•

New risks aris

ing from partnersh

ips, alliances, dig

ital assets and generat

ive technologies are ident

ified through the

New Init

iat

ives Risk Assessment and Third-Party Risk Management Policy and Standards.

•

Work is already under way to gauge the potential benefits and threats of nascent technologies such as quantum computing.

Regulatory considerat

ions

Regulatory evolution and fragmentation

The regulatory framework for banks is expanding, becoming more complex and remains subject to continual evolution.

Another outcome of the new Trump admin

istrat

ion may be a relaxation of US regulation, and potentially a challenge to its

adoption of Basel 3.1 rules. The UK has postponed its implementat

ion of Basel 3.1 tw

ice, with the current deadline being 2027.

Aside from changes in prudential, financ

ial markets, cl

imate and data regulations, we antic

ipate a r

ise in consultations and

regulations relating to the use of AI, and particularly around its ethical applicat

ion

in decis

ion-mak

ing.

Jurisd

ict

ional risk arises from internat

ionally d

iverg

ing regulat

ions, with differ

ing pace and scale of regulatory adopt

ion,

conflict

ing rules, extraterr

itor

ial and local

isat

ion requ

irements around data, staff, capital and revenues. Data sovereignty

and ESG regulation are prime examples of jur

isd

ict

ional r

isk.

This makes it challenging for multinat

ional groups to manage cross-border act

iv

it

ies, as well as adding complexity and cost.

Such fragmented regulatory changes can also create frict

ions

in the market as a whole.

How these risks are mit

igated

•

We actively monitor regulatory developments, includ

ing those related to susta

inable finance, ESG, dig

ital assets and

AI and respond to consultations either bilaterally or through well-established industry bodies.

•

We track evolving country-specif

ic requ

irements, and actively collaborate with regulators to support important in

it

iat

ives.

•

We help shape regulation particularly in new areas like AI and Central Bank Dig

ital Currenc

ies through thought leadership,

and actively engaging with policymakers and central banks.

Strategic report continued

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

25

Strategic report continued

Demographic considerat

ions

Skills of the future

Evolving client expectations and the rapid development of technologies such as AI are transforming the workplace,

and further accelerating changes to how people deliver outcomes, connect and collaborate. The skills needed to grow

businesses and sustain careers are being disrupted as a result, with a balance of both technical and human skills becoming

increas

ingly cr

it

ical.

Workforce expectations also continue to evolve. ‘What’ work people do and ‘how’ they get to deliver it have become

different

iators

in attracting future-focused talent. There is greater desire to do work aligned to ind

iv

idual purpose and to

have increas

ing expectat

ions from employers to invest in skills and careers. These trends are even more dist

inct among

Millenn

ials and Gen Z who make up an ever-

increas

ing proport

ion of the global talent pool, and as dig

ital nat

ives possess the

attributes needed to pursue our strategy.

To sustainably attract, grow and retain the relevant skills and talent, we must continue to invest in build

ing future-focused

skills as well as further strengthen our Employee Value Proposit

ion (EVP) and brand prom

ise.

Demographic and migrat

ion trends

Divergent demographic trends across developed and emerging markets create contrasting challenges. Developed markets’

state budgets will be increas

ingly stra

ined by ageing and shrink

ing populat

ions, whilst polit

ical stances reduce the ab

il

ity

to fill skills gaps through imm

igrat

ion. Conversely, emerging markets are experienc

ing fast-grow

ing, younger workforces.

While it is an opportunity to develop talent, population growth will put pressure on key resources such as food and water,

as well as government budgets for education and health to capital

ise on the ‘demograph

ic div

idend’.

Population displacement is ris

ing am

id increased conflict and natural disasters, a lack of key resources, climate change, and

disturbances in public order. This may increase the fragil

ity of soc

ietal structures in vulnerable centres. The topics of both

forced and economic migrat

ion are

increas

ingly

influent

ial

in polit

ical d

iscourse, and have been a major focus of the Trump

admin

istrat

ion’s first weeks in office. Large scale movement, both internally displaced persons and cross border migrat

ion,

could cause social unrest, as well as propagate disease transmiss

ion and accelerate the spread of future pandem

ics. The

threat of terrorist activ

ity has also

increased in the latter half of 2024.

Addit

ionally net populat

ion growth for the 21st century will be in less-developed countries. Antic

ipat

ing and proactively planning

for these demographic shifts will be essential in mainta

in

ing an effic

ient global bus

iness model in the coming decades.

How these risks are mit

igated

•

We are helping colleagues to upskill and reskill, both through classroom sessions and our online learning platform.

We have an internal Talent Marketplace which enables colleagues to sign up for projects to access diverse experiences

and career opportunit

ies.

•

We place emphasis on skills and aspirat

ion to

ident

ify the talents to accelerate, as well as deploy

it in areas with the

highest impact for our clients and the business. We are pilot

ing a d

ifferent

iated learn

ing proposit

ion for these talents w

ith

the highest potential.

•

We emphasise frequent two-way feedback through performance and development conversations to embed a culture of

continuous learning and development.

•

Our culture and EVP work is addressing the emerging expectations of our diverse talent base, particularly around being

purpose-led.

•

We provide support and resources to all colleagues to help balance productiv

ity, collaborat

ion and wellbeing, with more

than 60 per cent of our workforce having signed up to work flexibly.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8yOCI+PHBhdGggZD0iTTU4LjksMTI0OS4zdi00MUgxNjQuNHY0MVoiLz48L2NsaXBQYXRoPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPjwhW0NEQVRBWwouZzBfMjh7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKfQpdXT48L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik02NSwxMTk5LjhIODQ0LjUiIGNsYXNzPSJnMF8yOCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzI4KSIgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTkiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQWxqZ0FDVjdJdnRRQUlJZ0FBTTI5SlNVc0FJMHNEY3VvN096dzMwd0FBQnc5QlFrTUJJMGdQbGdBNU9qd0JWckk3UEQwQkhUeFFVVk1DUzVrRWNPUW1KeWdiWVFBTkRRMERjK3AzZDNjYUpTVTMwZ0E1T1RvNHpnQXJMQzBpSWlKSlNrd0FOR3dyTkRSS1ZGVk9VRklBSHA4Q2F0Z0RDZ0FBYk45TFRWQVlYZ0JYVjFJVkZob3h2UUF3TURGV1dGcEtVMDRURXhSUlVsSURkdkFBUnBFeXdBQVJRQUE1MkFCS1NrczlQajlVVkZabVoyZFhXRWNBRlNwUFVGRWxKaWtDYXR0cGFRTlNWRlZTVkZVOFBGMEdHQUFBUVl4V1dGazlEeEFCWmRKUlVsTlJVbFJNVFVORFEwUXJMQ3dkY0FBNTFRQVJFUkZTVkZVa0pDVUNZOHRVVkZZYkd4eFZWbGhWVmxnQlRKbzFPajVSVWxRZUhob0VkdkJjWFY4eU1nQWloQUFxSmhvenZ3QlVWVlpTVkZZRWVQSlpXbHhBUVVNQVJNTllXRnBBUWtaaFlXTTFOemdiYUFBRGRmQlJVVk5VVmxoQ1EwVTEwZ0FoSVNGU1VsVTczUUFVRkJRSUNBQXZNVElCUFg0WUdSa0NjdWtFYyt3OVNrdFJVRkVoSXlRenhRQURkTzBZR0JsSVNFcFVWRllFYyt0VVZGUlVVbFErUGtCUlVsVlVWVmd0TFMwQURoMEJiK3BEUlVaWVdWc1NTd0FhR2h4TFRFNERkZkJSVWxVZGJRQk5UazhnZ3dBbEpTVTUyUUFBQWdZQ2MrMUVSa2hEUTB3RGMrMVJVVlVBR3pZM056aFJWMWdDWU1jb0tTcFdWbFpEUlVaQ1JFUTFOVFZOVUZGV1VsaEZSa2dFZE8wNDBnQkx5UUJUVkZWWVdWdFFVbEphWEY0aUl5UlRXVnNCUEh0QVFFRW9LQzAzMGdCRVJVVTQxUUFBUW5rNDBnQW5tZ0E3T3o4QVVhTkQzUUFCTFZ3aWdnQTMyQUJPVGxGRlJrb29LQ2dDY2VvNDFRQURkTzRWVUFBRWRPMFJFUlFGQlFZbUhoNDVRRUFYRndCS1NrdzFOalpGUmtoSVNrc0FVS0VKQ1FrZkh5RXVSMGNBWWNVT0R4QkdSa2NZR1JsVFZFNCtRRUFkSFI0QUxGb0VlUFEzMVFCSFNFZ3JwQUJTVWxRQlFZRk1UVkJTVWxRZGNRQUVkZkU5UFQ4L1AwRTF5UUF3TURFQlVxa2pKQ1E0MVFBQ2MrYzF6QUFDZU9NbFd3QkRTVWs0MFFBQUVTTUJTcFlFZVBRMjBnQUFHRVVCTVdVTk5BRG1JODlhQUFBQkFIUlNUbE1BYjJabUJ3ek1DczROM2dLaUtSNkxOVXNvNldhOVJnb0YvaEFHK0QyMll5MlVLd3RjclJ4MUFTeHNKOGtHTXlmdk1DV0w2U1dMRFBVU1pldHFzdzdLRElnRmtjMUtCaG5YSlZmUnphUTVXVWI3Q3JBMGNOSTc3dEZERGZBTDl2b0JWd3RLcmU3MzczMFJqVVZMT0RxNXJwV0VpQTJNOWdnQVVVVkd0ZjlGY3hkdTB3K3dsS3BMdlZXeXJ3WUdXRmZ2R1EyODAyOGxqUXNNM0FDVVZUS3ZDd3B1eG9neExHWWFEMUZtaXYzUktHM1VWTzBudFQ5T0U3ZEt6Z3orTkNJUGdqSXB0NVE2QzI2d3J3dlVCQUlNRUFDclRLaURJUVlVQ0IwTWNpbGFXQXdUMHB1ZVNWUXNyVG91MUN1S2tCTmFLSTJFTldFVUlLOEhOZmR4QkNVU3RZQnlMd0FBQnpOSlJFRlVlTnExbDM5WVU5Y1p4OTlhV2tYWkxHYlRzTllwNjJncExpWktiQ20zbGJyYzJWT2wwQUJHVWlQWjZuMkVtU2tFaWM3V0xHazFjTDFDSjFKMGdQZ29NYUxRV0I2QkRrdXAzU1kvcG5Kci9iSFlJdFJxcGloT1ZtMW5MYTdiT2ZjbTNLdkYrZytjUDNMdk9mZmMrM20rNS91Kzd6a0JrTnE0MlY4ZHpiaitmQVdNZUh2NXNOY2U0VDM4L0VoekhwaVQ0WTNBemRzeHNweWRmODNHZ2dSUzlraHlLaDZibzdXTG9BanYycEVrUFhFdUlHaUVWKy9pOVl4QmtEMGovOE1SQS8wald5Wkl1MkRudUx0TjlJWHkzL3VoUldmdjhtQnZwM0I1ZjR3a2FPbVBud0NZTzMzbDE3ZUtoM2loTk5iM2ZhRGxCdlhRRDJxWWRVSzZqaG9JZ3J4OUhhTWhldHFUNVhwOVhQTzAyeWEzbCtFZnp1WHpLZkdWZjI1UVczdTdlT1dmYTRjcU15R3AycFhCaHcrckFEcmJDNkhWTFpCbTUzc0Rncno1UDdzSnNLUTVyZ1UzL1U4blNaekNQN0swUDBuSnVXNzRJL2VxMms3UzY5c3FUeFkrNnY5REplYysxVVRrK0duT0VxTlJnOCtTUXgvZmJua2JHaUtUTEkwbjRMM2VST1pLa0pRZGtIUjAxUHNBUjY3cDlTMUNpOXNpa2RaaytyTllhd3JuY3RSVFQ5ZWsweSt5S05IVWY4eGtRTDBsbWN4bXZrZGpQQjZGV0xOYVdVdlJZU1ZVZ2dFODlWRkdZM2lXeHUxbmFaWVZTV05FVGZic1diajNuNy9FQlVoakpaS3lWYkVJeWhwOG5PdWp0TFIrZzg3NWNkNGFoV252TVJQeXFGYkhvSVg5QnBlemMvRUpnMGw5SlgyOEUxWlBwR2p3VUlZVHpnTHFsSlAvS041Y0lwSU9Cek5XT3crN0ZQMWxzNERTSDVCV1QvVk1adFFNMFNlQUM2Z2IzM2EybXRUSFRGdXhKVThyWGl1Z1pwSnA0ODNxWE9vTGNxZkRwRTMvQXJBWkJFTVR4TlVyMnJVMEdCQUQyMzZBalNxK1dxNXYwVGYvVFJZUGVWazB4U3puQlpMRFNEN3J5eUthbnNIUnUwUHhXcTFiSUZWcDFHSElTZTRjWlBYaUFheU53dXNCbitDaWRqREl2ZWNXekFaNGFzVzE4N2UyM0I2bzNYOTJzek5UQ2FrSGtjK3FyTVFua1dTcFFTOFFtWkVhZFphb3lVVklueEZOb2JoM05rSDBDV0RlMHNIRXhYdkdwOS9kbnBRM2ZCWDhKVFNUWVh3OHY0T3k4VHgvaVpJMEZmeUUwdUdoYm1SU0oybHNTcDZmUVJsRjBxODBaL0NETmVZZ0NmNzlscFM3M3I1Um45OUpTbkV4cFRGdWExY1BaYlZ4TytLcFJwdkxZQ0ErQlVoOFBNWGFkRFNOODhsQk1UWXJtajlmSktWRXBqT3hWanJSSFNTTm03VXRZeEFWa2JIMjRoMGtYdTFJVFMyOXdTK3VaWmhTbFM5Sngxa3Q0YnBGbitnbVk4TkRIYnNyZkVrMnpob2V2cXdmVnAvUWNhNjJnbEpvV3BhRTMrd3FjSEUyei82NnpjSjNRdWJpWFdQZVVWbnR5K2k0T1hSWjRidnVVdGZ5ZlBjcXJyNHVDRG4vOVlvUWdHKzNhYjBTNnZDN1JVTk5UODRadW9ZMk1KWjdnUGdlRnFiSDZjdGZKOUgrYXAva2xsMzcrSkFremNHaFNTajNYcVE2QlZ6RGlhci8rd2ZSVVBIaHJzRjlGMGZHNDNKVktUVXUxcm8vSmRsMHFZNWxMcVRnZ1EwTVo5dmRVd3RxNjVYUG1FdklwbXRNNG1lV2Nsd2R6b0hhMm9iWXVyS3BOcGJwd2N2TlQxN0dXZHVtSU5nblZJU3g5K0dTVVBTUXRGUFp0ZTlLb00ydENNZVFZWHV5eWMzRk1wUkRWZWhDVmh4amlJTTE1aHphV29Cc0c2bHFqNUcyeFJwWkozQUdOMXY3TzlUb3NGSlI2MkNEQXNjcVNsVEFJMktaVzdVUGJ4TVY0em9HZ201NXIwdGhrV3l1NG9IZnN5ZlpuSE8yNHVFb3Fxa3k4K2M0VVdvMHFaaVUyTTEvZ1hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8L3N2Zz4=)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

26

Strategic report continued

Stakeholders and responsib

il

it

ies

As a global bank operating in 51 markets, stakeholder engagement is crucial in ensuring we understand local, regional and

global perspectives and trends which inform how we do business.

This section forms our

Section 172

disclosure, describ

ing how the d

irectors considered the matters set out in section 172(1)(a)

to (f) of the Companies Act 2006. It also forms the directors’ statement required under section 414CZA of the Act.

See the following pages for:

•

How we engage stakeholders to understand their interests. See pages 26 to 27.

•

we engage employees and respond to their interests. See pages 30 to 32.

•

we respond to stakeholder interests through sustainable and responsible business. See pages 33 to 34.

Detailed informat

ion about how the Court engages d

irectly with stakeholders and shareholders can be found in the

Director’s report on pages 36 to 42.

An example of the Court’s Princ

ipal dec

is

ion

is included in this section. This section also forms our key non-financ

ial d

isclosures

in relation to sections 414CA and 414CB of the Companies Act. Our non-financ

ial

informat

ion statement can be found at the

end of this section.

Princ

ipal Court dec

is

ions – market entr

ies and exits

In 2024, the Court approved a decis

ion to explore opt

ions to divest three African Wealth and Retail Banking (WRB) businesses

in Botswana, Uganda and Zambia, to refocus capital to the Group’s cross-border and affluent businesses in line with the

Group’s strategic object

ives. In tak

ing this decis

ion, the Court cons

idered the long-term advantages for the Group and the

businesses themselves, but also the shorter-term effects on the Group’s clients, employees and regulators before approving

the decis

ion. Once firm proposals for the d

ivestments are made, the Court will scrutin

ise the w

ider stakeholder impacts

carefully.

The Court offered its support for the decis

ion to accelerate the Group’s strateg

ic focus on offering cross-border corporate and

investment banking capabil

it

ies and wealth management for affluent clients. In CIB, we will concentrate on serving the

complex needs of our largest global clients, leveraging our unique cross-border capabil

it

ies. In WRB, we will double our

investment plans in our fast-growing and high-returning wealth management business for affluent clients. This incremental

investment will be funded by reshaping our Mass Retail business to focus on build

ing a strong p

ipel

ine of future affluent and

internat

ional bank

ing clients. In taking this decis

ion, the Court cons

idered our investors’ interest in high quality growth and

improvement in our Return on Tangible Equity over the medium-term, as well as the interests of clients and employees in the

relevant areas of the business.

Engaging stakeholders

Listen

ing and respond

ing to stakeholder prior

it

ies and concerns is crit

ical to ach

iev

ing our Purpose and del

iver

ing on our

brand promise, here for good. We strive to mainta

in open and construct

ive relationsh

ips w

ith a wide range of stakeholders

includ

ing regulators, lawmakers, cl

ients, investors, civ

il soc

iety, and community groups.

Stakeholder feedback, where appropriate, is communicated internally to senior management through the relevant forums

and governing committees such as the Sustainab

il

ity Forum, and to the PLC Group’s Culture and Sustainab

il

ity Committee

(CSC) which oversees the PLC Group’s approach to its main relationsh

ips w

ith stakeholders.

We communicate progress regularly to external stakeholders through channels such as sc.com, established social media

platforms and this report. More detailed informat

ion on mater

ial sustainab

il

ity topics can be found in our Sustainab

il

ity

section of pages 11 to 12.

Clients

How we create value

We want to deliver easy, everyday banking solutions to our clients in a simple and cost-effective way with a great customer

experience. We enable ind

iv

iduals to grow, protect and pass on their wealth; we help businesses trade, transact, invest and

expand; and we help a variety of financ

ial

inst

itut

ions, includ

ing banks, publ

ic sector and development organisat

ions, w

ith

their banking needs.

How we serve and engage

Our push for a best-in-class client experience is underpinned by innovat

ive products and d

ig

ital stra

ight-through services.

This includes build

ing capab

il

ity to protect our cl

ients against evolving risks in the ecosystem, like fraud and cyber security,

and comes with education and increased client communicat

ion.

To act in the best interests of our clients, we use the ins

ights gathered from our data alongs

ide robust polic

ies, procedures

and the Group’s risk appetite to design and offer products and services that meet client needs, regulatory requirements and

Group performance targets.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

27

Strategic report continued

Fees and charges are disclosed to clients in line with regulatory requirements and industry best practice and, where available,

benchmarked against competitors. For Personal and Business Banking products, agreed interest rates, fees and other

charges as billed to clients are monitored and assessed locally, with global oversight.

Triggers for outlier fees and charges are defined and subject to annual review. Complaints are reviewed on an ongoing basis

and are one of the factors that are taken into account prior to amendments to annual interest, fees and charges.

We also assess our product portfolio for new risks to ensure they remain appropriate for client needs and aligned to

emerging regulation. These quantitat

ive and qual

itat

ive assessments,

includ

ing Per

iod

ic Product Rev

iews, are intended

to provide a complete view of whether to continue, enhance, grow or retire products.

Train

ing

is provided to frontline staff across our branches, contact centres and dig

ital channels to

ident

ify and support

vulnerable clients, and we have also implemented an educational train

ing programme for those cl

ients who require

assistance in navigat

ing onl

ine and mobile channels.

Throughout 2024, we mainta

ined our sharp focus on

improv

ing the cl

ient experience across the Bank. We engaged with

clients to show them the opportunit

ies trade corr

idors could bring and how using our network could help them flourish.

Our presence in high-growth markets – and ongoing roll out of dig

ital platforms – helps connect our cl

ients to the global

engines of trade and innovat

ion. As part of our PLC Group’s a

im to reach net zero carbon emiss

ions by 2050, our PLC Group’s

transit

ion finance team have been work

ing closely with our clients in hard-to abate sectors on their own transit

ions. Th

is is in

addit

ion to our PLC Group’s amb

it

ion to mob

il

ise $300 b

ill

ion of Susta

inable Finance between 2021 and 2030.

Across the bank, we have processes and controls to mit

igate greenwash

ing risks, and to support transparency we publish

the details of what constitutes our sustainable products and investments universe externally.

Wealth and Retail Banking

In 2024, we continued to expand our suite of solutions to help clients manage, protect and grow their wealth, includ

ing core

fund offerings for mass affluent clients to alternatives and structured solutions for high-net-worth clients.

We strengthened our proposit

ions and capab

il

it

ies, adding high end lifestyle and cross-border priv

ileges, fam

ily advisory

and trust services, with our product offering helping drive growth.

In addit

ion, our PLC Group evolved our managed

investments business to focus on helping clients build foundational and

opportunist

ic portfol

ios for which we bring innovat

ive solut

ions, such as our PLC Group’s Signature CIO Funds, a series of

foundational portfolios built on our PLC Group’s CIO ins

ights.

In 2024, we also tried to help clients by partnering to create new services. To help the next generation of high-net-worth

clients, our PLC Group launched our first Young Entrepreneur Programme (YEP). The YEP is curated in collaboration with

INSEAD and SC Ventures – our PLC Group’s innovat

ion, fintech

investment and ventures arm. Our PLC Group also partnered

with Wise Platform, Wise’s global payments infrastructure for banks, to power faster and cheaper internat

ional payments for

the bank’s cross-border payment service, SC Remit. The partnership allows SC Remit customers in Asia and in the Middle East

to send money in 21 currencies includ

ing USD, CAD, EUR, GBP, SGD, HKD, JPY

in seconds.

Corporate and Investment Banking

In 2024, we sharpened our focus on serving the cross-border needs of our largest and most sophist

icated corporate and

financial

inst

itut

ion clients who require risk management, financ

ing and sector adv

isory expertise across Asia, Africa and

the Middle East.

Our network and experience, combined with our presence in valuable cross-border hubs, means that we can help clients

from around the world access these regions. We continue to connect capital flows into Africa, the Middle East and Asia and

play a leading role in promoting sustainable finance. In 2024, in Africa we were involved in EUR533 mill

ion of financing, backed

by the African Development Bank, for the government of Côte d’Ivoire and EUR1.29 bill

ion of financing for the Angolan

Min

istry of F

inance to construct photovoltaic electric

ity d

istr

ibut

ion infrastructure.

Our clients are at the heart of what we do, everything we have done structurally in 2024 is about leveraging our platform so

that we can do more business with them.

We are scaling up where we can offer our clients a different

iated serv

ice, such as Securit

ies Serv

ices - capital

is

ing on local

custodian capabil

it

ies across Africa and the Middle East and the growing demand from financ

ial

inst

itut

ions – as well

Sustainab

il

ity Finance, Islamic Banking and RMB International

isat

ion, all of which are being embedded into our global

business teams.

Their interests

•

Different

iated product and serv

ice offering

•

Dig

itally enabled and pos

it

ive exper

ience

• Sustainable finance

• Access to internat

ional markets

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8zMCI+PHBhdGggZD0iTTU4LjksMTI0OS4zdi00MUgxNjQuNHY0MVoiLz48L2NsaXBQYXRoPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPjwhW0NEQVRBWwouZzBfMzB7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKfQpdXT48L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik02NSwxMTk5LjhIODQ0LjUiIGNsYXNzPSJnMF8zMCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzMwKSIgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTkiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQWxqZ0FDVjdJdnRRQUlJZ0FBTTI5SlNVc0FJMHNEY3VvN096dzMwd0FBQnc5QlFrTUJJMGdQbGdBNU9qd0JWckk3UEQwQkhUeFFVVk1DUzVrRWNPUW1KeWdiWVFBTkRRMERjK3AzZDNjYUpTVTMwZ0E1T1RvNHpnQXJMQzBpSWlKSlNrd0FOR3dyTkRSS1ZGVk9VRklBSHA4Q2F0Z0RDZ0FBYk45TFRWQVlYZ0JYVjFJVkZob3h2UUF3TURGV1dGcEtVMDRURXhSUlVsSURkdkFBUnBFeXdBQVJRQUE1MkFCS1NrczlQajlVVkZabVoyZFhXRWNBRlNwUFVGRWxKaWtDYXR0cGFRTlNWRlZTVkZVOFBGMEdHQUFBUVl4V1dGazlEeEFCWmRKUlVsTlJVbFJNVFVORFEwUXJMQ3dkY0FBNTFRQVJFUkZTVkZVa0pDVUNZOHRVVkZZYkd4eFZWbGhWVmxnQlRKbzFPajVSVWxRZUhob0VkdkJjWFY4eU1nQWloQUFxSmhvenZ3QlVWVlpTVkZZRWVQSlpXbHhBUVVNQVJNTllXRnBBUWtaaFlXTTFOemdiYUFBRGRmQlJVVk5VVmxoQ1EwVTEwZ0FoSVNGU1VsVTczUUFVRkJRSUNBQXZNVElCUFg0WUdSa0NjdWtFYyt3OVNrdFJVRkVoSXlRenhRQURkTzBZR0JsSVNFcFVWRllFYyt0VVZGUlVVbFErUGtCUlVsVlVWVmd0TFMwQURoMEJiK3BEUlVaWVdWc1NTd0FhR2h4TFRFNERkZkJSVWxVZGJRQk5UazhnZ3dBbEpTVTUyUUFBQWdZQ2MrMUVSa2hEUTB3RGMrMVJVVlVBR3pZM056aFJWMWdDWU1jb0tTcFdWbFpEUlVaQ1JFUTFOVFZOVUZGV1VsaEZSa2dFZE8wNDBnQkx5UUJUVkZWWVdWdFFVbEphWEY0aUl5UlRXVnNCUEh0QVFFRW9LQzAzMGdCRVJVVTQxUUFBUW5rNDBnQW5tZ0E3T3o4QVVhTkQzUUFCTFZ3aWdnQTMyQUJPVGxGRlJrb29LQ2dDY2VvNDFRQURkTzRWVUFBRWRPMFJFUlFGQlFZbUhoNDVRRUFYRndCS1NrdzFOalpGUmtoSVNrc0FVS0VKQ1FrZkh5RXVSMGNBWWNVT0R4QkdSa2NZR1JsVFZFNCtRRUFkSFI0QUxGb0VlUFEzMVFCSFNFZ3JwQUJTVWxRQlFZRk1UVkJTVWxRZGNRQUVkZkU5UFQ4L1AwRTF5UUF3TURFQlVxa2pKQ1E0MVFBQ2MrYzF6QUFDZU9NbFd3QkRTVWs0MFFBQUVTTUJTcFlFZVBRMjBnQUFHRVVCTVdVTk5BRG1JODlhQUFBQkFIUlNUbE1BYjJabUJ3ek1DczROM2dLaUtSNkxOVXNvNldhOVJnb0YvaEFHK0QyMll5MlVLd3RjclJ4MUFTeHNKOGtHTXlmdk1DV0w2U1dMRFBVU1pldHFzdzdLRElnRmtjMUtCaG5YSlZmUnphUTVXVWI3Q3JBMGNOSTc3dEZERGZBTDl2b0JWd3RLcmU3MzczMFJqVVZMT0RxNXJwV0VpQTJNOWdnQVVVVkd0ZjlGY3hkdTB3K3dsS3BMdlZXeXJ3WUdXRmZ2R1EyODAyOGxqUXNNM0FDVVZUS3ZDd3B1eG9neExHWWFEMUZtaXYzUktHM1VWTzBudFQ5T0U3ZEt6Z3orTkNJUGdqSXB0NVE2QzI2d3J3dlVCQUlNRUFDclRLaURJUVlVQ0IwTWNpbGFXQXdUMHB1ZVNWUXNyVG91MUN1S2tCTmFLSTJFTldFVUlLOEhOZmR4QkNVU3RZQnlMd0FBQnpOSlJFRlVlTnExbDM5WVU5Y1p4OTlhV2tYWkxHYlRzTllwNjJncExpWktiQ20zbGJyYzJWT2wwQUJHVWlQWjZuMkVtU2tFaWM3V0xHazFjTDFDSjFKMGdQZ29NYUxRV0I2QkRrdXAzU1kvcG5Kci9iSFlJdFJxcGloT1ZtMW5MYTdiT2ZjbTNLdkYrZytjUDNMdk9mZmMrM20rNS91Kzd6a0JrTnE0MlY4ZHpiaitmQVdNZUh2NXNOY2U0VDM4L0VoekhwaVQ0WTNBemRzeHNweWRmODNHZ2dSUzlraHlLaDZibzdXTG9BanYycEVrUFhFdUlHaUVWKy9pOVl4QmtEMGovOE1SQS8wald5Wkl1MkRudUx0TjlJWHkzL3VoUldmdjhtQnZwM0I1ZjR3a2FPbVBud0NZTzMzbDE3ZUtoM2loTk5iM2ZhRGxCdlhRRDJxWWRVSzZqaG9JZ3J4OUhhTWhldHFUNVhwOVhQTzAyeWEzbCtFZnp1WHpLZkdWZjI1UVczdTdlT1dmYTRjcU15R3AycFhCaHcrckFEcmJDNkhWTFpCbTUzc0Rncno1UDdzSnNLUTVyZ1UzL1U4blNaekNQN0swUDBuSnVXNzRJL2VxMms3UzY5c3FUeFkrNnY5REplYysxVVRrK0duT0VxTlJnOCtTUXgvZmJua2JHaUtUTEkwbjRMM2VST1pLa0pRZGtIUjAxUHNBUjY3cDlTMUNpOXNpa2RaaytyTllhd3JuY3RSVFQ5ZWsweSt5S05IVWY4eGtRTDBsbWN4bXZrZGpQQjZGV0xOYVdVdlJZU1ZVZ2dFODlWRkdZM2lXeHUxbmFaWVZTV05FVGZic1diajNuNy9FQlVoakpaS3lWYkVJeWhwOG5PdWp0TFIrZzg3NWNkNGFoV252TVJQeXFGYkhvSVg5QnBlemMvRUpnMGw5SlgyOEUxWlBwR2p3VUlZVHpnTHFsSlAvS041Y0lwSU9Cek5XT3crN0ZQMWxzNERTSDVCV1QvVk1adFFNMFNlQUM2Z2IzM2EybXRUSFRGdXhKVThyWGl1Z1pwSnA0ODNxWE9vTGNxZkRwRTMvQXJBWkJFTVR4TlVyMnJVMEdCQUQyMzZBalNxK1dxNXYwVGYvVFJZUGVWazB4U3puQlpMRFNEN3J5eUthbnNIUnUwUHhXcTFiSUZWcDFHSElTZTRjWlBYaUFheU53dXNCbitDaWRqREl2ZWNXekFaNGFzVzE4N2UyM0I2bzNYOTJzek5UQ2FrSGtjK3FyTVFua1dTcFFTOFFtWkVhZFphb3lVVklueEZOb2JoM05rSDBDV0RlMHNIRXhYdkdwOS9kbnBRM2ZCWDhKVFNUWVh3OHY0T3k4VHgvaVpJMEZmeUUwdUdoYm1SU0oybHNTcDZmUVJsRjBxODBaL0NETmVZZ0NmNzlscFM3M3I1Um45OUpTbkV4cFRGdWExY1BaYlZ4TytLcFJwdkxZQ0ErQlVoOFBNWGFkRFNOODhsQk1UWXJtajlmSktWRXBqT3hWanJSSFNTTm03VXRZeEFWa2JIMjRoMGtYdTFJVFMyOXdTK3VaWmhTbFM5Sngxa3Q0YnBGbitnbVk4TkRIYnNyZkVrMnpob2V2cXdmVnAvUWNhNjJnbEpvV3BhRTMrd3FjSEUyei82NnpjSjNRdWJpWFdQZVVWbnR5K2k0T1hSWjRidnVVdGZ5ZlBjcXJyNHVDRG4vOVlvUWdHKzNhYjBTNnZDN1JVTk5UODRadW9ZMk1KWjdnUGdlRnFiSDZjdGZKOUgrYXAva2xsMzcrSkFremNHaFNTajNYcVE2QlZ6RGlhci8rd2ZSVVBIaHJzRjlGMGZHNDNKVktUVXUxcm8vSmRsMHFZNWxMcVRnZ1EwTVo5dmRVd3RxNjVYUG1FdklwbXRNNG1lV2Nsd2R6b0hhMm9iWXVyS3BOcGJwd2N2TlQxN0dXZHVtSU5nblZJU3g5K0dTVVBTUXRGUFp0ZTlLb00ydENNZVFZWHV5eWMzRk1wUkRWZWhDVmh4amlJTTE1aHphV29Cc0c2bHFqNUcyeFJwWkozQUdOMXY3TzlUb3NGSlI2MkNEQXNjcVNsVEFJMktaVzdVUGJ4TVY0em9HZ201NXIwdGhrV3l1NG9IZnN5ZlpuSE8yNHVFb3Fxa3k4K2M0VVdvMHFaaVUyTTEvZ1hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8L3N2Zz4=)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

28

Regulators and Governments

How we create value

We engage with public authorit

ies to play our part

in supporting the effective function

ing of the financial system and the

broader economy.

How we serve and engage

We engage with government, regulators and policy makers at the global, regional and national level as well as trade

associat

ions to share

ins

ights and support the development of best pract

ices and adoption of consistent approaches

across our markets. During 2024, we engaged on the following key topics:

•

Financ

ial serv

ices, includ

ing but not l

im

ited to prudent

ial regulations, financ

ial markets, and financial conduct and

financial cr

ime.

•

Sustainable finance, across a wide range of sub-topics such as transit

ion finance, carbon markets, adaptat

ion & resil

ience,

and climate risk.

•

Technologies and dig

ital assets,

includ

ing for example stableco

in and crypto assets, dig

ital asset custody, data sovere

ignty

or the use of artif

ic

ial intell

igence (AI).

•

International trade and dig

ital trade such as d

ig

ital token

izable trade assets.

Their interests

•

Strong capital base and liqu

id

ity posit

ion

•

Robust standards for financial conduct and financial cr

ime

• Competit

ive econom

ies and markets

•

Sustainable Finance and net-zero transit

ion

•

Dig

ital

innovat

ion and use of AI

in financ

ial serv

ices

• Operational resil

ience

•

Market integr

ity and customer protect

ion

• International and dig

ital trade

• Financ

ial stab

il

ity

Investors

How we create value

We aim to deliver robust returns and long-term sustainable value for our investors.

How we serve and engage

We rely on capital from debt and equity investors to execute our business model. Whether they have short or long-term

investment horizons, we provide our investors with informat

ion about progress aga

inst our strategic and financ

ial

frameworks.

Through our PLC Group’s footprint and the execution of our sustainab

il

ity agenda, we provide our investors with exposure to

opportunit

ies

in emerging markets. We believe that our integrated approach to Environmental, Social and Governance (ESG)

issues and a strong risk and compliance culture, are key different

iators. We cont

inue to respond to growing interest from

a wide range of stakeholders on ESG matters, includ

ing

investors.

Regular and transparent engagement with our investors, and the wider market, helps us understand investors’ needs and

tailor our public informat

ion accord

ingly. In addit

ion to d

irect engagement via our Investor Relations team, we communicate

through half-year and full-year results, conferences, roadshows, investor days and media releases.

We continued to expand our use of virtual meetings during 2024, coupled with a growing number of face-to-face

interact

ions. Our PLC Group hosted an Affluent Investor sem

inar in December and deep dive for Mainland Chinese

investors in September.

Key investor feedback, recommendations and requests are considered by our PLC Board, whose members keep abreast of

current topics of interest. Our PLC Group’s Annual General Meeting (AGM) in May was open to shareholders either in person

or electronically via a live video feed of the meeting. All partic

ipants had the opportun

ity to submit their votes and ask the

PLC Board questions.

Sim

ilarly, our PLC Group Cha

irman, alongside some members of the PLC Group Board, hosted a hybrid stewardship event

for inst

itut

ional investors in December provid

ing shareholders w

ith updates on a number of topics, includ

ing susta

inab

il

ity,

net zero and governance matters. The event included an open question-and-answer session

The PLC Group continues to respond to growing interest from a wide range of stakeholders on ESG matters, includ

ing

investors. In 2025, we will continue to engage with investors on progress against our strategic prior

it

ies and actions, as well as

our financial framework as we progress towards del

iver

ing susta

inably higher returns.

Strategic report continued

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

29

Strategic report continued

Their interests

•

Safe, strong and sustainable financ

ial performance

•

Facil

itat

ion of sustainable finance to meet the United Nations (UN) Sustainable Development Goals

•

Progress on ESG matters, includ

ing advanc

ing our net-zero agenda

Suppliers

Supporting a sustainable supply chain

The PLC Group measure and manage our Scope 3 upstream emiss

ions and work

in partnership with our suppliers to calculate

emiss

ions and set net zero targets where appropr

iate.

Supporting a diverse and inclus

ive supply cha

in

We are committed to build

ing mutually beneficial relat

ionsh

ips w

ith our suppliers to reflect the diverse communit

ies and

cultures we operate in. To support this, our supplier divers

ity and

inclus

ion programme a

ims to direct spend and offer support

where appropriate, to small and diverse businesses.

Supplier divers

ity at Standard Chartered

incorporates businesses owned by under-represented ind

iv

iduals or groups –

such as women and ethnic minor

it

ies, as well as micro and small businesses.

To help drive our programme, we are corporate members of not-for-profit organisat

ions ded

icated to supporting diverse

suppliers. This collaboration posit

ions us to

ident

ify and engage small and d

iverse suppliers, share in best practices, and

mainta

in awareness about d

iverse supplier needs.

In addit

ion, we engage and support our d

iverse suppliers with our PLC Group hosting two face-to-face supplier divers

ity

events in partnership WEConnect – a global network supporting women-owned businesses – in 2024. The events focused

on networking, sharing best practices in the sustainab

il

ity field and supplier awards.

+ For further details of our PLC Group’s supplier divers

ity programme and suppl

ier awards events vis

it

[https://www.sc.com/en/suppliers/supplier-divers

ity-and-

inclus

ion/]

Their interests

•

Open, transparent and consistent tendering process

• Accurate and on-time payments

•

Will

ingness to adopt suppl

ier-driven innovat

ions

•

Obtain guidance on implementat

ion of susta

inab

il

ity matters

Society

How we create value

We strive to operate as a sustainable and responsible company, leveraging our partnerships, networks and expertise to help

transform our markets for long-term societal and environmental impact, create more inclus

ive econom

ies and increase

equitable prosperity.

How we serve and engage

Our Futuremakers partners

With the Standard Chartered Foundation, we advanced our strategic partnerships with NGOs and civ

il soc

iety organisat

ions

in support of Futuremakers by Standard Chartered, our PLC Group’s global youth economic empowerment in

it

iat

ive. Sh

ift

ing

to an impact-focused strategy, we’ve engaged our partners to co-design long-term programmes towards achiev

ing our PLC

Group’s target of enabling and supporting 140,000 decent jobs between 2024 and 2030.

To deepen our understanding of the impacts of our programmes, our PLC Group refined our results monitor

ing framework

and developed a model to estimate the societal return on our Futuremakers investments. This provides a more holist

ic

analysis to enhance the impact potential of our programmes. We share learning from our new programmatic models

both across our portfolio and externally with our peers.

Our external stakeholders

We seek to promote greater economic inclus

ion through our networks, events and sponsorsh

ips. In collaboration with

Business Fights Poverty, we hosted various learning events, includ

ing a gender-focused panel d

iscuss

ion to celebrate

International Women’s Day and a thematic discuss

ion on Plugg

ing the financ

ing gap for young entrepreneurs at the

ir

Global Goals Summit in Nairob

i and New York, dur

ing the United Nations General Assembly meetings. The aim of these

events was to ident

ify act

ionable strategies and innovat

ive partnersh

ips to address global challenges. In addit

ion, we

sponsored Women of the World Foundation (WOW) as their Global Girls’ Champion to run the WOW bus tour, bring

ing

gender equality learning to girls and young people across the UK, and we extended the WOW festival to Pakistan and

Turkey, reaching over 23,000 children and young people in half a year.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

30

Strategic report continued

Our colleagues

We encourage colleagues to give back to their communit

ies us

ing their three days paid volunteering leave. To enable

a volunteering culture, we gathered feedback and ins

ights from our employee volunteer

ing (EV) champions and ran a series

of workshops to develop an EV toolkit accessible to all colleagues. We are expanding our focus on skills-based volunteering

to leverage our colleagues’ skills-sets and deepen our community impact. This year we launched a global skills-based

volunteering week provid

ing learn

ing sessions and volunteering opportunit

ies to bu

ild awareness across the Bank. To drive

partic

ipat

ion, we organised train-the-trainer workshops to equip our colleagues with skills necessary to conduct financ

ial

education and mentoring sessions with our community stakeholders.

Their interests

• Access to finance

• Economic inclus

ion

• Gender equity

• Skills-based volunteering

• Community impact

Employees

How we create value

We recognise that our workforce is key to driv

ing our performance and product

iv

ity and that the d

ivers

ity of our people,

cultures and network sets us apart. To be the best cross border and affluent bank to our clients, our workforce composit

ion,

includ

ing the sk

ills and engagement of our people, is a strategic source of competit

ive advantage. So we are develop

ing a

workforce that is future ready, and are co-creating with our employees to build an inclus

ive,

innovat

ive and cl

ient-centric

culture.

How we serve and engage

By engaging employees and fostering a posit

ive exper

ience for them, we can better serve our clients and deliver on our

Purpose. A culture of inclus

ion and amb

it

ion enables us to unlock

innovat

ion, make better dec

is

ions, del

iver our business

strategy, live our valued behaviours and embody our brand promise. We proactively assess and manage people-related risks,

such as, capacity, capabil

ity and culture, as part of our PLC Group R

isk Management Framework. Our People Strategy,

approved by the PLC Board, is future-focused, with external events accelerating many of the future of work trends which

continue to inform our approach.

Their interests

Translating our here for good brand promise and Purpose of driv

ing commerce and prosper

ity through our unique divers

ity

into our colleagues’ day-to-day experience is crit

ical to us rema

in

ing an employer of cho

ice across our footprint. The research

we have on our Employee Value Proposit

ion (EVP) tells us that our ex

ist

ing and potent

ial employees want to: have interest

ing

and impactful jobs; innovate with

in a d

iverse set of markets and for a spectrum of clients; cultivate a brand that sustainably

drives commerce and offers enrich

ing careers and development; and be supported by great people leaders. They want these

elements to be anchored in competit

ive rewards and a pos

it

ive work–l

ife balance. The employment proposit

ion

is a key input

to our People Strategy which supports the delivery of our business strategy.

Listen

ing to employees

Frequent feedback from employee surveys helps us ident

ify and close gaps between colleagues’ expectat

ions and their

experience. Colleague sentiment is captured through an annual survey as well as regularly through a weekly survey and at

key moments, such as when employees join us, leave, and return to work after parental leave. In add

it

ion to leverag

ing inputs

from these surveys, the Court and Management Team also engage with and listen to the views of colleagues through

interact

ive sess

ions.

In 2024, our annual My Voice survey was conducted in May and June. Key measures of employee satisfact

ion have stayed

high, however there has been a decline year-on-year as the impact of our transformation continues to be felt. The experience

of working for the Bank remains a broadly posit

ive one. 78 per cent employees say that the Bank meets or exceeds the

ir

expectations, 96 per cent feel committed to doing what is required to help the Bank succeed, and 86 per cent feel proud

about working for the Bank. This underscores the strength of our EVP to attract, retain and grow the skills and talent that are

crit

ical to del

iver

ing our strategy and outcomes for cl

ients.

Driv

ing a culture of susta

inable high-performance

As the PLC Group transforms to achieve our strategic ambit

ions, we cont

inue to embed our refreshed approach to managing,

recognis

ing and reward

ing performance. We are embedding more regular performance and development conversations, as

well as increas

ing the exchange of two-way balanced, construct

ive feedback amongst peers, stakeholders and team

members. At the same time, we are encouraging greater aspirat

ion dur

ing goal-setting as well as placing even more focus on

recognis

ing outperformance,

includ

ing by enhanc

ing flexib

il

ity in reward decis

ions. These hab

its that mark of culture of high

performance, have continued to strengthen each year – with more colleagues across PLC Group receiv

ing feedback

in the

system , as well as many using Appreciate, our new dig

ital platform launched

in early 2024 to enable democratised, hyper-

personalised, in-the-moment peer-to-peer recognit

ion.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

31

Strategic report continued

We recognise that wellbeing is a driver of sustainable high performance and productiv

ity, and are comm

itted to supporting

our colleagues’ wellbeing at an ind

iv

idual, team, and organisat

ional level. Th

is means focussing on prevention as well as cure,

and striv

ing to embed wellbe

ing into the flow of work. Globally, colleagues have access to a range of tools and resources to

manage their wellbeing, includ

ing several progress

ive benefits, a mental health app, access to 1:1 counselling or therapeutic

support, an employee assistance programme (through which professional counselling is also available), wellbeing toolkits,

and a network of trained mental health first aiders. We continue to drive intervent

ions to further enable healthy work

ing

practices, includ

ing market-level exper

iments that we are running on sustainable working habits, promoting train

ing of

wellbeing champions, and embedding wellbeing skills (such as resil

ience and adaptab

il

ity)

into multiple learning

programmes.

Our continued commitment to embedding our flexible working model (which was launched in 2021) that combines flexib

il

ity

in working patterns, time and locations, is an important part of our efforts to enhance both the productiv

ity and exper

ience

of our workforce. Our model purposefully balances client needs and business prior

it

ies with ind

iv

idual choice, allowing us to

be inclus

ive of the d

iverse needs of our workforce. We continue to explore opportunit

ies for enhanc

ing flexib

il

ity across further

markets and roles, where regulations and the nature of the work allow for it. We refreshed our toolkits and guidance to

people leaders and ind

iv

iduals to help navigate flexible working and establish clear, consistent expectations for all

colleagues when working flexibly. These include support on having regular conversations with teams on flexi-work

arrangements; on organis

ing team and

ind

iv

idual work to enhance productiv

ity and wellbe

ing; on leading in key moments

such as onboarding new team members, returning from parental leave and during performance conversations; and on

strengthening connections in flexible work environments. Colleagues continue to adopt ways of working that balance the

benefits of remote working with face-to-face interact

ions to

innovate and collaborate, as we also continue to re-imag

ine our

physical workspaces with the relevant infrastructure and technology to provide hubs for teamwork, collaboration and

learning.

+ Read more about our approach to flexible working at

sc.com/flexiblework

ing

Build

ing leadersh

ip capabil

it

ies

Exceptional performance needs exceptional leadership, and we believe that our people leaders are crit

ical to unlock

ing the

potential of our workforce and how they experience the Bank every day. Engaging, developing, and measuring our people

leaders continues to be a crit

ical enabler of our performance and culture. Our Leadersh

ip Agreement sets out clear

expectations from our leaders to Aspire, Inspire and Execute. It also forms the foundation of our leadership development

curriculum through which one-third of our people leaders are being covered each year to help them build new skills and

habits across different leadership stages – includ

ing sk

ills on coaching, performance management in business-specif

ic

contexts, leading for transformation, and leading through ambigu

ity. Wh

ile people leaders continue to learn through

face-to-face leadership programmes during the year, leadership skill-build

ing

is also made accessible to all colleagues to

build the capabil

ity deeper

into the organisat

ion – through the Leadersh

ip Health journey of regular micro-learning activ

it

ies,

our ‘virtual escape room’ game for aspir

ing leaders, and exper

ient

ial bootcamps on creat

ing an environment of psychological

safety and innovat

ion.

People leaders continue to receive feedback, either through our ‘always on’ feedback tool available to all colleagues or

through the structured 360-degree feedback tool that is available to mid-to-senior people leaders; along with a consolidated

view of the environment they are creating for their teams, and feedback on their leadership skills, as part of their Leadership

Dashboard - bring

ing even greater transparency to performance and development conversat

ions, and highl

ight

ing the value

we place on leadership.

+ Read our Leadership Agreement at

sc.com/leadershipagreement

Developing skills of future strategic value and enabling careers

To keep pace with our strategic prior

it

ies, evolving customer expectations, ongoing transformation, and rapid technological

innovat

ion, we stay comm

itted to a ‘skills-led’ approach. We are focused on accelerating the development of future skills

among our workforce, bring

ing

in greater agil

ity to how sk

ills are deployed to areas of opportunity across the PLC Group and

embedding skills purposefully across key talent practices. We are supporting employees to build the skills needed for high

performance today, to reskill and upskill for tomorrow, and to be global cit

izens who understand the chang

ing nature of the

world in which we operate. This includes helping them strengthen a combinat

ion of human and techn

ical skills, as well as

enhancing a culture of continuous learning that empowers them to grow, increase their long-term employabil

ity and follow

their career aspirat

ions.

Build

ing of system

ic future-focused skills that are antic

ipated to be needed to keep pace w

ith the changes happening in the

sector (such as in sustainab

il

ity, innovat

ion, data, d

ig

ital and leadersh

ip) is balanced with role-focused performance skills; as

well as access to skill-build

ing

intervent

ions that enable role-to-role movement,

includ

ing

into crit

ical ‘future’ roles where our

strategic workforce planning analysis predicts an increas

ing need for talent. Such as, w

ith our increas

ing focus on enhanc

ing

our Affluent client proposit

ion

in WRB, we are invest

ing

in deliver

ing upsk

ill

ing, resk

ill

ing and redeployment journeys for

colleagues to enable them to access opportunit

ies as the bus

iness segment grows. In CIB, we are focusing on sustainab

il

ity

capabil

it

ies and sales skills in line with our cross-border proposit

ion. These efforts a

im to ensure that our business growth and

transformation is closely linked with our workforce transformation.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

32

Strategic report continued

Learning in classrooms is combined with learning through our online learning platform, and colleagues are actively using one

or more of our Future Skills Academies which include the Data & Analytics, Dig

ital, Cyber, Cl

ient Advisory, Sustainable Finance

and Leadership Academies. Through ‘skills passports’ on our AI-enabled internal Talent Marketplace platform, employees

can sign up for projects (often cross-functional and cross-location) to build and practice skills on the job, can connect with

mentors, as well as can access more diverse roles based on skills adjacenc

ies. By comb

in

ing project opportun

it

ies w

ith

purposeful internal talent moves, we continue to enhance the career experience of colleagues and deploying their skills at

speed across our network has resulted in unlocking productiv

ity. We are also mak

ing it easier for colleagues to engage with

all that is available for growing their careers, through a range of resources and tools includ

ing a careers toolk

its, conversation

guides etc.

Creating an inclus

ive workplace

Our inclus

ive culture and comm

itment to divers

ity and

inclus

ion are a v

ital part of our employee value proposit

ion and what

enables us to drive business success. Through our multiple employee listen

ing surveys and supplemented by qual

itat

ive

feedback, we aim to better understand the lived experiences of our colleagues, and then act to make targeted, meaningful

changes to further drive inclus

ion and enhance the

ir experience. Our levels of inclus

ion rema

in high and is reflected in the 77.8

per cent of employees who shared posit

ive sent

iments in the 2024 annual survey.

We continue to invest in efforts towards increas

ing awareness around d

ivers

ity and

inclus

ion pr

inc

iples, unconsc

ious bias and

micro-behaviours as well as emphasise the importance of creating an inclus

ive env

ironment. Many of these aspects are

covered in the ‘When we’re all included’ learning programme, as well as the ‘Respect at Work’ e-learning programme that

helps understand what constitutes harassment, bullying, discr

im

inat

ion and v

ict

im

isat

ion, wh

ich continues to be mandatory

for all new joiners.

We are focused on further strengthening our inclus

ive culture, where all our people feel that the

ir ident

ity

is understood and

recognised for its uniqueness and anyone with the capabil

ity to excel can do so. Employees are prov

ided, where legally

permiss

ible, w

ith the abil

ity to share the

ir ident

ity data through our

internal employee portal. We are encouraging and

increas

ing self-declarat

ion (includ

ing soc

io-economic status in the UK) so that we can further improve colleague experience

by introduc

ing pol

ic

ies and

intervent

ions that are representat

ive of the needs of our diverse workforce.

We also remain focused on build

ing a workforce that

is truly representative of our client base and footprint. Our gender

divers

ity cont

inues to grow, with more women leaders moving up to senior roles. Women currently represent 50 per cent of

the Court, and representation of women in senior leadership roles increased to 29.6 per cent at the end of 2024. We are

committed to continuous improvement in this area and aspire to have 35 per cent representation

1

of women at a global

senior level across PLC Group by end of 2025. We continue to develop strategic partnerships and experiment with

programmes to widen our talent pools such as by launching the ‘Harnessing Africa’s Transformative Talent’ programme to

attract, retain, engage and develop Black and African talent, by improv

ing career mob

il

ity support

includ

ing through ‘buddy’

assistance, and by rolling out sponsorship programmes.

Leadership commitment stays crit

ical to our approach on D&I. Our Global D&I Counc

il is chaired by our CEO, WRB and

comprises enterprise-wide leaders representing various business, functions and geographies from across the PLC Group. The

Council is responsible for our overall PLC Group D&I strategy, direct

ion sett

ing, and overseeing the implementat

ion of

sustainable and measurable improvements. The Council is focused on developing a diverse talent pipel

ine to

improve

leadership representation, build

ing sponsorsh

ip muscle fostering posit

ive career progress

ion and refreshing our Employee

Resource Group approach to enhance colleague experience.

Equal Pay is a key princ

iple of our Fa

ir Pay Charter. Our commitment to paying colleagues fairly, recognis

ing sk

ills and

contribut

ions rather than any d

iscr

im

inatory factors, fosters an environment where all colleagues are given an equal chance

to succeed.

+ Read more about our approach towards strengthening divers

ity and

inclus

ion, as well as our approach to equal pay

in our

Divers

ity, Equ

ity & Inclusion Impact Report 2024 at

sc.com/fairpayreport

1

Subject to local legal requirements

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

33

Strategic report continued

Our approach to Sustainab

il

ity

Sustainab

il

ity is a strategic focus area for the Group, as we strive to promote inclus

ive growth and prosper

ity across the

markets where we operate.

The PLC Group’s approach to sustainab

il

ity supports the Group’s strategy, and is designed to deliver our purpose: to drive

commerce and prosperity through our unique divers

ity. Th

is is underpinned by our brand promise, here for good.

The approach is articulated through the PLC Group’s long-term sustainab

il

ity goals –Sustainab

il

ity Aspirat

ions – and short-

term sustainab

il

ity targets – the Sustainab

il

ity Strategic Pillars. The Aspirat

ions and P

illars set out how we intend to deliver

across our sustainab

il

ity agenda.

Sustainab

il

ity continues to be included in the 2024 PLC Group scorecard and 2024–26 Long-Term Incentive Plan (LTIP), which

include the Group employees, with performance measures that align with our Sustainab

il

ity Aspirat

ions and Susta

inab

il

ity

Strategic Pillars.

The Group’s strategy leverages the PLC Group’s sustainab

il

ity approach. This section sets out PLC Group’s progress against

the Sustainab

il

ity Aspirat

ions and Susta

inab

il

ity Strategic Pillars before we dive deeper into the material topics set out on

pages 33 to 34, includ

ing susta

inable finance, climate, nature and social impact.

+ For more informat

ion on our approach to susta

inab

il

ity see page 63 of PLC’s 2024 Annual Report

Sustainab

il

ity Aspirat

ions: our long-term goals

The PLC Group Sustainab

il

ity Aspirat

ions (

ind

icated below) are consol

idated into four overarching long-term goals, each

supported by key performance ind

icators. Together, these reflect our comm

itment to fostering sustainable social and

economic development in our markets.

•

Aspirat

ion 1: Mob

il

ise $300 b

ill

ion of susta

inable finance

•

Aspirat

ion 2: Operat

ional

ise our

inter

im 2030 financed em

iss

ions targets to meet our 2050 net zero amb

it

ion

•

Aspirat

ion 3: Enhance and deepen the susta

inab

il

ity ecosystem

•

Aspirat

ion 4: Dr

ive social impact with our clients and communit

ies

Sustainab

il

ity Strategic Pillars: our short-term targets and immed

iate pr

ior

it

ies

The four Sustainab

il

ity Strategic Pillars represent our near-term strategic focus designed to drive momentum and accelerate

progress toward the longer-term Sustainab

il

ity Aspirat

ions.

•

Pillar 1: Scale sustainable finance income

•

Pillar 2: Further embed sustainab

il

ity across the organisat

ion

•

Pillar 3: Deliver on the annual milestones set forth in our net zero roadmap

•

Pillar 4: Leverage our Innovation Hubs

+ For more informat

ion on our susta

inab

il

ity aspirat

ions see page 64 of PLC’s 2024 Annual Report

Innovation Hubs

The PLC Group’s four thematic Innovation Hubs – Adaptation Finance1, Blended Finance Programmes, Carbon Markets and

Nature Finance – focus on emerging sustainab

il

ity themes that are nascent but ripe for scale, aligned to areas where the

Group has a core competency, and are particularly suited to clients in our footprint markets.

+ For more informat

ion on

innovat

ion hubs see page 66 of PLC’s 2024 Annual Report

Sustainable finance

Sustainable finance, includ

ing trans

it

ion finance,

is a crucial part of the sustainab

il

ity strategy and is therefore reflected in

both long-term Sustainab

il

ity Aspirat

ions and short-term Susta

inab

il

ity Strategic Pillars.

The PLC Group’s broad sustainable finance product suite, which includes bonds, loans, advisory and trade finance, is

underpinned by our sustainable finance frameworks that outline how we apply the ‘green’, ‘social’, ‘sustainable’ or ‘transit

ion’

labels across products and transactions. We also work with retail and wealth clients to mobil

ise d

iverse sources of capital in

support of social and environmental outcomes.

+ For more informat

ion on our approach to susta

inable finance see page 69 of PLC’s 2024 Annual Report

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

34

Strategic report continued

Climate

The PLC Group aims to reach net zero in financed emiss

ions by 2050 and

in scope 1 and scope 2 emiss

ions by 2025. The Net

Zero Roadmap sets out the key steps needed to achieve this goal, and good progress has been made achiev

ing the goals set

for 2024.

PLC Group’s global footprint informs our unique understanding of the complexity associated with reaching the targets across

financed and facil

itated em

iss

ions,

includ

ing a he

ightened focus on the security and resil

ience of our markets as they respond

to greater climate change induced uncertainty. As a financ

ial

inst

itut

ion, the Group has an important role to play in

supporting our clients and markets as they navigate this complexity, while driv

ing and encourag

ing change in the real-world

economy.

+ For more informat

ion see page 74 of PLC’s 2024 Annual Report

Nature

It is estimated that over half of global GDP is directly dependent upon nature. Despite this, nature is rapidly declin

ing.

We acknowledge that protecting nature is essential to lim

it

ing global warming and mit

igat

ing the effects of climate change

and ensuring that the planet can sustain livel

ihoods as well as support

inclus

ive susta

inable economic development.

In 2024, the PLC Group published the inaugural

Nature Posit

ion Statement

outlin

ing our approach to nature across our

business, our clients, operations and supply chains. We seek to contribute to the Global Biod

ivers

ity Framework (GBF) 2030

miss

ion of halt

ing and reversing nature loss by: (1) continu

ing to

integrate nature in decis

ion-mak

ing with

in our bus

iness

(target 14); (2) publish

ing nature-related d

isclosures in alignment with Taskforce on Nature-related Financ

ial D

isclosures

TNFD recommendations from 2026 onwards (target 15); and (3) shift

ing financial flows toward nature pos

it

ive outcomes and

contribut

ing to mob

il

is

ing funding for nature and delivery of the GBF (target 19).

We are members of a wide range of industry platforms and memberships working to address nature-related challenges

and advance nature considerat

ions

in financ

ial dec

is

ion mak

ing.

+ For more informat

ion see page 90 of PLC’s 2024 Annual Report

Social impact

We believe in the power of finance to drive posit

ive change

in the world. Our desire to drive social impact extends across both

our commercial and our philanthrop

ic act

iv

it

ies, reflecting our aspirat

ion to bu

ild a future that is both financ

ially res

il

ient and

socially inclus

ive - th

is being a foundation for healthy and sustainable economies in our markets.

We approach social impact from two angles concurrently:

•

Through our business and clients: we provide clients with the financ

ing that they and the

ir communit

ies need to tackle

urgent matters such as inequal

ity, access to essent

ial services, and inclus

ive growth.

•

Through our philanthrop

ic commun

ity engagement: we work to empower disadvantaged young people by provid

ing

them with skills and networks and connecting them with employment and commercial opportunit

ies.

+ For more informat

ion see page 91 of PLC’s 2024 Annual Report

Managing environmental risk

We seek to proactively manage environmental and social risks and impacts aris

ing from the Group’s cl

ient relationsh

ips and

transactions.

+ For more informat

ion see page 93 of PLC’s 2024 Annual Report

Integrity, conduct and ethics

We aim to live our valued behaviours, which are ‘Never settle’, ‘Better together’ and ‘Do the right thing’ through our actions,

decis

ions and

interact

ions day-to-day w

ith colleagues, clients and the markets we serve.

+ For more informat

ion see page 95 of PLC’s 2024 Annual Report

Sustainab

il

ity governance

Sustainab

il

ity-related risks, opportunit

ies and organ

isat

ional

impl

icat

ions are overseen by the PLC Group’s Board,

Management Team and supporting sub-committees.

+ For more informat

ion see page 98 of PLC’s 2024 Annual Report

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Strategic report continued

Standard Chartered Bank

35

Directors’ Report and Financ

ial Statements 2024

Non-financial and susta

inab

il

ity informat

ion statement

This table sets out where shareholders and stakeholders of the Group can find key non-financ

ial and susta

inab

il

ity

matters in this report. As the Company is a subsid

iary undertak

ing of PLC and included with

in PLC Group, compl

iance

with the non-financ

ial and susta

inab

il

ity reporting requirements contained in sections 414 CA and 414 CB of the Companies

Act 2006 is achieved by reference to PLC Group activ

it

ies where relevant and to the PLC Group report available at sc.com

via

sc.com/sustainab

il

ityl

ibrary

Reporting requirement

Where to read more in this report about polic

ies,

impact

(includ

ing r

isks, policy embedding, due dil

igence and outcomes)

Business model

Pages 10 to 11

Risk Review (princ

ipal r

isks)

Page 19

Environment

•

Sustainable & Responsible Business Pages 33 to 34

•

Directors Report

Pages 36 to 42

Employees

Pages 30 to 32

Human rights

Page 23

Social matters

Page 29

Anti-corruption and anti-bribery

Page 55

Authority

The strategic report up to page 35 has been issued by order of the Court.

Bill Winters

Director

21 February 2025

Company Reference Number: ZC18

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

36

The directors present their report and the audited financ

ial statements of Standard Chartered Bank and

its subsid

iar

ies

(the ‘Group’) and Standard Chartered Bank (the ‘Company’) for the year ended 31 December 2024. The Company has chosen

in accordance with Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations

2008 (the Regulations), to include certain matters in its Strategic report (see pages 1 -35) that would otherwise be disclosed

in this Directors’ report as required by paragraphs 2,6,10,11,12 of the Regulations.

Activ

it

ies

The activ

it

ies of the Group are banking and provid

ing other financial serv

ices. The Group comprises a network of branches

and outlets in 51 markets. The Financ

ial Rev

iew on pages 14 to 17 contains a review of the business during 2024.

Key stakeholders

The long-term success of the Group is dependent on its relationsh

ips w

ith its key stakeholders. On pages 26 to 32 we outline

the ways in which we have engaged with key stakeholders, the material issues that they have raised with us, and how these

issues have been taken into account in the Court’s decis

ion-mak

ing processes.

Results and div

idends

The results for the year are given in the income statement on page 123.

Div

idends of $2,395 m

ill

ion were pa

id during the year to ordinary shareholders (2023: $2,599 mill

ion).

Share capital

Details of the Company’s share capital includ

ing the part

iculars of any share buy-backs are given in Note 27 to the accounts.

Loan capital

Details of the loan capital are given in Note 26 to the accounts.

Property, plant and equipment

Details of the property, plant and equipment of the Company are given in Note 17 to the accounts.

Financ

ial

instruments

Details of financ

ial

instruments are given in Note 12 to the accounts.

Details of exposure to credit, traded, liqu

id

ity and funding risk can be found in the Risk Profile section of the accounts.

Post balance sheet events

Details of post balance sheet events are given in Note 40 to the accounts.

Research and development

During the year, the PLC Group invested $2.13 bill

ion (2023: $2.01 b

ill

ion)

in research and development, of which $1.18 bill

ion

(2023: $0.99 bill

ion) was recogn

ised as an expense. The research and development investment primar

ily related to the

planning, analysis, design, development, testing, integrat

ion, deployment and

in

it

ial support of technology systems.

Future developments in the business of the Group

An ind

icat

ion of likely future developments in the business of the Group is provided in the Strategic report.

Directors’ Report

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

37

Directors’ Report continued

Directors and their interests

Mr A Halford (Resigned 2 January 2024)

Mr W Winters, CBE

Mr D De Giorg

i (Appo

inted 3 January 2024)

Mr S Apte

Ms G Huey Evans, CBE (Resigned 29 February 2024)

Ms J Hunt

Ms D Jurgens (Appointed 1 March 2024)

Ms R Lawther, CBE (Resigned 30 December 2024)

Mr L Leong (Appointed 2 November 2024)

Ms A McFadyen

Ms M Ramos

Ms S Ricke

Mr P Rivett

Mr D Tang (Resigned 9 May 2024)

Dr J Viñals

Dr L Yueh, CBE

Mr S Apte, MS J Hunt, Ms D Jurgens, Mr L Leong, Ms M Ramos, Mr P Rivett, and Dr L Yueh, CBE are all independent non-

executive directors.

Mr Halford resigned from the Company on 2 January 2024 and Mr D De Giorg

i was appo

inted a director of the Company

on 3 January 2024.

Ms G Huey Evans, Mr D Tang and Ms R Lawther, CBE resigned as a director of the Company with effect from 29 February

2024, 9 May 2024 and 30 December 2024, respectively.

Ms D Jurgens and Mr L Leong were appointed as directors of the Company with effect from 1 March 2024 and 2 November

2024, respectively.

None of the directors have a benefic

ial or non-beneficial

interest in the shares of the Company or in any of its subsid

iary

undertakings.

Details of directors’ pay and benefits are disclosed in Note 37 to the accounts.

All of the directors as at 31 December 2024 (except Ms McFadyen and Ms Ricke) are directors of the Company’s ultimate

holding company, Standard Chartered PLC.

Director train

ing

Director induct

ion

Upon join

ing the Court, our directors are given a comprehensive tailored induct

ion programme.

Diane Jurgens was appointed as an INED on 1 March 2024. She undertook a formal induct

ion plan cons

ist

ing of a

combinat

ion of meet

ings with exist

ing Court members, sen

ior staff and external counsel, receiv

ing ta

ilored train

ing sess

ions

on topics includ

ing D

irectors’ Duties, Governance Requirements, Strategy, Risk and Finance and Banking and a deep dive into

topics relevant to her membership of the PLC Group’s Risk Committee. She also vis

ited some key markets on the overseas

Court trips to Shanghai and Beijing in April, to Mumbai in June and to Nairob

i

in November, a trip to Sil

icon Valley w

ith the

Group’s MT and vis

its to S

ingapore where she met with senior management. Diane also studied for an on-line Finance course

at Harvard and attended a financial serv

ices conference in New York, where she met members of our US senior management

team.

Lincoln Leong was appointed as an INED in November 2024. Lincoln is undertaking an induct

ion programme cons

ist

ing of

a combinat

ion of meet

ings with exist

ing Court members, sen

ior staff and external counsel, receiv

ing ta

ilored train

ing sess

ions

on topics includ

ing D

irectors’ Duties, Governance Requirements, Strategy, Risk, Finance, and Cyber/AI and a deep dive into

topics relevant to his membership of the PLC Group’s Audit Committee.

The PLC Group’s Governance and Nominat

ion Comm

ittee reviews the induct

ion programme of all new INEDs. The

Committee is satisf

ied that all new INEDs have made excellent progress w

ith their induct

ion programmes.

Ongoing train

ing

Ongoing development plans ensure that directors lead with confidence and integr

ity and promote the Group’s culture,

purpose and values. Mandatory learning and train

ing are also

important elements of directors’ fitness and propriety

assessments as required under the UK Senior Managers and Certif

icat

ion Regime. During the year, all directors received

a combinat

ion of mandatory learn

ing, brief

ings, presentat

ions from guest speakers and papers on a wide range of topics

to ensure that they are well informed and that the Court remains highly effective. The table below gives further detail on

Directors’ train

ing th

is year.

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

38

Directors’ Report continued

2024 director train

ing overv

iew

Sustainab

il

ity

Posit

ion

Statements

Artif

ic

ial

Intelligence

Geopolit

ical

Outlook: 2024

Elections and

their likely

impact on the

evolving

global order

ACG

Social

isat

ion

Recovery and

Resolvabil

ity

PLC Board

simulat

ion

exercise

BlueSky

Directors’

duties and

regulatory

updates

José Viñals

Bill Winters

Diego De Giorg

i

1

Shir

ish Apte

Alison McFadyen

Jackie Hunt

Diane Jurgensi

1

n/a

Robin Lawther

2

Maria Ramos

Phil Rivett

Sadia Ricke

Linda Yueh

Lincoln Leong

3

n/a

n/a

n/a

n/a

n/a

n/a

Director attended the session

Director was unable to attend the session but received any accompanying material and had opportunit

ies to ra

ise

questions and observations with the Group Chairman and Group Company Secretary

In 2024, Court members received brief

ings from and engaged w

ith diplomats, former polit

ical adv

isers and polit

ic

ians,

former leaders of internat

ional organ

isat

ions and econom

ists on topics includ

ing the evolv

ing geopolit

ical outlook,

the impact of the conflicts in the Middle East, the potential impact of the incom

ing adm

in

istrat

ion in the United States ,

the role of the global bank, the power and impact of technology in banking, regulatory developments and the global

macroeconomic environment.

Going concern

Having made appropriate enquir

ies, the Court

is satisf

ied that the Company and the Group as a whole have adequate

resources to continue in operation and meet their liab

il

it

ies as they fall due for a per

iod of at least 12 months from 21 February

2025 and therefore continue to adopt the going concern basis in preparing the financ

ial statements.

Polit

ical donat

ions

The Group has a policy in place which prohib

its donat

ions being made that would: (i) improperly influence legislat

ion or

regulation, (i

i) promote pol

it

ical v

iews or ideolog

ies, (

i

i

i) fund polit

ical causes. In al

ignment to this, no polit

ical donat

ions

were made in the year ended 31 December 2024.

Qualify

ing Th

ird Party Indemnit

ies

The Company has granted indemn

it

ies to all of its directors on terms consistent with the applicable statutory provis

ions.

Qualify

ing th

ird-party indemn

ity prov

is

ions for the purposes of sect

ion 234 of the Companies Act 2006 were accordingly

in force during the course of the financ

ial year ended 31 December 2024 and rema

in in force at the date of this report.

Qualify

ing Pens

ion Scheme Indemnit

ies

Qualify

ing pens

ion scheme indemn

ity prov

is

ions (as defined by sect

ion 235 of the Companies Act 2006) were in force during

the course of the financial year ended 31 December 2024 for the benefit of the d

irectors of the UK’s pension fund corporate

trustee (Standard Chartered Trustees (UK) Lim

ited) and rema

in in force at the date of this report.

Areas of operation

The Company operates through branches and subsid

iar

ies in 51 markets across Asia, the Middle East, Africa, Europe and

the Americas.

1

Diego de Giorg

i and D

iane Jurgens jo

ined the Court on 3 January 2024 and 1 March 2024 respect

ively

2

Robin Lawther stepped down from the Court on 30 December 2024

3

Lincoln Leong jo

ined the Court on 2 November 2024

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

39

Directors’ Report continued

Related party transactions

Details of transactions with directors and officers and other related parties are set out in Note 35 to the financ

ial statements.

Corporate Governance Statement

The Group operates under the subsid

iary governance model. As the Group cont

inues to cover the vast major

ity of PLC Group’s

total footprint, the governance arrangements of the Company and PLC sim

ilarly reflect th

is overlap and is represented by a

predominately mirrored board structure between PLC and the Company.

As a wholly-owned subsid

iary of a l

isted PLC and its governance structure as a company established by Royal Charter, the

Company complies with expectations set for listed companies in accordance with the UK Corporate Governance Code (2018)

(the “Code”) where applicable with respect to board leadership, responsib

il

it

ies, compos

it

ion (

includ

ing success

ion and

evaluation), audit, risk and internal control, and remuneration to ensure that the Group is well managed, with appropriate

oversight and control. Certain matters, such as remuneration, values, and external audit, are set at PLC Group level and

considered or approved, if appropriate, by the Court. It is considered more appropriate for the purposes of Group wide

consistency that princ

iples are set at PLC Board level and then d

issem

inated through the Group to be approved by subs

id

iary

boards.

The Court is supported by four primary committees: Audit Committee; Risk Committee; Nominat

ion Comm

ittee; and US Risk

Committee. Each of the primary committees and the Court have implemented clear lines of responsib

il

ity and polic

ies

to support the Court in its effective decis

ion mak

ing. The Court also has a Standing Committee with a remit to approve

matters, on behalf of the Court, where a formal resolution is required for legal and regulatory purposes. The Court, and its

Nominat

ion, Aud

it and Risk Committees have sim

ilar membersh

ip as the Board of PLC and its Nominat

ion, Aud

it and Risk

Committees, with the appropriate balance, skills, background and experience to make a valued contribut

ion. The Court

Nominat

ion Comm

ittee is responsible for the oversight and review of Court succession and overall Court effectiveness. The

Court Audit Committee is responsible for the oversight and review of financ

ial, aud

it, internal control and non-financ

ial cr

ime

issues. The Court Risk Committee is responsible for the oversight and review of princ

ipal r

isks. The Committee Chairs report to

the Court on the Committees’ key areas of focus following each meeting. For further informat

ion on how the Nom

inat

ion

Committee, Audit Committee and Risk Committee operate (includ

ing

in respect of their compliance with the Code), please

see pages 123 to 133 and 137 to 141 of PLC’s 2024 Annual Report.

The Court, together with the PLC Group, are committed to high standards of engagement with employees, suppliers and

other stakeholders. For a descript

ion of how the d

irectors engaged with stakeholders, includ

ing as to how such engagement

has been considered in the Court’s decis

ion mak

ing, please refer to page 26.

+ A copy of the UK Corporate Governance Code can be found at

frc.org.uk

Employee polic

ies and engagement

We work hard to ensure that our employees are kept informed about matters affecting, or of interest to, them and more

importantly that they have opportunit

ies to prov

ide feedback and engage in a dialogue.

We strive to listen and act on feedback from colleagues to ensure internal communicat

ions are t

imely, informat

ive,

meaningful, and in support of our strategy and transformation. Pulse is our primary internal communicat

ions channel that

allows colleagues to receive company updates and informat

ion that

is personalised by role and location, sign up for events,

provide feedback, and navigate to other internal platforms. In addit

ion to targeted d

ig

ital commun

icat

ions, we also organ

ise

audio and video calls, virtual and face-to-face townhalls, and other staff engagement and recognit

ion events.

To continue to improve the way we communicate and ensure our employee communicat

ions rema

in relevant, we also

period

ically analyse and measure the

impact of our communicat

ions through a range of feedback tools,

includ

ing an annual

global internal communicat

ions survey. Our sen

ior leaders and people leaders play a crit

ical role

in engaging our teams

across the network, ensuring that they are kept up to date on key business developments related to our performance and

strategy. We offer addit

ional support to our sen

ior leaders and people leaders with specif

ic calls and commun

icat

ions packs

to help them provide context and guidance to their team members to better understand their role in executing and deliver

ing

our strategy.

Across the organisat

ion, regular team meet

ings with people leaders, one-to-one conversations and various management

meetings provide an important platform for colleagues to discuss and clarify key issues. Regular performance conversations

provide the opportunity to discuss how ind

iv

iduals, the team and the business area have contributed to our overall

performance and how recognit

ion and reward relate to th

is. Senior leadership also regularly shares global, business, function,

and market updates on performance, strategy, structural changes, HR programmes, community involvement and other

campaigns. The Court also engages with and listens to the views of the workforce through several sources, includ

ing through

interact

ive engagement sess

ions.

Employees past, present and future can follow our progress through the PLC Group’s LinkedIn network and Facebook page,

as well as other social network channels includ

ing Instagram and X.

The diverse range of internal and external communicat

ion tools and channels we have put

in place aim to ensure that all

colleagues receive timely and relevant informat

ion to support the

ir effectiveness.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

40

Directors’ Report continued

We work hard to ensure that our employees’ wellbeing is so that they can thrive at work and in their personal lives. Our PLC

Group min

imum standards prov

ide employees with a range of flexible working options, in relation to both location and

working patterns. Employees are provided with at least thirty days’ leave (through annual leave and public holidays), and

new parents are provided a min

imum of twenty calendar weeks’ fully pa

id leave, irrespect

ive of gender, relat

ionsh

ip status or

how a child comes to permanently jo

in a fam

ily. These benefits are in excess of the International Labour Organisat

ion’s (ILO)

min

imum standards.

We seek to mainta

in a mean

ingful relationsh

ip based on mutual trust and respect w

ith various employee representative

bodies (includ

ing un

ions and work councils). In our recognit

ion and

interact

ions, we are heav

ily influenced by the 1948 United

Nations Universal Declaration of Human Rights (UDHR), and several ILO conventions includ

ing the R

ight to Organise and

Collective Bargain

ing Convent

ion, 1949 (No. 98) and the Freedom of Associat

ion and Protect

ion of the Right to Organise

Convention, 1948 (No. 87). Working condit

ions and terms of employment of other employees are based on our Group and

country polic

ies, and

in accordance with ind

iv

idual employment contracts issued by the Group.

Employees’ concerns in relation to their employment or another colleague which cannot be resolved through informal

mechanisms such as counselling, coaching or mediat

ion, are dealt w

ith through our PLC Group Grievance Standard. This

includes concerns related to bullying, harassment, sexual harassment, discr

im

inat

ion and/or v

ict

im

isat

ion, as well as concerns

regarding condit

ions of employment (for example, work

ing practices or the working environment).

Employees can raise grievances to their People Leader or a Human Resources (HR) Representative. The global process for

addressing grievances involves an HR representative and a member of the business review

ing the gr

ievance, conducting fact

finding

into the grievance and provid

ing a wr

itten outcome to the aggrieved employee. Where employees raise concerns

regarding alleged wrongdoing pertain

ing to another employee or

in circumstances where the employee alleges wrongdoing,

but does not wish to raise a grievance, such concerns are invest

igated

in accordance with the PLC Group Investigat

ions

Standard.

If a grievance or invest

igat

ion is upheld, the next steps might include remedying a process, or in

it

iat

ing a d

isc

ipl

inary review of

the conduct of the colleague who is the subject of the concern. The PLC Group Grievance Standard and accompanying

process is reviewed on a period

ic bas

is in consultation with stakeholders across HR, Legal, Compliance and Shared

Investigat

ive Serv

ices. Grievance trends are reviewed on a quarterly basis and action is taken to address any concerning

trends.

There is a dist

inct PLC Group Speak

ing Up Policy and Standard which covers instances where an employee wishes to ‘blow

the whistle’ on actual, planned or potential wrongdoing by another employee or the Bank.

We are committed to creating a fair, consistent and transparent approach to making decis

ions

in a disc

ipl

inary context. This

commitment is codif

ied

in our Fair Accountabil

ity Pr

inc

iples, wh

ich underpin our PLC Group Disc

ipl

inary Standard. Dism

issals

due to misconduct issues and/or performance (where required by law to follow a disc

ipl

inary process) are governed by the

PLC Group Disc

ipl

inary Standard. Where local law or regulation requires a different process with regards to dism

issals and

other disc

ipl

inary outcomes, we have clearly documented country variances in place.

Our PLC Group Divers

ity and Inclus

ion Standard has been developed to ensure a diverse and inclus

ive workplace, w

ith fair

and equal treatment, and the provis

ion of opportun

it

ies for employees to part

ic

ipate fully and reach the

ir full potential in a

respectful working environment. All ind

iv

iduals are entitled to be treated with dign

ity and respect, and to be free from

harassment, bullying, discr

im

inat

ion and v

ict

im

isat

ion. Th

is helps to support productive working condit

ions, decreased staff

attrit

ion, pos

it

ive employee morale and engagement, ma

inta

ins employee wellbe

ing, and reduces people-related risk.

All colleagues are responsible for fostering an inclus

ive culture where

ind

iv

idual

ity and d

iffer

ing sk

ills, capabil

it

ies and

experience are understood, respected and valued. All colleagues, consultants, contractors, volunteers, interns, casual workers

and agency workers are required to comply with the Standard, includ

ing conduct

ing themselves in a manner that

demonstrates appropriate, non-discr

im

inatory behaviours.

We do not accept unlawful discr

im

inat

ion

in our recruitment or employment practices on any grounds includ

ing but not

lim

ited to: sex, race, colour, nat

ional

ity, ethn

ic

ity, nat

ional or ind

igenous or

ig

in, d

isab

il

ity, age, marital or civ

il partner status,

pregnancy or maternity, sexual orientat

ion, gender

ident

ity, express

ion or reassignment, HIV or AIDS status, parental status,

mil

itary and veterans status, flex

ib

il

ity of working arrangements, relig

ion or bel

ief. We are committed to provide equal

opportunit

ies and fa

ir treatment in recruitment, appraisals, pay and condit

ions, tra

in

ing, development, success

ion planning,

promotion, grievance/disc

ipl

inary procedures and employment terminat

ion pract

ices, that are inclus

ive and access

ible; and

that do not directly or ind

irectly d

iscr

im

inate. Recruitment, employment, train

ing, development and promot

ion decis

ions are

based on the skills, knowledge and behaviour required to perform the role to the Group’s standards. Implied in all

employment terms is the commitment to equal pay for equal work. We also endeavour to make reasonable workplace

adjustments (includ

ing dur

ing the hir

ing process by g

iv

ing full and fa

ir considerat

ions to all appl

icat

ions) to ensure all

ind

iv

iduals feel supported and are able to partic

ipate fully and reach the

ir potential.

We aim to be a disab

il

ity confident organisat

ion w

ith a focus on removing barriers and improv

ing access

ib

il

ity. If employees

become disabled, we will aim to support them with appropriate train

ing and workplace adjustments where poss

ible and

support their career development and continued employment.

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

41

Directors’ Report continued

Health, Safety and Wellbeing

Our Health, Safety and Wellbeing (HSW) vis

ion

is to support employee productiv

ity through a healthy and res

il

ient workforce,

and our miss

ion

is to deliver every day in a safe and secure resil

ient way. Our corporate HSW programme covers both mental

and physical health and wellbeing. We comply with both external regulatory requirements and internal policy and standards

for HSW in all markets. It is our policy to ensure that the more stringent of the two requirements is always met, ensuring our

HSW practices meet or exceed the regulatory min

imum. Compl

iance rates are reported at least biannually to each country’s

Management Team.

We follow the ILO code of practice on recording and notif

icat

ion of occupational accidents and diseases, as well as align

ing

to UK Health and Safety Executive (HSE), and ensuring we meet all local Health and Safety (H&S) regulatory reporting

requirements. We record and report all work-related illness and injuries, includ

ing sub-contractors, v

is

itors and cl

ients.

In 2024, we saw a reduction in serious work injuries in PLC Group with nil work-related fatalit

ies nor

ill health to report. Major

injuries (per the UK HSE defin

it

ion) decreased from 21 in 2023 to 14 in 2024 in PLC Group, with fractures the most common type

of major in

jury (57 per cent). Overall, there is an increase of 6 percent in reported injuries in 2024 across PLC Group, with ‘slips/

trips/falls’ and ‘transport/commuting’ accidents remain

ing al

igned to or better than industry benchmarks. Hazards and

near- miss reports decreased 1 percent between 2023 and 2024 in PLC Group.

HSW performance and risks are reported annually to the PLC Group Risk Committee and Court Risk Committee. We use a

H&S management system and local regulatory compliance tracker across all countries to ensure a consistently high level of

H&S reporting and compliance for all our colleagues and clients.

In 2024, we refreshed our PLC Group Health Safety and Wellbeing Standards with enhanced focus on inc

ident management

through a clear process for timely invest

igat

ions, root cause analysis, and putting together corrective and preventive actions,

and on communicat

ing lessons learned. We enhanced contractor safety w

ith guidel

ines for select

ing, onboarding, and

managing contractors, and continuous monitor

ing and evaluat

ion of contractor performance to address the elevated H&S

risks faced by our contractors due to the nature of their work. In April 2024, we celebrated World Day for Safety and Health at

Work across the Group. Over 900 colleagues joined web

inars on topics of burnout and supporting resil

ience. We also

relaunched the Safety and Security Learning Pathway remind

ing how each employee can help ma

inta

in a safe work

ing

environment in the Group.

The Group sponsors medical and healthcare services for all employees, except in markets where cover is provided through

State-mandated healthcare, which represent less than 0.8 per cent of the PLC Group’s employees. More details on how we

support our colleagues’ wellbeing are on Page 39 of the PLC Group’s Annual Report.

Psychosocial risk is an area that an increas

ing number of H&S regulators are leg

islat

ing on. Psychosoc

ial risks are those that

cause physical or psychological harm, aris

ing from the des

ign or management of work, the work environment, workplace

interact

ions or behav

iours. In line with the Australia Work Health and Safety (Managing Psychosocial Hazards at Work) Code

of Practice 2024 a pilot study was conducted in Australia, assessing the psychosocial hazards and factors. In 2025 we aim to

expand our health and safety management systems to cover management of psychosocial risks.

In 2024, we achieved the WELL Equity Rating for nine key office build

ings across the globe and ach

ieved the WELL Gold

Certif

icat

ion for Capitol Tower Hanoi Vietnam. Developed by the International WELL Build

ing Inst

itute (IWBI), the rating &

certif

icat

ion recognises our commitment to creating people first workplaces that promote health, wellbeing, and equity, and

a sign

ificant m

ilestone in our broader strategy toward enhancing social sustainab

il

ity.

Supply Chain Management

Our purchases of goods and services are governed through a third-party risk management framework through which we

aim to follow the highest standards in terms of selection of suppliers, due dil

igence and contract management.

For informat

ion about how the PLC Group engages w

ith suppliers on environmental and social matters, please see our

Supplier Charter and Supplier Divers

ity and Inclus

ion Standard.

The PLC Group publishes a Modern Slavery Statement annually under the UK Modern Slavery Act 2015 and Australian

Modern Slavery Act 2018. The PLC Group’s 2024 Modern Slavery Statement will be published at the same time as the PLC

Group Annual Report. This document sets out the actions the PLC Group has taken during 2024 to assess and manage the

risk of slavery, forced, bonded or compulsory labour, the worst forms of child labour, and human traffick

ing (modern slavery)

in its operations and supply chain.

+ Our Supplier Charter and Supplier Divers

ity and Inclus

ion standard can be viewed at

sc.com/suppliercharter and sc.com/supplierd

ivers

ity

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Directors’ Report continued

Standard Chartered Bank

42

Directors’ Report and Financ

ial Statements 2024

Product responsib

il

ity

The PLC Group has in place a risk framework, compris

ing pol

ic

ies, standards and controls to support these objectives

in

alignment with our Conduct Risk Management Approach. This framework covers sales practices, client communicat

ions,

appropriateness and suitab

il

ity, and post-sales practice. There are controls across all activ

it

ies above and the controls are

tested on a regular basis to provide assurance on the framework. As part of this, we ensure products sold are suitable for

clients and comply with relevant laws and regulations. We also review our products on a period

ic bas

is and refine them to

keep them relevant to the changing needs of Clients and to meet regulatory obligat

ions.

We have processes and guidel

ines spec

if

ic to each of our Cl

ient industr

ies, to promptly resolve Cl

ient complaints, understand

and respond to client issues. Conduct considerat

ions are g

iven sign

ificant we

ight

ing

in front-line incent

ive structures to dr

ive

the right behaviours.

For more informat

ion on our approach to product des

ign, product pric

ing, treat

ing Clients fairly and protecting vulnerable

customers, and incent

iv

is

ing our frontl

ine employees, see pages 26 and 27. For more informat

ion on fraud

ident

ification see

page 96 of PLC’s 2024 Annual Report.

Environmental impact of our operations

The PLC Group aims to min

im

ise the environmental impact of our operations as part of our commitment to be a responsible

company. The PLC Group reports on energy, water and non-hazardous waste data and the targets the PLC Group has set to

reduce energy, water and waste consumption.

The PLC Group’s reporting methodology is based upon the “The Greenhouse Gas Protocol – A Corporate Accounting and

Reporting Standard (Revised Edit

ion)”.

+ Information on the princ

iples and methodolog

ies used to calculate the GHG emiss

ions of the PLC Group can be found

in our

Environmental Reporting Criter

ia document at

sc.com/environmentcriter

ia

Reporting period

The reporting period of our Scope 1 and 2, emiss

ions

is from 1 October 2023 to 30 September 2024. This allows suffic

ient t

ime

for independent assurance to be completed on our Scope 1 and Scope 2 emiss

ions pr

ior to the publicat

ion of the PLC Annual

Report. Accordingly, the operating income used in this inventory corresponds to the same time period rather than the

calendar year used in financ

ial report

ing

Summary of Activ

it

ies of the Company’s Jersey Branch

Standard Chartered Bank Jersey Branch’s Affluent banking activ

it

ies include deposit taking, lending and investment business

in accordance with Jersey laws and regulations.

Auditor

The Audit Committee reviews the appointment of the Group statutory auditor, its effectiveness and its relationsh

ip w

ith

the Group, which includes monitor

ing our use of the aud

itors for non-audit services and the balance of audit and non-audit

fees paid. Each director believes that there is no relevant informat

ion of wh

ich our Group statutory auditor is unaware.

Each has taken all reasonable steps necessary as a director to be aware of any relevant audit informat

ion and to establ

ish

that Ernst & Young LLP (EY) is made aware of any pertinent informat

ion. A resolut

ion to re-appoint EY as auditor was passed

at the 2024 PLC Annual General Meeting.

By order of the Court

Bill Winters

Director

21 February 2025

Company Reference Number: ZC18

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Directors’ Report continued

Standard Chartered Bank

43

Directors’ Report and Financ

ial Statements 2024

Statement of directors’ responsib

il

it

ies

The directors are responsible for preparing the Directors’ Report and the Group and Company Financ

ial Statements

in

accordance with applicable law and regulations.

Company law requires the directors to prepare Group and Company financ

ial statements for each financial year. Under that

law they are required to prepare the Group financ

ial statements

in accordance with internat

ional account

ing standards in

conformity with the requirements of the Companies Act 2006 and with International Financ

ial Report

ing Standards as

adopted by the European Union (EU IFRS) and applicable law, and the Company financ

ial statements

in accordance with

internat

ional account

ing standards in conformity with the requirements of the Companies Act 2006.

Under company law the directors must not approve the financ

ial statements unless they are sat

isf

ied that they g

ive a true

and fair view of the state of affairs of the Group and Company and of their profit or loss for that period. In preparing each

of the Group and Company financial statements, the d

irectors are required to:

•

Select suitable accounting polic

ies and then apply them cons

istently;

•

Make judgements and estimates that are reasonable, relevant and reliable;

•

State whether they have been prepared in accordance internat

ional account

ing standards in conformity with the

requirements of the Companies Act 2006 and with EU IFRS;

•

Assess the Group and the Company’s abil

ity to cont

inue as a going concern, disclos

ing, as appl

icable, matters related

to going concern; and

•

Use the going concern basis of accounting unless they either intend to liqu

idate the Group or the Company or to cease

operations or have no realist

ic alternat

ive but to do so.

The directors are responsible for keeping adequate accounting records that are suffic

ient to show and expla

in the

Company’s transactions and disclose with reasonable accuracy at any time the financ

ial pos

it

ion of the Company and

enable them to ensure that its financ

ial statements comply w

ith the Companies Act 2006. They are responsible for such

internal control as they determine is necessary to enable the preparation of financ

ial statements that are free from mater

ial

misstatement, whether due to fraud or error, and have general responsib

il

ity for taking such steps as are reasonably open

to them to safeguard the assets of the Group and to prevent and detect fraud and other irregular

it

ies.

Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report and Directors’

Report that complies with that law and those regulations.

Responsib

il

ity statement of the directors in respect of the Directors’ Report and Financ

ial Statements

We confirm that to the best of our knowledge:

•

The financial statements, prepared

in accordance with the applicable set of accounting standards, give a true and fair

view of the assets, liab

il

it

ies, financial pos

it

ion and profit or loss of the Company and the undertak

ings included in the

consolidat

ion taken as a whole; and

•

The Strategic Report includes a fair review of the development and performance of the business and the posit

ion of

the Company and the undertakings included in the consolidat

ion taken as a whole, together w

ith a descript

ion of the

emerging risks and uncertaint

ies that they face.

We consider the Directors’ Report and Financ

ial Statements, taken as a whole to be fa

ir, balanced and understandable and

provides the informat

ion necessary to assess the Group’s pos

it

ion and performance, bus

iness model and strategy.

By order of the Court

Diego De Giorg

i

Director

21 February 2025

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Standard Chartered Bank

44

Directors’ Report and Financ

ial Statements 2024

Risk review and Capital review

The following parts of the Risk review and Capital review form part of these financ

ial statements –

•

a) Risk review:

Disclosures marked as ‘audited’ from the start of Credit Risk section (page 45) to the end of other princ

ipal

risks in the same section (page 108); and

•

b) Capital review:

Tables marked as ‘audited’ from the start of ‘Capital base’ (page 109) to the end of ‘Total capital’ (page

110).

|  |  |  |
| --- | --- | --- |
| Risk update |  | Page number |
| Risk management | Risk Management Framework | 45 |
| approach | Princ  ipal r  isks | 50 |
| Risk profile | Credit Risk | 58 |
|  | Basis of preparation | 58 |
|  | Credit Risk overview | 58 |
|  | Impairment model | 58 |
|  | Staging of financ  ial  instruments | 58 |
|  | IFRS 9 expected credit loss princ  iples and approaches | 58 |
|  | Summary of Credit Risk performance | 59 |
|  | Maximum exposure to Credit Risk | 60 |
|  | Analysis of financ  ial  instrument by stage | 62 |
|  | Credit quality analysis | 66 |
|  | •  Credit quality by client segment | 66 |
|  | Movement in gross exposures and credit impa  irment for loans and advances, debt secur  it  ies, | 71 |
|  | undrawn commitments and financ  ial guarantees |  |
|  | Credit impa  irment charge | 76 |
|  | Problem credit management and provis  ion  ing | 76 |
|  | •  Forborne and other modif  ied loans by cl  ient segment | 76 |
|  | Credit Risk mit  igat  ion | 77 |
|  | • Collateral | 77 |
|  | •  Collateral held on loans and advances | 78 |
|  | •  Collateral – Corporate and Investment Banking | 79 |
|  | •  Collateral – Wealth and Retail Banking | 80 |
|  | •  Mortgage loan-to-value ratios by geography | 81 |
|  | •  Collateral and other credit enhancements possessed or called upon | 81 |
|  | •  Other Credit Risk mit  igat  ion | 81 |
|  | Other portfolio analysis | 82 |
|  | •  Contractual maturity analysis of loans and advances by client segment | 82 |
|  | •  Credit quality by industry | 83 |
|  | •  Debt securit  ies and other el  ig  ible b  ills | 87 |
|  | IFRS 9 expected credit loss methodology | 88 |
|  | Traded Risk | 96 |
|  | Market Risk changes | 96 |
|  | Counterparty Credit Risk | 99 |
|  | Derivat  ive financial  instruments Credit Risk mit  igat  ion | 99 |
|  | ity and Funding Risk  Liqu  id | 99 |
|  | ity and Funding Risk metrics  Liqu  id | 99 |
|  | ity analysis of the Group’s balance sheet  Liqu  id | 101 |
|  | Interest Rate Risk in the Banking Book | 106 |
|  | Operational and Technology Risk | 107 |
|  | Operational and Technology Risk profile | 107 |
|  | Other princ  ipal r  isks | 108 |
| Capital | Capital management and governance | 109 |
|  | Capital ratios | 109 |
|  | Capital base | 110 |
|  | Leverage ratio | 110 |

![](data:image/svg+xml;base64,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)

Risk Profile

Risk Management Framework

Risk management is at the heart of banking; it is what we do. Managing risk effectively is how we drive commerce and

prosperity for our clients and our communit

ies, and

it is how we grow sustainably and profitably as an organisat

ion.

Effective risk management is essential in deliver

ing cons

istent and sustainable performance for all our stakeholders and

is a central part of the financ

ial and operat

ional management of the Group. The Group adds value to clients and the

communit

ies

in which they operate by balancing risk and reward to generate returns for shareholders.

The Risk Management Framework (RMF) enables the Group to manage enterprise-wide risks, with the object

ive of

maxim

is

ing risk-adjusted returns while remain

ing w

ith

in our R

isk Appetite (RA). The RMF has been designed in accordance

with the PLC Group’s Enterprise Risk Management Framework (ERMF). It is reviewed and approved by the SC Bank Court

annually, with the latest version being effective from August 2024.

Risk culture

Risk culture encompasses our general awareness, attitudes, and behaviours towards risk, as well as how risk is managed

at enterprise level.

A healthy risk culture is one in which everyone takes personal responsib

il

ity to ident

ify and assess, openly d

iscuss, and take

prompt action to address exist

ing and emerg

ing risks. We expect our control functions to provide oversight and challenge

constructively, collaboratively, and in a timely manner on the risks that are owned by the first line of defence. This effort is

reflected in our valued behaviours and underpinned by our Code of Conduct and Ethics.

> Further details on our

Code of Conduct and Ethics

can be found on page 95 of SC PLC Group 2024 Annual Report.

The risks we face constantly evolve, and we must always look for ways to manage them as effectively as possible. Whilst

unfavourable outcomes will occur from time to time, a healthy risk culture means that we react quickly and transparently.

We can then take the opportunity to learn from our experience and improve our framework and processes.

Strategic risk management

The Group’s approach to strategic risk management includes the following:

•

Risk ident

ification:

impact analyses of risks that arise from the Group’s growth plans, strategic in

it

iat

ives, and bus

iness

model vulnerabil

it

ies are reviewed. This assesses how exist

ing r

isks have evolved in terms of relative importance and

whether new risks have emerged.

•

Risk Appetite:

impact analysis is performed to assess if strategic in

it

iat

ives can be ach

ieved with

in RA and h

ighl

ight areas

where addit

ional RA should be cons

idered.

•

Stress testing:

ident

ified r

isks are used to develop scenarios for enterprise stress tests.

Roles and responsib

il

it

ies

1

Senior Managers Regime

Roles and responsib

il

it

ies under the RMF are al

igned to the object

ives of the UK Sen

ior Managers and Certif

icat

ion Regime.

The Group Chief Risk Officer (GCRO) is responsible for the overall development and maintenance of the Group’s RMF and for

ident

ify

ing material risks which the Group may be exposed to. The GCRO delegates effective implementat

ion of the R

isk

Type Frameworks (RTF) to Risk Framework Owners (RFO), who provide second line of defence oversight for their respective

PRTs.

The Risk function

The Risk function provides oversight and challenge on the Group’s risk management, ensuring that business is conducted in

line with regulatory expectations. The GCRO directly manages the Risk function, which is independent from the orig

inat

ion,

trading, and sales functions of the businesses. The Risk function is responsible for:

•

proposing the RA for approval by the SC Bank Court

•

mainta

in

ing the RMF, ensuring that it remains relevant and appropriate to the Group’s business activ

it

ies, and is effectively

communicated and implemented across the Group

•

ensuring that risks are properly assessed, risk and return decis

ions are transparent and r

isks are controlled in accordance

with the PLC Group’s standards and RA

•

overseeing and challenging the management of PRTs under the RMF

•

independence of the Risk function by ensuring that the necessary balance in making risk and return decis

ions

is not

compromised by short-term pressures to generate revenues.

The Risk function supports the Group’s strategy by build

ing a susta

inable RMF that places regulatory and compliance

standards, together with culture of appropriate conduct, at the forefront of the Group’s agenda.

1

Senior managers refer to ind

iv

iduals designated as senior management functions under the FCA and PRA Senior Managers Regime.

Standard Chartered Bank

45

Directors’ Report and Financ

ial Statements 2024

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

46

Directors’ Report and Financ

ial Statements 2024

Our Compliance, Financ

ial Cr

ime and Conduct Risk (CFCR) function

2

works alongside the Risk function with

in the RMF to

deliver a unif

ied second l

ine of defence. Compliance Risk and Financ

ial Cr

ime Risk, as PRTs, fall under the scope of the

CFCR’s responsib

il

it

ies.

Three lines of defence model

The Group applies a three lines of defence model to its day-to-day activ

it

ies for effective risk management, and to reinforce

a strong governance and control environment. Typically:

•

Businesses and functions engaged in or supporting revenue generating activ

it

ies that own and manage risks constitute the

first line of defence.

•

Control functions, independent of the first line of defence, that provide oversight and challenge of risk management

activ

it

ies act as the second line of defence.

•

Internal Audit acts as the third line of defence, provid

ing

independent assurance on the effectiveness of controls supporting

the activ

it

ies of the first and second lines of defence.

Each PRT has an RTF which outlines the areas of governance and risk management and is the formal mechanism through

which authorit

ies are delegated. R

isk management plans, processes, activ

it

ies, and resource allocations are consistent with

the three lines of defence model prescribed by the RMF.

Risk ident

ification and assessment

Identif

icat

ion and assessment of potentially adverse risk events is an essential first step in managing the risks of any business

or activ

ity. To ensure cons

istency, we use PRTs to classify our risk exposures. However, we also recognise the need to mainta

in

a holist

ic perspect

ive since:

•

a single transaction or activ

ity may g

ive rise to multiple types of risk exposure

•

risk concentrations may arise from multiple exposures that are closely correlated

•

a given risk exposure may change its form from one risk type to another.

There are also sources of risk that arise beyond our own operations, such as the Group’s dependency on suppliers for the

provis

ion of serv

ices and technology.

As the Group remains accountable for risks aris

ing from the act

ions of such third parties, failure to adequately monitor

and manage these relationsh

ips could mater

ially impact the Group’s abil

ity to operate.

The Group mainta

ins a taxonomy of r

isks inherent to the strategy and business model, as well as a risk inventory which

captures ident

ified r

isks, includ

ing the TERs to wh

ich the Group is or might be exposed to. Multiple ident

ification and

assessment techniques are used to ensure breadth and depth of understanding of the internal and external risk environment,

as well as potential opportunit

ies. A r

isk assessment of the corporate plan is undertaken annually, supplemented by risk

assessments of new in

it

iat

ives. R

isk ident

ification findings

inform the related risk oversight process, and most importantly RA

and controls setting, scenario selection and design, and model refinement and development.

The GCRO and the Standard Chartered Bank Executive Risk Committee (SCB ERC) regularly review reports on the risk profile

for the PRTs, adherence to Group RA, stress test results and the Group risk inventory, includ

ing TERs.

Risk Appetite and profile

The Group recognises the following constraints which determine the risks that we are will

ing to take

in pursuit of our strategy

and the development of a sustainable business:

•

Risk capacity is the maximum level of risk the Group can assume, given its current capabil

it

ies and resources, before

breaching constraints determined by capital and liqu

id

ity requirements or the internal operational environment, or

otherwise fail

ing to meet the expectat

ions of regulator and law enforcement agencies.

•

RA is defined by the Group and approved by the Court. It is the boundary for the risk that the Group is will

ing to undertake

to achieve its strategic object

ives and corporate plan. We set RA to enable us to grow susta

inably whilst managing our

risks, giv

ing confidence to our stakeholders. The RA

is supplemented by risk control tools such as granular-level lim

its,

polic

ies and standards to ma

inta

in the Group’s r

isk profile with

in approved RA.

The Court is responsible for approving the RA Statements, which are underpinned by a set of financ

ial and operat

ional

control parameters known as RA metrics and their associated thresholds. These set boundaries for the aggregate risk

exposures that can be taken across the Group.

The Group RA is reviewed bi-annually to ensure that it is fit for purpose and aligned with strategy, with focus given to new

or emerging risks.

2

From 1 January 2025, our Conduct, Financ

ial Cr

ime and Compliance (CFCC) function was renamed as Compliance, Financ

ial Cr

ime and Conduct Risk (CFCR)

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

47

Directors’ Report and Financ

ial Statements 2024

Risk Appetite Statement

“The Group’s objective

is to not compromise adherence with its RA in order to pursue revenue growth or higher returns”.

See the table on page 48 for the set of RA Statements.

Stress testing

The objective of stress test

ing is to support the PLC Group in assessing that it:

•

does not have exposure to excessive risk concentrations that could produce unacceptably high losses under severe but

plausible scenarios;

•

has sufficient financial resources to w

ithstand severe but plausible scenarios;

•

has the financial flex

ib

il

ity to respond to extreme but plausible scenarios;

•

understands key business model risks and considers what kind of event might crystallise those risks – even if extreme

and with a low likel

ihood of occurr

ing;

•

ident

ifies as requ

ired, actions to mit

igate the l

ikel

ihood or

impact of those events; and

•

has set RA metrics at appropriate levels.

The PLC Group enterprise stress tests incorporate capital and liqu

id

ity adequacy stress tests, includ

ing recovery and

resolution, as well as reverse stress tests.

Stress tests are performed at PLC Group, Solo, country, business, and portfolio level under a wide range of risks and at varying

degrees of severity.

Based on the stress test results, the Group Chief Financ

ial Officer (GCFO) and GCRO can recommend strateg

ic actions to the

Court to ensure that the Group’s strategy remains with

in RA.

In addit

ion, analys

is is run at the PRT level to assess specif

ic r

isks and concentrations that the Group may be exposed to.

These include qualitat

ive assessments such as stress

ing of credit sectors or portfolios, and quantitat

ive assessments such

as potential losses from severe but plausible market risk scenarios or internal stressed liqu

id

ity metrics.

Stress testing plays a crit

ical role

in assessing the potential impact on portfolio values of extreme but plausible scenarios,

leading to potential losses typically much larger than those predicted by the Value at Risk (VaR) model. The Group uses

histor

ical and forward-look

ing scenarios. A common set of scenarios is used across all legal entit

ies complemented

in some

cases with entity-specif

ic scenar

ios. RA for market risk stress losses is set at the Group as well as legal entity level.

Non-financial r

isk types are also stressed to assess the necessary capital requirements under the Operational and

Technology RTF.

The PLC Group has also undertaken a number of Climate Risk stress tests, both those mandated by regulators as well

as management scenarios.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

48

Directors’ Report and Financ

ial Statements 2024

Princ

ipal R

isk Types

PRTs are those risks that are inherent in our strategy and business model and have been formally defined in the Group’s RMF.

These risks are managed in line with the PLC Group’s RTFs which are cascaded to the Group.

The PRTs and associated RA Statements are approved by the Court, and reviewed annually.

The table below shows the Group’s current PRTs, their defin

it

ion and RA Statements.

|  |  |  |
| --- | --- | --- |
| Princ  ipal R  isk Type | Definit  ion | Risk Appetite Statement |
| Credit Risk | Potential for loss due to failure of a counterparty to | The Group manages its credit exposures following the |
|  | meet its agreed obligat  ions to pay the Group. | princ  iple of d  ivers  ification across products, geograph  ies, |
|  |  | client segments and industry sectors. |
| Traded Risk | Potential for loss resulting from activ  it  ies undertaken | The Group should control its financ  ial markets act  iv  it  ies |
|  | by the Group in financ  ial markets. | to ensure that Market and Counterparty Credit Risk |
|  |  | losses do not cause material damage to the Group’s |
|  |  | franchise. |
| Treasury Risk | Potential for insuff  ic  ient capital, liqu  id  ity, or funding to | Indiv  idual regulated ent  it  ies w  ith  in the Group should |
|  | support our operations, the risk of reductions in earnings | mainta  in sufficient cap  ital, liqu  id  ity, and funding to |
|  | or value from movements in interest rates impact  ing | support its operations, and an interest rate profile |
|  | banking book items and the potential for losses from | ensuring that the reductions in earnings or value from |
|  | a shortfall in the Group’s pension plans. | movements in interest rates impact  ing bank  ing book |
|  |  | items does not cause material damage to the Group’s |
|  |  | franchise. In addit  ion, the Group should ensure  its |
|  |  | pension plans are adequately funded. |
| Operational and | Potential for loss resulting from inadequate or | The Group aims to control operational and technology |
| Technology Risk | failed internal processes, technology events, | risks to ensure that operational losses (financ  ial or |
|  | human error, or from the impact of external events | reputational), includ  ing those related to the conduct |
|  | (includ  ing legal r  isks). | of business matters, do not cause material damage to |
|  |  | the Group’s franchise. |
| Information and | Risk to the Group’s assets, operations, and ind  iv  iduals | The Group aims to mit  igate and control ICS r  isks to |
| Cyber Security (ICS) | due to the potential for unauthorised access, use, | ensure that inc  idents do not cause the Bank mater  ial |
| Risk | disclosure, disrupt  ion, mod  if  icat  ion, or destruction of | harm, business disrupt  ion, financial loss or reputat  ional |
|  | informat  ion assets and/or  informat  ion systems. | damage – recognis  ing that wh  ilst inc  idents are |
|  |  | unwanted, they cannot be entirely avoided. |
| Financ  ial Cr  ime Risk  3 | Potential for legal or regulatory penalties, material | The Group has no appetite for breaches of laws and |
|  | financial loss or reputat  ional damage resulting from the | regulations related to financ  ial cr  ime, recognis  ing |
|  | failure to comply with applicable laws and regulations | that whilst inc  idents are unwanted, they cannot be |
|  | relating to internat  ional sanct  ions, anti-money | entirely avoided. |
|  | laundering and anti-bribery and corruption, and fraud. |  |
| Compliance Risk | Potential for penalties or loss to the Group or for an | The Group has no appetite for breaches of laws and |
|  | adverse impact to our clients, stakeholders or to the | regulations related to regulatory non-compliance; |
|  | integr  ity of the markets we operate  in through a failure | recognis  ing that wh  ilst inc  idents are unwanted, they |
|  | on our part to comply with laws, or regulations. | cannot be entirely avoided. |
| Environmental, | Potential or actual adverse impact on the environment | The Group aims to measure and manage financ  ial and |
| Social and | and/or society, the Group’s financ  ial performance, | non-financial r  isks aris  ing from cl  imate change, reduce |
| Governance and | operations, or the Group’s name, brand or standing, | emiss  ions  in line with our net zero strategy and protect |
| Reputational | aris  ing from env  ironmental, social or governance | the Group from material reputational damage by |
| (ESGR) Risk | factors, or as a result of the Group’s actual or perceived | upholding responsible conduct and striv  ing to do no |
|  | actions or inact  ions. | sign  ificant env  ironmental and social harm. |
| Model Risk | Potential loss that may occur because of decis  ions | The Group has no appetite for material adverse |
|  | or the risk of mis-estimat  ion that could be pr  inc  ipally | impl  icat  ions aris  ing from m  isuse of models or errors |
|  | based on the output of models, due to errors in the | in the development or implementat  ion of models, |
|  | development, implementat  ion, or use of such models. | whilst accepting some model uncertainty. |

3

Fraud forms part of the Financ

ial Cr

ime RA Statement but, in line with market practice, does not apply a zero-tolerance approach

As of November 2024, Climate Risk RA statement is integrated into the ESGR PRT.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

49

Directors’ Report and Financ

ial Statements 2024

RMF effectiveness reviews

Effectiveness review of the RMF is managed as part of the PLC Group ERMF effectiveness review. At Group level,

a self-assessment is conducted to assess the overall effectiveness of the RMF, and the results are taken into considerat

ion

in the ERMF effectiveness review. The GCRO is responsible for annually affirm

ing the effect

iveness of the RMF to the

Court Risk Committee (CRC).

The RMF effectiveness review measures year-on-year progress. Ongoing effectiveness reviews allow for a structured

approach to ident

ify

improvement opportunit

ies and bu

ild plans to address them.

In 2025, the Group aims to further strengthen its risk management practices by improv

ing the management of non-financial

risks with

in

its businesses, functions and across our footprint. As the regulatory environment continuously changes, the Group

constantly monitors regulatory developments and take pro-active actions for compliance.

Executive and Board risk oversight

Overview

The corporate governance and committee structure helps the Group to conduct our business. The Court has ultimate

responsib

il

ity for risk management and approves the RMF based on the recommendation of the Court Risk Committee, which

also recommends the Group RA Statement for all PRTs and other risks. The Court comprises of the major

ity of the

independent non-executive directors from the PLC Board, executive directors from the PLC Board as well as an executive

director and non-executive director who are appointed solely to the Court with the specif

ic purpose of prov

id

ing

independent

decis

ion mak

ing at the Court meetings.

Court and Executive level risk committee governance structure

The Committee governance structure below presents the view as of 2024.

|  |  |  |  |
| --- | --- | --- | --- |
|  | COURT | |  |
|  | COURT LEVEL COMMITTEES¹ | |  |
|  |  |  | Combined United States |
| Court Risk Committee | Court Audit Committee | Court Nominat  ion | and Risk Committee |
|  |  | Committee | Operations |
|  |  |  | (US Risk Committee) |

1

The Court also has a Standing Committee with a remit to approve matters, on behalf of the Court, where a formal resolution is required for legal and regulatory purposes

Court Risk Committee

The CRC is concerned with the oversight and review of princ

ipal r

isks.

Court Audit Committee

The Court Audit Committee is concerned with the oversight and review of financ

ial, aud

it, internal control and non-financ

ial

crime issues.

Court Nominat

ion Comm

ittee

The Court Nominat

ion Comm

ittee is responsible for oversight and review of the composit

ion of, and appo

intments to the

Company’s Court, and the development of a diverse pipel

ine for success

ion.

Combined United States Operations and Risk Committee (US Risk Committee)

The Committee is appointed by the SC Bank Court to oversee risk and governance of the Combined US Operations (CUSO)

to ensure compliance with the Dodd-Frank Act section 165 Enhanced Prudential Standards in particular for the requirements

relating to the responsib

il

it

ies of the US R

isk Committee and the US Chief Risk Officer. The Committee is responsible for

approval and oversight of the US strategy, the Risk Management Framework and associated polic

ies, and the R

isk Appetite

Statement and metrics for CUSO. The Committee also approves the remuneration and performance object

ives of key

US Officers. Membership of the Committee is comprised of directors of the SC Bank or PLC Group, includ

ing at least one

independent non-executive director and one member with sign

ificant r

isk management experience.

The Group has two management level committees, namely the SCB ERC and Solo & Standard Chartered Bank UK (Branch)

Asset and Liab

il

ity Management Committee (Solo & SCB ALCO).

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

50

Directors’ Report and Financ

ial Statements 2024

Standard Chartered Bank Executive Risk Committee

SCB ERC is responsible for ensuring the effective management of risk throughout the Group in support of the Group’s strategy.

The GCRO chairs the Committee, whose members are drawn from the GMT. The Committee oversees the implementat

ion

of the Standard Chartered Bank RMF, includ

ing the delegat

ion of any part of its authorit

ies to appropr

iate ind

iv

iduals

or properly constituted sub-committees. SCB ERC relies on jo

int meet

ings with the PLC Group Risk Committee and its

sub-committees to provide oversight of the PRTs across clients, businesses, products and functions. The Committee requests

and receives relevant informat

ion to fulfil

its governance mandates relating to the risks to which the Group is exposed,

and alerts Senior/Executive management when risk reports do not meet its requirements.

Solo & Standard Chartered Bank UK (Branch) Asset and Liab

il

ity Management Committee

Solo & SCB ALCO is appointed by the SC Bank CFO and chaired by the Group Treasurer. The Committee is responsible for

determin

ing the Group’s approach to balance sheet management and ensur

ing that, in executing the Group’s strategy, the

Group operates with

in the

internally approved RA and external requirements relating to capital, loss-absorbing capacity,

liqu

id

ity, leverage, Interest Rate Risk in the Banking Book (IRRBB), Banking Book Basis Risk and Structural Foreign Exchange

Risk as well as monitor

ing the structural

impact of decis

ions around susta

inable finance, Net Zero and Climate Risk.

The Committee is also responsible for ensuring that internal and external recovery planning requirements are met.

The SCB ERC and Solo & SCB ALCO receive reports that include informat

ion on r

isk measures, RA metrics and thresholds,

risk concentrations, forward-looking assessments, updates on specif

ic r

isk situat

ions and act

ions agreed by these committees

to reduce or manage risk.

Princ

ipal r

isks

We manage and control our PRTs through dist

inct RTFs, pol

ic

ies and RA.

> See page 48 for the Group’s current

PRT definit

ions

and

Risk Appetite Statements

.

In May 2024, to further align with our risk strategy and promote consistency and effic

iency the Operat

ional and Technology

Risk and Information and Cyber Security Risk teams were unif

ied under the Operat

ional, Technology and Cyber Risk (OTCR)

function. The PRT disclosures and RA statements for ICS Risk and Operational and Technology Risk remain separate.

Following Tracey McDermott’s retirement as Group Head, Conduct, Financ

ial Cr

ime and Compliance at the end of 2024,

David Howes has been appointed as Group Head, Compliance, Financ

ial Cr

ime and Conduct Risk (CFCR) from 1 January

2025 and will assume Senior Manager responsib

il

it

ies for F

inanc

ial Cr

ime, includ

ing the Group Ent

ity Senior Manager

Function, Compliance Oversight Function (SMF16) and Money Laundering Reporting Officer (MLRO) role

(SMF 17).

Credit Risk

Mit

igat

ion

We apply segment-specif

ic PLC Group pol

ic

ies for Corporate & Investment Bank

ing (CIB) and Wealth & Retail Banking (WRB),

which set the princ

iples that must be followed for the end-to-end cred

it process covering in

it

iat

ion, assessment,

documentation, approval, monitor

ing and governance.

We also apply the PLC Group standards for the elig

ib

il

ity, enforceab

il

ity, and effect

iveness of mit

igat

ion arrangements.

Potential losses are mit

igated us

ing a range of tools, such as collateral, netting agreements, credit insurance, credit

derivat

ives and guarantees.

Risk mit

igants are carefully assessed for the

ir market value, legal enforceabil

ity, correlat

ion, and counterparty risk of

the protection provider. Collateral is valued prior to drawdown and regularly thereafter as required, to reflect current

market condit

ions, the probab

il

ity of recovery and the per

iod of time to realise the collateral in the event of liqu

idat

ion.

We also seek to divers

ify

its collateral holdings across asset classes and markets.

Where guarantees, credit insurance, standby letters of credit or credit derivat

ives are used as Cred

it Risk mit

igat

ion, the

creditworth

iness of the protect

ion provider is assessed and monitored using the same credit process applied to the obligor.

Monitor

ing

The Group regularly monitors credit exposures, portfolio performance, external trends and emerging risks that may

impact risk management outcomes. Internal risk management reports that are presented to risk committees contain

informat

ion on key pol

it

ical and econom

ic trends across major portfolios and countries, portfolio delinquency and loan

impa

irment performance.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

51

Directors’ Report and Financ

ial Statements 2024

In CIB, clients and portfolios are subject to addit

ional rev

iew when they display signs of actual or potential weakness; for

example, where there is a decline in the client’s posit

ion w

ith

in the

ir industry, financ

ial deter

iorat

ion, a breach of covenants,

or non-performance of an obligat

ion w

ith

in the st

ipulated period. Such accounts are subject to a dedicated process overseen

by the Credit Issues Committee in the relevant countries where client account strategies and credit grades are re-evaluated.

In addit

ion, remed

ial actions can be undertaken, such as placing accounts on early alert for exposure reduction, security

enhancement or exit

ing the account. Cred

it-impa

ired accounts are managed by the Group’s spec

ial

ist recovery un

it, Stressed

Asset Group (SAG), which is independent of the Client Coverage/Relationsh

ip Managers. The Stressed Asset R

isk (SAR) Group

is the second line risk unit.

On an annual basis, senior members from the CIB business and Risk partic

ipate

in a more extensive portfolio review (known

as the ‘industry portfolio review’) for certain industry groups. In addit

ion to a rev

iew of the portfolio informat

ion, th

is industry

portfolio review incorporates industry outlook, key elements of the business strategy, RA, credit profile and emerging and

horizon risks. A summary of these industry portfolio reviews is also shared with the CIB Financ

ial R

isk Committee.

For WRB, exposures and collateral monitor

ing are performed at the counterparty and/or portfol

io level across different client

segments to ensure transactions and portfolio exposures remain with

in RA. Portfol

io delinquency trends are also monitored.

Accounts that are past due (or perceived as high risk but not yet past due) are subject to collections or recovery processes

managed by a special

ist

independent function. In some countries, aspects of collections and recovery activ

it

ies are

outsourced. For discret

ionary lend

ing portfolios, sim

ilar processes to those of CIB are followed.

Any material in-country developments that may impact sovereign ratings are monitored closely by Country Risk with

in the

ERM function. The Country Risk Early Warning system, a triage-based risk ident

ification system, categor

ises countries based

on a forward-looking view of possible downgrades and the potential incremental risk-weighted assets (RWA) impact.

In addit

ion, an

independent Credit Risk review team with

in the ERM funct

ion performs assessments of the Credit Risk profiles

at various portfolio levels. They focus on selected countries and segments through deep dives, comparative analysis, and

review and challenge of the basis of credit approvals. The review aims to ensure that the evolving Credit Risk profiles of CIB

and

WRB are well managed with

in RA and pol

ic

ies. Results of the rev

iews are reported to the SC Bank ERC and CRC.

Credit rating and measurement

All credit proposals are subject to a robust credit risk assessment. It includes a comprehensive evaluation of the client’s

credit quality, includ

ing w

ill

ingness, ab

il

ity, and capac

ity to repay. The primary lending considerat

ion for counterpart

ies is

based on their credit quality and operating cashflows, while for ind

iv

idual borrowers it is based on personal income or

wealth. The risk assessment gives due considerat

ion to the cl

ient’s liqu

id

ity and leverage posit

ion.

Where applicable, the assessment includes a detailed analysis of the Credit Risk mit

igat

ion arrangements to determine

the level of reliance on such arrangements as the secondary source of repayment in the event of a sign

ificant deter

iorat

ion

in a client’s credit quality leading to default. Client income, net worth, and the liqu

id

ity of asset by class are considered for

overall risk assessment for wealth lending. Wealth lending credit lim

its are subject to the ava

ilab

il

ity of qualif

ied collateral.

A standard alphanumeric Credit Risk grade system is used for CIB, whereby credit grades 1 to 12 are assigned to performing

customers, and credit grades 13 and 14 are assigned to non-performing or defaulted customers.

WRB internal ratings-based portfolios use applicat

ion and behav

ioural credit scores that are calibrated to generate a

probabil

ity of default. The R

isk Decis

ion Framework uses a cred

it rating system to define the portfolio/new booking

segmentation, shape and decis

ion cr

iter

ia for the unsecured consumer bus

iness segment.

Advanced Internal Ratings-Based (AIRB) models cover the major

ity of our exposures and are used

in assessing risks at a

customer and portfolio level, setting strategy, and optim

is

ing our risk-return decis

ions. The PLC Group Model R

isk Committee

(MRC) approves material internal ratings-based risk measurement models. Prior to review and approval, all internal ratings-

based models are validated by an independent model validat

ion team. Rev

iews are also triggered if the performance of

a model deteriorates materially against predetermined thresholds, measured through the ongoing model performance

monitor

ing process.

We adopt the AIRB approach under the Basel regulatory framework to calculate Credit Risk capital requirements for the

majority of our exposures. The Group has also establ

ished a global programme to assess capital requirements necessary to

be implemented to meet the latest revised Basel III regulation (referred to as Basel 3.1 or Basel IV).

Credit Concentration Risk

Credit Concentration Risk for CIB is managed through concentration lim

its cover

ing large exposure lim

it to a s

ingle

counterparty or a group of connected counterparties (based on control and economic dependence criter

ia), or at portfol

io

level for multiple exposures that are closely correlated. Portfolio RA metrics are set, where appropriate, by industry, products,

tenor, collateralisat

ion level, top cl

ients, and exposure to holding companies.

For concentrations that are material at a Group level, breaches and potential breaches are monitored by the respective

governance committees and reported to the SC Bank ERC and CRC.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

52

Directors’ Report and Financ

ial Statements 2024

Credit impa

irment

For CIB, in line with the regulatory guidel

ines, Stage 3 expected cred

it loss (ECL) is considered when an obligor is more than 90

days past due on any amount payable to the Group, or the obligor has symptoms of unlikel

iness to pay

its credit obligat

ions

in full as they fall due. These credit-impa

ired accounts are managed by SAG.

In WRB, loans to ind

iv

iduals and small businesses are considered credit-impa

ired as soon as any payment of

interest or

princ

ipal

is 90 days overdue or they meet other object

ive ev

idence of impa

irment, such as bankruptcy, debt restructur

ing,

fraud, or death, with unlikely continuat

ion of contractual payments. F

inanc

ial assets are wr

itten off, in the amount that is

determined to be irrecoverable, when they meet condit

ions set such that emp

ir

ical ev

idence suggests the client is unlikely to

meet their contractual obligat

ions, or a loss of pr

inc

ipal

is reasonably expected.

Estimat

ing the amount and t

im

ing of future recover

ies involves sign

ificant judgement and cons

iders the assessment of

matters such as future economic condit

ions and the value of collateral, for wh

ich there may not be a readily accessible

market. The total amount of the Group’s impa

irment prov

is

ion

is inherently uncertain, being sensit

ive to changes

in economic

and credit condit

ions across the markets

in which the Group operates.

> Further details on sensit

iv

ity analysis of ECL under IFRS 9 can be found in the ‘

Risk profile

’ section on page 91.

Underwrit

ing

The underwrit

ing of secur

it

ies and loans

is in scope of the CIB RA. Addit

ional l

im

its approved by the GCRO are set on sectoral

concentration and maximum holding period. The Underwrit

ing Comm

ittee, under the authority of the GCRO, approves

ind

iv

idual proposals to underwrite new security issues and loans for our clients. In July 2024, oversight of Underwrit

ing

Committee was transferred from Traded Risk to CIB Credit Risk.

Traded Risk

Mit

igat

ion

Traded Risk lim

its are defined at a level wh

ich aims to ensure that the Group remains with

in RA. The Traded R

isk Policy sets

the princ

iples that must be followed for the end-to-end traded r

isk management process includ

ing l

im

it sett

ing, risk capture

and measurement, lim

it mon

itor

ing and escalat

ion, risk mit

igat

ion and stress testing. Polic

ies are rev

iewed and approved by

the Global Head, Traded Risk Management period

ically to ensure the

ir ongoing effectiveness.

Market Risk measurement

The Group uses a VaR model to measure the risk of losses aris

ing from future potent

ial adverse movements in market

rates, prices, and volatil

it

ies. VaR is a quantitat

ive measure of market r

isk that applies recent histor

ical market cond

it

ions

to estimate the potential future loss in market value that will not be exceeded in a set time period at a set statist

ical

confidence level.

VaR provides a consistent measure that can be applied across trading businesses and products over time and can be set

against actual daily trading profit and loss outcomes.

For day-to-day risk management, VaR is calculated as at the close of business, generally at UK time for expected market

movements over one business day and to a confidence level of 97.5 per cent. Intra-day risk levels may vary from those

reported at the end of the day.

The Group applies two VaR methodologies:

•

Histor

ical s

imulat

ion: th

is involves the revaluation of all exist

ing pos

it

ions to reflect the effect of h

istor

ically observed

changes in Market Risk factors on the valuation of the current portfolio. This approach is applied for general Market Risk

factors and the majority of spec

if

ic (cred

it spread) risk factors. The enhanced Volatil

ity Scal

ing VaR (VSV) model went live

in January 2025, where risk factors’ returns are scaled to reflect histor

ical volat

il

ity. The VSV model

is more responsive to

volatil

ity changes observed

in the market.

•

Monte Carlo simulat

ion: th

is methodology is sim

ilar to h

istor

ical s

imulat

ion but w

ith considerably more input risk factor

observations. These are generated by random sampling techniques, but the results retain the essential variab

il

ity and

correlations of histor

ically observed r

isk factor changes. This approach is applied for capturing the id

iosyncrat

ic credit

spread risk factors.

As an input to regulatory capital, trading book VaR is calculated for expected movements over 10 business days and to a

confidence level of 99 per cent. Some types of market risk are not captured in the regulatory VaR measure and these risks

not in VaR are subject to capital add-ons.

An analysis of VaR results in 2024 is available in the Risk profile section (page 96).

Counterparty Credit Risk

A Potential Future Exposure (PFE) model is used to measure the credit exposure aris

ing from the pos

it

ive mark-to-market

of traded products. The PFE model provides a quantitat

ive est

imate of future potential movements in market rates, prices,

and volatil

it

ies at a certain confidence level over different time horizons based on the tenor of the transactions.

The Group applies two PFE methodologies: simulat

ion based, wh

ich is predominantly used, and an add-on based

PFE methodology.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzU1ewpmaWxsOiBub25lOwpzdHJva2U6ICMwMDA7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNjUsMTE5OS44SDg0NC41IiBjbGFzcz0iZzBfNTUiLz4KPGltYWdlIHByZXNlcnZlQXNwZWN0UmF0aW89Im5vbmUiIHg9IjU4IiB5PSIxMjA4IiB3aWR0aD0iMTA1IiBoZWlnaHQ9IjQxIiB4bGluazpocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUdrQUFBQXBDQU1BQUFBQkJQZGtBQUFEQUZCTVZFVUFBQUFsamdBQ1Y3SXZ0UUFJSWdBQU0yOUpTVXNBSTBzRGN1bzdPenczMHdBQUJ3OUJRa01CSTBnUGxnQTVPandCVnJJN1BEMEJIVHhRVVZNQ1M1a0VjT1FtSnlnYllRQU5EUTBEYytwM2QzY2FKU1UzMGdBNU9UbzR6Z0FyTEMwaUlpSkpTa3dBTkd3ck5EUktWRlZPVUZJQUhwOENhdGdEQ2dBQWJOOUxUVkFZWGdCWFYxSVZGaG94dlFBd01ERldXRnBLVTA0VEV4UlJVbElEZHZBQVJwRXl3QUFSUUFBNTJBQktTa3M5UGo5VVZGWm1aMmRYV0VjQUZTcFBVRkVsSmlrQ2F0dHBhUU5TVkZWU1ZGVThQRjBHR0FBQVFZeFdXRms5RHhBQlpkSlJVbE5SVWxSTVRVTkRRMFFyTEN3ZGNBQTUxUUFSRVJGU1ZGVWtKQ1VDWTh0VVZGWWJHeHhWVmxoVlZsZ0JUSm8xT2o1UlVsUWVIaG9FZHZCY1hWOHlNZ0FpaEFBcUpob3p2d0JVVlZaU1ZGWUVlUEpaV2x4QVFVTUFSTU5ZV0ZwQVFrWmhZV00xTnpnYmFBQURkZkJSVVZOVVZsaENRMFUxMGdBaElTRlNVbFU3M1FBVUZCUUlDQUF2TVRJQlBYNFlHUmtDY3VrRWMrdzlTa3RSVUZFaEl5UXp4UUFEZE8wWUdCbElTRXBVVkZZRWMrdFVWRlJVVWxRK1BrQlJVbFZVVlZndExTMEFEaDBCYitwRFJVWllXVnNTU3dBYUdoeExURTREZGZCUlVsVWRiUUJOVGs4Z2d3QWxKU1U1MlFBQUFnWUNjKzFFUmtoRFEwd0RjKzFSVVZVQUd6WTNOemhSVjFnQ1lNY29LU3BXVmxaRFJVWkNSRVExTlRWTlVGRldVbGhGUmtnRWRPMDQwZ0JMeVFCVFZGVllXVnRRVWxKYVhGNGlJeVJUV1ZzQlBIdEFRRUVvS0MwMzBnQkVSVVU0MVFBQVFuazQwZ0FubWdBN096OEFVYU5EM1FBQkxWd2lnZ0EzMkFCT1RsRkZSa29vS0NnQ2NlbzQxUUFEZE80VlVBQUVkTzBSRVJRRkJRWW1IaDQ1UUVBWEZ3QktTa3cxTmpaRlJraElTa3NBVUtFSkNRa2ZIeUV1UjBjQVljVU9EeEJHUmtjWUdSbFRWRTQrUUVBZEhSNEFMRm9FZVBRMzFRQkhTRWdycEFCU1VsUUJRWUZNVFZCU1VsUWRjUUFFZGZFOVBUOC9QMEUxeVFBd01ERUJVcWtqSkNRNDFRQUNjK2MxekFBQ2VPTWxXd0JEU1VrNDBRQUFFU01CU3BZRWVQUTIwZ0FBR0VVQk1XVU5OQURtSTg5YUFBQUJBSFJTVGxNQWIyWm1Cd3pNQ3M0TjNnS2lLUjZMTlVzbzZXYTlSZ29GL2hBRytEMjJZeTJVS3d0Y3JSeDFBU3hzSjhrR015ZnZNQ1dMNlNXTERQVVNaZXRxc3c3S0RJZ0ZrYzFLQmhuWEpWZlJ6YVE1V1ViN0NyQTBjTkk3N3RGRERmQUw5dm9CVnd0S3JlNzM3MzBSalVWTE9EcTVycFdFaUEyTTlnZ0FVVVZHdGY5RmN4ZHUwdyt3bEtwTHZWV3lyd1lHV0ZmdkdRMjgwMjhsalFzTTNBQ1VWVEt2Q3dwdXhvZ3hMR1lhRDFGbWl2M1JLRzNVVk8wbnRUOU9FN2RLemd6K05DSVBnaklwdDVRNkMyNndyd3ZVQkFJTUVBQ3JUS2lESVFZVUNCME1jaWxhV0F3VDBwdWVTVlFzclRvdTFDdUtrQk5hS0kyRU5XRVVJSzhITmZkeEJDVVN0WUJ5THdBQUJ6TkpSRUZVZU5xMWwzOVlVOWNaeDk5YVdrWFpMR2JUc05ZcDYyZ3BMaVpLYkNtM2xicmMyVk9sMEFCR1VpUFo2bjJFbVNrRWljN1dMR2sxY0wxQ0oxSjBnUGdvTWFMUVdCNkJEa3VwM1NZL3BuSnIvYkhZSXRScXBpaE9WbTFuTGE3Yk9mY20zS3ZGK2crY1AzTHZPZmZjKzNtKzUvdSs3emtCa05xNDJWOGR6YmorZkFXTWVIdjVzTmNlNFQzOC9FaHpIcGlUNFkzQXpkc3hzcHlkZjgzR2dnUlM5a2h5S2g2Ym83V0xvQWp2MnBFa1BYRXVJR2lFVisvaTlZeEJrRDBqLzhNUkEvMGpXeVpJdTJEbnVMdE45SVh5My91aFJXZnY4bUJ2cDNCNWY0d2thT21QbndDWU8zM2wxN2VLaDNpaE5OYjNmYURsQnZYUUQycVlkVUs2amhvSWdyeDlIYU1oZXRxVDVYcDlYUE8wMnlhM2wrRWZ6dVh6S2ZHVmYyNVFXM3U3ZU9XZmE0Y3FNeUdwMnBYQmh3K3JBRHJiQzZIVkxaQm01M3NEZ3J6NVA3c0pzS1E1cmdVMy9VOG5TWnpDUDdLMFAwbkp1Vzc0SS9lcTJrN1M2OXNxVHhZKzZ2OURKZWMrMVVUaytHbk9FcU5SZzgrU1F4L2ZibmtiR2lLVExJMG40TDNlUk9aS2tKUWRrSFIwMVBzQVI2N3A5UzFDaTlzaWtkWmsrck5ZYXdybmN0UlRUOWVrMHkreUtOSFVmOHhrUUwwbG1jeG12a2RqUEI2RldMTmFXVXZSWVNWVWdnRTg5VkZHWTNpV3h1MW5hWllWU1dORVRmYnNXYmozbjcvRUJVaGpKWkt5VmJFSXlocDhuT3VqdExSK2c4NzVjZDRhaFdudk1SUHlxRmJIb0lYOUJwZXpjL0VKZzBsOUpYMjhFMVpQcEdqd1VJWVR6Z0xxbEpQL0tONWNJcElPQnpOV093KzdGUDFsczREU0g1QldUL1ZNWnRRTTBTZUFDNmdiMzNhMm10VEhURnV4SlU4clhpdWdacEpwNDgzcVhPb0xjcWZEcEUzL0FyQVpCRU1UeE5VcjJyVTBHQkFEMjM2QWpTcStXcTV2MFRmL1RSWVBlVmsweFN6bkJaTERTRDdyeXlLYW5zSFJ1MFB4V3ExYklGVnAxR0hJU2U0Y1pQWGlBYXlOd3VzQm4rQ2lkakRJdmVjV3pBWjRhc1cxODdlMjNCNm8zWDkyc3pOVENha0hrYytxck1RbmtXU3BRUzhRbVpFYWRaYW95VVZJbnhGTm9iaDNOa0gwQ1dEZTBzSEV4WHZHcDkvZG5wUTNmQlg4SlRTVFlYdzh2NE95OFR4L2laSTBGZnlFMHVHaGJtUlNKMmxzU3A2ZlFSbEYwcTgwWi9DRE5lWWdDZjc5bHBTNzNyNVJuOTlKU25FeHBURnVhMWNQWmJWeE8rS3BScHZMWUNBK0JVaDhQTVhhZERTTjg4bEJNVFlybWo5ZkpLVkVwak94VmpyUkhTU05tN1V0WXhBVmtiSDI0aDBrWHUxSVRTMjl3Uyt1WlpoU2xTOUp4MWt0NGJwRm4rZ21ZOE5ESGJzcmZFazJ6aG9ldnF3ZlZwL1FjYTYyZ2xKb1dwYUUzK3dxY0hFMnovNjZ6Y0ozUXViaVhXUGVVVm50eStpNE9YUlo0YnZ1VXRmeWZQY3FycjR1Q0RuLzlZb1FnRyszYWIwUzZ2QzdSVU5OVDg0WnVvWTJNSlo3Z1BnZUZxYkg2Y3RmSjlIK2FwL2tsbDM3K0pBa3pjR2hTU2ozWHFRNkJWekRpYXIvK3dmUlVQSGhyc0Y5RjBmRzQzSlZLVFV1MXJvL0pkbDBxWTVsTHFUZ2dRME1aOXZkVXd0cTY1WFBtRXZJcG10TTRtZVdjbHdkem9IYTJvYll1cktwTnBicHdjdk5UMTdHV2R1bUlOZ25WSVN4OStHU1VQU1F0RlBadGU5S29NMnRDTWVRWVh1eXljM0ZNcFJEVmVoQ1ZoeGppSU0xNWh6YVdvQnNHNmxxajVHMnhScFpKM0FHTjF2N085VG9zRkpSNjJDREFzY3FTbFRBSTJLWlc3VVBieE1WNHpvR2dtNTVyMHRoa1d5dTRvSGZzeWZabkhPMjR1RW9xcWt5OCtjNFVXbzBxWmlVMk0xL2dYS2JkcWdZU2wzQmV6YU5COFpjeWpjaDlqVFBoNXVuaENwY09CdDNJek9NRlVsWTFxM2lhTmo1Y25ZZzRPMzVONlY4UW5rQm44THhiM3k5WnoxOW1zUVR1eEdUcWdJK2RidWpGdUwyb0h0ekRxNU9Fek56U1UvUnVuOVRHdkVwMWlUNEZHQWQrQ2NlKzd4RERFS3ZST3BpdUlBMjB4V1I5R0RKWWtLeWt0VmJIaVFobElpYmdUdk5iVndOeWVrRzBrT3hEalNWa0dJVThFNVFGR0d0L0JNZS9YUU1LVS9lT1RKTmlrOENwSU55VFYyTnFYS1NjV3Vna0tWaTBrUlNJMGlycmc5cW1udi9XTDJFT3ZUU0VYeXkySVVEZnVCVktVUTNhSEtkb0p4NmVrcVFWRWxWNVgzOFNvd21RSEtpNDEyLzduZWxoeS8rL1N0cDNRS3B5ZTNHTzNCZTJqb25jamxCTmRGZ0pnZVVaaGtxN21veENjTDhnVEVQeUJKOHE0WU9XNDhzVTh3Qmt0S21TWGp4RndwallQVjgvazBsejZiT2NGTmMyTFAxazRHc25tKzdFWjA4bVlBOGNLRitmbGdKaVQzYy9uZDFsWXpWL0NVdVQ2TVhQSFJiNXIzWFMvZFdoNmI1KzhtaEliSUJVaXA3M1pGN3FzK0F4MCtPS1h0UHNXejF1bDlXYzNTdnBSRE9uTUVaQndkeldiZS9yUkNVU2ZqY1lWbjR0dkNkcDFZY2tzdDZjc3QzazF6VnJycHpRQ212QWNMaENjcmFPMldEWmNFcDhxbVRidWxsckgxTFJ1UUllM1BDaEFrN0FUNDRGQ2VoV3E1TkczNVEwWUp6MnI3OGI0cWlpMTh2bDd2MW15UERUWG96UTZoeWIrTGJIeDVZSmVYV3FzdkRUUktQZS9nQSs4MS9ZZEo5KzZTS3NUSmttRW5CN1c4Zys3ZTRkL2w4UzVCMWZyaEpiNGlhQnRaK0svYVhCTnpTcjV3NzNENXB2WGE3OTYwZkJVdEM5T1dyNU1Dc0x4OTJuMFovMVJlaDNUWkw5dmNzWkVuekkzRUhwZyszcFA4RDRRMS9lVlBscVM0QUFBQUFTVVZPUks1Q1lJST0iLz4KPC9zdmc+)

Risk Profile continued

Standard Chartered Bank

53

Directors’ Report and Financ

ial Statements 2024

Monitor

ing

Traded Risk Management monitors the overall portfolio risk and ensures that it is with

in spec

if

ied l

im

its and therefore RA.

Lim

its are typ

ically reviewed twice a year.

All material Traded Risks are monitored daily against approved lim

its. Traded R

isk lim

its apply at all t

imes unless separate

intra-day lim

its have been set.

Treasury Risk

We apply the PLC Group polic

ies for the management of mater

ial Treasury Risks and closely monitor our risk profile through

RA metrics set at Solo and country level.

Capital Risk

In order to manage Capital Risk, strategic business, and capital plans (Corporate Plan) are drawn up covering a five-year

horizon and are approved by the Court annually. The plan ensures that adequate levels of capital, includ

ing loss-absorb

ing

capacity, and an effic

ient m

ix of the different components of capital are mainta

ined to support our strategy and

business plans.

Treasury is responsible for the ongoing assessment of the demand for capital and the updating of the Solo’s capital plan.

Solo level RA metrics includ

ing cap

ital, leverage and min

imum requ

irement for own funds and elig

ible l

iab

il

ity (MREL)

and are assessed with

in the Corporate Plan to ensure that the strategy can be ach

ieved with

in r

isk tolerances.

Structural Foreign Exchange (FX) Risk

The Group’s structural FX posit

ion results from the Company’s non-US dollar

investment in the share capital and reserves of

subsid

iar

ies and branches. The FX translation gains or losses are recorded in the Company’s translation reserves with a direct

impact on the PLC Group’s and Solo’s Common Equity Tier 1 ratio.

Hedges are contracted across PLC Group and Solo to manage its structural FX posit

ion

in accordance with the RA, and as

a result net investment hedges to partially cover its exposure to certain non-US dollar currencies to mit

igate the FX

impact

of such posit

ions on

its capital ratios.

> Our

structural foreign exchange exposures

can be found in page 98.

Liqu

id

ity and Funding Risk

At Solo and country level we implement various RA metrics to monitor and manage Liqu

id

ity and Funding risk. This ensures

that the Group mainta

ins an adequate and well-d

ivers

ified l

iqu

id

ity buffer, as well as a stable funding base, to meet its

liqu

id

ity and funding regulatory requirements.

> Further detail on

Liqu

id

ity and Funding Risk

can be found in page 99.

Interest Rate Risk in the Banking Book

At Solo level, we implement the RA for Economic Value of Equity and Annual Earnings at Risk and monitor these against lim

its

and management action triggers. This risk arises from differences in the repric

ing profile,

interest rate basis, and optional

ity of

banking book assets, liab

il

it

ies and off-balance sheet

items. IRRBB represents an economic and commercial risk to the Group

and its capital adequacy.

> Further detail on

IRRBB

can be found in page 106.

Pension Risk

Pension Risk is the potential for loss due to having to meet an actuarially assessed shortfall in the Group’s pension plans.

Pension Risk arises from the Group’s contractual or other liab

il

it

ies w

ith respect to its occupational pension plans or other

long-term benefit obligat

ion. For a funded plan,

it represents the risk that addit

ional contr

ibut

ions w

ill need to be made

because of a future funding shortfall. For unfunded obligat

ions,

it represents the risk that the cost of meeting future benefit

payments is greater than currently antic

ipated.

Recovery and resolution planning

In line with PRA requirements, the Group mainta

ins a Recovery Plan and a Solo Recovery Plan (SCB UK and

its branches).

The Solo Recovery Plan includes a set of recovery ind

icators, an escalat

ion framework and a set of management actions

capable of being implemented during a stress. The Solo Recovery Plan is also subject to period

ic fire-dr

ill testing in line with

the Group. Other major entit

ies of SC Bank also ma

inta

in the

ir own recovery plans in line with the Group Standards and local

requirements.

As the UK resolution authority, the BoE set a single point of entry bail-in at the ultimate holding company level (Standard

Chartered PLC) as the preferred resolution strategy for the PLC Group. In support of this strategy, the PLC Group has a set of

capabil

it

ies, arrangements, and resources in place to mainta

in, test and

improve resolution capabil

it

ies, and continue to meet

the required resolvabil

ity outcomes on an ongo

ing basis.

Following the BoE’s first resolvabil

ity assessment and publ

ic disclosure for major UK firms in 2022, the PLC Group submitted

its Resolvabil

ity Self-Assessment Report to the BoE and PRA and subsequently publ

ished its resolvabil

ity publ

ic disclosure in

August 2024 as part of the second Resolvabil

ity Assessment Framework cycle.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

54

Directors’ Report and Financ

ial Statements 2024

Monitor

ing

On a day-to-day basis, Treasury Risk is managed by Treasury, Finance and country CEOs. The Group regularly reports and

monitors Treasury Risk inherent in its business activ

it

ies and those that arise from internal and external events.

Internal risk management reports covering the balance sheet and the capital and liqu

id

ity posit

ion are presented to the

Solo & SCB ALCO. The reports contain key informat

ion on balance sheet trends, exposures aga

inst RA and supporting risk

measures which enable members to make informed decis

ions around the overall management of the balance sheet. In

addit

ion, an

independent Treasury CRO with

in ERM rev

iews the prudency and effectiveness of Treasury Risk management.

Pension Risk is managed by the Head of Pensions and Reward Analytics, and monitored by the Global Head, ERM on

a period

ic bas

is.

Operational and Technology Risk

Mit

igat

ion

The Company addendum to the Operational and Technology RTF sets out the Group’s overall approach to the management

of Operational and Technology Risk in line with the Group’s Operational and Technology RA. This is supported by the Risk and

Control Self-Assessment (RCSA), which provides a systematic approach for ident

ification and assessment of operat

ional risks,

includ

ing des

ign and operation of mit

igat

ing controls (applicable to all risks as per the Non-Financ

ial R

isk Taxonomy).

The RCSA is used to determine the design and operating effectiveness of each process, and requires

•

the recording of end-to-end processes which deliver our key client journey and business outcomes

•

the ident

ification of r

isks to support the achievement of client and business outcomes

•

the assessment of inherent risk on the impact to client and business outcomes, and likel

ihood of occurrence

•

the design and monitor

ing of key controls to effect

ively and effic

iently m

it

igate pr

ior

it

ised risks with

in acceptable

levels and

•

the assessment of residual risk and timely treatment of elevated risks.

Elevated Residual Risks require treatment plans to address the underlying causes and reduce the risks to with

in the RA.

Monitor

ing

To deliver services to clients and to partic

ipate

in the financ

ial serv

ices sector, the Group runs processes which are exposed

to Operational and Technology risks. The Group prior

it

ises and manages risks which are sign

ificant to our cl

ients and to the

financial serv

ices sectors. The control ind

icators are regularly mon

itored to determine the Group’s exposure to residual risk.

The residual risk assessments and reporting of events form the Group’s Operational and Technology Risk profile.

The completeness of the Operational and Technology Risk profile ensures appropriate prior

it

isat

ion and t

imel

iness

of risk decis

ions,

includ

ing r

isk acceptances with treatment plans for risks that exceed acceptable thresholds.

The CRC is informed on adherence to Operational and Technology RA through metrics reported for selected risks.

These metrics are monitored, and escalation thresholds are devised based on the material

ity and s

ign

ificance of the r

isk.

These Operational and Technology RA metrics are consolidated on a regular basis and reported to the SCB ERC and CRC,

provid

ing sen

ior management with the relevant informat

ion to

inform their risk decis

ions.

Information and Cyber Security Risk

Mit

igat

ion

ICS Risk is managed through the ICS RTF, compris

ing a r

isk assessment methodology and supporting policy, standards, and

methodologies. The ICS Policy and standards are aligned to industry best practice models includ

ing the Nat

ional Institute of

Standards and Technology Cyber Security Framework and ISO 27001. We undertake an annual ICS Effectiveness Review to

evaluate ICS Risk management practices in alignment with the RMF.

Monitor

ing

The Group Chief Information Security Officer (CISO) function monitors the evolving threat landscape covering cyber threats,

attack vectors and threat actors that could target the Group. This includes performing a threat-led risk assessment to ident

ify

key threats, in-scope applicat

ions and key controls requ

ired to ensure the Group remains with

in RA.

The ICS Risk profiles of all businesses, functions and countries are consolidated to present a holist

ic Group-level ICS R

isk profile

for ongoing monitor

ing. Mandatory ICS learn

ing, phish

ing exerc

ises and role-specif

ic tra

in

ing support colleagues to mon

itor

and manage this risk.

During these reviews, the status of each risk is assessed against the Group’s controls to ident

ify any changes to

impact and

likel

ihood, wh

ich affects the overall risk rating.

The Group stress tests its cyber posture through extensive control testing and by executing offensive security testing

exercises, includ

ing vulnerab

il

ity test

ing, code reviews, penetration tests and Red Team attack simulat

ion test

ing. This testing

approach constantly stress tests the Group’s defence and approach to cyber security. These show a wider picture of the

Group’s risk profile, leading to better vis

ib

il

ity on potent

ial ‘in flight’ risks.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

55

Directors’ Report and Financ

ial Statements 2024

The CISO and OTCR functions monitor the ICS Risk profile and ensure that breaches of RA are escalated to the appropriate

governance committee or authority levels for remediat

ion and track

ing.

Financ

ial Cr

ime Risk

Roles and responsib

il

it

ies

The Group Head, CFCR is the Group’s Compliance and Money-Laundering Reporting Officer and performs the Financ

ial

Conduct Authority (FCA) controlled function and senior management function in accordance with the requirements set

out by the FCA, includ

ing those set out

in their handbook on systems and controls.

Mit

igat

ion

The CFCR function is responsible for the establishment and maintenance of polic

ies, standards, and overs

ight of first line of

defence controls to ensure continued compliance with financ

ial cr

ime laws and regulations, and the mit

igat

ion of Financ

ial

Crime Risk. In this, the requirements of the PLC Group’s Operational and Technology RTF are followed to ensure a consistent

approach to the management of processes and controls.

Financ

ial Cr

ime Risk management is built on a risk-based approach, meaning the risk management plans, processes,

activ

it

ies, and resource allocations are determined according to the level of risk.

Risk mit

igat

ion takes place through the process of ident

ification of new and amended regulat

ions and the implementat

ion

of necessary process and control changes to address these.

Monitor

ing

The Group monitors enterprise-wide financ

ial cr

ime risks through the Financ

ial Cr

ime Risk Assessment. This is undertaken

annually to assess the inherent financ

ial cr

ime risk exposures and the associated processes and controls by which these

exposures are mit

igated.

Financ

ial Cr

ime Risk controls are governed in line with the PLC Group’s Operational and Technology RTF. The Group has a

monitor

ing and report

ing process in place for Financ

ial Cr

ime Risk, which includes escalation and reporting to the CFCR

relevant risk committees.

Whilst not a formal governance committee, the PLC Group’s CFCR Oversight Group provides oversight of CFCR risks

includ

ing the effect

ive implementat

ion of the PLC Group’s F

inanc

ial Cr

ime RTF. It also provides oversight, challenge and

direct

ion to CFCR pol

icy owners on material changes and posit

ions taken

in CFCR-owned polic

ies,

includ

ing

issues relating to

regulatory interpretat

ion and Group’s CFCR RA. The Regulatory Change Overs

ight Forum provides vis

ib

il

ity and overs

ight of

material and/or complex large-scale regulatory change emanating from financ

ial serv

ices regulators impact

ing non-

financial r

isks.

> Further details on

how we manage Financ

ial Cr

ime

can be found on page 96 of SC PLC Group 2024 Annual Report.

Compliance Risk

Roles and responsib

il

it

ies

All activ

it

ies that the Group engages in must comply with the relevant country/local specif

ic and extraterr

itor

ial regulat

ions.

Compliance Risk includes the risks associated with a failure to comply with all regulations that are applicable to the Group

regardless of the issu

ing regulatory author

ity. Where Compliance Risk arises, or could arise, from failure to manage another

PRT, the oversight and management processes for that specif

ic PRT must be followed, to ensure that effect

ive oversight and

challenge of the first line of defence can be provided by the appropriate second line of defence function.

Areas of regulation can be broadly div

ided

into two dist

inct categor

ies; those issued by financ

ial serv

ices regulatory

authorit

ies and those

issued by non-financ

ial serv

ices regulators. The Group is exposed to both categories of regulation,

and roles and responsib

il

it

ies d

iffer depending on the category. For regulations issued by financ

ial serv

ices regulatory

authorit

ies and other regulators that may

issue regulations pertain

ing to Compl

iance Risk, CFCR ident

ifies new and

amended regulations as and when issued and communicates the relevant regulatory obligat

ions to the country RFO

delegate. The areas where CFCR does not act in a second line of defence capacity are specif

ied

in the respective RTF

with appropriate ownership.

Each of the assigned second line of defence functions have responsib

il

it

ies,

includ

ing mon

itor

ing relevant regulatory

developments from non-financial serv

ices regulators at both Group and country levels, policy development, implementat

ion,

and validat

ion as well as overs

ight and challenge of first line of defence processes and controls.

Mit

igat

ion

We apply the PLC Group’s polic

ies for management of Compl

iance Risk. The CFCR function is responsible for the

establishment and maintenance of polic

ies, standards, and overs

ight of the first line of defence controls to ensure

compliance with laws and regulations, and the mit

igat

ion of Compliance Risk. In this, the requirements of the PLC

Group’s Operational and Technology RTF are followed to ensure a consistent approach to the management of processes

and controls.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

56

Directors’ Report and Financ

ial Statements 2024

Monitor

ing

The monitor

ing of controls des

igned to mit

igate the r

isk of regulatory non-compliance in processes is governed in line with

the PLC Group’s Operational and Technology RTF. Compliance Risk reporting includes escalation and reporting to the CFCR

and relevant risk committees.

Whilst not a formal governance committee, the PLC Group’s CFCR Oversight Group provides oversight of CFCR risks includ

ing

the effective implementat

ion of the PLC Group’s Compl

iance RTF, and oversight, challenge and direct

ion to CFCR pol

icy

owners on material changes and posit

ions taken

in CFCR-owned polic

ies,

includ

ing

issues relating to regulatory interpretat

ion

and the Group’s CFCR RA. The Regulatory Change Oversight Forum provides vis

ib

il

ity and overs

ight of material and/or

complex large-scale regulatory change emanating from financ

ial serv

ices regulators impact

ing non-financial r

isks.

Environmental, Social and Governance (ESGR) Risk

Mit

igat

ion

The ESGR RTF provides the overall risk management approach for Environmental, Social and Governance (ESG) and

Reputational risks.

The ESG Risk policy outlines the Group’s commitment to integrat

ing ESG cons

iderat

ions

into its business, operations,

and decis

ion-mak

ing process. The policy sets out the requirements for ident

ify

ing, assessing, and managing ESG risks

includ

ing Cl

imate Risk.

The Reputational Risk policy sets out the princ

ipal sources of reputat

ional risk driven by negative shifts in stakeholder

perceptions, as well as the responsib

il

it

ies for manag

ing Reputational Risk aris

ing out of cl

ient onboarding and due dil

igence,

from transactions, product design and product features, or strategic coverages such as exposure to sensit

ive

industr

ies,

markets, or investments. Whenever potential for stakeholder concerns is ident

ified,

issues are subject to review and decis

ion

by both the first and second lines of defence. The Reputational Risk policy also sets out the key considerat

ions for m

it

igat

ing

greenwashing risk that can arise during product and/or deal lifecycle, sustainab

il

ity reporting and disclosures, and external

campaigns related to sustainab

il

ity themes.

Monitor

ing

Exposure to reputational risks aris

ing from transact

ions, clients, products and strategic coverage is monitored through

established triggers to prompt the appropriate risk-based considerat

ions and assessment by the first l

ine of defence

and escalations to the second line of defence. Risk acceptance decis

ions and themat

ic trends are also reviewed on

a period

ic bas

is.

Exposure to ESG Risks is monitored through triggers embedded with

in the first l

ine of defence processes. The environmental

and social risks are considered for clients and transactions via Environmental and Social Risk Assessments and/or Climate

Risk Assessments (CRAs). Vendors that are presenting as high risk are assessed for modern slavery risk. Based on responses

provided by the supplier at on-boarding, those that meet the high-risk category-country combinat

ions are subjected to

further risk assessment.

Exposure to Climate Risk is monitored in conjunct

ion w

ith other PRTs. We have embedded qualitat

ive and quant

itat

ive

climate considerat

ions

into the Group’s Credit Underwrit

ing Pr

inc

iples for O

il and Gas, Min

ing, Sh

ipp

ing, Commerc

ial Real

Estate and Project Finance portfolio. We have expanded coverage of Climate and Credit Risk considerat

ions to phys

ical

collateral, as they serve as key risk mit

igants espec

ially in default events. We assess physical risk concentrations for our

WRB portfolio on a quarterly basis and assess the physical risk vulnerabil

it

ies of our sites period

ically and when new s

ites

are onboarded.

Our Net Zero Climate Risk Working Forum meets quarterly to discuss account plans for high Climate Risk and net zero

divergent clients. Stress testing and scenario analysis are used to assess the impact of ESGR related risks. The impact on

capital requirements has been included in the PLC Group Internal Capital Adequacy Assessment Process. Management

informat

ion

is reviewed at a quarterly frequency and any breaches in RA are reported to the SC Bank ERC and CRC.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

57

Directors’ Report and Financ

ial Statements 2024

Model Risk

Mit

igat

ion

The Model Risk Policy and Standards define requirements for model development, validat

ion,

implementat

ion and use,

includ

ing regular model performance mon

itor

ing and, where requ

ired, model risk mit

igants.

Model deficienc

ies ident

ified through the development or val

idat

ion process, or model performance

issues ident

ified through

ongoing monitor

ing, are m

it

igated through respect

ive model risk mit

igants. M

it

igants

include model overlays as either

post-model adjustments (PMAs) or management adjustments, model restrict

ions and potent

ially a model recalibrat

ion

or redevelopment, all of which undergo independent review, challenge, and approval. PMAs are used to address observed

deficienc

ies caused from with

in the model, by adjusting the model output e

ither directly or ind

irectly (e.g. adjusting

parameters). Where a PMA is applied as a mit

igant for a model used

in Pillar 1 or Pillar 2 calculations, or models with material

impact on financ

ial account

ing disclosures (e.g. IFRS 9), the independent review must be performed by Group Model

Validat

ion (GMV) w

ith sign-off from the Model Approver prior to implementat

ion.

As with all PRTs, operational controls are used to govern all Model Risk-related processes, with regular risk assessments

performed to assess appropriateness and effectiveness of those controls, in line with the Operational and Technology RTF,

with remediat

ion plans

implemented where necessary. Group Model Risk Policy and Standards also define requirements for

determin

ist

ic quantitat

ive methods (DQMs) that are used as part of an end-to-end modelled process. DQMs are s

im

ilar

in

nature to a Model, however the processing component is either purely determin

ist

ic or has an element of expert judgement.

Unlike a Model, there is no use of statist

ical, econom

ic financ

ial or mathemat

ical theories.

The regulatory framework around Model Risk is continuously evolving, the PRA’s Supervisory Statement 1/23 (SS1/23) is

an example. The Group proactively monitors regulatory changes to take the required actions timely for compliance.

Regarding SS1/23, the Group is currently deliver

ing to a roadmap to compl

iance, which commenced in 2024 and will

continue over the next two years.

Monitor

ing

The Group monitors Model Risk via a set of RA metrics. Adherence to Model RA and any threshold breaches are reported

to the CRC, SCB ERC and PLC Model Risk Committee (MRC). These metrics and thresholds are reviewed twice per year to

ensure that threshold calibrat

ion rema

ins appropriate, and the themes adequately cover the current risks.

Models undergo regular performance monitor

ing based on the

ir level of perceived Model Risk, with monitor

ing results

presented, and breaches escalated to the Model Sponsor, Model Owner, GMV and respective MRC

or Indiv

idual Delegated Model Approvers.

Model Risk management produces Model Risk reports covering the model landscape, which include performance

metrics, ident

ified model

issues and remediat

ion plans. These are presented for d

iscuss

ion at the Model R

isk governance

committees on a regular basis.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

58

Directors’ Report and Financ

ial Statements 2024

Credit Risk (audited)

Basis of preparation

Unless otherwise stated the balance sheet and income statement informat

ion presented w

ith

in th

is section is based on the

Group’s management view. This is princ

ipally the locat

ion from which a client relationsh

ip

is managed, which may differ from

where it is financ

ially booked and may be shared between bus

inesses and/or regions. This view reflects how the client

segments and regions are managed internally.

Loans and advances to customers and banks held at amortised cost in this Risk profile section include reverse repurchase

agreement balances held at amortised cost, per Note 15 Reverse repurchase and repurchase agreements includ

ing other

sim

ilar secured lend

ing and borrowing.

Credit Risk overview

Credit Risk is the potential for loss due to the failure of a counterparty to meet its obligat

ions to pay the Group. Cred

it

exposures arise from both the banking and trading books.

Impairment model

IFRS 9 requires an impa

irment model that requ

ires the recognit

ion of expected cred

it losses (ECL) on all financ

ial debt

instruments held at amortised cost, fair value through other comprehensive income (FVOCI), undrawn loan commitments

and financial guarantees.

Staging of financ

ial

instruments

Financ

ial

instruments that are not already credit-impa

ired are or

ig

inated

into stage 1 and a 12-month expected credit loss

provis

ion

is recognised.

Instruments will remain in stage 1 until they are repaid, unless they experience sign

ificant cred

it deteriorat

ion (stage 2)

or they become credit-impa

ired (stage 3).

Instruments will transfer to stage 2 and a lifet

ime expected cred

it loss provis

ion recogn

ised when there has been a sign

ificant

change in the credit risk compared to what was expected at orig

inat

ion.

The framework used to determine a sign

ificant

increase in credit risk is set out below.

|  |  |  |
| --- | --- | --- |
| Stage 1 | Stage 2 | Stage 3 |
| • 12-month ECL | •  Lifet  ime expected cred  it loss | • Credit-impa  ired |
| • Performing | •  Performing but has exhib  ited s  ign  ificant | • Non-performing |
|  | increase in credit risk (SICR) |  |

IFRS 9 expected credit loss princ

iples and approaches

The main methodology princ

iples and approach adopted by the Group are set out

in the following table.

|  |  |  |
| --- | --- | --- |
| Title | Supplementary informat  ion | Page |
| Approach for determin  ing | IFRS 9 ECL methodology | 88 |
| expected credit losses | Applicat  ion of l  ifet  ime ECL |  |
| Key assumptions | Incorporation of forward-looking informat  ion | 89 |
| and judgements in | Forecast of key macroeconomic variables underlying the expected credit loss calculation and |  |
| determin  ing ECL | the impact of non-linear  ity |  |
|  | Judgemental adjustments and management overlays and sensit  iv  ity of ECL calculation to |  |
|  | macroeconomic variables |  |
| Sign  ificant  increase in | Sign  ificant  increase in credit risk thresholds | 93 |
| Credit risk (SICR) | Specif  ic qual  itat  ive and quant  itat  ive cr  iter  ia per segment: |  |
|  | Corporate and Investment Banking clients |  |
|  | Wealth and Retail Banking clients |  |
|  | Private Banking clients |  |
|  | Debt securit  ies |  |
| Assessment of credit- | WRB clients | 94 |
| impa  ired financial assets | CIB and Private Banking clients |  |
| Transfers between stages | Movement in loan exposures and credit impa  irment | 71 |
| Modif  ied financial assets | Forbearance and other modif  ied loans | 76 |
| Governance of Post Model | Models and Model Performance Post Model Adjustments (PMAs) | 95 |
| Adjustments (PMAs) and | IFRS 9 Impairment Committee (IIC) |  |
| applicat  ion of expert cred  it |  |  |
| judgement in respect of |  |  |
| expected credit losses |  |  |

![](data:image/svg+xml;base64,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Risk Profile continued

Standard Chartered Bank

59

Directors’ Report and Financ

ial Statements 2024

Summary of Credit Risk Performance

Maximum exposure

The Group’s on-balance sheet maximum exposure to Credit Risk increased by $26.7 bill

ion to $543.2 b

ill

ion (31 December 2023:

$516.6 bill

ion). Cash and balances at Central bank decreased by $7.5 b

ill

ion to $56.7 b

ill

ion (31 December 2023: $64.2 b

ill

ion)

due to reduced placements. Fair Value through profit and loss increased by $6.6 bill

ion to $102.3 b

ill

ion (31 December 2023:

$95.7 bill

ion) largely due to an

increase in debt securit

ies. Loans and advances to customers

increased by $2.1 bill

ion to

$158.2 bill

ion (31 December 2023: $156.1 b

ill

ion). Debt secur

it

ies decreased by $5.9 b

ill

ion to $96.2 b

ill

ion (31 December 2023:

$102 bill

ion) due to matur

ing exposures. Off-balance sheet instruments increased by $26.7 bill

ion to $205.3 b

ill

ion

(31 December 2023: $178.6 bill

ion), due to

increases in financ

ial guarantees, other equ

ivalents and undrawn commitments,

which was driven by new business.

> Further details can be found in the ‘

Maximum exposure to Credit Risk

’ section in pages 60 to 61.

Loans and Advances

93 per cent (31 December 2023: 92 per cent) of the Group’s gross loans and advances to customers remain in stage 1 at

$149.8 bill

ion (31 December 2023: $146.7 b

ill

ion), reflect

ing our continued focus on high-quality orig

inat

ion.

Stage 1 loans and advances to customers increased by $3 bill

ion to $149.8 b

ill

ion (31 December 2023: $146.7 b

ill

ion) ma

inly

due to increases in CIB exposures in Energy and Financ

ing and Insurance sectors. Th

is was offset by lower balances in

Central and other items due to a reduction in exposures to the Government sector, across a number of our markets.

For WRB, stage 1 balances decreased by $0.6 bill

ion to $45.7 b

ill

ion (31 December 2023: $46.4 b

ill

ion) ma

inly due to a reduction

in mortgages in Singapore as sales slowed due to the higher interest rate environment.

Stage 2 gross loans and advances to customers decreased by $0.4 bill

ion to $7.3 b

ill

ion (31 December 2023: $7.7 b

ill

ion). For CIB,

stage 2 balances increased by $0.6 bill

ion to $6.3 b

ill

ion (31 December 2023: $5.7 b

ill

ion) dr

iven by Transport and Commercial

real estate (CRE) sectors. For WRB, stage 2 balances remain unchanged at $1 bill

ion (31 December 2023: $1 b

ill

ion), due to

reduction in the Singapore mortgage portfolio of $0.1 bill

ion, offset by an

increase in secured wealth balances. Higher risk

exposure decreased by $0.9 bill

ion to $35 m

ill

ion (31 December 2023: $1 b

ill

ion) for Central and other

items due to the maturity

of short-term loan exposures that were replaced with debt securit

ies

in Pakistan.

Stage 3 loans decreased by $1.1 bill

ion to $4.1 b

ill

ion (31 December 2023: $5.2 b

ill

ion) due to repayments and wr

ite-offs in

CIB. For WRB, stage 3 balances remained stable at $1.1 bill

ion (31 December 2023: $1.1 b

ill

ion). For Central and other

items,

stage 3 balances decreased by $0.1 bill

ion to $0.1 b

ill

ion (31 December 2023: $0.2 b

ill

ion).

> Further details can be found in the ‘

Analysis of financ

ial

instrument by stage’

section in pages 62 to 65;

‘

Credit quality by client segment

’ section in pages 66 to 70.

Credit impa

irment charge

The Group’s credit impa

irment was a net charge of $15 m

ill

ion (31 December 2023: release of $58 m

ill

ion).

For CIB, credit impa

irment release

increased by $99 mill

ion to a net release of $262 m

ill

ion (31 December 2023: release of

$163 mill

ion) largely due to a number of stage 3 releases and one s

ign

ificant repayment. Th

is was offset by new overlays of

$42 mill

ion

in 2024.

For WRB, credit impa

irment charges

increased by $157 mill

ion to $286 m

ill

ion (31 December 2023: $129 m

ill

ion). Th

is charge off

increase was driven by higher interest rate environment impact

ing repayments on cred

it cards and personal loans, as well as

maturity and portfolio growth of dig

ital partnersh

ips in Indonesia.

For Ventures, credit impa

irment charges

increased by $12 mill

ion to $25 m

ill

ion (31 December 2023: $13 m

ill

ion) due to portfol

io

growth and maturity of Trust Bank Plc.

For Central and other items, credit impa

irment release was lower at $34 m

ill

ion (31 December 2023: release of $37 m

ill

ion).

The release in 2024 was mainly driven by two sovereign upgrades.

> Further details can be found in the ‘

Credit impa

irment charge

’ section in page 76.

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Risk Profile continued

Standard Chartered Bank

60

Directors’ Report and Financ

ial Statements 2024

Maximum exposure to Credit Risk (audited)

The table below presents the Group’s maximum exposure to Credit Risk for its on-balance sheet and off-balance sheet

financial

instruments as at 31 December 2024, before and after taking into account any collateral held or other Credit

Risk mit

igat

ion.

> Further details can be found in the ‘

Summary of Credit Risk Performance

’ section in page 59.

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  |  | Credit risk management | |  |  | Credit risk management | |  |
|  |  |  | Master |  |  |  | Master |  |
|  | Maximum |  | netting | Net | Maximum |  | netting | Net |
|  | exposure | Collateral  8 | agreements | exposure | exposure | Collateral  8 | agreements | exposure |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| On-balance sheet |  |  |  |  |  |  |  |  |
| Cash and balances at central banks | 56,665 | – | – | 56,665 | 64,198 |  | - | 64,198 |
| Loans and advances to banks  1 | 22,941 | 2,889 | – | 20,052 | 22,803 | 1,653 | - | 21,150 |
| of which – reverse repurchase |  |  |  |  |  |  |  |  |
| agreements and other sim  ilar |  |  |  |  |  |  |  |  |
| secured lending  7 | 2,889 | 2,889 | – | – | 1,653 | 1,653 | - | – |
| Loans and advances to customers  1 | 158,242 | 54,780 | – | 103,462 | 156,143 | 51,985 | - | 104,158 |
| of which – reverse repurchase |  |  |  |  |  |  |  |  |
| agreements and other sim  ilar |  |  |  |  |  |  |  |  |
| secured lending  7 | 9,121 | 9,121 | – | – | 13,827 | 13,827 | - | – |
| Investment securit  ies – Debt secur  it  ies |  |  |  |  |  |  |  |  |
| and other elig  ible b  ills  2 | 96,179 | – | – | 96,179 | 102,040 | – | – | 102,040 |
| Fair value through profit or loss  3,7 | 102,258 | 65,603 | – | 36,655 | 95,658 | 68,149 | – | 27,509 |
| Loans and advances to banks | 2,033 | – | - | 2,033 | 2,265 | - | - | 2,265 |
| Loans and advances to customers | 3,989 | – | - | 3,989 | 3,188 | - | - | 3,188 |
| Reverse repurchase agreements |  |  |  |  |  |  |  |  |
| and other sim  ilar lend  ing  7 | 65,603 | 65,603 | - | – | 68,149 | 68,149 | - | – |
| Investment securit  ies – Debt |  |  |  |  |  |  |  |  |
| securit  ies and other el  ig  ible b  ills  2 | 30,633 | - | - | 30,633 | 22,056 | - | - | 22,056 |
| Derivat  ive financial  instruments  4,7 | 82,717 | 12,984 | 65,027 | 4,706 | 52,554 | 7,960 | 43,684 | 910 |
| Accrued income | 1,846 | - | - | 1,846 | 1,768 | - | - | 1,768 |
| Assets held for sale⁹ | 866 | - | - | 866 | 693 | - | - | 693 |
| Other assets  5 | 21,535 | - | - | 21,535 | 20,714 | - | - | 20,714 |
| Total balance sheet | 543,249 | 136,256 | 65,027 | 341,966 | 516,571 | 129,747 | 43,684 | 343,140 |
| Off-balance sheet  6 |  |  |  |  |  |  |  |  |
| Undrawn Commitments | 123,931 | 1,861 | - | 122,070 | 117,899 | 2,296 | - | 115,603 |
| Financ  ial Guarantees and |  |  |  |  |  |  |  |  |
| other equivalents | 81,343 | 1,570 | - | 79,773 | 60,707 | 2,139 | - | 58,568 |
| Total off-balance sheet | 205,274 | 3,431 | – | 201,843 | 178,606 | 4,435 | – | 174,171 |
| Total | 748,523 | 139,687 | 65,027 | 543,809 | 695,177 | 134,182 | 43,684 | 517,311 |

1

Amounts are net of ECL provis

ions. An analys

is of credit quality is set out in the credit quality analysis section- page 66. Further details of collateral held by client

segment and stage are set out in the collateral analysis section on page 77. The Group also has credit mit

igat

ion through Credit Linked Notes as set out on page 81

2

Excludes equity and other investments of $263 mill

ion (31 December 2023: $ 434m

ill

ion). Further deta

ils are set out in Note 12 Financ

ial

instruments

3

Excludes equity and other investments of $1,366 mill

ion (31 December 2023: $1,442 m

ill

ion). Further deta

ils are set out in Note 12 Financ

ial

instruments

4

The Group enters into master netting agreements, which in the event of default result in a single amount owed by or to the counterparty through netting the sum of

the posit

ive and negat

ive mark-to-market values of applicable derivat

ive transact

ions

5

Other assets include cash collateral, and acceptances, in addit

ion to unsettled trades and other financial assets

6

Excludes ECL provis

ions of $208 m

ill

ion (31 December 2023: $180 m

ill

ion) wh

ich are reported under Provis

ions for l

iab

il

it

ies and charges

7

Collateral capped at maximum exposure (over-collateralised)

8

Adjusted for over-collateralisat

ion, wh

ich has been determined with reference to the drawn and undrawn component as this best reflects the effect on the amount

aris

ing from expected cred

it losses. Loans and advances to customers collateral now re-presented between on and off -balance sheet as it also includes guarantees

9

The amount is after ECL provis

ions. Further deta

ils are set out in Note 20 Assets held for sale and associated liab

il

it

ies

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Risk Profile continued

Standard Chartered Bank

61

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  |  | Credit risk management | |  |  | Credit risk management | |  |
|  |  |  | Master |  |  |  | Master |  |
|  | Maximum |  | netting | Net | Maximum |  | netting | Net |
|  | exposure | Collateral  8 | agreements | exposure | exposure | Collateral  8 | agreements | exposure |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| On-balance sheet |  |  |  |  |  |  |  |  |
| Cash and balances at central banks | 45,233 | – | – | 45,233 | 52,758 | – | – | 52,758 |
|  |  |  |  |  |  |  |  |  |
| Loans and advances to banks  1 | 11,755 | 1,423 | – | 10,332 | 10,135 | 554 | – | 9,581 |
| of which – reverse repurchase |  |  |  |  |  |  |  |  |
| agreements and other sim  ilar |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| secured lending  7 | 1,423 | 1,423 | – | – | 554 | 554 | – | – |
|  |  |  |  |  |  |  |  |  |
| Loans and advances to customers  1 | 77,597 | 24,378 | – | 53,219 | 75,883 | 23,157 | – | 52,726 |
| of which – reverse repurchase |  |  |  |  |  |  |  |  |
| agreements and other sim  ilar |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| secured lending  7 | 9,041 | 9,041 | – | – | 12,212 | 12,212 | – | – |
| Investment securit  ies – Debt secur  it  ies |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| and other elig  ible b  ills  2 | 81,855 |  | – | 81,855 | 92,362 | – | – | 92,362 |
|  |  |  |  |  |  |  |  |  |
| Fair value through profit or loss  3,7 | 87,122 | 62,141 | – | 24,981 | 85,097 | 64,804 | – | 20,293 |
| Loans and advances to banks | 1,880 | – | – | 1,880 | 2,244 | – | – | 2,244 |
| Loans and advances to customers | 3,276 | – | – | 3,276 | 2,622 | – | – | 2,622 |
| Reverse repurchase agreements |  |  |  |  |  |  |  |  |
| and other sim  ilar lend  ing  7 | 62,141 | 62,141 | – | – | 64,804 | 64,804 | – | – |
| Investment securit  ies – Debt |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
| securit  ies and other el  ig  ible b  ills  2 | 19,825 | – | – | 19,825 | 15,427 | – | – | 15,427 |
| Derivat  ive financial  instruments  4,7 | 82,844 | 11,788 | 67,030 | 4,026 | 53,221 | 7,289 | 45,556 | 376 |
| Accrued income | 1,256 | – | – | 1,256 | 1,151 | – | – | 1,151 |
| Assets held for sale⁹ | 474 | – | – | 474 | 52 | – | – | 52 |
| Other assets  5 | 17,587 | – | – | 17,587 | 16,990 | – | – | 16,990 |
| Total balance sheet | 405,723 | 99,730 | 67,030 | 238,963 | 387,649 | 95,804 | 45,556 | 246,289 |
| Off-balance sheet  6 |  |  |  |  |  |  |  |  |
| Undrawn Commitments | 69,293 | 1,033 | – | 68,260 | 69,007 | 1,387 | – | 67,620 |
| Financ  ial Guarantees and |  |  |  |  |  |  |  |  |
| other equivalents | 69,038 | 1,215 | – | 67,823 | 49,586 | 1,836 | – | 47,750 |
| Total off-balance sheet | 138,331 | 2,248 | – | 136,083 | 118,593 | 3,223 | – | 115,370 |
| Total  10 | 544,054 | 101,978 | 67,030 | 375,046 | 506,242 | 99,027 | 45,556 | 361,659 |

1

Amounts are net of ECL provis

ions. An analys

is of credit quality is set out in the credit quality analysis section page 66. Further details of collateral held by client segment

and stage are set out in the collateral analysis section page 77. The Group also has credit mit

igat

ion through Credit Linked Notes as set out on page 81

2

Excludes equity and other investments of $246 mill

ion (31 December 2023: $409 m

ill

ion). Further deta

ils are set out in Note 12 Financ

ial

instruments

3

Excludes equity and other investments of $1,227 mill

ion (31 December 2023: $1,315 m

ill

ion). Further deta

ils are set out in Note 12 Financ

ial

instruments

4

The Group enters into master netting agreements, which in the event of default result in a single amount owed by or to the counterparty through netting the sum of

the posit

ive and negat

ive mark-to-market values of applicable derivat

ive transact

ions

5

Other assets include cash collateral, and acceptances, in addit

ion to unsettled trades and other financial assets

6

Excludes ECL provis

ions of $148 m

ill

ion (31 December 2023: $132 m

ill

ion) wh

ich are reported under Provis

ions for l

iab

il

it

ies and charges

7

Collateral capped at maximum exposure (over-collateralised)

8

Adjusted for over-collateralisat

ion, wh

ich has been determined with reference to the drawn and undrawn component as this best reflects the effect on the amount

aris

ing from expected cred

it losses. Loans and advances to customers collateral now re-presented between on and off -balance sheet as it also includes guarantees

9

The amount is after ECL provis

ions. Further deta

ils are set out in Note 20 Assets held for sale and associated liab

il

it

ies

10 Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,066 mill

ion (31 December 2023: $10,053 m

ill

ion). The amounts are held w

ith

in

stage 1 and rated as 'strong' and is net of an expected credit loss of $2.4 mill

ion (31 December 2023: $20.4 m

ill

ion)

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Risk Profile continued

Standard Chartered Bank

62

Directors’ Report and Financ

ial Statements 2024

Analysis of financ

ial

instrument by stage (audited)

The table below presents the gross and credit impa

irment balances by stage for amort

ised cost and FVOCI financ

ial

instruments as at 31 December 2024.

> Further details can be found in the ‘

Summary of Credit Risk Performance

’ section in page 59.

Group

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and |  |  |  |  |  |  |  |  |  |  |  |  |
| balances at |  |  |  |  |  |  |  |  |  |  |  |  |
| central banks | 55,815 | – | 55,815 | 432 | (4) | 428 | 426 | (4) | 422 | 56,673 | (8) | 56,665 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances |  |  |  |  |  |  |  |  |  |  |  |  |
| to banks |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 22,556 | (5) | 22,551 | 313 | (1) | 312 | 80 | (2) | 78 | 22,949 | (8) | 22,941 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances to |  |  |  |  |  |  |  |  |  |  |  |  |
| customers |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 149,751 | (254) 149,497 | | 7,292 | (193) | 7,099 | 4,098 | (2,452) | 1,646 | 161,141 | (2,899) 158,242 | |
| Debt securit  ies |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills  5 | 94,480 | (20) | – | 1,612 | (4) | – | 103 | (2) | – | 96,195 | (26) | – |
| Amortised cost | 36,867 | (14) | 36,853 | 473 | (2) | 471 | 42 | – | 42 | 37,382 | (16) | 37,366 |
| FVOCI  2 | 57,613 | (6) | – | 1,139 | (2) | – | 61 | (2) | – | 58,813 | (10) | – |
| Accrued income |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost)  4 | 1,846 | – | 1,846 | – | – | – | – | – | – | 1,846 | – | 1,846 |
| Assets held |  |  |  |  |  |  |  |  |  |  |  |  |
| for sale | 822 | (7) | 815 | 38 | – | 38 | 58 | (45) | 13 | 918 | (52) | 866 |
| Other assets | 21,535 | – | 21,535 | – | – | – | 3 | (3) | – | 21,538 | (3) | 21,535 |
| Undrawn |  |  |  |  |  |  |  |  |  |  |  |  |
| commitments  3 | 120,578 | (25) | – | 3,346 | (33) | – | 7 | (1) | – | 123,931 | (59) | – |
| Financ  ial |  |  |  |  |  |  |  |  |  |  |  |  |
| guarantees, |  |  |  |  |  |  |  |  |  |  |  |  |
| trade credits |  |  |  |  |  |  |  |  |  |  |  |  |
| and irrevocable |  |  |  |  |  |  |  |  |  |  |  |  |
| letter of credits  3 | 78,996 | (13) | – | 1,744 | (7) | – | 603 | (129) | – | 81,343 | (149) | – |
| Total | 546,379 | (324) | – | 14,777 | (242) | – | 5,378 | (2,638) | – | 566,534 | (3,204) | – |

1

Gross carrying amount for off-balance sheet refers to notional values

2

These instruments are held at fair value on the balance sheet. The ECL provis

ion

in respect of debt securit

ies measured at FVOCI

is held with

in the OCI reserve

3

These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a financ

ial l

iab

il

ity and therefore there is no “net carrying amount”.

ECL allowances on off-balance sheet instruments are held as liab

il

ity provis

ions to the extent that the drawn and undrawn components of loan exposures can

be separately ident

ified. Otherw

ise they will be reported against the drawn component

4

Stage 1 ECL is not material

5

Stage 3 gross includes $59 mill

ion (2023: $80 m

ill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies w

ith impa

irment of n

il mill

ion (2023: $14 m

ill

ion)

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Risk Profile continued

Standard Chartered Bank

63

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and |  |  |  |  |  |  |  |  |  |  |  |  |
| balances at |  |  |  |  |  |  |  |  |  |  |  |  |
| central banks | 63,606 | – | 63,606 | 207 | (7) | 200 | 404 | (12) | 392 | 64,217 | (19) | 64,198 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances |  |  |  |  |  |  |  |  |  |  |  |  |
| to banks |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 22,210 | (3) | 22,207 | 537 | (9) | 528 | 74 | (6) | 68 | 22,821 | (18) | 22,803 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances to |  |  |  |  |  |  |  |  |  |  |  |  |
| customers |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 146,718 | (198) 146,520 | | 7,657 | (193) | 7,464 | 5,177 | (3,018) | 2,159 | 159,552 | (3,409) | 156,143 |
| Debt securit  ies |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills  5 | 100,092 | (26) |  | 1,861 | (34) |  | 165 | (61) |  | 102,118 | (121) |  |
| Amortised cost | 39,774 | (19) | 39,755 | 103 | (2) | 101 | 121 | (57) | 64 | 39,998 | (78) | 39,920 |
| FVOCI  2 | 60,318 | (7) |  | 1,758 | (32) |  | 44 | (4) |  | 62,120 | (43) |  |
| Accrued income |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost)  4 | 1,768 | – | 1,768 | – | – | – | – | – | – | 1,768 | – | 1,768 |
| Assets held |  |  |  |  |  |  |  |  |  |  |  |  |
| for sale  4 | 654 | (34) | 620 | 76 | (4) | 72 | 1 | – | 1 | 731 | (38) | 693 |
| Other assets | 20,714 | – | 20,714 | – | – | – | 3 | (3) | – | 20,717 | (3) | 20,714 |
| Undrawn |  |  |  |  |  |  |  |  |  |  |  |  |
| commitments  3 | 113,301 | (20) |  | 4,596 | (27) | – | 2 | – |  | 117,899 | (47) | – |
| Financ  ial |  |  |  |  |  |  |  |  |  |  |  |  |
| guarantees, |  |  |  |  |  |  |  |  |  |  |  |  |
| trade credits and |  |  |  |  |  |  |  |  |  |  |  |  |
| irrevocable letter |  |  |  |  |  |  |  |  |  |  |  |  |
| of credits  3 | 57,505 | (8) | – | 2,530 | (13) | – | 672 | (112) | – | 60,707 | (133) | – |
| Total | 526,568 | (289) | – | 17,464 | (287) | – | 6,498 | (3,212) | – 550,530 | | (3,788) | – |

1

Gross carrying amount for off-balance sheet refers to notional values

2

These instruments are held at fair value on the balance sheet. The ECL provis

ion

in respect of debt securit

ies measured at FVOCI

is held with

in the OCI reserve

3

These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a financ

ial l

iab

il

ity and therefore there is no “net carrying amount”.

ECL allowances on off-balance sheet instruments are held as liab

il

ity provis

ions to the extent that the drawn and undrawn components of loan exposures can be

separately ident

ified. Otherw

ise they will be reported against the drawn component

4

Stage 1 ECL is not material

5

Stage 3 gross includes $80 mill

ion or

ig

inated cred

it-impa

ired debt secur

it

ies and $14 m

ill

ion

impa

irment

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Risk Profile continued

Standard Chartered Bank

64

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and |  |  |  |  |  |  |  |  |  |  |  |  |
| balances at |  |  |  |  |  |  |  |  |  |  |  |  |
| central banks | 45,093 | – | 45,093 | 140 | – | 140 | – | – | – | 45,233 | – | 45,233 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances |  |  |  |  |  |  |  |  |  |  |  |  |
| to banks |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 11,545 | (1) | 11,544 | 209 | (1) | 208 | 3 | – | 3 | 11,757 | (2) | 11,755 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances to |  |  |  |  |  |  |  |  |  |  |  |  |
| customers |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 72,697 | (116) | 72,581 | 4,010 | (99) | 3,911 | 2,685 | (1,580) | 1,105 | 79,392 | (1,795) | 77,597 |
| Debt securit  ies |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills  5 | 81,618 | (16) | – | 244 | (1) | – | – | – |  | 81,862 | (17) | – |
| Amortised cost | 35,212 | (7) | 35,205 | – | – | – | – | – | – | 35,212 | (7) | 35,205 |
| FVOCI  2 | 46,406 | (9) | – | 244 | (1) | – | – | – |  | 46,650 | (10) | – |
| Accrued income |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost)  4 | 1,256 | – | 1,256 | – | – | – | – | – | – | 1,256 | – | 1,256 |
| Assets held |  |  |  |  |  |  |  |  |  |  |  |  |
| for sale | 479 | (5) | 474 | – | – | – | – | – | – | 479 | (5) | 474 |
| Other assets | 17,587 | – | 17,587 | – | – | – | – | – | – | 17,587 | – | 17,587 |
| Undrawn |  |  |  |  |  |  |  |  |  |  |  |  |
| commitments  3 | 66,520 | (15) | – | 2,770 | (17) | – | 3 | – |  | 69,293 | (32) | – |
| Financ  ial |  |  |  |  |  |  |  |  |  |  |  |  |
| guarantees, |  |  |  |  |  |  |  |  |  |  |  |  |
| trade credits and |  |  |  |  |  |  |  |  |  |  |  |  |
| irrevocable letter |  |  |  |  |  |  |  |  |  |  |  |  |
| of credits  3 | 67,538 | (10) | – | 1,059 | (4) | – | 441 | (102) | – | 69,038 | (116) | – |
| Total  6 | 364,333 | (163) | – | 8,432 | (122) | – | 3,132 | (1,682) | – | 375,897 | (1,967) | – |

1

Gross carrying amount for off-balance sheet refers to notional values

2

These instruments are held at fair value on the balance sheet. The ECL provis

ion

in respect of debt securit

ies measured at FVOCI

is held with

in the OCI reserve

3

These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a financ

ial l

iab

il

ity and therefore there is no “net carrying amount”.

ECL allowances on off-balance sheet instruments are held as liab

il

ity provis

ions to the extent that the drawn and undrawn components of loan exposures can

be separately ident

ified. Otherw

ise they will be reported against the drawn component

4

Stage 1 ECL is not material

5

Stage 3 gross includes nil (2023: $25 mill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies w

ith impa

irment of n

il (2023: $14mill

ion)

6

Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,066 mill

ion. The amounts are held w

ith

in stage 1 and rated as 'strong' at

31 December 2024 and is net of an expected credit loss of $2.4 mill

ion

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

65

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value | balance  1 | impa  irment | value |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances |  |  |  |  |  |  |  |  |  |  |  |  |
| at central banks | 52,756 | – | 52,756 | 2 | – | 2 | – | – | – | 52,758 | – | 52,758 |
| Loans and |  |  |  |  |  |  |  |  |  |  |  |  |
| advances to banks |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 9,849 | (1) | 9,848 | 286 | (1) | 285 | 6 | (4) | 2 | 10,141 | (6) | 10,135 |
| Loans and advances |  |  |  |  |  |  |  |  |  |  |  |  |
| to customers |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost) | 70,343 | (89) 70,254 | | 4,077 | (80) | 3,997 | 3,761 | (2,129) | 1,632 | 78,181 | (2,298) 75,883 | |
| Debt securit  ies and |  |  |  |  |  |  |  |  |  |  |  |  |
| other elig  ible b  ills  5 | 92,038 | (23) |  | 315 | – |  | 76 | (56) |  | 92,429 | (79) |  |
| Amortised cost | 38,053 | (11) 38,042 | | – | – | – | 76 | (56) | 20 | 38,129 | (67) 38,062 | |
| FVOCI  2 | 53,985 | (11) |  | 315 | – |  | – | – |  | 54,300 | (11) |  |
| Accrued income |  |  |  |  |  |  |  |  |  |  |  |  |
| (amortised cost)  4 | 1,151 | – | 1,151 | – | – | – | – | – | – | 1,151 | – | 1,151 |
| Assets held for sale  4 | 52 | – | 52 | – | – | – | – | – | – | 52 | – | 52 |
| Other assets | 16,990 | – | 16,990 | – | – | – | – | – | – | 16,990 | – | 16,990 |
| Undrawn |  |  |  |  |  |  |  |  |  |  |  |  |
| commitments  3 | 65,255 | (15) | – | 3,752 | (18) | – | – | – | – | 69,007 | (33) | – |
| Financ  ial guarantees, |  |  |  |  |  |  |  |  |  |  |  |  |
| trade credits and |  |  |  |  |  |  |  |  |  |  |  |  |
| irrevocable letter |  |  |  |  |  |  |  |  |  |  |  |  |
| of credits  3 | 47,186 | (4) | – | 1,886 | (8) | – | 514 | (87) | – | 49,586 | (99) | – |
| Total  6 | 355,620 | (132) |  | 10,318 | (107) |  | 4,357 | (2,276) |  | 370,295 | (2,515) |  |

1

Gross carrying amount for off-balance sheet refers to notional values

2

These instruments are held at fair value on the balance sheet. The ECL provis

ion

in respect of debt securit

ies measured at FVOCI

is held with

in the OCI reserve

3

These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a financ

ial l

iab

il

ity and therefore there is no “net carrying amount”.

ECL allowances on off-balance sheet instruments are held as liab

il

ity provis

ions to the extent that the drawn and undrawn components of loan exposures can

be separately ident

ified. Otherw

ise they will be reported against the drawn component

4

Stage 1 ECL is not material

5

Stage 3 gross includes $25 mill

ion or

ig

inated cred

it-impa

ired debt secur

it

ies and $14 m

ill

ion

impa

irment

6

Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,053 mill

ion. The amounts are held w

ith

in stage 1 and rated as 'strong' at

31 December 2023 and is net of an expected credit loss of $20.4 mill

ion

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Risk Profile continued

Standard Chartered Bank

66

Directors’ Report and Financ

ial Statements 2024

Credit quality analysis (audited)

Credit quality by client segment

For CIB, exposures are analysed by credit grade (CG), which plays a central role in the quality assessment and monitor

ing

of risk. All loans are assigned a CG, which is reviewed period

ically and amended

in light of changes in the borrower’s

circumstances or behaviour. CGs 1 to 12 are assigned to stage 1 and stage 2 (performing) clients or accounts, while CGs 13

and 14 are assigned to stage 3 (credit-impa

ired) cl

ients. The mapping of credit quality is as follows.

Mapping of credit quality

The Group uses the following internal risk mapping to determine the credit quality for loans.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Corporate & Investment Banking | | | Private Banking  1 | Wealth & Retail Banking  4 |
| Credit quality | Internal grade | S&P external ratings | Regulatory PD |  |  |
| descript  ion | mapping | equivalent | range (%) | Internal ratings | Number of days past due |
| Strong | 1A to 5B | AAA/AA+ to BBB-/ BB+  2 | 0 to 0.425 | Class I and Class IV | Current loans (no past dues nor impa  ired) |
| Satisfactory | 6A to 11C | BB to CCC+  3 | 0.426 to 15.75 | Class II and Class III | Loans past due till 29 days |
| Higher risk | Grade 12 | CCC+/C | 15.751 to 99.999 | Stressed Assets Group | Past due loans 30 days and over till |
|  |  |  |  | (SAG) Managed | 90 days |

1

For Private Banking, classes of risk represent the type of collateral held. Class I represents facil

it

ies with liqu

id collateral, such as cash and marketable secur

it

ies.

Class II represents unsecured/partially secured facil

it

ies and those with ill

iqu

id collateral, such as equity in private enterprises. Class III represents facil

it

ies with

resident

ial or Commerc

ial real estate collateral. Class IV covers margin trading facil

it

ies

2

Banks’ rating: AAA/AA+ to BB+/BB. Sovereigns’ rating: AAA to BB+

3

Banks’ rating: BB to “CCC+ to C”. Sovereigns’ rating: BB+/BB to B-/CCC+

4

Wealth & Retail Banking excludes Private Banking. Medium enterprise clients with

in Bus

iness Banking are managed using the same internal credit grades as CIB

The table below sets out the gross loans and advances held at amortised cost, expected credit loss provis

ions and expected

credit loss coverage by business segment and stage. Expected credit loss coverage represents the expected credit loss

reported for each segment and stage as a proportion of the gross loan balance for each segment and stage.

> Further details can be found in the ‘

Summary of Credit Risk Performance

’ section in page 59.

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</svg>)

Risk Profile continued

Standard Chartered Bank

67

Directors’ Report and Financ

ial Statements 2024

Loans and advances by client segment (audited)

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | |
|  |  | Customers | | | | |  |  |
|  |  | Corporate |  |  |  |  |  |  |
|  |  | & | Wealth & |  |  |  |  |  |
|  |  | Investment | Retail |  | Central & | Customer | Undrawn | Financ  ial |
|  | Banks | Banking | Banking | Ventures | other items | Total | commitments | Guarantees |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Stage 1 | 22,556 | 83,297 | 45,743 | 584 | 20,127 | 149,751 | 120,578 | 78,996 |
| • Strong | 14,002 | 59,798 | 41,697 | 576 | 19,750 | 121,821 | 109,269 | 50,039 |
| • Satisfactory | 8,554 | 23,499 | 4,046 | 8 | 377 | 27,930 | 11,309 | 28,957 |
| Stage 2 | 313 | 6,251 | 1,001 | 5 | 35 | 7,292 | 3,346 | 1,744 |
| • Strong | 7 | 896 | 684 | – | – | 1,580 | 851 | 371 |
| • Satisfactory | 121 | 4,683 | 81 | – | – | 4,764 | 2,341 | 1,210 |
| • Higher risk | 185 | 672 | 236 | 5 | 35 | 948 | 154 | 163 |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | 52 | 81 | – | – | 133 | – | – |
| •  More than 30 days past due | 2 | 5 | 236 | 5 | – | 246 | – | – |
| Stage 3, credit-impa  ired financial assets | 80 | 2,877 | 1,117 | 6 | 98 | 4,098 | 7 | 603 |
| Gross balance¹ | 22,949 | 92,425 | 47,861 | 595 | 20,260 | 161,141 | 123,931 | 81,343 |
| Stage 1 | (5) | (69) | (174) | (11) | – | (254) | (25) | (13) |
| • Strong | (4) | (26) | (133) | (10) | – | (169) | (14) | (5) |
| • Satisfactory | (1) | (43) | (41) | (1) | – | (85) | (11) | (8) |
| Stage 2 | (1) | (134) | (55) | (4) | – | (193) | (33) | (7) |
| • Strong | – | (4) | (17) | – | – | (21) | (2) | – |
| • Satisfactory | (1) | (95) | (7) | – | – | (102) | (22) | (4) |
| • Higher risk | – | (35) | (31) | (4) | – | (70) | (9) | (3) |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | (1) | (7) | – | – | (8) | – | – |
| •  More than 30 days past due | – | – | (31) | (4) | – | (35) | – | – |
| Stage 3, credit-impa  ired financial assets | (2) | (1,830) | (616) | (6) | – | (2,452) | (1) | (129) |
| Total credit impa  irment | (8) | (2,033) | (845) | (21) | – | (2,899) | (59) | (149) |
| Net carrying value | 22,941 | 90,392 | 47,016 | 574 | 20,260 | 158,242 |  |  |
| Stage 1 | 0.0% | 0.1% | 0.4% | 1.9% | 0.0% | 0.2% | 0.0% | 0.0% |
| • Strong | 0.0% | 0.0% | 0.3% | 1.7% | 0.0% | 0.1% | 0.0% | 0.0% |
| • Satisfactory | 0.0% | 0.2% | 1.0% | 12.5% | 0.0% | 0.3% | 0.1% | 0.0% |
| Stage 2 | 0.3% | 2.1% | 5.5% | 80.0% | 0.0% | 2.6% | 1.0% | 0.4% |
| • Strong | 0.0% | 0.4% | 2.5% | 0.0% | 0.0% | 1.3% | 0.2% | 0.0% |
| • Satisfactory | 0.8% | 2.0% | 8.6% | 0.0% | 0.0% | 2.1% | 0.9% | 0.3% |
| • Higher risk | 0.0% | 5.2% | 13.1% | 80.0% | 0.0% | 7.4% | 5.8% | 1.8% |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | 0.0% | 1.9% | 8.6% | 0.0% | 0.0% | 6.0% | 0.0% | 0.0% |
| •  More than 30 days past due | 0.0% | 0.0% | 13.1% | 80.0% | 0.0% | 14.2% | 0.0% | 0.0% |
| Stage 3, credit-impa  ired financial assets (S3) | 2.5% | 63.6% | 55.1% | 100.0% | 0.0% | 59.8% | 14.3% | 21.4% |
| • Stage 3 Collateral | 1 | 169 | 412 | – | – | 581 | – | 45 |
| •  Stage 3 Cover ratio (after collateral) | 3.8% | 69.5% | 92.0% | 100.0% | 0.0% | 74.0% | 14.3% | 28.9% |
| Cover ratio | 0.0% | 2.2% | 1.8% | 3.5% | 0.0% | 1.8% | 0.0% | 0.2% |
| Fair value through profit or loss |  |  |  |  |  |  |  |  |
| Performing | 29,725 | 41,897 | – | – | – | 41,897 | – | – |
| • Strong | 23,890 | 24,589 | – | – | – | 24,589 | – | – |
| • Satisfactory | 5,825 | 17,200 | – | – | – | 17,200 | – | – |
| • Higher risk | 10 | 108 | – | – | – | 108 | – | – |
| Defaulted (CG13-14) | – | 3 | – | – | – | 3 | – | – |
| Gross balance (FVTPL)  2 | 29,725 | 41,900 | – | – | – | 41,900 | – | – |
| Net carrying value (incl FVTPL) | 52,666 | 132,292 | 47,016 | 574 | 20,260 | 200,142 | – | – |

1

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing of $9,121 mill

ion under Customers and of $2,889 m

ill

ion under Banks,

held at amortised cost

2

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing of $37,911 mill

ion under Customers and of $27,692 m

ill

ion under Banks,

held at fair value through profit or loss

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</svg>)

Risk Profile continued

Standard Chartered Bank

68

Directors’ Report and Financ

ial Statements 2024

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | |
|  |  | Customers | | | | |  |  |
|  |  | Corporate |  |  |  |  |  |  |
|  |  | & | Wealth & |  |  |  |  |  |
|  |  | Investment | Retail |  | Central & | Customer | Undrawn | Financ  ial |
|  | Banks | Banking | Banking | Ventures | other items | Total | commitments | Guarantees |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Stage 1 | 22,210 | 77,513 | 46,378 | 235 | 22,592 | 146,718 | 113,301 | 57,505 |
| • Strong | 14,756 | 55,407 | 42,362 | 232 | 22,254 | 120,255 | 104,198 | 37,642 |
| • Satisfactory | 7,454 | 22,106 | 4,016 | 3 | 338 | 26,463 | 9,103 | 19,863 |
| Stage 2 | 537 | 5,696 | 994 | 2 | 965 | 7,657 | 4,596 | 2,530 |
| • Strong | 53 | 862 | 659 | – | – | 1,521 | 947 | 801 |
| • Satisfactory | 211 | 3,955 | 100 | – | – | 4,055 | 3,168 | 1,472 |
| • Higher risk | 273 | 879 | 235 | 2 | 965 | 2,081 | 481 | 257 |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | 78 | 100 | – | – | 178 | – | – |
| •  More than 30 days past due | – | 10 | 235 | 2 | – | 247 | – | – |
| Stage 3, credit-impa  ired financial assets | 74 | 3,887 | 1,064 | 2 | 224 | 5,177 | 2 | 672 |
| Gross balance¹ | 22,821 | 87,096 | 48,436 | 239 | 23,781 | 159,552 | 117,899 | 60,707 |
| Stage 1 | (3) | (68) | (123) | (7) | – | (198) | (20) | (8) |
| • Strong | (2) | (26) | (80) | (7) | – | (113) | (8) | (1) |
| • Satisfactory | (1) | (42) | (43) | – | – | (85) | (12) | (7) |
| Stage 2 | (9) | (133) | (59) | – | (1) | (193) | (27) | (13) |
| • Strong | – | (11) | (22) | – | – | (33) | (3) | – |
| • Satisfactory | (2) | (64) | (7) | – | – | (71) | (15) | (6) |
| • Higher risk | (7) | (58) | (30) | – | (1) | (89) | (9) | (7) |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | (1) | (7) | – | – | (8) | – | – |
| •  More than 30 days past due | – | (1) | (30) | – | – | (31) | – | – |
| Stage 3, credit-impa  ired financial assets | (6) | (2,362) | (639) | (2) | (15) | (3,018) | – | (112) |
| Total credit impa  irment | (18) | (2,563) | (821) | (9) | (16) | (3,409) | (47) | (133) |
| Net carrying value | 22,803 | 84,533 | 47,615 | 230 | 23,765 | 156,143 | – | – |
| Stage 1 | 0.0% | 0.1% | 0.3% | 3.0% | 0.0% | 0.1% | 0.0% | 0.0% |
| • Strong | 0.0% | 0.0% | 0.2% | 3.0% | 0.0% | 0.1% | 0.0% | 0.0% |
| • Satisfactory | 0.0% | 0.2% | 1.1% | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% |
| Stage 2 | 1.7% | 2.3% | 5.9% | 0.0% | 0.1% | 2.5% | 0.6% | 0.5% |
| • Strong | 0.0% | 1.3% | 3.3% | 0.0% | 0.0% | 2.2% | 0.3% | 0.0% |
| • Satisfactory | 0.9% | 1.6% | 7.0% | 0.0% | 0.0% | 1.8% | 0.5% | 0.4% |
| • Higher risk | 2.6% | 6.6% | 12.8% | 0.0% | 0.1% | 4.3% | 1.9% | 2.7% |
| Of which (stage 2): |  |  |  |  |  |  |  |  |
| •  Less than 30 days past due | 0.0% | 1.3% | 7.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% |
| •  More than 30 days past due | 0.0% | 10.0% | 12.8% | 0.0% | 0.0% | 12.6% | 0.0% | 0.0% |
| Stage 3, credit-impa  ired financial assets (S3) | 8.1% | 60.8% | 60.1% | 100.0% | 6.7% | 58.3% | 0.0% | 16.7% |
| • Stage 3 Collateral | 2 | 350 | 393 | – | – | 743 | – | 34 |
| •  Stage 3 Cover ratio (after collateral) | 10.8% | 69.8% | 97.0% | 100.0% | 6.7% | 72.6% | 0.0% | 21.7% |
| Cover ratio | 0.1% | 2.9% | 1.7% | 3.8% | 0.1% | 2.1% | 0.0% | 0.2% |
| Fair value through profit or loss |  |  |  |  |  |  |  |  |
| Performing | 28,318 | 45,266 | – | – | – | 45,266 | – | – |
| • Strong | 23,954 | 27,667 | – | – | – | 27,667 | – | – |
| • Satisfactory | 4,364 | 17,536 | – | – | – | 17,536 | – | – |
| • Higher risk | – | 63 | – | – | – | 63 | – | – |
| Defaulted (CG13-14) | – | 18 | – | – | – | 18 | – | – |
| Gross balance (FVTPL)  2 | 28,318 | 45,284 | – | – | – | 45,284 | – | – |
| Net carrying value (incl FVTPL) | 51,121 | 129,817 | 47,615 | 230 | 23,765 | 201,427 | – | – |

1

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing of $13,827 mill

ion under Customers and of $1,653 m

ill

ion under Banks,

held at amortised cost

2

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing of $42,096 mill

ion under Customers and of $26,053 m

ill

ion under Banks,

held at fair value through profit and loss.

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Risk Profile continued

Standard Chartered Bank

69

Directors’ Report and Financ

ial Statements 2024

Loans and advances by client segment (audited)

Company

Amortised cost

2024

Banks

$mill

ion

Customers

Undrawn

commitments

$mill

ion

Financ

ial

Guarantees

$mill

ion

Corporate

&

Investment

Banking

$mill

ion

Wealth &

Retail

Banking

$mill

ion

Central &

other items

$mill

ion

Customer

Total

$mill

ion

Stage 1

11,545

60,503

11,380

814

72,697

66,520

67,538

• Strong

6,614

44,809

9,397

501

54,707

57,856

41,193

• Satisfactory

4,931

15,694

1,983

313

17,990

8,664

26,345

Stage 2

209

3,787

223

–

4,010

2,770

1,059

• Strong

3

367

99

–

466

539

250

• Satisfactory

118

3,074

38

–

3,112

2,152

744

• Higher risk

88

346

86

–

432

79

65

Of which (stage 2):

•

Less than 30 days past due

–

42

38

–

80

–

–

•

More than 30 days past due

–

–

86

–

86

–

–

Stage 3, credit-impa

ired financial assets

3

2,005

680

–

2,685

3

441

Gross balance¹

11,757

66,295

12,283

814

79,392

69,293

69,038

Stage 1

(1)

(48)

(68)

–

(116)

(15)

(10)

• Strong

–

(16)

(59)

–

(75)

(7)

(3)

• Satisfactory

(1)

(32)

(9)

–

(41)

(8)

(7)

Stage 2

(1)

(68)

(31)

–

(99)

(17)

(4)

• Strong

–

-

(5)

–

(5)

(2)

–

• Satisfactory

(1)

(48)

(2)

–

(50)

(13)

(2)

• Higher risk

–

(20)

(24)

–

(44)

(2)

(2)

Of which (stage 2):

•

Less than 30 days past due

–

–

(2)

–

(2)

–

–

•

More than 30 days past due

–

–

(24)

–

(24)

–

–

Stage 3, credit-impa

ired financial assets

–

(1,175)

(405)

–

(1,580)

–

(102)

Total credit impa

irment

(2)

(1,291)

(504)

–

(1,795)

(32)

(116)

Net carrying value

11,755

65,004

11,779

814

77,597

Stage 1

0.0%

0.1%

0.6%

0.0%

0.2%

0.0%

0.0%

• Strong

0.0%

0.0%

0.6%

0.0%

0.1%

0.0%

0.0%

• Satisfactory

0.0%

0.2%

0.5%

0.0%

0.2%

0.1%

0.0%

Stage 2

0.5%

1.8%

13.9%

0.0%

2.5%

0.6%

0.4%

• Strong

0.0%

0.0%

5.1%

0.0%

1.1%

0.4%

0.0%

• Satisfactory

0.8%

1.6%

5.3%

0.0%

1.6%

0.6%

0.3%

• Higher risk

0.0%

5.8%

27.9%

0.0%

10.2%

2.5%

3.1%

Of which (stage 2):

•

Less than 30 days past due

0.0%

0.0%

5.3%

0.0%

2.5%

0.0%

0.0%

•

More than 30 days past due

0.0%

0.0%

27.9%

0.0%

27.9%

0.0%

0.0%

Stage 3, credit-impa

ired financial assets (S3)

0.0%

58.6%

59.6%

0.0%

58.8%

0.0%

23.1%

• Stage 3 Collateral

–

123

244

–

367

–

20

•

Stage 3 Cover ratio (after collateral)

0.0%

64.7%

95.4%

0.0%

72.5%

0.0%

27.7%

Cover ratio

0.0%

1.9%

4.1%

0.0%

2.3%

0.0%

0.2%

Fair value through profit or loss

Performing

26,846

40,449

–

–

40,449

–

–

• Strong

21,409

23,548

–

–

23,548

–

–

• Satisfactory

5,437

16,882

–

–

16,882

–

–

• Higher risk

–

19

–

–

19

–

–

Defaulted (CG13-14)

–

2

–

–

2

–

–

Gross balance (FVTPL)

2

26,846

40,451

–

–

40,451

–

–

Net carrying value (incl FVTPL)

3

38,601

105,455

11,779

814

118,048

–

–

1

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing for $9,041 mill

ion under Customers and for $1,423 m

ill

ion under Banks,

held at amortised cost

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing for $37,175 mill

ion under Customers and for $24,966 m

ill

ion under Banks,

held at fair value through profit and loss

3

Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,066 mill

ion. The amounts are held w

ith

in stage 1 and rated as 'strong' at 31

December 2024 and is net of an expected credit loss of $2.4 mill

ion

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</svg>)

Risk Profile continued

Standard Chartered Bank

70

Directors’ Report and Financ

ial Statements 2024

Company

Amortised cost

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | |
|  | Customers | | | | |  |  |
|  |  | Corporate |  |  |  |  |  |
|  |  | & | Wealth & |  |  |  |  |
|  |  | Investment | Retail | Central & | Customer | Undrawn | Financ  ial |
|  | Banks | Banking | Banking | other items | Total | commitments | Guarantees |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Stage 1 | 9,849 | 57,077 | 12,096 | 1,170 | 70,343 | 65,255 | 47,186 |
| • Strong | 5,987 | 42,254 | 9,812 | 867 | 52,933 | 58,451 | 30,160 |
| • Satisfactory | 3,862 | 14,823 | 2,284 | 303 | 17,410 | 6,804 | 17,026 |
| Stage 2 | 286 | 3,819 | 258 | – | 4,077 | 3,752 | 1,886 |
| • Strong | 54 | 437 | 119 | – | 556 | 700 | 679 |
| • Satisfactory | 201 | 2,954 | 50 | – | 3,004 | 2,690 | 1,098 |
| • Higher risk | 31 | 428 | 89 | – | 517 | 362 | 109 |
| Of which (stage 2): |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | 69 | 50 | – | 119 | – | – |
| •  More than 30 days past due | – | 8 | 89 | – | 97 | – | – |
| Stage 3, credit-impa  ired financial assets | 6 | 2,907 | 630 | 224 | 3,761 | – | 514 |
| Gross balance¹ | 10,141 | 63,803 | 12,984 | 1,394 | 78,181 | 69,007 | 49,586 |
| Stage 1 | (1) | (35) | (54) | – | (89) | (15) | (4) |
| • Strong | (1) | (17) | (35) | – | (52) | (6) | – |
| • Satisfactory | – | (18) | (19) | – | (37) | (9) | (4) |
| Stage 2 | (1) | (52) | (28) | – | (80) | (18) | (8) |
| • Strong | (1) | (3) | (3) | – | (6) | (2) | – |
| • Satisfactory | – | (29) | (2) | – | (31) | (11) | (6) |
| • Higher risk | – | (20) | (23) | – | (43) | (5) | (2) |
| Of which (stage 2): |  |  |  |  |  |  |  |
| •  Less than 30 days past due | – | – | (2) | – | (2) | – | – |
| •  More than 30 days past due | – | (1) | (23) | – | (24) | – | – |
| Stage 3, credit-impa  ired financial assets | (4) | (1,715) | (399) | (15) | (2,129) | – | (87) |
| Total credit impa  irment | (6) | (1,802) | (481) | (15) | (2,298) | (33) | (99) |
| Net carrying value | 10,135 | 62,001 | 12,503 | 1,379 | 75,883 | – | – |
| Stage 1 | 0.0% | 0.1% | 0.4% | 0.0% | 0.1% | 0.0% | 0.0% |
| • Strong | 0.0% | 0.0% | 0.4% | 0.0% | 0.1% | 0.0% | 0.0% |
| • Satisfactory | 0.0% | 0.1% | 0.8% | 0.0% | 0.2% | 0.1% | 0.0% |
| Stage 2 | 0.3% | 1.4% | 10.9% | 0.0% | 2.0% | 0.5% | 0.4% |
| • Strong | 1.9% | 0.7% | 2.5% | 0.0% | 1.1% | 0.3% | 0.0% |
| • Satisfactory | 0.0% | 1.0% | 4.0% | 0.0% | 1.0% | 0.4% | 0.5% |
| • Higher risk | 0.0% | 4.7% | 25.8% | 0.0% | 8.3% | 1.4% | 1.8% |
| Of which (stage 2): |  |  |  |  |  |  |  |
| •  Less than 30 days past due | 0.0% | 0.0% | 4.0% | 0.0% | 1.7% | 0.0% | 0.0% |
| •  More than 30 days past due | 0.0% | 12.5% | 25.8% | 0.0% | 24.7% | 0.0% | 0.0% |
| Stage 3, credit-impa  ired financial assets (S3) | 66.7% | 59.0% | 63.3% | 6.7% | 56.6% | 0.0% | 16.9% |
| • Stage 3 Collateral | – | 293 | 217 | – | 510 | – | 22 |
| •  Stage 3 Cover ratio (after collateral) | 66.7% | 69.1% | 97.8% | 6.7% | 70.2% | 0.0% | 21.2% |
| Cover ratio | 0.1% | 2.8% | 3.7% | 1.1% | 2.9% | 0.0% | 0.2% |
| Fair value through profit or loss |  |  |  |  |  |  |  |
| Performing | 25,655 | 44,013 | – | – | 44,013 | – | – |
| • Strong | 21,448 | 26,803 | – | – | 26,803 | – | – |
| • Satisfactory | 4,207 | 17,210 | – | – | 17,210 | – | – |
| • Higher risk | – | – | – | – | – | – | – |
| Defaulted (CG13-14) | – | 2 | – | – | 2 | – | – |
| Gross balance (FVTPL)  2 | 25,655 | 44,015 | – | – | 44,015 | – | – |
| Net carrying value (incl FVTPL)  3 | 35,790 | 106,016 | 12,503 | 1,379 | 119,898 | – | – |

1

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $12,212 mill

ion under Customers and of $554 m

ill

ion under Banks,

held at amortised cost

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $41,393 mill

ion under Customers and of $23,411 m

ill

ion under Banks,

held at fair value through profit and loss

3

Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,053 mill

ion. The amounts are held w

ith

in stage 1 and rated as 'strong' at 31

December 2023 and is net of an expected credit loss of $20.4 mill

ion

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)

Risk Profile continued

Standard Chartered Bank

71

Directors’ Report and Financ

ial Statements 2024

Movement in gross exposures and credit impa

irment for loans and advances, debt secur

it

ies, undrawn

commitments and financ

ial guarantees (aud

ited)

The tables overleaf set out the movement in gross exposures and credit impa

irment by stage

in respect of amortised cost

loans to banks and customers, undrawn commitments, financ

ial guarantees and debt secur

it

ies class

if

ied at amort

ised

cost and FVOCI.

Methodology

The movement lines with

in the tables are an aggregat

ion of monthly movements over the year and will therefore reflect

the accumulation of multiple trades during the year. The credit impa

irment charge

in the income statement comprises the

amounts with

in the boxes

in the table below less recoveries of amounts previously written off. Discount unwind is reported

in net interest income and related to stage 3 financ

ial

instruments only.

The approach for determin

ing the key l

ine items in the tables is set out below.

•

Transfers

– transfers between stages are deemed to occur at the beginn

ing of a month based on pr

ior month closing

balances.

•

Net remeasurement from stage changes

– the remeasurement of credit impa

irment prov

is

ions ar

is

ing from a change

in

stage is reported with

in the stage that the assets are transferred to. For example, assets transferred

into stage 2 are

remeasured from a 12 month to a lifet

ime expected cred

it loss, with the effect of remeasurement reported in stage 2.

For stage 3, this represents the in

it

ial remeasurement from specif

ic prov

is

ions recogn

ised on ind

iv

idual assets transferred

into stage 3 in the year.

•

Net changes in exposures

– new business written less repayments in the year. With

in stage 1, new bus

iness written will

attract up to 12 months of expected credit loss charges. Repayments of non-amortis

ing loans (pr

imar

ily w

ith

in CIB) w

ill

have low amounts of expected credit loss provis

ions attr

ibuted to them, due to the release of provis

ions over the term to

maturity. In stages 2 and 3, the net change in exposures reflect repayments although stage 2 may include new facil

it

ies

where clients are on non-purely precautionary early alert, are a credit grade 12, or when non-investment grade debt

securit

ies are acqu

ired.

•

Changes in risk parameters

– for stages 1 and 2, this reflects changes in the PD, LGD and EAD of assets during the year,

which includes the impact of releasing provis

ions over the term to matur

ity. It also includes the effect of changes in

forecasts of macroeconomic variables during the year and movements in management overlays. In stage 3, this line

represents addit

ional spec

if

ic prov

is

ions recogn

ised on exposures held with

in stage 3.

•

Interest due but not paid

– change in contractual amount of interest due in stage 3 financ

ial

instruments but not paid,

being the net of accruals, repayments and write-offs, together with the corresponding change in credit impa

irment.

Changes to ECL models, which incorporates changes to model approaches and methodologies, is not reported as

a separate line item as it has an impact over a number of lines and stages.

Movements during the year

Stage 1 gross exposures increased by $26 bill

ion to $466 b

ill

ion (31 December 2023: $440 b

ill

ion). CIB exposure

increased

by $28 bill

ion to $360 b

ill

ion (31 December 2023: $332 b

ill

ion), due to

increase in exposures in financ

ial guarantees. WRB

exposures increased by $0.8 bill

ion to $78.8 b

ill

ion (31 December 2023: $78 b

ill

ion), dr

iven by off balance sheet commitments.

Total stage 1 provis

ions

increased by $62 mill

ion to $317 m

ill

ion (31 December 2023: $255 m

ill

ion). CIB prov

is

ions

increased

by $26 mill

ion to $131 m

ill

ion (31 December 2023: $105 m

ill

ion) wh

ich includes new overlays of $25 mill

ion, pr

imar

ily

in

Bangladesh. WRB provis

ions

increased by $49 mill

ion to $180 m

ill

ion (31 December 2023: $131 m

ill

ion), due to del

inquenc

ies

in

the personal loans and unsecured lending portfolio.

Stage 2 gross exposures decreased by $3 bill

ion to $14 b

ill

ion (31 December 2023: $17 b

ill

ion), pr

imar

ily dr

iven by a net reduction

in CIB exposures from off balance sheet instruments.

Stage 2 provis

ions decreased by $39 m

ill

ion to $237 m

ill

ion (31 December 2023: $276 m

ill

ion). Most of the decrease

is from

Central and other items driven by sovereign upgrades and exposure reductions. CIB provis

ions rema

in unchanged at

$0.2 bill

ion (31 December 2023: $0.2 b

ill

ion) as portfol

io movements were largely offset by $17 mill

ion of new overlays.

Stage 3 gross exposures decreased by $1.2 bill

ion to $4.9 b

ill

ion (31 December 2023: $6.1 b

ill

ion) due to repayments and

write-offs, leading to a decrease in stage 3 provis

ions by $0.6 b

ill

ion to $2.6 b

ill

ion (31 December 2023: $3.2 b

ill

ion).

WRB stage 3 loans is stable at $1.1 bill

ion (31 December 2023: $1.1 b

ill

ion).

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Risk Profile continued

Standard Chartered Bank

72

Directors’ Report and Financ

ial Statements 2024

All segments – Group (audited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Stage 1 | | | Stage 2 | | | Stage 3  5 | | | Total | | |
|  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  |
| Amortised cost and | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net |
| FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 January 2023 | 430,079 | (330) 429,749 | | 20,469 | (349) | 20,120 | 7,173 | (3,831) | 3,342 | 457,721 | (4,510) | 453,211 |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 1 | 11,184 | (515) | 10,669 | (11,174) | 515 | (10,659) | (10) | – | (10) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 2 | (26,645) | 130 | (26,515) | 26,784 | (138) | 26,646 | (139) | 8 | (131) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 3 | (19) | 1 | (18) | (1,523) | 132 | (1,391) | 1,542 | (133) | 1,409 | – | – | – |
| Net change in |  |  |  |  |  |  |  |  |  |  |  |  |
| exposures | 20,964 | (150) | 20,814 | (14,050) | 19 | (14,031) | (1,476) | 460 | (1,016) | 5,438 | 329 | 5,767 |
| Net |  |  |  |  |  |  |  |  |  |  |  |  |
| remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |
| from stage |  |  |  |  |  |  |  |  |  |  |  |  |
| changes | – | 48 | 48 | – | (153) | (153) | – | (61) | (61) | – | (166) | (166) |
| Changes in |  |  |  |  |  |  |  |  |  |  |  |  |
| models | – | – | – | – | – | – | – | – | – | – | – | – |
| Changes in risk |  |  |  |  |  |  |  |  |  |  |  |  |
| parameters | – | 160 | 160 | – | 53 | 53 | – | (503) | (503) | – | (290) | (290) |
| Derecognised | – | – | – | – | – | – | – | – | – | – | – | – |
| Write-offs | – | – | – | – | – | – | (666) | 666 | – | (666) | 666 | – |
| Interest due |  |  |  |  |  |  |  |  |  |  |  |  |
| but unpaid | – | – | – | – | – | – | (19) | 19 | – | (19) | 19 | – |
| Discount unwind | – | – | – | – | – | – | – | 139 | 139 | – | 139 | 139 |
| Exchange |  |  |  |  |  |  |  |  |  |  |  |  |
| translation |  |  |  |  |  |  |  |  |  |  |  |  |
| differences and |  |  |  |  |  |  |  |  |  |  |  |  |
| other movements¹ | 4,263 | 401 | 4,664 | (3,325) | (355) | (3,680) | (315) | 39 | (276) | 623 | 85 | 708 |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 31 December 2023  ² | 439,826 | (255) 439,571 | | 17,181 | (276) | 16,905 | 6,090 | (3,197) | 2,893 | 463,097 | (3,728) 459,369 | |
| Income statement |  |  |  |  |  |  |  |  |  |  |  |  |
| ECL (charge)/ |  |  |  |  |  |  |  |  |  |  |  |  |
| release  3 |  | 58 |  |  | (81) |  |  | (104) |  |  | (127) |  |
| Recoveries of |  |  |  |  |  |  |  |  |  |  |  |  |
| amounts |  |  |  |  |  |  |  |  |  |  |  |  |
| previously |  |  |  |  |  |  |  |  |  |  |  |  |
| written off |  | – |  |  | – |  |  | 185 |  |  | 185 |  |
| Total credit |  |  |  |  |  |  |  |  |  |  |  |  |
| impa  irment |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release  4 |  | 58 |  |  | (81) |  |  | 81 |  |  | 58 |  |

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Risk Profile continued

Standard Chartered Bank

73

Directors’ Report and Financ

ial Statements 2024

All segments – Group (audited) continued

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Stage 1 | | | Stage 2 | | | Stage 3  5 | | | Total | | |
|  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  |
| Amortised cost and | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net |
| FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 January 2024 | 439,826 | (255) | 439,571 | 17,181 | (276) | 16,905 | 6,090 | (3,197) | 2,893 463,097 |  | (3,728) | 459,369 |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 1 | 10,616 | (351) | 10,265 (10,609) | | 351 (10,258) | | (7) | – | (7) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 2 | (21,414) | 78 | (21,336) | 21,836 | (103) | 21,733 | (422) | 25 | (397) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 3 | (1,531) | 62 | (1,469) | 538 | 44 | 582 | 993 | (106) | 887 | – | – | – |
| Net change |  |  |  |  |  |  |  |  |  |  |  |  |
| in exposures | 48,007 | (169) | 47,838 | (12,337) | 25 | (12,312) | (1,023) | 578 | (445) | 34,647 | 434 | 35,081 |
| Net |  |  |  |  |  |  |  |  |  |  |  |  |
| remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |
| from stage |  |  |  |  |  |  |  |  |  |  |  |  |
| changes | – | 33 | 33 | – | (118) | (118) | – | (94) | (94) | – | (179) | (179) |
| Changes in |  |  |  |  |  |  |  |  |  |  |  |  |
| models | – | – | – | – | – | – | – | – | – | – | – | – |
| Changes in risk |  |  |  |  |  |  |  |  |  |  |  |  |
| parameters | – | 69 | 69 | – | (42) | (42) | – | (467) | (467) | – | (440) | (440) |
| Derecognised | – | – | – | – | – | – | – | – | – | – | – | – |
| Write-offs | – | – | – | – | – | – | (687) | 687 | – | (687) | 687 | – |
| Interest due |  |  |  |  |  |  |  |  |  |  |  |  |
| but unpaid | – | – | – | – | – | – | (132) | 132 | – | (132) | 132 | – |
| Discount unwind | – | – | – | – | – | – | – | 106 | 106 | – | 106 | 106 |
| Exchange |  |  |  |  |  |  |  |  |  |  |  |  |
| translation |  |  |  |  |  |  |  |  |  |  |  |  |
| differences and |  |  |  |  |  |  |  |  |  |  |  |  |
| other movements¹ | (9,143) | 216 | (8,927) | (2,302) | (118) | (2,420) | 79 | (250) | (171) | (11,366) | (152) | (11,518) |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 31 December |  |  |  |  |  |  |  |  |  |  |  |  |
| 2024² | 466,361 | (317)466,044 | | 14,307 | (237) | 14,070 | 4,891 | (2,586) | 2,305 | 485,559 | (3,140) 482,419 | |
| Income statement |  |  |  |  |  |  |  |  |  |  |  |  |
| ECL (charge)/ |  |  |  |  |  |  |  |  |  |  |  |  |
| release  3 |  | (67) |  |  | (135) |  |  | 17 |  |  | (185) |  |
| Recoveries of |  |  |  |  |  |  |  |  |  |  |  |  |
| amounts |  |  |  |  |  |  |  |  |  |  |  |  |
| previously |  |  |  |  |  |  |  |  |  |  |  |  |
| written off |  | – |  |  | – |  |  | 167 |  |  | 167 |  |
| Total credit |  |  |  |  |  |  |  |  |  |  |  |  |
| impa  irment |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release  4 |  | (67) |  |  | (135) |  |  | 184 |  |  | (18) |  |

1

Includes fair value adjustments and amortisat

ion on debt secur

it

ies

2

Excludes Cash and balances at central banks, Accrued income, Assets held for sale and Other assets gross balance of $80,975 mill

ion (31 December 2023: $87,433

mill

ion) and total cred

it impa

irment of $63 m

ill

ion (31 December 2023: $60 m

ill

ion)

3

Does not include release relating to Other assets of $3 mill

ion (31 December 2023: $N

il mill

ion)

4 Reported basis

5

Stage 3 gross includes $59 mill

ion (31 December 2023: $80 m

ill

ion) and ECL N

il mill

ion (31 December 2023: $14 m

ill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies

6

The gross balance includes the notional amount of off balance sheet instruments

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF83NiI+PHBhdGggZD0iTTU4LjksMTI0OS4zdi00MUgxNjQuNHY0MVoiLz48L2NsaXBQYXRoPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPjwhW0NEQVRBWwouZzBfNzZ7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKfQouZzFfNzZ7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzc2Ii8+CjxpbWFnZSBjbGlwLXBhdGg9InVybCgjYzBfNzYpIiBwcmVzZXJ2ZUFzcGVjdFJhdGlvPSJub25lIiB4PSI1OSIgeT0iMTIwOCIgd2lkdGg9IjEwNSIgaGVpZ2h0PSI0MSIgeGxpbms6aHJlZj0iZGF0YTppbWFnZS9wbmc7YmFzZTY0LGlWQk9SdzBLR2dvQUFBQU5TVWhFVWdBQUFHa0FBQUFwQ0FNQUFBQUJCUGRrQUFBREFGQk1WRVVBQUFBbGpnQUNWN0l2dFFBSUlnQUFNMjlKU1VzQUkwc0RjdW83T3p3MzB3QUFCdzlCUWtNQkkwZ1BsZ0E1T2p3QlZySTdQRDBCSFR4UVVWTUNTNWtFY09RbUp5Z2JZUUFORFEwRGMrcDNkM2NhSlNVMzBnQTVPVG80emdBckxDMGlJaUpKU2t3QU5Hd3JORFJLVkZWT1VGSUFIcDhDYXRnRENnQUFiTjlMVFZBWVhnQlhWMUlWRmhveHZRQXdNREZXV0ZwS1UwNFRFeFJSVWxJRGR2QUFScEV5d0FBUlFBQTUyQUJLU2tzOVBqOVVWRlptWjJkWFdFY0FGU3BQVUZFbEppa0NhdHRwYVFOU1ZGVlNWRlU4UEYwR0dBQUFRWXhXV0ZrOUR4QUJaZEpSVWxOUlVsUk1UVU5EUTBRckxDd2RjQUE1MVFBUkVSRlNWRlVrSkNVQ1k4dFVWRlliR3h4VlZsaFZWbGdCVEpvMU9qNVJVbFFlSGhvRWR2QmNYVjh5TWdBaWhBQXFKaG96dndCVVZWWlNWRllFZVBKWldseEFRVU1BUk1OWVdGcEFRa1poWVdNMU56Z2JhQUFEZGZCUlVWTlVWbGhDUTBVMTBnQWhJU0ZTVWxVNzNRQVVGQlFJQ0FBdk1USUJQWDRZR1JrQ2N1a0VjK3c5U2t0UlVGRWhJeVF6eFFBRGRPMFlHQmxJU0VwVVZGWUVjK3RVVkZSVVVsUStQa0JSVWxWVVZWZ3RMUzBBRGgwQmIrcERSVVpZV1ZzU1N3QWFHaHhMVEU0RGRmQlJVbFVkYlFCTlRrOGdnd0FsSlNVNTJRQUFBZ1lDYysxRVJraERRMHdEYysxUlVWVUFHelkzTnpoUlYxZ0NZTWNvS1NwV1ZsWkRSVVpDUkVRMU5UVk5VRkZXVWxoRlJrZ0VkTzA0MGdCTHlRQlRWRlZZV1Z0UVVsSmFYRjRpSXlSVFdWc0JQSHRBUUVFb0tDMDMwZ0JFUlVVNDFRQUFRbms0MGdBbm1nQTdPejhBVWFORDNRQUJMVndpZ2dBMzJBQk9UbEZGUmtvb0tDZ0NjZW80MVFBRGRPNFZVQUFFZE8wUkVSUUZCUVltSGg0NVFFQVhGd0JLU2t3MU5qWkZSa2hJU2tzQVVLRUpDUWtmSHlFdVIwY0FZY1VPRHhCR1JrY1lHUmxUVkU0K1FFQWRIUjRBTEZvRWVQUTMxUUJIU0VncnBBQlNVbFFCUVlGTVRWQlNVbFFkY1FBRWRmRTlQVDgvUDBFMXlRQXdNREVCVXFrakpDUTQxUUFDYytjMXpBQUNlT01sV3dCRFNVazQwUUFBRVNNQlNwWUVlUFEyMGdBQUdFVUJNV1VOTkFEbUk4OWFBQUFCQUhSU1RsTUFiMlptQnd6TUNzNE4zZ0tpS1I2TE5Vc282V2E5UmdvRi9oQUcrRDIyWXkyVUt3dGNyUngxQVN4c0o4a0dNeWZ2TUNXTDZTV0xEUFVTWmV0cXN3N0tESWdGa2MxS0JoblhKVmZSemFRNVdVYjdDckEwY05JNzd0RkREZkFMOXZvQlZ3dEtyZTczNzMwUmpVVkxPRHE1cnBXRWlBMk05Z2dBVVVWR3RmOUZjeGR1MHcrd2xLcEx2Vld5cndZR1dGZnZHUTI4MDI4bGpRc00zQUNVVlRLdkN3cHV4b2d4TEdZYUQxRm1pdjNSS0czVVZPMG50VDlPRTdkS3pneitOQ0lQZ2pJcHQ1UTZDMjZ3cnd2VUJBSU1FQUNyVEtpRElRWVVDQjBNY2lsYVdBd1QwcHVlU1ZRc3JUb3UxQ3VLa0JOYUtJMkVOV0VVSUs4SE5mZHhCQ1VTdFlCeUx3QUFCek5KUkVGVWVOcTFsMzlZVTljWng5OWFXa1haTEdiVHNOWXA2MmdwTGlaS2JDbTNsYnJjMlZPbDBBQkdVaVBaNm4yRW1Ta0VpYzdXTEdrMWNMMUNKMUowZ1Bnb01hTFFXQjZCRGt1cDNTWS9wbkpyL2JIWUl0UnFwaWhPVm0xbkxhN2JPZmNtM0t2RitnK2NQM0x2T2ZmYyszbSs1L3UrN3prQmtOcTQyVjhkemJqK2ZBV01lSHY1c05jZTRUMzgvRWh6SHBpVDRZM0F6ZHN4c3B5ZGY4M0dnZ1JTOWtoeUtoNmJvN1dMb0FqdjJwRWtQWEV1SUdpRVYrL2k5WXhCa0Qwai84TVJBLzBqV3laSXUyRG51THROOUlYeTMvdWhSV2Z2OG1CdnAzQjVmNHdrYU9tUG53Q1lPMzNsMTdlS2gzaWhOTmIzZmFEbEJ2WFFEMnFZZFVLNmpob0lncng5SGFNaGV0cVQ1WHA5WFBPMDJ5YTNsK0VmenVYektmR1ZmMjVRVzN1N2VPV2ZhNGNxTXlHcDJwWEJodytyQURyYkM2SFZMWkJtNTNzRGdyejVQN3NKc0tRNXJnVTMvVThuU1p6Q1A3SzBQMG5KdVc3NEkvZXEyazdTNjlzcVR4WSs2djlESmVjKzFVVGsrR25PRXFOUmc4K1NReC9mYm5rYkdpS1RMSTBuNEwzZVJPWktrSlFka0hSMDFQc0FSNjdwOVMxQ2k5c2lrZFprK3JOWWF3cm5jdFJUVDllazB5K3lLTkhVZjh4a1FMMGxtY3htdmtkalBCNkZXTE5hV1V2UllTVlVnZ0U4OVZGR1kzaVd4dTFuYVpZVlNXTkVUZmJzV2JqM243L0VCVWhqSlpLeVZiRUl5aHA4bk91anRMUitnODc1Y2Q0YWhXbnZNUlB5cUZiSG9JWDlCcGV6Yy9FSmcwbDlKWDI4RTFaUHBHandVSVlUemdMcWxKUC9LTjVjSXBJT0J6TldPdys3RlAxbHM0RFNINUJXVC9WTVp0UU0wU2VBQzZnYjMzYTJtdFRIVEZ1eEpVOHJYaXVnWnBKcDQ4M3FYT29MY3FmRHBFMy9BckFaQkVNVHhOVXIyclUwR0JBRDIzNkFqU3ErV3E1djBUZi9UUllQZVZrMHhTem5CWkxEU0Q3cnl5S2Fuc0hSdTBQeFdxMWJJRlZwMUdISVNlNGNaUFhpQWF5Tnd1c0JuK0NpZGpESXZlY1d6QVo0YXNXMTg3ZTIzQjZvM1g5MnN6TlRDYWtIa2MrcXJNUW5rV1NwUVM4UW1aRWFkWmFveVVWSW54Rk5vYmgzTmtIMENXRGUwc0hFeFh2R3A5L2RucFEzZkJYOEpUU1RZWHc4djRPeThUeC9pWkkwRmZ5RTB1R2hibVJTSjJsc1NwNmZRUmxGMHE4MFovQ0ROZVlnQ2Y3OWxwUzczcjVSbjk5SlNuRXhwVEZ1YTFjUFpiVnhPK0twUnB2TFlDQStCVWg4UE1YYWREU044OGxCTVRZcm1qOWZKS1ZFcGpPeFZqclJIU1NObTdVdFl4QVZrYkgyNGgwa1h1MUlUUzI5d1MrdVpaaFNsUzlKeDFrdDRicEZuK2dtWThOREhic3JmRWsyemhvZXZxd2ZWcC9RY2E2MmdsSm9XcGFFMyt3cWNIRTJ6LzY2emNKM1F1YmlYV1BlVVZudHkraTRPWFJaNGJ2dVV0ZnlmUGNxcnI0dUNEbi85WW9RZ0crM2FiMFM2dkM3UlVOTlQ4NFp1b1kyTUpaN2dQZ2VGcWJINmN0Zko5SCthcC9rbGwzNytKQWt6Y0doU1NqM1hxUTZCVnpEaWFyLyt3ZlJVUEhocnNGOUYwZkc0M0pWS1RVdTFyby9KZGwwcVk1bExxVGdnUTBNWjl2ZFV3dHE2NVhQbUV2SXBtdE00bWVXY2x3ZHpvSGEyb2JZdXJLcE5wYnB3Y3ZOVDE3R1dkdW1JTmduVklTeDkrR1NVUFNRdEZQWnRlOUtvTTJ0Q01lUVlYdXl5YzNGTXBSRFZlaENWaHhqaUlNMTVoemFXb0JzRzZscWo1RzJ4UnBaSjNBR04xdjdPOVRvc0ZKUjYyQ0RBc2NxU2xUQUkyS1pXN1VQYnhNVjR6b0dnbTU1cjB0aGtXeXU0b0hmc3lmWm5ITzI0dUVvcXFreTgrYzRVV28wcVppVTJNMS9nWEtiZHFnWVNsM0JlemFOQjhaY3lqY2g5alRQaDV1bmhDcGNPQnQzSXpPTUZVbFkxcTNpYU5qNWNuWWc0TzM1TjZWOFFua0JuOEx4YjN5OVp6MTltc1FUdXhHVHFnSStkYnVqRnVMMm9IdHpEcTVPRXpOelNVL1J1bjlUR3ZFcDFpVDRGR0FkK0NjZSs3eERERUt2Uk9waXVJQTIweFdSOUdESllrS3lrdFZiSGlRaGxJaWJnVHZOYlZ3Tnlla0cwa094RGpTVmtHSVU4RTVRRkdHdC9CTWUvWFFNS1UvZU9USk5pazhDcElOeVRWMk5xWEtTY1d1Z2tLVmkwa1JTSTBpcnJnOXFtbnYvV0wyRU92VFNFWHl5MklVRGZ1QlZLVVEzYUhLZG9KeDZla3FRVkVsVjVYMzhTb3dtUUhLaTQxMi83bmVsaHkvKy9TdHAzUUtweWUzR08zQmUyam9uY2psQk5kRmdKZ2VVWmhrcTdtb3hDY0w4Z1RFUHlCSjhxNFlPVzQ4c1U4d0JrdEttU1hqeEZ3cGpZUFY4L2swbHo2Yk9jRk5jMkxQMWs0R3NubSs3RVowOG1ZQThjS0YrZmxnSmlUM2MvbmQxbFl6Vi9DVXVUNk1YUEhSYjVyM1hTL2RXaDZiNSs4bWhJYklCVWlwNzNaRjdxcytBeDArT0tYdFBzV3oxdWw5V2MzU3ZwUkRPbk1FWkJ3ZHpXYmUvclJDVVNmamNZVm40dHZDZHAxWWNrc3Q2Y3N0M2sxelZycnB6UUNtdkFjTGhDY3JhTzJXRFpjRXA4cW1UYnVsbHJIMUxSdVFJZTNQQ2hBazdBVDQ0RkNlaFdxNU5HMzVRMFlKejJyNzhiNHFpaTE4dmw3djFteVBEVFhvelE2aHliK0xiSHg1WUplWFdxc3ZEVFJLUGUvZ0ErODEvWWRKOSs2U0tzVEprbUVuQjdXOGcrN2U0ZC9sOFM1QjFmcmhKYjRpYUJ0WitLL2FYQk56U3I1dzczRDVwdlhhNzk2MGZCVXRDOU9XcjVNQ3NMeDkybjBaLzFSZWgzVFpMOXZjc1pFbnpJM0VIcGcrM3BQOEQ0UTEvZVZQbHFTNEFBQUFBU1VWT1JLNUNZSUk9Ii8+CjxwYXRoIGQ9Ik0xNjguOSwyNDguMmg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJNNjUsNzA0LjRIMTY4LjltMCwwaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mk02NSw4NjUuN0gxNjguOW0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUyTTY1LDI0OC4ySDE2OC45bTUxLjYsMTM3LjNoNjUuN20tNjUuMywzNC40VjM4NS44bTY0LjksMzQuMVYzODUuOG0tNjQuOSw5Ny41VjQxOS45bTY0LjksNjMuNFY0MTkuOW0tNjQuOSw5Ny41VjQ4My4zbTY0LjksMzQuMVY0ODMuM20tNjUuMywzNC40aDY1LjdNMzg5LjQsMzg1LjVoNjUuN20tNjUuMywzNC40VjM4NS44bTY0LjksMzQuMVYzODUuOG0tNjQuOSw5Ny41VjQxOS45bTY0LjksNjMuNFY0MTkuOW0tNjQuOSw5Ny41VjQ4My4zbTY0LjksMzQuMVY0ODMuM20tNjUuMywzNC40aDY1LjdNNTU4LjMsMzg1LjVINjI0bS02NS4zLDM0LjRWMzg1LjhtNjQuOSwzNC4xVjM4NS44bS02NC45LDk3LjVWNDE5LjltNjQuOSw2My40VjQxOS45bS02NC45LDk3LjVWNDgzLjNtNjQuOSwzNC4xVjQ4My4zbS02NS4zLDM0LjRINjI0TTcyNy4yLDM4NS41aDY1LjdtLTY1LjMsMzQuNFYzODUuOG02NC45LDM0LjFWMzg1LjhtLTY0LjksOTcuNVY0MTkuOW02NC45LDYzLjRWNDE5LjltLTY0LjksOTcuNVY0ODMuM202NC45LDM0LjFWNDgzLjNtLTY1LjMsMzQuNGg2NS43TTE2OC45LDIwNS4yaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mk02NSw2NTUuNEgxNjguOW0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUyTTY1LDgxNi43SDE2OC45bTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTJtMCwwaDUybTAsMGg2NC45bTAsMGg1Mm0wLDBoNTJtMCwwaDY0LjltMCwwaDUybTAsMGg1Mm0wLDBoNjQuOW0wLDBoNTIiIGNsYXNzPSJnMV83NiIvPgo8L3N2Zz4=)

Risk Profile continued

Standard Chartered Bank

74

Directors’ Report and Financ

ial Statements 2024

All segments – Company (audited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Stage 1 | | | Stage 2 | | | Stage 3  5 | | | Total | | |
|  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  |
| Amortised cost and | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net |
| FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 January 2023 | 280,763 | (195) 280,568 | | 12,812 | (120) | 12,692 | 5,435 | (2,789) | 2,646 | 299,010 | (3,104) 295,906 | |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 1 | 8,709 | (222) | 8,487 | (8,699) | 222 | (8,477) | (10) | – | (10) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 2 | (17,712) | 43 | (17,669) | 17,784 | (48) | 17,736 | (72) | 5 | (67) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 3 | – | – | – | (767) | 117 | (650) | 767 | (117) | 650 | – | – | – |
| Net change |  |  |  |  |  |  |  |  |  |  |  |  |
| in exposures | 8,702 | (56) | 8,646 | (9,095) | 12 | (9,083) | (1,088) | 273 | (815) | (1,481) | 229 | (1,252) |
| Net |  |  |  |  |  |  |  |  |  |  |  |  |
| remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |
| from stage |  |  |  |  |  |  |  |  |  |  |  |  |
| changes | – | – | – | – | (16) | (16) | – | (32) | (32) | – | (48) | (48) |
| Changes in risk |  |  |  |  |  |  |  |  |  |  |  |  |
| parameters | – | 64 | 64 | – | 93 | 93 | – | (330) | (330) | – | (173) | (173) |
| Write-offs | – | – | – | – | – | – | (435) | 435 | – | (435) | 435 | – |
| Interest due |  |  |  |  |  |  |  |  |  |  |  |  |
| but unpaid | – | – | – | – | – | – | (154) | 154 | – | (154) | 154 | – |
| Discount unwind | – | – | – | – | – | – | – | 139 | 139 | – | 139 | 139 |
| Exchange |  |  |  |  |  |  |  |  |  |  |  |  |
| translation |  |  |  |  |  |  |  |  |  |  |  |  |
| differences and |  |  |  |  |  |  |  |  |  |  |  |  |
| other movements¹ | 4,209 | 234 | 4,443 | (1,719) | (367) | (2,086) | (86) | (14) | (100) | 2,404 | (147) | 2,257 |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 31 December |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023² | 284,671 | (132) 284,539 | | 10,316 | (107) | 10,209 | 4,357 | (2,276) | 2,081 | 299,344 | (2,515) 296,829 | |
| Income |  |  |  |  |  |  |  |  |  |  |  |  |
| statement ECL |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release |  | 8 |  |  | 89 |  |  | (89) |  |  | 8 |  |
| Recoveries of |  |  |  |  |  |  |  |  |  |  |  |  |
| amounts |  |  |  |  |  |  |  |  |  |  |  |  |
| previously |  |  |  |  |  |  |  |  |  |  |  |  |
| written off |  | – |  |  | – |  |  | 73 |  |  | 73 |  |
| Total credit |  |  |  |  |  |  |  |  |  |  |  |  |
| impa  irment |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release  4 |  | 8 |  |  | 89 |  |  | (16) |  |  | 81 |  |

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Risk Profile continued

Standard Chartered Bank

75

Directors’ Report and Financ

ial Statements 2024

All segments – Company (audited) continued

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Stage 1 | | | Stage 2 | | | Stage 3  5 | | | Total | | |
|  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  | Gross | Total credit |  |
| Amortised cost and | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net | balance  6 | impa  irment | Net |
| FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 January 2024 | 284,671 | (132) 284,539 | | 10,316 | (107) | 10,209 | 4,357 | (2,276) | 2,081 299,344 | | (2,515) 296,829 | |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 1 | 7,448 | (173) | 7,275 | (7,445) | 173 | (7,272) | (3) | – | (3) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 2 | (14,259) | 35 | (14,224) | 14,573 | (52) | 14,521 | (314) | 17 | (297) | – | – | – |
| Transfers to |  |  |  |  |  |  |  |  |  |  |  |  |
| stage 3 | (187) | (4) | (191) | (270) | 48 | (222) | 457 | (44) | 413 | – | – | – |
| Net change |  |  |  |  |  |  |  |  |  |  |  |  |
| in exposures | 29,361 | (64) | 29,297 | (7,981) | (2) | (7,983) | (822) | 398 | (424) | 20,558 | 332 | 20,890 |
| Net |  |  |  |  |  |  |  |  |  |  |  |  |
| remeasurement |  |  |  |  |  |  |  |  |  |  |  |  |
| from stage |  |  |  |  |  |  |  |  |  |  |  |  |
| changes | – | 7 | 7 | – | (21) | (21) | – | (19) | (19) | – | (33) | (33) |
| Changes in risk |  |  |  |  |  |  |  |  |  |  |  |  |
| parameters | – | 31 | 31 | – | 29 | 29 | – | (304) | (304) | – | (244) | (244) |
| Write-offs | – | – | – | – | – | – | (422) | 422 | – | (422) | 422 | – |
| Interest due |  |  |  |  |  |  |  |  |  |  |  |  |
| but unpaid | – | – | – | – | – | – | (145) | 145 | – | (145) | 145 | – |
| Discount unwind | – | – | – | – | – | – | – | 51 | 51 | – | 51 | 51 |
| Exchange |  |  |  |  |  |  |  |  |  |  |  |  |
| translation |  |  |  |  |  |  |  |  |  |  |  |  |
| differences and |  |  |  |  |  |  |  |  |  |  |  |  |
| other movements¹ | (7,116) | 143 | (6,973) | (901) | (191) | (1,092) | 24 | (72) | (48) | (7,993) | (120) | (8,113) |
| As at 31 |  |  |  |  |  |  |  |  |  |  |  |  |
| December 2024² | 299,918 | (157) 299,761 | | 8,292 | (123) | 8,169 | 3,132 | (1,682) | 1,450 | 311,342 | (1,962) 309,380 | |
| Income |  |  |  |  |  |  |  |  |  |  |  |  |
| statement ECL |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release  3 |  | (26) |  |  | 6 |  |  | 75 |  |  | 55 |  |
| Recoveries of |  |  |  |  |  |  |  |  |  |  |  |  |
| amounts |  |  |  |  |  |  |  |  |  |  |  |  |
| previously |  |  |  |  |  |  |  |  |  |  |  |  |
| written off |  | – |  |  | – |  |  | 60 |  |  | 60 |  |
| Total credit |  |  |  |  |  |  |  |  |  |  |  |  |
| impa  irment |  |  |  |  |  |  |  |  |  |  |  |  |
| (charge)/release  4 |  | (26) |  |  | 6 |  |  | 135 |  |  | 115 |  |

1

Includes fair value adjustments and amortisat

ion on debt secur

it

ies

2

Excludes Cash and balances at central banks, Accrued income, Assets held for sale and Other assets gross balance of $64,555 mill

ion (31 December 2023: $70,951

mill

ion) and total cred

it impa

irment of $5 m

ill

ion(31 December 2023: $N

il mill

ion)

3

Does not include charge relating to Other assets of $2 mill

ion (31 December 2023: N

il)

4 Reported basis

5

Stage 3 gross includes Nil mill

ion (31 December 2023: $25 m

ill

ion) and ECL N

il mill

ion (31 December 2023: $14 m

ill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies

6

The gross balance includes the notional amount of off balance sheet instruments

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Risk Profile continued

Standard Chartered Bank

76

Directors’ Report and Financ

ial Statements 2024

Credit impa

irment charge (aud

ited)

The table below analyses credit impa

irment charges or releases of the ongo

ing business portfolio and restructuring business

portfolio for the year ended 31 December 2024.

> Further details can be found in the ‘

Summary of Credit Risk Performance

’ section in page 59.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Stage 1 & 2 | Stage 3 | Total | Stage 1 & 2 | Stage 3 | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Ongoing business portfolio |  |  |  |  |  |  |
| Corporate & Investment Banking | 31 | (293) | (262) | 5 | (168) | (163) |
| Wealth & Retail Banking | 171 | 115 | 286 | 50 | 79 | 129 |
| Ventures | 13 | 12 | 25 | 7 | 6 | 13 |
| Central & other items | (16) | (18) | (34) | (39) | 2 | (37) |
| Total credit impa  irment charge/(release) | 199 | (184) | 15 | 23 | (81) | (58) |

Problem credit management and provis

ion

ing (audited)

Forborne and other modif

ied loans by cl

ient segment

A forborne loan arises when a concession has been made to the contractual terms of a loan in response to a customer’s

financial d

iff

icult

ies.

Net forborne loans decreased by $67 mill

ion to $503 m

ill

ion (31 December 2023: $570 m

ill

ion) largely due to repayments.

Net non-performing forborne loans decreased by $78 mill

ion to $461 m

ill

ion (31 December 2023: $539 m

ill

ion) ma

inly in CIB.

This was partly offset by an increase of $11 mill

ion

in performing forborne loans.

The table below presents loans with forbearance measures by segment.

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Corporate, & | Wealth & |  |  | Corporate, & | Wealth & |  |  |
|  | Investment | Retail |  |  | Investment | Retail |  |  |
|  | Banking | Banking | Ventures | Total | Banking | Banking | Ventures | Total |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Gross Stage 1 and 2 forborne loans | 17 | 26 | – | 43 | – | 33 | – | 33 |
| Modif  icat  ion of terms and condit  ions  1 | 17 | 26 | – | 43 | – | 33 | – | 33 |
| Impairment provis  ions | – | (1) | – | (1) | – | (2) | – | (2) |
| Modif  icat  ion of terms and condit  ions  1 | – | (1) | – | (1) | – | (2) | – | (2) |
| Net stage 1 and 2 forborne loans | 17 | 25 | – | 42 | – | 31 | – | 31 |
| Collateral | – | 25 | – | 25 | – | 31 | – | 31 |
| Gross stage 3 forborne loans | 960 | 148 | – | 1,108 | 1,218 | 161 | – | 1,379 |
| Modif  icat  ion of terms and condit  ions  1 | 959 | 148 | – | 1,107 | 1,210 | 161 | – | 1,371 |
| Refinancing  2 | 1 | – | – | 1 | 8 | – | – | 8 |
| Impairment provis  ions | (575) | (72) | – | (647) | (755) | (85) | – | (840) |
| Modif  icat  ion of terms and condit  ions  1 | (574) | (72) | – | (646) | (747) | (85) | – | (832) |
| Refinancing  2 | (1) | – | – | (1) | (8) | – | – | (8) |
| Net stage 3 forborne loans | 385 | 76 | – | 461 | 463 | 76 | – | 539 |
| Collateral | 74 | 53 | – | 127 | 153 | 42 | – | 195 |
| Net Carrying value of forborne loans | 402 | 101 | – | 503 | 463 | 107 | – | 570 |

1

Modif

icat

ion of terms is any contractual change apart from refinanc

ing, as a result of cred

it stress of the counterparty, i.e. interest reductions, loan covenant waivers

2

Refinancing

is a new contract to a lender in credit stress, such that they are refinanced and can pay other debt contracts that they were unable to honour

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Risk Profile continued

Standard Chartered Bank

77

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  | Corporate, & | Wealth & |  | Corporate, & | Wealth & |  |
|  | Investment | Retail |  | Investment | Retail |  |
|  | Banking | Banking | Total | Banking | Banking | Total |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Gross stage 1 and 2 forborne loans | – | 15 | 15 | – | 17 | 17 |
| Modif  icat  ion of terms and condit  ions  1 | – | 15 | 15 | – | 17 | 17 |
| Impairment provis  ions | – | – | – | – | (1) | (1) |
| Modif  icat  ion of terms and condit  ions  1 | – | – | – | – | (1) | (1) |
| Net stage 1 and 2 forborne loans | – | 15 | 15 | – | 16 | 16 |
| Collateral | – | 14 | 14 | – | 18 | 18 |
| Gross stage 3 forborne loans | 701 | 7 | 708 | 904 | 8 | 912 |
| Modif  icat  ion of terms and condit  ions  1 | 701 | 7 | 708 | 897 | 8 | 905 |
| Refinancing  2 | – | – | – | 7 | – | 7 |
| Impairment provis  ions | (394) | (3) | (397) | (549) | (3) | (552) |
| Modif  icat  ion of terms and condit  ions  1 | (394) | (3) | (397) | (542) | (3) | (545) |
| Refinancing  2 | – | – | – | (7) | – | (7) |
| Net stage 3 forborne loans | 307 | 4 | 311 | 355 | 5 | 360 |
| Collateral | 62 | 3 | 65 | 124 | 3 | 127 |
| Net carrying value of forborne loans | 307 | 19 | 326 | 355 | 21 | 376 |

1

Modif

icat

ion of terms is any contractual change apart from refinanc

ing, as a result of cred

it stress of the counterparty, i.e. interest reductions, loan covenant waivers

2

Refinancing

is a new contract to a lender in credit stress, such that they are refinanced and can pay other debt contracts that they were unable to honour

Credit risk mit

igat

ion

Potential credit losses from any given account, customer or portfolio are mit

igated us

ing a range of tools such as collateral,

netting arrangements, credit insurance and credit derivat

ives, tak

ing into account expected volatil

ity and guarantees.

The reliance that can be placed on these mit

igants

is carefully assessed in light of issues such as legal certainty and

enforceabil

ity, market valuat

ion correlation and counterparty risk of the guarantor.

Collateral (audited)

A secured loan is one where the borrower pledges an asset as collateral of which the Group is able to take possession in the

event that the borrower defaults.

The collateral values in the table below (which covers loans and advances to banks and customers, excluding those held

at fair value through profit or loss) are adjusted where appropriate in accordance with our risk mit

igat

ion policy and for the

effect of over-collateralisat

ion. The extent of over-collateral

isat

ion has been determ

ined with reference to both the drawn

and undrawn components of exposure as this best reflects the effect of collateral and other credit enhancements on the

amounts aris

ing from expected cred

it losses. We have remained prudent in the way we assess the value of collateral, which

is calibrated for a severe downturn and backtested against our prior experience.

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Risk Profile continued

Standard Chartered Bank

78

Directors’ Report and Financ

ial Statements 2024

Collateral held on loans and advances

The table below details collateral held against exposures, separately disclos

ing stage 2 and stage 3 exposure and

corresponding collateral.

Group

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  | Net amount outstanding | | | Collateral | | | Net exposure | | |
|  |  |  | Credit- |  |  | Credit- |  |  | Credit- |
|  |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |
|  |  | financial | financial |  | financial | financial |  | financial | financial |
|  | Total | assets | assets (S3) | Total  2 | assets | assets (S3) | Total | assets | assets (S3) |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |
| Investment Banking  1 | 113,333 | 6,429 | 1,125 | 26,379 | 2,398 | 170 | 86,954 | 4,031 | 955 |
| Wealth & Retail Banking | 47,016 | 946 | 501 | 31,210 | 688 | 412 | 15,806 | 258 | 89 |
| Ventures | 574 | 1 | – | – | – | – | 574 | 1 | – |
| Central & other items | 20,260 | 35 | 98 | 80 | 35 | – | 20,180 | – | 98 |
| Total  2 | 181,183 | 7,411 | 1,724 | 57,669 | 3,121 | 582 | 123,514 | 4,290 | 1,142 |

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  | Net amount outstanding | | | Collateral | | | Net exposure | | |  |
|  |  |  | Credit- |  |  | Credit- |  |  | Credit- |
|  |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |
|  |  | financial | financial |  | financial | financial |  | financial | financial |
|  | Total | assets | assets (S3) | Total  2 | assets | assets (S3) | Total | assets | assets (S3) |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |
| Investment Banking  1 | 107,336 | 6,091 | 1,593 | 25,744 | 2,043 | 352 | 81,592 | 4,048 | 1,241 |
| Wealth & Retail Banking | 47,615 | 935 | 425 | 29,960 | 619 | 393 | 17,655 | 316 | 32 |
| Ventures | 230 | 2 | – | – | – | – | 230 | 2 | – |
| Central & other items | 23,765 | 964 | 209 | 2,369 | 964 | – | 21,396 | – | 209 |
| Total  2 | 178,946 | 7,992 | 2,227 | 58,073 | 3,626 | 745 | 120,873 | 4,366 | 1,482 |

1

Includes loans and advances to banks

2

Adjusted for over-collateralisat

ion based on the drawn and undrawn components of exposures

Company

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  | Net amount outstanding | | | Collateral | | | Net exposure | | |
|  |  |  | Credit- |  |  | Credit- |  |  | Credit- |
|  |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |
|  |  | financial | financial |  | financial | financial |  | financial | financial |
|  | Total | assets | assets (S3) | Total  2 | assets | assets (S3) | Total | assets | assets (S3) |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |
| Investment Banking  1 | 76,759 | 3,927 | 833 | 19,149 | 1,542 | 123 | 57,610 | 2,385 | 710 |
| Wealth & Retail Banking | 11,779 | 192 | 275 | 6,653 | 110 | 244 | 5,126 | 82 | 31 |
| Central & other items | 814 | – | – | – | – | – | 814 | – | – |
| Total  2 | 89,352 | 4,119 | 1,108 | 25,802 | 1,652 | 367 | 63,550 | 2,467 | 741 |

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  | Net amount outstanding | | | Collateral | | | Net exposure | | |
|  |  |  | Credit- |  |  | Credit- |  |  | Credit- |
|  |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |  | Stage 2 | impa  ired |
|  |  | financial | financial |  | financial | financial |  | financial | financial |
|  | Total | assets | assets (S3) | Total  2 | assets | assets (S3) | Total | assets | assets (S3) |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |
| Investment Banking  1 | 72,136 | 4,052 | 1,194 | 19,783 | 1,343 | 293 | 52,353 | 2709 | 901 |
| Wealth & Retail Banking | 12,503 | 230 | 231 | 6,401 | 94 | 217 | 6,102 | 136 | 14 |
| Central & other items | 1,379 | – | 209 | 750 | – | – | 629 | 0 | 209 |
| Total  2 | 86,018 | 4,282 | 1,634 | 26,934 | 1,437 | 510 | 59,084 | 2,845 | 1,124 |

1

Includes loans and advances to banks

2

Adjusted for over-collateralisat

ion based on the drawn and undrawn components of exposures

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Risk Profile continued

Standard Chartered Bank

79

Directors’ Report and Financ

ial Statements 2024

Collateral – Corporate & Investment Banking (audited)

Our underwrit

ing standards encourage tak

ing specif

ic charges on assets and we cons

istently seek high-quality,

investment-grade collateral.

88 per cent (31 December 2023: 82 per cent) of tangible collateral excluding reverse repurchase agreements and financ

ial

guarantees held comprises physical assets or is property based, with the remainder held in cash. Overall collateral increased

by $0.7 bill

ion to $26.4 b

ill

ion (31 December 2023: $25.7 b

ill

ion).

Non-tangible collateral, such as guarantees and standby letters of credit, is also held against corporate exposures,

although the financial effect of th

is type of collateral is less sign

ificant

in terms of recoveries. However, this is considered

when determin

ing the probab

il

ity of default and other cred

it-related factors. Collateral is also held against off balance sheet

exposures, includ

ing undrawn comm

itments and trade-related instruments.

The following table provides an analysis of the types of collateral held against CIB loan exposures.

Group

Corporate & Investment Banking

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Amortised cost | $mill  ion | $mill  ion |
| Maximum exposure | 113,333 | 107,336 |
| Property | 3,459 | 3,486 |
| Plant, machinery and other stock | 904 | 896 |
| Cash | 1,031 | 1,497 |
| Reverse repos | 11,972 | 13,127 |
| AA- to AA+ | 897 | 395 |
| A- to A+ | 8,225 | 10,548 |
| BBB- to BBB+ | 981 | 855 |
| Lower than BBB- | 95 | 169 |
| Unrated | 1,774 | 1,160 |
| Financ  ial guarantees and  insurance | 5,564 | 4,169 |
| Commodit  ies | 33 | 5 |
| Ships and aircraft | 3,416 | 2,564 |
| Total value of collateral  1 | 26,379 | 25,744 |
| Net exposure | 86,954 | 81,592 |

Company

Corporate & Investment Banking

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Amortised cost | $mill  ion | $mill  ion |
| Maximum exposure | 76,759 | 72,136 |
| Property | 1,752 | 2,186 |
| Plant, machinery and other stock | 636 | 602 |
| Cash | 835 | 953 |
| Reverse repos | 10,464 | 12,016 |
| AA- to AA+ | 742 | 395 |
| A- to A+ | 8,225 | 10,548 |
| BBB- to BBB+ | 564 | 21 |
| Unrated | 933 | 1,052 |
| Financ  ial guarantees and  insurance | 4,187 | 2,916 |
| Commodit  ies | 8 | 2 |
| Ships and aircraft | 1,267 | 1,108 |
| Total value of collateral  1 | 19,149 | 19,783 |
| Net exposure | 57,610 | 52,353 |

1

Adjusted for over-collateralisat

ion based on the drawn and undrawn components of exposures

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Risk Profile continued

Standard Chartered Bank

80

Directors’ Report and Financ

ial Statements 2024

Group

Collateral – Wealth & Retail Banking (audited)

In WRB, fully secured products increased by 1 per cent to 86 per cent of the total portfolio (31 December 2023: 85 per cent).

The following table presents an analysis of loans to ind

iv

iduals by product; split between fully secured, partially secured

and unsecured:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Fully | Partially |  |  | Fully | Partially |  |  |
|  | secured  1 | secured  1 | Unsecured | Total  2 | secured  1 | secured  1 | Unsecured | Total  2 |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Maximum exposure | 40,229 | 226 | 6,561 | 47,016 | 40,483 | 198 | 6,934 | 47,615 |
| Loans to ind  iv  iduals |  |  |  |  |  |  |  |  |
| Mortgages | 23,001 | – | – | 23,001 | 24,750 | – | – | 24,750 |
| CCPL | 463 | – | 5,930 | 6,393 | 370 | – | 6,334 | 6,704 |
| Auto | 160 | – | – | 160 | 312 | – | – | 312 |
| Secured wealth products | 16,595 | – | – | 16,595 | 15,009 | – | – | 15,009 |
| Other | 10 | 226 | 631 | 867 | 42 | 198 | 600 | 840 |
| Total collateral  2 |  |  |  | 31,210 |  |  |  | 29,960 |
| Net exposure  3 |  |  |  | 15,806 |  |  |  | 17,655 |
| Percentage of total loans | 86% | 0% | 14% |  | 85% | 0% | 15% |  |

1

Secured loans are fully secured if the fair value of the collateral is equal to or greater than the loan at the time of orig

inat

ion. All other secured loans are considered to be

partly secured

2

Collateral values are adjusted where appropriate in accordance with our risk mit

igat

ion policy and for the effect of over-collateralisat

ion

3

Amounts net of ECL

Company

Collateral - Wealth & Retail Banking (audited)

In WRB, $9.4 bill

ion wh

ich equates to 80 per cent of the portfolio is fully secured (31 December 2023: 76 per cent).

The following table presents an analysis of loans to ind

iv

iduals by product; split between fully secured, partially secured

and unsecured:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Fully | Partially |  |  | Fully | Partially |  |  |
|  | secured  1 | secured  1 | Unsecured | Total  2 | secured  1 | secured  1 | Unsecured | Total  2 |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Maximum exposure | 9,375 | 167 | 2,237 | 11,779 | 9,531 | 156 | 2,816 | 12,503 |
| Loans to ind  iv  iduals |  |  |  |  |  |  |  |  |
| Mortgages | 5,030 | – | – | 5,030 | 5,345 | – | – | 5,345 |
| CCPL | 464 | – | 1,890 | 2,354 | 369 | – | 2,460 | 2,829 |
| Auto | 7 | – | – | 7 | 15 | – | – | 15 |
| Secured wealth products | 3,860 | – | – | 3,860 | 3,786 | – | – | 3,786 |
| Other | 14 | 167 | 347 | 528 | 16 | 156 | 356 | 528 |
| Total collateral  2 |  |  |  | 6,653 |  |  |  | 6,401 |
| Net exposure  3 |  |  |  | 5,126 |  |  |  | 6,102 |
| Percentage of total loans | 80% | 1% | 19% |  | 76% | 1% | 23% |  |

1

Secured loans are fully secured if the fair value of the collateral is equal to or greater than the loan at the time of orig

inat

ion. All other secured loans are considered to be

partly secured

2

Collateral values are adjusted where appropriate in accordance with our risk mit

igat

ion policy and for the effect of over-collateralisat

ion

3

Amounts net of ECL

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Risk Profile continued

Standard Chartered Bank

81

Directors’ Report and Financ

ial Statements 2024

Mortgage loan-to-value ratios by geography (audited)

Loan-to-value (LTV) ratios measure the ratio of the current mortgage outstanding to the current fair value of the properties

on which they are secured.

In mortgages, the value of property held as security sign

ificantly exceeds the value of mortgage loans. The average LTV

of the overall mortgage portfolio is low at 45.1 per cent (31 December 2023: 45.8 per cent). Singapore, which represents

56 per cent of the mortgage portfolio as at 31 December 2023, has an average LTV of 42.5 per cent (31 December 2023:

43.4 per cent).

An analysis of LTV ratios by geography for the mortgage portfolio is presented in the table below.

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023  1 | | | | |
|  | Singapore | Malaysia | Jersey | Others | Total | Singapore | Malaysia | Jersey | Others | Total |
| Amortised cost | % | % | % | % | % | % | % | % | % | % |
| Less than 50 per cent | 52.7 | 37.4 | 28.2 | 62.8 | 51.0 | 50.9 | 41.1 | 31.0 | 57.4 | 49.6 |
| 50 per cent to 59 per cent | 21.8 | 15.2 | 14.9 | 16.5 | 19.2 | 24.7 | 14.1 | 17.4 | 17.9 | 21.4 |
| 60 per cent to 69 per cent | 15.6 | 18.1 | 33.7 | 12.4 | 16.7 | 15.2 | 15.4 | 33.9 | 13.8 | 16.4 |
| 70 per cent to 79 per cent | 9.6 | 16.2 | 17.6 | 6.4 | 10.4 | 8.7 | 16.2 | 14.4 | 7.9 | 9.8 |
| 80 per cent to 89 per cent | 0.1 | 11.6 | 3.9 | 1.2 | 2.2 | 0.5 | 11.8 | 2.5 | 1.5 | 2.2 |
| 90 per cent to 99 per cent | 0.0 | 0.9 | 1.7 | 0.5 | 0.4 | 0.0 | 0.8 | 0.6 | 0.7 | 0.3 |
| 100 per cent and greater | 0.1 | 0.6 | 0.1 | 0.3 | 0.2 | 0.0 | 0.6 | 0.3 | 0.8 | 0.3 |
| Average portfolio |  |  |  |  |  |  |  |  |  |  |
| loan-to-value | 42.5 | 55.4 | 58.8 | 42.2 | 45.1 | 43.4 | 54.2 | 56.0 | 45.4 | 45.8 |
| Loans to ind  iv  iduals – |  |  |  |  |  |  |  |  |  |  |
| mortgages ($mill  ion) | 13,756 | 3,332 | 2,142 | 3,771 | 23,001 | 15,292 | 3,199 | 2,218 | 4,041 | 24,750 |

1

Amounts have been re-presented from a regional basis (Asia; Africa & Middle East; and Europe & Americas) to key geographies covering the major

ity of the reported

balances.

Collateral and other credit enhancements possessed or called upon (audited)

The Group obtains assets by taking possession of collateral or calling upon other credit enhancements (such as guarantees).

Repossessed properties are sold in an orderly fashion. Where the proceeds are in excess of the outstanding loan balance the

excess is returned to the borrower.

Certain equity securit

ies acqu

ired may be held by the Group for investment purposes and are classif

ied as fa

ir value

through profit or loss, and the related loan written off. The carrying value of collateral possessed and held by the Group

as at 31 December 2024 is $23.7 mill

ion (31 December 2023: $16.5 m

ill

ion).

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Property, plant and equipment | 6.1 | 10.5 |
| Guarantees | 4.7 | 6.0 |
| Other | 12.9 | – |
| Total | 23.7 | 16.5 |

Other Credit Risk mit

igat

ion

Other forms of Credit Risk mit

igat

ion are set out below.

Credit default swaps

The Group has entered into credit default swaps for portfolio management purposes, referencing loan assets with a notional

value of $2.8 bill

ion (31 December 2023: $3.5 b

ill

ion). These cred

it default swaps are accounted for as financ

ial guarantees as

per IFRS 9 as they will only reimburse the holder for an incurred loss on an underlying debt instrument. The Group continues

to hold the underlying assets referenced in the credit default swaps and it continues to be exposed to related Credit and

Foreign Exchange Risk on these assets.

Credit linked notes

The Group has issued credit linked notes for portfolio management purposes, referencing loan assets with a notional value of

$18.6 bill

ion (31 December 2023: $22.5 b

ill

ion). The Group cont

inues to hold the underlying assets for which the credit linked

notes provide mit

igat

ion. The credit linked notes are recognised as a financ

ial l

iab

il

ity at amortised cost on the balance sheet

and are adjusted, where appropriate, for reductions in expected future cash flows with a corresponding credit to credit

impa

irment

in the income statement.

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Risk Profile continued

Standard Chartered Bank

82

Directors’ Report and Financ

ial Statements 2024

Derivat

ive financial

instruments

The Group enters into master netting agreements, which in the event of default result in a single amount owed by or to

the counterparty through netting the sum of the posit

ive and negat

ive mark-to-market values of applicable derivat

ive

transactions. These are also set out under the Derivat

ive financial

instruments Credit Risk mit

igat

ion section (page 77).

Off-balance sheet exposures

For certain types of exposures, such as letters of credit and guarantees, the Group obtains collateral such as cash depending

on internal Credit Risk assessments, as well as in the case of letters of credit holding legal title to the underlying assets should

a default take place.

Other portfolio analysis

This section provides maturity analysis of loans and advances by business segment.

Contractual maturity analysis of loans and advances by client segment (audited)

Loans and advances to the CIB segment remain predominantly short-term, with $58 bill

ion (31 December 2023: $56 b

ill

ion)

maturing in less than one year. 88 per cent (31 December 2023: 97 per cent) of loans to banks mature in less than one year.

Shorter maturit

ies g

ive us the flexib

il

ity to respond promptly to events and rebalance or reduce our exposure to clients or

sectors that are facing increased pressure or uncertainty. The WRB loan book continues to be longer-term in nature with

47 per cent (31 December 2023: 49 per cent) of the loans maturing over five years, as mortgages constitute the major

ity of

this portfolio.

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | One year or | One to five | Over five |  | One year or | One to five | Over five |  |
|  | less | years | years | Total | less | years | years | Total |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & Investment Banking | 58,427 | 20,537 | 13,461 | 92,425 | 55,898 | 21,194 | 10,004 | 87,096 |
| Wealth & Retail Banking | 20,579 | 4,748 | 22,534 | 47,861 | 20,078 | 4,767 | 23,591 | 48,436 |
| Ventures | 391 | 204 | – | 595 | 198 | 41 | – | 239 |
| Central & other items | 20,259 | – | 1 | 20,260 | 23,725 | 56 | – | 23,781 |
| Gross loans and advances |  |  |  |  |  |  |  |  |
| to customers | 99,656 | 25,489 | 35,996 | 161,141 | 99,899 | 26,058 | 33,595 | 159,552 |
| Impairment provis  ions | (2,652) | (172) | (75) | (2,899) | (3,245) | (101) | (63) | (3,409) |
| Net loans and advances to customers | 97,004 | 25,317 | 35,921 | 158,242 | 96,654 | 25,957 | 33,532 | 156,143 |
| Net loans and advances to banks | 20,285 | 2,376 | 280 | 22,941 | 22,029 | 773 | 1 | 22,803 |

Company

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | One year or | One to five | Over five |  | One year or | One to five | Over five |  |
|  | less | years | years | Total | less | years | years | Total  1 |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & Investment Banking | 44,859 | 12,646 | 8,790 | 66,295 | 42,803 | 13,828 | 7,172 | 63,803 |
| Wealth & Retail Banking | 5,831 | 2,278 | 4,174 | 12,283 | 5,692 | 2,762 | 4,530 | 12,984 |
| Ventures | – | – | – | – | – | – | – | – |
| Central & other items | 813 | – | 1 | 814 | 1,349 | 45 | – | 1,394 |
| Gross loans and advances |  |  |  |  |  |  |  |  |
| to customers | 51,503 | 14,924 | 12,965 | 79,392 | 49,844 | 16,635 | 11,702 | 78,181 |
| Impairment provis  ions | (1,683) | (75) | (37) | (1,795) | (2,202) | (54) | (42) | (2,298) |
| Net loans and advances to customers | 49,820 | 14,849 | 12,928 | 77,597 | 47,642 | 16,581 | 11,660 | 75,883 |
| Net loans and advances to banks | 10,162 | 1,313 | 280 | 11,755 | 9,439 | 695 | 1 | 10,135 |

1

Excludes 'Amounts due from subsid

iary undertak

ings and other related parties' of $10,066 mill

ion (31 December 2023: $10,053 m

ill

ion). The amounts are held w

ith

in

stage 1 and rated as 'strong' and is net of an expected credit loss of $2.4 mill

ion (31 December 2023: $20.4 m

ill

ion)

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Risk Profile continued

Standard Chartered Bank

83

Directors’ Report and Financ

ial Statements 2024

Credit quality by industry

Loans and advances

This section provides an analysis of the Group’s amortised cost portfolio by industry on a gross, total credit impa

irment and

net basis.

Group

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Industry: |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy | 10,695 | (11) 10,684 | | 449 | (33) | 416 | 859 | (551) | 308 | 12,003 | (595) | 11,408 |
| Manufacturing | 9,610 | (9) | 9,601 | 509 | (10) | 499 | 390 | (278) | 112 | 10,509 | (297) | 10,212 |
| Financ  ing,  insurance |  |  |  |  |  |  |  |  |  |  |  |  |
| and non-banking | 26,699 | (12) 26,687 | | 804 | (1) | 803 | 86 | (74) | 12 | 27,589 | (87) 27,502 | |
| Transport, telecom |  |  |  |  |  |  |  |  |  |  |  |  |
| and util  it  ies | 9,542 | (9) | 9,533 | 1,962 | (26) | 1,936 | 330 | (85) | 245 | 11,834 | (120) | 11,714 |
| Food and |  |  |  |  |  |  |  |  |  |  |  |  |
| household products | 6,484 | (8) | 6,476 | 267 | (8) | 259 | 236 | (184) | 52 | 6,987 | (200) | 6,787 |
| Commercial real estate | 5,394 | (7) | 5,387 | 879 | (9) | 870 | 120 | (82) | 38 | 6,393 | (98) | 6,295 |
| Min  ing and quarry  ing | 3,757 | (3) | 3,754 | 251 | (12) | 239 | 124 | (56) | 68 | 4,132 | (71) | 4,061 |
| Consumer durables | 2,699 | (6) | 2,693 | 187 | (16) | 171 | 245 | (229) | 16 | 3,131 | (251) | 2,880 |
| Construction | 1,181 | (1) | 1,180 | 478 | (5) | 473 | 171 | (160) | 11 | 1,830 | (166) | 1,664 |
| Trading companies |  |  |  |  |  |  |  |  |  |  |  |  |
| & distr  ibutors | 364 | – | 364 | 2 | – | 2 | 82 | (44) | 38 | 448 | (44) | 404 |
| Government | 24,374 | – | 24,374 | 428 | (12) | 416 | 193 | (18) | 175 | 24,995 | (30) 24,965 | |
| Other | 2,624 | (2) | 2,622 | 72 | (4) | 68 | 139 | (68) | 71 | 2,835 | (74) | 2,761 |
| Total | 103,423 | (68) 103,355 | | 6,288 | (136) | 6,152 | 2,975 | (1,829) | 1,146 | 112,686 | (2,033) 110,653 | |
| Retail Products: |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage | 22,266 | (7) 22,259 | | 436 | (2) | 434 | 431 | (123) | 308 | 23,133 | (132) 23,001 | |
| Credit Cards | 3,665 | (70) | 3,595 | 95 | (37) | 58 | 49 | (44) | 5 | 3,809 | (151) | 3,658 |
| Personal loans |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| unsecured lending | 3,280 | (82) | 3,198 | 69 | (13) | 56 | 118 | (64) | 54 | 3,467 | (159) | 3,308 |
| Auto | 159 | – | 159 | 1 | – | 1 | – | – | – | 160 | – | 160 |
| Secured wealth |  |  |  |  |  |  |  |  |  |  |  |  |
| products | 16,110 | (24) 16,086 | | 387 | (5) | 382 | 460 | (334) | 126 | 16,957 | (363) | 16,594 |
| Other | 848 | (3) | 845 | 16 | – | 16 | 65 | (58) | 7 | 929 | (61) | 868 |
| Total | 46,328 | (186) | 46,142 | 1,004 | (57) | 947 | 1,123 | (623) | 500 | 48,455 | (866) 47,589 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (customers)¹ | 149,751 | (254)149,497 | | 7,292 | (193) | 7,099 | 4,098 | (2,452) | 1,646 | 161,141 | (2,899) 158,242 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (banks)¹ | 22,556 | (5) | 22,551 | 313 | (1) | 312 | 80 | (2) | 78 | 22,949 | (8) | 22,941 |

1

Includes reverse repurchase agreements and other sim

ilar secured lend

ing held at amortised cost of $9,121 mill

ion for Customers and $2,889 m

ill

ion for Banks

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

84

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Industry: |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy | 8,064 | (9) | 8,055 | 648 | (22) | 626 | 933 | (527) | 406 | 9,645 | (558) | 9,087 |
| Manufacturing | 10,639 | (6) | 10,633 | 491 | (13) | 478 | 541 | (329) | 212 | 11,671 | (348) | 11,323 |
| Financ  ing,  insurance |  |  |  |  |  |  |  |  |  |  |  |  |
| and non-banking | 24,376 | (10) | 24,366 | 169 | (1) | 168 | 79 | (76) | 3 | 24,624 | (87) 24,537 | |
| Transport, telecom |  |  |  |  |  |  |  |  |  |  |  |  |
| and util  it  ies | 8,846 | (6) | 8,840 | 1,583 | (32) | 1,551 | 481 | (178) | 303 | 10,910 | (216) | 10,694 |
| Food and |  |  |  |  |  |  |  |  |  |  |  |  |
| household products | 5,853 | (15) | 5,838 | 323 | (7) | 316 | 354 | (261) | 93 | 6,530 | (283) | 6,247 |
| Commercial real estate | 5,917 | (9) | 5,908 | 705 | (13) | 692 | 282 | (170) | 112 | 6,904 | (192) | 6,712 |
| Min  ing and quarry  ing | 3,795 | (3) | 3,792 | 132 | (10) | 122 | 147 | (81) | 66 | 4,074 | (94) | 3,980 |
| Consumer durables | 2,363 | (2) | 2,361 | 221 | (20) | 201 | 290 | (271) | 19 | 2,874 | (293) | 2,581 |
| Construction | 1,520 | (1) | 1,519 | 480 | (8) | 472 | 358 | (326) | 32 | 2,358 | (335) | 2,023 |
| Trading companies |  |  |  |  |  |  |  |  |  |  |  |  |
| & distr  ibutors | 355 | – | 355 | 10 | – | 10 | 102 | (55) | 47 | 467 | (55) | 412 |
| Government | 26,209 | (4) | 26,205 | 1,768 | (5) | 1,763 | 357 | (33) | 324 | 28,334 | (42) 28,292 | |
| Other | 2,168 | (3) | 2,165 | 131 | (3) | 128 | 187 | (70) | 117 | 2,486 | (76) | 2,410 |
| Total | 100,105 | (68) 100,037 | | 6,661 | (134) | 6,527 | 4,111 | (2,377) | 1,734 | 110,877 | (2,579)108,298 | |
| Retail Products: |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage | 24,008 | (7) | 24,001 | 509 | (3) | 506 | 353 | (110) | 243 | 24,870 | (120) 24,750 | |
| Credit Cards | 3,310 | (57) | 3,253 | 120 | (25) | 95 | 42 | (29) | 13 | 3,472 | (111) | 3,361 |
| Personal loans |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| unsecured lending | 3,500 | (48) | 3,452 | 65 | (19) | 46 | 180 | (105) | 75 | 3,745 | (172) | 3,573 |
| Auto | 310 | – | 310 | 1 | – | 1 | 1 | – | 1 | 312 | – | 312 |
| Secured wealth |  |  |  |  |  |  |  |  |  |  |  |  |
| products | 14,663 | (14) | 14,649 | 258 | (8) | 250 | 435 | (325) | 110 | 15,356 | (347) 15,009 | |
| Other | 822 | (4) | 818 | 43 | (4) | 39 | 55 | (72) | (17) | 920 | (80) | 840 |
| Total | 46,613 | (130) | 46,483 | 996 | (59) | 937 | 1,066 | (641) | 425 | 48,675 | (830) 47,845 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (customers)¹ | 146,718 | (198) 146,520 | | 7,657 | (193) | 7,464 | 5,177 | (3,018) | 2,159 159,552 | | (3,409) 156,143 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (Banks)¹ | 22,210 | (3) | 22,207 | 537 | (9) | 528 | 74 | (6) | 68 | 22,821 | (18) 22,803 | |

1

Includes reverse repurchase agreements and other sim

ilar secured lend

ing held at amortised cost of $13,827 mill

ion for Customers and $1,653 m

ill

ion for Banks

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Risk Profile continued

Standard Chartered Bank

85

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Industry: |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy | 7,345 | (5) | 7,340 | 342 | (10) | 332 | 564 | (266) | 298 | 8,251 | (281) | 7,970 |
| Manufacturing | 6,415 | (7) | 6,408 | 330 | (4) | 326 | 312 | (234) | 78 | 7,057 | (245) | 6,812 |
| Financ  ing,  insurance |  |  |  |  |  |  |  |  |  |  |  |  |
| and non-banking | 23,812 | (9) 23,803 | | 413 | (1) | 412 | 24 | (22) | 2 | 24,249 | (32) | 24,217 |
| Transport, telecom |  |  |  |  |  |  |  |  |  |  |  |  |
| and util  it  ies | 5,256 | (6) | 5,250 | 1,485 | (22) | 1,463 | 267 | (62) | 205 | 7,008 | (90) | 6,918 |
| Food and |  |  |  |  |  |  |  |  |  |  |  |  |
| household products | 3,743 | (4) | 3,739 | 106 | (5) | 101 | 83 | (59) | 24 | 3,932 | (68) | 3,864 |
| Commercial real estate | 3,655 | (7) | 3,648 | 443 | (8) | 435 | 115 | (79) | 36 | 4,213 | (94) | 4,119 |
| Min  ing and quarry  ing | 2,795 | (2) | 2,793 | 56 | (8) | 48 | 51 | (48) | 3 | 2,902 | (58) | 2,844 |
| Consumer durables | 1,796 | (6) | 1,790 | 83 | (9) | 74 | 225 | (209) | 16 | 2,104 | (224) | 1,880 |
| Construction | 878 | (1) | 877 | 127 | – | 127 | 105 | (96) | 9 | 1,110 | (97) | 1,013 |
| Trading companies |  |  |  |  |  |  |  |  |  |  |  |  |
| & distr  ibutors | 227 | – | 227 | 2 | – | 2 | 54 | (23) | 31 | 283 | (23) | 260 |
| Government | 3,874 | – | 3,874 | 378 | (3) | 375 | 94 | (18) | 76 | 4,346 | (21) | 4,325 |
| Other | 1,521 | (1) | 1,520 | 22 | (2) | 20 | 111 | (59) | 52 | 1,654 | (62) | 1,592 |
| Total | 61,317 | (48) | 61,269 | 3,787 | (72) | 3,715 | 2,005 | (1,175) | 830 | 67,109 | (1,295) | 65,814 |
| Retail Products: |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage | 4,805 | (5) | 4,800 | 69 | (1) | 68 | 243 | (81) | 162 | 5,117 | (87) | 5,030 |
| Credit Cards | 599 | (12) | 587 | 35 | (16) | 19 | 18 | (10) | 8 | 652 | (38) | 614 |
| Personal loans |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| unsecured lending | 1,744 | (44) | 1,700 | 34 | (8) | 26 | 26 | (11) | 15 | 1,804 | (63) | 1,741 |
| Auto | 7 | – | 7 | – | – | – | – | – | – | 7 | – | 7 |
| Secured wealth |  |  |  |  |  |  |  |  |  |  |  |  |
| products | 3,708 | (6) | 3,702 | 79 | (2) | 77 | 367 | (285) | 82 | 4,154 | (293) | 3,861 |
| Other | 517 | (1) | 516 | 6 | – | 6 | 26 | (18) | 8 | 549 | (19) | 530 |
| Total | 11,380 | (68) | 11,312 | 223 | (27) | 196 | 680 | (405) | 275 | 12,283 | (500) | 11,783 |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (customers)¹ | 72,697 | (116) | 72,581 | 4,010 | (99) | 3,911 | 2,685 | (1,580) | 1,105 | 79,392 | (1,795) 77,597 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (banks)¹ | 11,545 | (1) | 11,544 | 209 | (1) | 208 | 3 | – | 3 | 11,757 | (2) | 11,755 |

1

Includes reverse repurchase agreements and other sim

ilar secured lend

ing held at amortised cost of $9,041 mill

ion for Customers and $1,423 m

ill

ion for Banks

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

86

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | | | | |
|  | Stage 1 | | | Stage 2 | | | Stage 3 | | | Total | | |
|  |  |  | Net |  |  | Net |  |  | Net |  |  | Net |
|  | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying | Gross | Total credit | carrying |
|  | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount | balance | impa  irment | amount |
| Amortised cost | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Industry: |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy | 5,560 | (4) | 5,556 | 475 | (3) | 472 | 648 | (276) | 372 | 6,683 | (283) | 6,400 |
| Manufacturing | 6,907 | (3) | 6,904 | 275 | (4) | 271 | 426 | (283) | 143 | 7,608 | (290) | 7,318 |
| Financ  ing,  insurance |  |  |  |  |  |  |  |  |  |  |  |  |
| and non-banking | 21,533 | (4) | 21,529 | 85 | (1) | 84 | 29 | (26) | 3 | 21,647 | (31) | 21,616 |
| Transport, telecom |  |  |  |  |  |  |  |  |  |  |  |  |
| and util  it  ies | 4,915 | (4) | 4,911 | 1,288 | (18) | 1,270 | 367 | (110) | 257 | 6,570 | (132) | 6,438 |
| Food and |  |  |  |  |  |  |  |  |  |  |  |  |
| household products | 3,640 | (3) | 3,637 | 58 | (1) | 57 | 190 | (149) | 41 | 3,888 | (153) | 3,735 |
| Commercial real estate | 4,560 | (7) | 4,553 | 288 | (1) | 287 | 257 | (165) | 92 | 5,105 | (173) | 4,932 |
| Min  ing and quarry  ing | 2,968 | (1) | 2,967 | 76 | (7) | 69 | 77 | (73) | 4 | 3,121 | (81) | 3,040 |
| Consumer durables | 1,811 | (2) | 1,809 | 95 | (7) | 88 | 260 | (244) | 16 | 2,166 | (253) | 1,913 |
| Construction | 1,127 | (1) | 1,126 | 305 | (5) | 300 | 293 | (269) | 24 | 1,725 | (275) | 1,450 |
| Trading companies |  |  |  |  |  |  |  |  |  |  |  |  |
| & distr  ibutors | 163 | – | 163 | 7 | – | 7 | 78 | (38) | 40 | 248 | (38) | 210 |
| Government | 3,688 | (4) | 3,684 | 794 | (3) | 791 | 357 | (33) | 324 | 4,839 | (40) | 4,799 |
| Other | 1,375 | (2) | 1,373 | 73 | (2) | 71 | 149 | (64) | 85 | 1,597 | (68) | 1,529 |
| Total | 58,247 | (35) | 58,212 | 3,819 | (52) | 3,767 | 3,131 | (1,730) | 1,401 | 65,197 | (1,817) 63,380 | |
| Retail Products: |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage | 5,160 | (4) | 5,156 | 72 | (1) | 71 | 191 | (73) | 118 | 5,423 | (78) | 5,345 |
| Credit Cards | 634 | (14) | 620 | 62 | (11) | 51 | 11 | (8) | 3 | 707 | (33) | 674 |
| Personal loans |  |  |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |  |  |
| unsecured lending | 2,125 | (26) | 2,099 | 41 | (11) | 30 | 38 | (12) | 26 | 2,204 | (49) | 2,155 |
| Auto | 15 | – | 15 | – | – | – | – | – | – | 15 | – | 15 |
| Secured wealth |  |  |  |  |  |  |  |  |  |  |  |  |
| products | 3,649 | (7) | 3,642 | 70 | (3) | 67 | 368 | (291) | 77 | 4,087 | (301) | 3,786 |
| Other | 513 | (3) | 510 | 13 | (2) | 11 | 22 | (15) | 7 | 548 | (20) | 528 |
| Total | 12,096 | (54) | 12,042 | 258 | (28) | 230 | 630 | (399) | 231 | 12,984 | (481) | 12,503 |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (customers)¹ | 70,343 | (89) 70,254 | | 4,077 | (80) | 3,997 | 3,761 | (2,129) | 1,632 | 78,181 | (2,298) 75,883 | |
| Net carrying |  |  |  |  |  |  |  |  |  |  |  |  |
| value (banks)¹ | 9,849 | (1) | 9,848 | 286 | (1) | 285 | 6 | (4) | 2 | 10,141 | (6) | 10,135 |

1

Includes reverse repurchase agreements and other sim

ilar secured lend

ing held at amortised cost of $12,212 mill

ion for Customers and $554 m

ill

ion for Banks

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Risk Profile continued

Standard Chartered Bank

87

Directors’ Report and Financ

ial Statements 2024

Debt securit

ies and other el

ig

ible b

ills (audited)

This section provides further detail on gross debt securit

ies and treasury b

ills.

The standard credit ratings used by the Group are those used by Standard & Poor’s or its equivalent. Debt securit

ies held that

have a short-term rating are reported against the long-term rating of the issuer. For securit

ies that are unrated, the Group

applies an internal credit rating, as described under the credit rating and measurement section on page 51. Total gross debt

securit

ies and other el

ig

ible b

ills decreased by $5.9 bill

ion to $96 b

ill

ion (31 December 2023: $102 b

ill

ion) due to matur

ity

of exposures in stage 1.

Stage 1 gross balance decreased by $5.6 bill

ion to $94 b

ill

ion (31 December 2023: $100 b

ill

ion) due to matur

ity of exposures

in United Kingdom and United States.

Stage 2 gross balance decreased by $0.3 bill

ion to $1.6 b

ill

ion (31 December 2023: $1.9 b

ill

ion).

Stage 3 gross balance decreased by $0.1 bill

ion to $0.1 b

ill

ion (31 December 2023: $0.2 b

ill

ion) due to exposure reduct

ions

and disposals during the year.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Gross | ECL | Net  2 | Gross | ECL | Net  2 |
| Amortised cost and FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Stage 1 | 94,480 | (20) | 94,460 | 100,092 | (26) | 100,066 |
| Strong | 90,971 | (16) | 90,955 | 97,346 | (23) | 97,323 |
| Satisfactory | 3,509 | (4) | 3,505 | 2,746 | (3) | 2,743 |
| Stage 2 | 1,612 | (3) | 1,609 | 1,861 | (34) | 1,827 |
| Strong | 560 | – | 560 | 918 | (7) | 911 |
| Satisfactory | 31 | – | 31 | 50 | (1) | 49 |
| High Risk | 1,021 | (3) | 1,018 | 893 | (26) | 867 |
| Stage 3 | 103 | (2) | 101 | 165 | (61) | 104 |
| Gross balance¹ | 96,195 | (25) | 96,170 | 102,118 | (121) | 101,997 |

1

Stage 3 gross includes $59 mill

ion (2023: $80 m

ill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies w

ith Nil impa

irment (2023: $14 m

ill

ion)

2

FVOCI instrument are not presented net of ECL. While the presentation is on a net basis for the table, the total net on-balance sheet amount is $96,179 mill

ion

(31 December 2023: $102,041 mill

ion). Refer to the Analys

is of financ

ial

instrument by stage table on page 62

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Gross | ECL | Net  2 | Gross | ECL | Net  2 |
| Amortised cost and FVOCI | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Stage 1 | 81,618 | (15) | 81,603 | 92,038 | (23) | 92,015 |
| Strong | 78,648 | (12) | 78,636 | 90,028 | (21) | 90,007 |
| Satisfactory | 2,970 | (3) | 2,967 | 1,979 | (2) | 1,977 |
| Stage 2 | 244 | (2) | 242 | 315 | – | 315 |
| Strong | – | – | – | 315 | – | 315 |
| Satisfactory | 6 | – | 6 | – | – | – |
| High Risk | 238 | (2) | 236 | – | – | – |
| Stage 3 | – | – | – | 76 | (56) | 20 |
| Gross balance¹ | 81,862 | (17) | 81,845 | 92,429 | (79) | 92,350 |

1

Stage 3 gross includes Nil (31 December 2023: $25 mill

ion) or

ig

inated cred

it-impa

ired debt secur

it

ies w

ith Nil impa

irment (31 December 2023: $14 m

ill

ion)

2

FVOCI instrument are not presented net of ECL. While the presentation is on a net basis for the table, the total net on-balance sheet amount is $81,855 mill

ion

(31 December 2023: $92,362 mill

ion). Refer to the Analys

is of financ

ial

instrument by stage table on page 62

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

88

Directors’ Report and Financ

ial Statements 2024

IFRS 9 expected credit loss methodology (audited)

Approach for determin

ing expected cred

it losses

Credit loss terminology

|  |  |
| --- | --- |
| Component | Definit  ion |
| Probabil  ity of | The probabil  ity that a counterparty w  ill default, over the next 12 months from the reporting date (stage 1) or |
| default (PD) | over the lifet  ime of the product (stage 2),  incorporating the impact of forward-looking economic assumptions |
|  | that have an effect on Credit Risk, such as unemployment rates and GDP forecasts. The PD estimates will |
|  | fluctuate in line with the economic cycle. The lifet  ime (or term structure) PDs are based on stat  ist  ical models, |
|  | calibrated using histor  ical data and adjusted to  incorporate forward-looking economic assumptions. |
| Loss given | The loss that is expected to arise on default, incorporating the impact of forward-looking economic assumptions |
| default (LGD) | where relevant, which represents the difference between the contractual cashFlows due and those that the bank |
|  | expects to receive. |
|  | The Group estimates LGD based on the history of recovery rates and considers the recovery of any collateral |
|  | that is integral to the financ  ial asset, tak  ing into account forward-looking economic assumptions where relevant. |
| Exposure at | The expected balance sheet exposure at the time of default, taking into account expected changes over the |
| default (EAD) | lifet  ime of the exposure. Th  is incorporates the impact of drawdowns of facil  it  ies with lim  its, pr  inc  ipal and |
|  | repayments of interest and amortisat  ion. |

To determine the expected credit loss, these components are multipl

ied together: PD for the reference per

iod (up to

12 months or lifet

ime) x LGD x EAD and d

iscounted to the balance sheet date using the effective interest rate as the

discount rate.

IFRS 9 expected credit loss models have been developed for the CIB business on a global basis, in line with their respective

portfolios. However, for some of the key countries, country-specif

ic models have also been developed. The cal

ibrat

ion of

forward-looking informat

ion

is assessed at a country or region level to take into account local macroeconomic condit

ions.

Retail expected credit loss models are country and product specif

ic g

iven the local nature of the retail business.

For less material retail portfolios, the Group has adopted less sophist

icated approaches based on h

istor

ical roll rates or

loss rates:

•

For medium-sized retail portfolios, a roll rate model is applied, which uses a matrix that gives the average loan migrat

ion

rate between delinquency states from period to period. A matrix multipl

icat

ion is then performed to generate the final

PDs by delinquency bucket over different time horizons.

•

For smaller retail portfolios, a loss rate approach is applied. These use an adjusted gross charge-off rate, developed using

monthly write-off and recoveries over the preceding 12 months and total outstanding balances.

•

Whilst the loss rate approaches do not incorporate forward looking informat

ion, to the extent that there are s

ign

ificant

changes in the macroeconomic forecasts an assessment is completed on whether an adjustment to the modelled output is

required.

For a lim

ited number of exposures, proxy parameters or approaches are used where the data

is not available to calculate

the orig

inat

ion PDs for the purpose of applying the SICR criter

ia; or for some reta

il portfolios where a full history of LGD data is

not available, estimates based on the loss experience from sim

ilar portfol

ios are used. The use of proxies is monitored and will

reduce over time.

The following processes are in place to assess the ongoing performance of the models:

•

Quarterly model monitor

ing that uses recent data to compare the d

ifferences between model predict

ions and actual

outcomes against approved thresholds.

•

Annual independent validat

ion

is performed by Group Model Valuation (GMV); Depth of GMV’s validat

ion var

ies

depending on the model material

ity. Mater

ial models would go through a full annual re-validat

ion process, wh

ile a less

intens

ive val

idat

ion process w

ill be performed on non-material models.

Applicat

ion of l

ifet

ime

Expected credit loss is estimated based on the period over which the Group is exposed to Credit Risk. For the major

ity

of exposures this equates to the maximum contractual period. For retail credit cards and corporate overdraft facil

it

ies,

however, the Group does not typically enforce the contractual period, which can be as short as one day. As a result, the

period over which the Group is exposed to Credit Risk for these instruments reflects their behavioural life, which incorporates

expectations of customer behaviour and the extent to which Credit Risk management actions curtail the period of that

exposure. The average behavioural life for retail credit cards is between 3 and 6 years across our footprint markets.

The behavioural life for corporate overdraft facil

it

ies is 24 months.

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Risk Profile continued

Standard Chartered Bank

89

Directors’ Report and Financ

ial Statements 2024

Key assumptions and judgements in determin

ing expected cred

it loss

Incorporation of forward-looking informat

ion

The evolving economic environment is a key determinant of the abil

ity of a bank’s cl

ients to meet their obligat

ions as they fall

due. It is a fundamental princ

iple of IFRS 9 that the prov

is

ions banks hold aga

inst potential future credit risk losses should

depend not just on the health of the economy today but should also take into account potential changes to the economic

environment. For example, if a bank were to antic

ipate a sharp slowdown

in the world economy over the coming year, it

should hold more provis

ions today to absorb the cred

it losses likely to occur in the near future.

To capture the effect of changes to the economic environment, the PDs and LGDs used to calculate ECL incorporate

forward-looking informat

ion

in the form of forecasts of the values of economic variables and asset prices that are likely to

have an effect on the repayment abil

ity of the Group’s cl

ients.

The ‘Base Forecast’ of the economic variables and asset prices is based on management’s view of the five-year outlook,

supported by projections from the Group’s

in-house research team and outputs from a third-party model that project specif

ic

economic variables and asset prices. The research team takes consensus views into considerat

ion and sen

ior management

reviews project

ions for some core country var

iables against consensus when forming their view of the outlook. For the period

beyond five years, management util

ises the

in-house research view and third-party model outputs, which allow for a

reversion to long-term growth rates or norms. All project

ions are updated on a quarterly bas

is.

Forecast of key macroeconomic variables underlying the expected credit loss calculation and the impact

on non-linear

ity

In the Base Forecast – management’s view of the most likely outcome – the pace of growth of the world economy is expected

to remain broadly unchanged from 2024 at around 3 per cent in 2025. This compares to the average of 3.7 per cent growth

for the 10 years prior to COVID-19 (between 2010 and 2019). Support from easing financ

ial cond

it

ions and expans

ionary

fiscal policy may be partly offset by protection

ist trade pol

ic

ies and st

ill-high interest rates in the US and elsewhere. The US

economy is set to moderate in 2025, after a resil

ient 2024 performance desp

ite elevated interest rates. The euro area

continues to struggle with major European economies includ

ing Germany and France who r

isk slipp

ing

into recession.

Asia is relatively healthy, although growth at the regional level is set to moderate slightly in 2025 as both China and India

slow. The Middle-East is expected also to remain a bright spot for global growth, with the region’s non-oil growth exceeding

overall global growth.

The uncertainty around the economic outlook remains elevated. In particular, the change in US Presidency is expected to

lead to sign

ificant changes

in US polic

ies,

includ

ing new and h

igher tariffs on key US trading partners. On the geopolit

ical

front, tensions remain elevated over the conflict in Ukraine and the situat

ion

in the Middle-East.

Whilst the quarterly Base Forecast inform the Group’s strategic plan, one key requirement of IFRS 9 is that the assessment of

provis

ions should cons

ider multiple future economic environments. For example, the global economy may grow more quickly

or more slowly than the Base Forecast, and these variat

ions would have d

ifferent impl

icat

ions for the provis

ions that the

Group should hold today. As the negative impact of an economic downturn on credit losses tends to be greater than the

posit

ive

impact of an economic upturn, if the Group sets provis

ions only on the ECL under the Base Forecast

it might mainta

in

a level of provis

ions that does not appropr

iately capture the range of potential outcomes. To address the inherent

uncertainty in economic forecast, and the property of skewness (or non-linear

ity), IFRS 9 requ

ires reported ECL to be

a probabil

ity-we

ighted ECL calculated over a range of possible outcomes.

To assess the range of possible outcomes the Group simulates a set of 50 scenarios around the Base Forecast, calculates the

ECL under each of them and assigns an equal weight of 2 per cent to each scenario outcome. These scenarios are generated

by a Monte Carlo simulat

ion, wh

ich addresses the challenges of crafting many realist

ic alternat

ive scenarios in the many

countries in which the Group operates by means of a model, which produces these alternative scenarios whilst consider

ing

the degree of histor

ical uncerta

inty (or volatil

ity) observed from Q1 1990 to Q3 2023 around econom

ic outcomes, the trends in

each macroeconomic variable modelled and the correlation in the unexplained movements around these trends. This

naturally means that each of the 50 scenarios do not have a specif

ic narrat

ive, although collectively they explore a range

of hypothetical alternative outcomes for the global economy, includ

ing scenar

ios that turn out better than expected and

scenarios that amplify antic

ipated stresses.

The tables on page 91 provide a summary of the Group’s Base Forecast for key markets. The peak/trough amounts in the

tables show the highest and lowest points with

in the Base Forecast.

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Risk Profile continued

Standard Chartered Bank

90

Directors’ Report and Financ

ial Statements 2024

China’s GDP growth is expected to ease slightly to 4.5 per cent in 2025 from 4.8 per cent in 2024. This reflects persistent

weakness in the property sector, though it is expected to moderate, external headwinds and low consumer confidence.

Growth in India is also expected to ease with GDP expanding by 6.5 per cent from 6.9 per cent in 2024 as the impact from

recent one-off factors such as construction activ

ity and electr

ic

ity demand (am

id below normal rains) fade. GDP growth for

Singapore is expected to slow to 2.4 per cent in 2025 from 3.5 per cent last year . An uncertain global trade outlook will weigh

on sentiment in trade-reliant economies. Recent economic activ

ity may have also been partly dr

iven by front-loading of

orders of electronics ahead of potentially negative trade polic

ies

in 2025. In contrast the GDP growth for the UAE is expected

to improve to 5 per cent from 4 per cent in 2024. The faster growth in 2025 is mostly supported by an increase in oil-sector

growth, as the UAE is set to increase its oil output this year.

Brent crude oil prices are expected to average around $77 in 2025 compared to around $78 in 2024. They are expected to

remain at sim

ilar levels beyond th

is year. The five-year average oil price is $76.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2024 year-end forecasts  7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | China  5 | | | | UAE | | | | Singapore  6 | | | | India | | | |
|  |  | Base |  |  |  | Base |  |  |  | Base |  |  |  | Base |  |  |
|  | 5 yr | forecast |  |  | 5 yr | forecast |  |  | 5 yr | forecast |  |  | 5 yr | forecast |  |  |
|  | average | quarterly |  |  | average | quarterly |  |  | average | quarterly |  |  | average | quarterly |  |  |
|  | base | peak/ |  |  | base | peak/ |  |  | base | peak/ |  |  | base | peak/ |  |  |
|  | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 |
| GDP growth |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (YoY%) | 4.1 | 5.3/3.2 | (1.0) | 9.3 | 3.7 | 5.4/2.7 | (0.1) | 12.6 | 2.3 | 3.4/0.6 | (2.7) | 7.0 | 6.6 | 7.1/5.9 | 3.2 | 10.0 |
| Unemployment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (%) | 3.3 | 3.5/3.1 | 2.8 | 3.7 | NA | NA | NA | NA | 2.7 | 2.8/2.7 | 2.0 | 3.6 | NA | NA | NA | NA |
| 3 month interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| rates (%) | 1.7 | 1.9/1.6 | 0.6 | 3.0 | 2.9 | 3.6/2.7 | 0.5 | 5.5 | 2.0 | 2.4/1.6 | 0.3 | 3.9 | 6.0 | 6.2/6.0 | 1.9 | 10.3 |
| House prices |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (YoY%) | (1.3) 2.3/(5.6) (10.1) | | | 7.8 | 3.5 | 12.4/1.9 | (12.0) | 22.3 | 2.4 3.2/(0.4) (10.5) | | | 17.5 | 6.4 | 7.3/6.0 | (0.1) | 12.6 |

2023 year-end forecasts

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | China  5 | | | | UAE | | | | Singapore  6 | | | | India | | | |
|  |  | Base |  |  |  | Base |  |  |  | Base |  |  |  | Base |  |  |
|  | 5 yr | forecast |  |  | 5 yr | forecast |  |  | 5 yr | forecast |  |  | 5 yr | forecast |  |  |
|  | average | quarterly |  |  | average | quarterly |  |  | average | quarterly |  |  | average | quarterly |  |  |
|  | base | peak/ |  |  | base | peak/ |  |  | base | peak/ |  |  | base | peak/ |  |  |
|  | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 | forecast | trough | Low  2 | High  3 |
| GDP growth |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (YoY%) | 4.3 | 5.7/3.8 | 0.6 | 7.7 | 3.4 | 4.3/2.4 | (1.3) | 8.8 | 2.9 | 3.8/1.9 | (2.4) | 8.5 | 6.2 | 9.1/4.4 | 2.1 | 10.5 |
| Unemployment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (%) | 4.0 | 4.1/3.8 | 3.3 | 4.4 | NA | NA | NA | NA | 2.8 | 2.9/2.8 | 1.7 | 3.8 | NA | NA | NA | NA |
| 3 month interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| rates (%) | 2.1 | 2.5/1.7 | 0.8 | 3.8 | 3.8 | 5.3/2.7 | 0.4 | 7.8 | 2.9 | 4.1/2.3 | 0.6 | 5.9 | 6.2 | 6.3/5.8 | 2.7 | 9.9 |
| House prices |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (YoY%) | 4.6 | 7.2/1.5 | (1.5) | 12.0 | 2.6 | 8.4/1.9 | (15.3) | 19.1 | 2.2 | 3.9/(0.7) (16.2) | | 19.2 | 6.1 | 6.5/4.7 | (0.5) | 13.8 |

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 year-end forecasts | | | | 2023 year-end forecasts | | | |
|  | 5 yr average | Base forecast |  |  | 5 yr average | Base forecast |  |  |
|  | base forecast | peak/trough | Low  2 | High  3 | base forecast | peak/trough | Low  2 | High  3 |
| Brent Crude, $ pb | 76.2 | 77.8/74.8 | 44.5 | 107.8 | 88.2 | 93.8/82.8 | 46.0 | 137.8 |

1

N/A – Not available

2

Represents the 10th percentile in the range of economic scenarios used to determine non-linear

ity

3

Represents the 90th percentile in the range of economic scenarios used to determine non-linear

ity

4

Base forecasts are evaluated from Q1 2024 to Q4 2028. The forward-looking simulat

ion starts from Q1 2024.

5

A judgemental management adjustment is held in respect of the China commercial real estate sector as discussed below.

6

Singapore unemployment rate covers the resident unemployment rate, which refers to cit

izens and permanent res

idents.

7

Data presented are those used in the calculation of ECL. These may differ slightly to forecasts presented elsewhere in the Financ

ial statements as they are finalised

before the period end.

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Risk Profile continued

Standard Chartered Bank

91

Directors’ Report and Financ

ial Statements 2024

Judgemental adjustments

As at 31 December 2024, the Group held $50 mill

ion (31 December 2023: $33 m

ill

ion) of judgemental management overlays,

$42 mill

ion (31 December 2023: $11 m

ill

ion) of wh

ich relates to CIB, $1 mill

ion (31 December 2023: $5 m

ill

ion) to WRB and

$7 mill

ion (31 December 2023: $17 m

ill

ion) to Central and Others. Overlays have been taken for Bangladesh by est

imat

ing the

impact of deteriorat

ion to certa

in exposures in the country, together with an immater

ial amount for cl

imate risks. The overlay

in Bangladesh reflects that the polit

ical s

ituat

ion has contr

ibuted to an increas

ing level of uncerta

inty in the macroeconomic

outlook. Further details on the adjustment for climate risk are set out in Note 1 Accounting polic

ies.

Overlays held at 31 December 2023 of $33 mill

ion were fully released

in 2024. This comprises of $11 mill

ion

in CIB for China

Commercial real estate due to repayments, $5 mill

ion

in WRB for macroeconomic environment challenges and $17 mill

ion

in Central and Others relating to a temporary market dislocat

ion

in Africa and the Middle East.

As at 31 December 2024, judgemental post model adjustments which reduced ECL by a net $9 mill

ion (31 December 2023:

$1 mill

ion decrease

in ECL) have been applied. There was a $16 mill

ion upward adjustment for non-l

inear

ity, as the current set

of ceil

ings and floors used

in the Monte Carlo model generated a relatively narrow range of forecasts at 31 December 2024.

The total amount of non-linear

ity has been est

imated by assign

ing probab

il

ity we

ights of 68 per cent, 22 per cent and 10 per

cent respectively to the Base Forecast, Higher for Longer Commodit

ies and Rates, and Global Trade and Geopol

it

ical

Tensions scenarios which are presented on pages 91 and comparing this to the unweighted Base Forecast ECL. The non-

linear

ity PMA represents the d

ifference between the probabil

ity we

ighted ECL calculated using the three scenarios and the

probabil

ity we

ighted ECL calculated by the Monte Carlo model. The remain

ing $25 m

ill

ion reduct

ion in ECL relates to

adjustments applied to and for certain WRB models, primar

ily to adjust for temporary factors

impact

ing modelled outputs.

These will be released when these factors normalise.

Judgemental adjustments are re-assessed quarterly, are reviewed and approved by the IFRS 9 IIC and will be released when

the risks are no longer relevant.

Stage 3 assets

Credit-impa

ired assets managed by Stressed Asset R

isk incorporate forward-looking economic assumptions in respect of

the recovery outcomes ident

ified, and are ass

igned ind

iv

idual probabil

ity we

ight

ings. These assumpt

ions are not based

on a Monte Carlo simulat

ion but are

informed by the Base Forecast.

Sensit

iv

ity of expected credit loss calculation to macroeconomic variables

The ECL calculation relies on multiple variables and is inherently non-linear and portfolio-dependent, which impl

ies that no

single analysis can fully demonstrate the sensit

iv

ity of the ECL to changes in the macroeconomic variables. The Group has

conducted a series of analyses with the aim of ident

ify

ing the macroeconomic variables which might have the greatest

impact on overall ECL. These encompassed single variable and multi-variable exercises, using simple up/down variat

ion

and extracts from actual calculation data, as well as bespoke scenario design and assessments.

The primary conclusion of these exercises is that no ind

iv

idual macroeconomic variable is materially influent

ial. The Group

believes this is plausible as the number of variables used in the ECL calculation is large. This does not mean that

macroeconomic variables are uninfluent

ial; rather, that the Group bel

ieves that considerat

ion of macroeconom

ics should

involve whole scenarios, as this aligns with the multi-variable nature of the calculation.

The Group faces downside risks in the operating environment related to the uncertaint

ies surround

ing the macroeconomic

outlook. To explore this, a sensit

iv

ity analysis of ECL was undertaken to explore the effect of slower economic recoveries

across the Group’s footprint markets. Two downside scenarios were considered in particular to explore the current

uncertaint

ies over commod

ity prices. The Global Trade and Geopolit

ical Trade Tens

ions (GTGT) scenario is characterised by

an escalating trade war between the US and China and other economies. The “Higher for Longer Commodit

ies and Rates“

scenario explores the impact from stick

ier than expected

inflat

ion due to pers

istent shipp

ing d

isrupt

ions and r

ise in energy

prices amid fears of an escalation of the Middle East conflict.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Global Trade and Geopolit  ical | | Higher for longer: | |
|  | Baseline | | Tensions (GTGT) | | Commodit  ies and Rates | |
|  | Five year |  | Five year |  | Five year |  |
|  | average | Peak/Trough | average | Peak/Trough | average | Peak/Trough |
| China GDP | 4.1 | 5.3 / 3.2 | 0.8 | 3.8 / (2.6) | 3.5 | 4.3 / 1.8 |
| China unemployment | 3.3 | 3.5 / 3.1 | 4.9 | 5.5 / 3.8 | 4.3 | 5.2 / 3.1 |
| China property prices | (1.3) | 2.3 / (5.6) | (5.1) | 11.1 / (47.6) | (1.4) | 8.6 / (24.5) |
| UAE GDP | 3.7 | 5.4 / 2.7 | 0.8 | 3.7 / (6.5) | 3.5 | 4.2 / 2.8 |
| UAE property prices | 3.5 | 12.4 / 1.9 | (0.6) | 12.0 / (12.1) | 3.2 | 11.6 / 1.7 |
| US GDP | 2.0 | 2.6 / 1.1 | 0.3 | 2.2 / (3.2) | 1.1 | 2.5 / (2.1) |
| Singapore GDP | 2.3 | 3.4 / 0.6 | 0.0 | 3.1 / (5.9) | 1.6 | 2.8 / (2.3) |
| India GDP | 6.6 | 7.1 / 5.9 | 4.7 | 6.7 / 0.8 | 6.1 | 7.4 / 4.3 |
| Crude oil | 76.2 | 77.8 / 74.8 | 59.1 | 86.2 / 46.2 | 84.9 | 113.4 / 74.8 |

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Risk Profile continued

Standard Chartered Bank

92

Directors’ Report and Financ

ial Statements 2024

The total reported stage 1 and 2 ECL provis

ions (

includ

ing both on and off-balance sheet

instruments) would be

approximately $47 mill

ion h

igher under the Higher for Longer Commodit

ies and Rates scenar

io and $172 mill

ion h

igher

under the Global Trade and Geopolit

ical Tens

ions scenario than the baseline ECL provis

ions (wh

ich excluded the impact of

multiple economic scenarios and management overlays which may already capture some of the risks in these scenarios).

The proportion of stage 2 assets would increase from 3.1 per cent in the base case to 3.3 per cent and 3.9 per cent respectively

under the Higher for Longer Commodit

ies and Rates and Global Trade and Geopol

it

ical Tens

ions scenarios. This includes

the impact of exposures transferring to stage 2 from stage 1 but does not consider an increase in stage 3 defaults.

Under both scenarios the major

ity of the

increase in CIB came from the main corporate and project finance portfolios booked

in the Singapore. For the WRB portfolios most of the increases came from the unsecured retail portfolios with Singapore

credit cards most impacted.

There was no material change in modelled stage 3 provis

ions as these pr

imar

ily relate to unsecured reta

il exposures for which

the LGD is not sensit

ive to changes

in the macroeconomic forecasts. There is also no material change for non-modelled stage

3 exposures as these are more sensit

ive to cl

ient specif

ic factors than to alternat

ive macroeconomic scenarios.

The actual outcome of any scenario may be materially different due to, among other factors, the effect of management

actions to mit

igate potent

ial increases in risk and changes in the underlying portfolio.

Modelled provis

ions

|  |  |  |
| --- | --- | --- |
|  | Increase in ECL | |
|  |  | ECL Global |
|  | ECL Higher | Trade and |
|  | for Longer | Geopolit  ical |
|  | Commodit  ies | Trade |
|  | and Rates | Tensions |
|  | $mill  ion | $ mill  ion |
| Stage 1 |  |  |
| Corporate & Investment Banking | 12 | 19 |
| Wealth & Retail Banking | 6 | 18 |
| Ventures | – | – |
| Central & Others | 1 | 2 |
| Total increase in stage 1 ECL | 19 | 39 |
| Stage 2 |  |  |
| Corporate & Investment Banking | 19 | 96 |
| Wealth & Retail Banking | 9 | 37 |
| Ventures | – | – |
| Central & Others | – | – |
| Total increase in stage 2 ECL | 28 | 133 |
| Total Stage 1 & 2 |  |  |
| Corporate & Investment Banking | 31 | 115 |
| Wealth & Retail Banking | 15 | 55 |
| Ventures | – | – |
| Central & Others | 1 | 2 |
| Total increase in stage 1 & 2 ECL | 47 | 172 |

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

93

Directors’ Report and Financ

ial Statements 2024

Sign

ificant

increase in credit risk (SICR)

Quantitat

ive cr

iter

ia

SICR is assessed by comparing the risk of default at the reporting date to the risk of default at orig

inat

ion. Whether a change

in the risk of default is sign

ificant or not

is assessed using quantitat

ive and qual

itat

ive cr

iter

ia. These cr

iter

ia have been

separately defined for each business and where meaningful are consistently applied across business lines.

Assets are considered to have experienced SICR if they have breached both relative and absolute thresholds for the change

in the average annualised IFRS 9 lifet

ime probab

il

ity of default (IFRS 9 PD) over the res

idual term of the exposure.

The absolute measure of increase in credit risk is used to capture instances where the IFRS 9 PDs on exposures are relatively

low at in

it

ial recognit

ion as these may

increase by several multiples without representing a sign

ificant

increase in credit risk.

Where IFRS 9 PDs are relatively high at in

it

ial recognit

ion, a relat

ive measure is more appropriate in assessing whether there

is a sign

ificant

increase in credit risk, as the IFRS 9 PDs increase more quickly.

The SICR thresholds have been calibrated based on the following princ

iples:

•

Stabil

ity – The thresholds are set to ach

ieve a stable stage 2 population at a portfolio level, trying to min

im

ise the number

of accounts moving back and forth between stage 1 and stage 2 in a short period of time

•

Accuracy – The thresholds are set such that there is a materially higher propensity for stage 2 exposures to eventually

default than is the case for stage 1 exposures

•

Dependency from backstops – The thresholds are stringent enough such that a high proportion of accounts transfer

to stage 2 due to movements in forward-looking IFRS 9 PDs rather than relying on backward-looking backstops such

as arrears

•

Relationsh

ip w

ith business and product risk profiles – the thresholds reflect the relative risk differences between different

products, and are aligned to business processes

For CIB clients the quantitat

ive thresholds are a relat

ive 100 per cent increase in IFRS 9 PD and an absolute change in IFRS 9

PD of between 50 and 100 bps for investment grade and sub-investment grade assets. For debt securit

ies or

ig

inated before

1 January 2018, the bank is util

is

ing the low Credit Risk simpl

ified approach, where debt secur

it

ies w

ith an internal credit rating

mapped to an investment grade equivalent are allocated to stage 1 and all other debt securit

ies are allocated to stage 2.

For Wealth and Retail Banking (excluding Private Banking) clients, portfolio specif

ic quant

itat

ive thresholds

in Singapore,

Malaysia, India and UAE are applied for credit cards and one Business Client portfolio in India. The thresholds include relative

and absolute increases in IFRS 9 PD with average lifet

ime IFRS 9 PD cut-offs for those exposures that are w

ith

in a range of

customer util

isat

ion lim

its (for cred

it cards) and remain

ing tenor (for personal loans) and d

ifferent

iate between exposures

that are current and those that are 1 to 29 days past due.

The range of thresholds applied are:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Relative IFRS 9 | Absolute IFRS | Customer | Average |
|  | PD increase | 9 PD increase | util  isat  ion | IFRS 9 PD |
| Portfolio | (%) | (%) | (%) | (lifet  ime) |
| Credit cards – Current | 50%-120% | 3.5%-9.3% | 15%-85% | 4.15%-11.6% |
| Credit cards – 1-29 days past due | 100%-180% | 3.5%-6.1% | 25%-47% | 3.5%-9.5% |
| Business Client Mortgages – Current | 100% | 4.4% | – | – |
| Business Client Mortgages – 1-29 days past due | 100% | 7.0% | – | – |

For all other material WRB portfolios (excluding Private Banking) for which a statist

ical model has been bu

ilt, the quantitat

ive

SICR thresholds applied are a relative threshold of 100 per cent increase in IFRS 9 PD and an absolute change in IFRS 9 PD

of between 100 and 350 bps depending on the product. Certain countries have a higher absolute threshold reflecting the

lower default rate with

in the

ir personal loan portfolios compared with the Group’s other personal loan portfolios. The orig

inal

lifet

ime IFRS 9 PD term structure

is determined based on the orig

inal Appl

icat

ion Score or R

isk Segment of the client.

For all Private Banking classes, in line with risk management practice, an increase in credit risk is deemed to have occurred

where margin

ing or loan-to-value covenants have been breached. For Class I assets (lend

ing against divers

ified l

iqu

id

collateral), if these margin

ing requ

irements have not been met with

in 30 days of a tr

igger, a sign

ificant

increase in credit risk is

assumed to have occurred. For Class I and Class III assets (real-estate lending), a sign

ificant

increase in credit risk is assumed

to have occurred where the bank is unable to ‘sell down’ the applicable assets to meet revised collateral requirements with

in

five days of a trigger. Class II assets are typically unsecured or partially secured, or secured against ill

iqu

id collateral such as

shares in private companies. Sign

ificant cred

it deteriorat

ion of these assets

is deemed to have occurred when any early alert

trigger has been breached.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

94

Directors’ Report and Financ

ial Statements 2024

Qualitat

ive cr

iter

ia

Qualitat

ive factors that

ind

icate that there has been a s

ign

ificant

increase in credit risk include processes linked to current risk

management, such as placing loans on non-purely precautionary early alert or being assigned a CG12 rating. An account is

placed on non-purely precautionary early alert if it exhib

its r

isk or potential weaknesses of a material nature requir

ing closer

monitor

ing, superv

is

ion or attent

ion by management. Weaknesses in such a borrower’s account, if left uncorrected, could

result in deteriorat

ion of repayment prospects and the l

ikel

ihood of be

ing downgraded. Indicators could include a rapid

erosion of posit

ion w

ith

in the

industry, concerns over management’s abil

ity to manage operat

ions, weak/deteriorat

ing

operating results, liqu

id

ity strain and overdue balances, among other factors.

All client assets that have been assigned a CG12 rating, equivalent to ‘Higher risk’, are deemed to have experienced a

sign

ificant

increase in credit risk. Accounts rated CG12 are primar

ily managed by relat

ionsh

ip managers

in the CIB unit with

support from SAG for certain accounts. All CIB clients are placed in CG12 when they are 30days past due (DPD) unless they

are granted a waiver through a strict governance process.

In WRB, SICR is also assessed for where specif

ic r

isk elevation events have occurred in a market that are not yet reflected in

modelled outcomes or in other metrics. This is applied collectively either to impacted specif

ic products/customer cohorts

or across the overall consumer banking portfolio in the affected market.

Backstop

Across all portfolios, accounts that are 30 or more DPD on contractual payments of princ

ipal and/or

interest that have not

been captured by the criter

ia above are cons

idered to have experienced a sign

ificant

increase in credit risk.

For less material portfolios, which are modelled based on a roll-rate or loss-rate approach, SICR is primar

ily assessed through

the 30 DPD trigger.

Expert credit judgement may be applied in assessing SICR to the extent that certain risks may not have been captured by

the models or through the above criter

ia. Such

instances are expected to be rare, for example due to events and material

uncertaint

ies ar

is

ing close to the report

ing date.

Assessment of credit-impa

ired financial assets

WRB clients

The core components in determin

ing cred

it-impa

ired expected cred

it loss provis

ions are the value of gross charge-off and

recoveries. Gross charge-off and/or loss provis

ions are recogn

ised when it is established that the account is unlikely to pay

through the normal process. Recovery of unsecured debt post credit impa

irment

is recognised based on actual cash

collected, either directly from clients or through the sale of defaulted loans to third-party inst

itut

ions. Release of credit

impa

irment prov

is

ions for secured loans

is recognised if the loan outstanding is paid in full (release of full provis

ion),

or the provis

ion

is higher than the loan outstanding (release of the excess provis

ion).

CIB and Private Banking clients

Credit-impa

ired accounts are managed by the Group’s spec

ial

ist recovery un

it, Stressed Asset Group (SAG), which is

independent of the Client Coverage/Relationsh

ip Managers. Where a port

ion of exposure is considered not recoverable, a

stage 3 credit impa

irment prov

is

ion

is raised. This stage 3 provis

ion

is the difference between the loan-carrying amount and

the probabil

ity-we

ighted present value of estimated future cash flows, reflecting a range of scenarios (typically the Upside,

Downside and Likely recovery outcomes). Where the exposure is secured by collateral, the values used will incorporate

the impact of forward-looking economic informat

ion on the value recoverable collateral and t

ime to realise the same.

The ind

iv

idual circumstances of each client are considered when SAR estimates future cashflows and the tim

ing of future

recoveries which involves sign

ificant judgement. All ava

ilable sources, such as cashflow aris

ing from operat

ions, selling assets

or subsid

iar

ies, realis

ing collateral or payments under guarantees, are cons

idered. In any decis

ion relat

ing to the rais

ing of

provis

ions, the Group attempts to balance econom

ic condit

ions, local knowledge and exper

ience, and the results of

independent asset reviews. The ind

iv

idual impa

irment prov

is

ions (v

iz. those not directly from a model) are approved by

Stressed Assets Risk (SAR) who are in the Second Line of Defence.

Write-offs

Where it is considered that there is no realist

ic prospect of recover

ing a portion of an exposure against which an impa

irment

provis

ion has been ra

ised, that amount will be written off.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

95

Directors’ Report and Financ

ial Statements 2024

Governance of PMAs and applicat

ion of expert cred

it judgement in respect of expected credit losses

The Group’s Credit Policy and Standards framework details the requirements for continuous monitor

ing to

ident

ify any

changes in credit quality and resultant ratings, as well as ensuring a consistent approach to monitor

ing, manag

ing and

mit

igat

ing credit risks. The framework aligns with the governance of ECL estimat

ion through the early recogn

it

ion of

sign

ificant deter

iorat

ions

in ratings which drive stage 2 and 3 ECL.

The models used in determin

ing expected cred

it losses are reviewed and approved by the Group Credit Model Assessment

Committee (CMAC) or Delegate Model Approver, which is appointed by the Model Risk Committee. CMAC has the

responsib

il

ity to assess and approve the use of models and to review all IFRS 9 interpretat

ions related to models. CMAC also

provides oversight on operational matters related to model development, performance monitor

ing and model val

idat

ion

activ

it

ies, includ

ing standards and regulatory matters.

Prior to submiss

ion to CMAC for approval, the models are val

idated by GMV, a function which is independent of the business

and the model developers. GMV’s analysis comprises review of model documentation, model design and methodology,

data validat

ion, rev

iew of the model development and calibrat

ion process, out-of-sample performance test

ing, and

assessment of compliance review against IFRS 9 rules and internal standards.

Model performance PMAs - The process of PMA ident

ification, calculat

ion and approval are prescribed in the Credit Risk IFRS

9 ECL Model Family Standards, which are approved by the Global Head, Model Risk Management. PMA calculations are

reviewed by GMV and submitted to CMAC for approval and will be removed when the estimates return to being with

in the

monitor

ing thresholds or val

idat

ion standards. The level of PMAs and remed

iat

ion plans are regularly tracked at CMAC.

Judgemental adjustments - These comprise judgemental PMAs and judgemental management overlays and , account

for events that are not captured in the Base Case Forecast or the resulting ECL calculated by the models. judgemental

adjustments must be approved by the IIC having considered the nature of the event, why the risk is not captured in the model,

and the basis on which the quantum of the overlay has been calculated. Judgemental adjustments are subject to quarterly

review and re-approval by the IIC and will be released when the risks are no longer relevant.

The IFRS 9 Impairment Committee:

•

Oversees the appropriateness of all Business Model Assessment and Solely Payments of Princ

ipal and Interest tests

•

Reviews and approves expected credit loss for financ

ial assets class

if

ied as stages 1, 2 and 3 for each financial report

ing period

•

Reviews and approves stage allocation rules and thresholds

•

Approves material adjustments in relation to expected credit loss for fair value through other comprehensive income and

amortised cost financ

ial assets

•

Reviews, challenges and approves base macroeconomic forecasts and the multiple macroeconomic scenarios approach

that are util

ised

in the forward-looking expected credit loss calculations

Key inputs into the calculation and resulting expected credit loss provis

ions are subject to rev

iew and approval by the IIC.

The IIC consists of senior representatives from Risk and Finance. It meets at least twice every quarter; once before the models

are run to approve key inputs into the calculation, and once after the models are run to approve the expected credit loss

provis

ions and any judgemental overr

ides that may be necessary.

The IIC is supported by an Expert Panel which also reviews and challenges the base case project

ions and mult

iple

macroeconomic scenarios. The Expert Panel consists of members of Enterprise Risk Management (which includes

the Scenario Design team), Finance, Group Economic Research and country representatives of major jur

isd

ict

ions.

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hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8L3N2Zz4=)

Risk Profile continued

Standard Chartered Bank

96

Directors’ Report and Financ

ial Statements 2024

Traded Risk

Market Risk (audited)

Market Risk is the potential for fair value loss due to adverse moves in markets. The Group’s exposure to Market Risk arises

predominantly from the following sources:

• Trading book:

–

The Group provides clients with access to markets, facil

itat

ion of which entails the Group taking moderate market

risk posit

ions. All trad

ing teams support client activ

ity; there are no propr

ietary trading teams. Hence, income earned

from market risk-related activ

it

ies is primar

ily dr

iven by the volume of client activ

ity.

• Non-trading book:

–

Treasury is required to hold a liqu

id assets buffer, much of wh

ich is held in high-quality marketable debt securit

ies

–

The Group underwrites and sells down loans, and invests in select investment grade debt securit

ies w

ith no trading intent

–

The Group has capital invested and related income streams denominated in currencies other than US dollars. To the

extent that these income streams are not hedged, the Group is subject to Structural Foreign Exchange Risk which is

reflected in reserves.

A summary of our current polic

ies and pract

ices regarding market risk management is provided in the Princ

ipal R

isks section

(page 52).

The primary categories of Market Risk for the Group are:

•

Interest Rate Risk: aris

ing from changes

in yield curves and impl

ied volat

il

it

ies

•

Foreign Exchange Risk: aris

ing from changes

in currency exchange rates and impl

ied volat

il

it

ies

•

Commodity Risk: aris

ing from changes

in commodity prices and impl

ied volat

il

it

ies

•

Credit Spread Risk: aris

ing from changes

in the price of debt instruments and credit-linked derivat

ives and dr

iven by factors

other than the level of risk-free interest rates

•

Equity Risk: aris

ing from changes

in the prices of equit

ies and

impl

ied volat

il

it

ies

Market risk changes (audited)

Value at Risk (VaR) allows the Group to manage Market Risk across the trading book and most of the fair valued

non-trading books.

The average level of total trading and non-trading VaR in 2024 was $30.2 mill

ion, 27 per cent lower than 2023 ($41.1 m

ill

ion).

The year end level of total trading and non-trading VaR in 2024 was $30.7 mill

ion, 5 per cent lower than 2023 ($32.2 m

ill

ion),

due to a reduction in credit spreads.

For the trading book, the average level of VaR in 2024 was $18.4 mill

ion, 2 per cent h

igher than 2023 ($18 mill

ion).

Trading activ

it

ies have remained relatively unchanged, and client driven.

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Risk Profile continued

Standard Chartered Bank

97

Directors’ Report and Financ

ial Statements 2024

Daily value at risk (VaR at 97.5%, one day) (audited)

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Average | High | Low | Year End | Average | High | Low | Year End |
| Trading  1  and non-trading  2 | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Interest Rate Risk | 21.7 | 31.1 | 11.9 | 27.3 | 26.3 | 38.8 | 16.8 | 17.2 |
| Credit Spread Risk | 14.8 | 25.6 | 9.9 | 12.7 | 27.9 | 43.9 | 20.9 | 26.0 |
| Foreign Exchange Risk | 8.9 | 15.6 | 5.1 | 7.6 | 6.6 | 10.0 | 3.6 | 6.3 |
| Commodity Risk | 4.6 | 9.7 | 2.4 | 4.1 | 5.6 | 9.4 | 3.4 | 4.6 |
| Equity Risk | 0.4 | 0.9 | – | – | 0.1 | 0.4 | – | – |
| Divers  ification effect  3 | (20.2) | NA | NA | (21.0) | (25.4) | NA | NA | (21.9) |
| Total | 30.2 | 43.6 | 18.8 | 30.7 | 41.1 | 55.3 | 30.3 | 32.2 |

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Average | High | Low | Year End | Average | High | Low | Year End |
| Trading  1 | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Interest Rate Risk | 10.7 | 18.2 | 5.6 | 12.4 | 10.8 | 14.8 | 6.3 | 6.3 |
| Credit Spread Risk | 4.6 | 8.5 | 2.9 | 3.4 | 6.9 | 9.7 | 5.7 | 6.9 |
| Foreign Exchange Risk | 8.9 | 15.6 | 5.1 | 7.6 | 6.6 | 10.0 | 3.6 | 6.3 |
| Commodity Risk | 4.5 | 9.7 | 2.3 | 4.1 | 5.6 | 9.4 | 3.4 | 4.5 |
| Equity Risk | – | – | – | – | – | – | – | – |
| Divers  ification effect  3 | (10.3) | NA | NA | (6.0) | (11.9) | NA | NA | (9.8) |
| Total | 18.4 | 29.4 | 11.0 | 21.5 | 18.0 | 25.3 | 13.0 | 14.2 |

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Average | High | Low | Year End | Average | High | Low | Year End |
| Non-trading  2 | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Interest Rate Risk | 18.4 | 23.6 | 11.5 | 22.8 | 22.9 | 31.0 | 13.4 | 14.3 |
| Credit Spread Risk | 13.1 | 21.3 | 8.1 | 11.5 | 24.1 | 37.8 | 17.6 | 20.1 |
| Equity Risk | 0.4 | 0.9 | – | – | 0.1 | 0.4 | – | – |
| Divers  ification effect  3 | (8.1) | NA | NA | (4.2) | (13.1) | NA | NA | (8.6) |
| Total | 23.8 | 30.5 | 17.4 | 30.1 | 34.0 | 43.1 | 23.6 | 25.8 |

The following table sets out how trading and non-trading VaR is distr

ibuted across the Group’s bus

inesses:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Average | High | Low | Year End | Average | High | Low | Year End |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Trading  1  and non-trading  2 | 30.2 | 43.6 | 18.8 | 30.7 | 41.0 | 55.3 | 30.3 | 32.2 |
| Trading  1 |  |  |  |  |  |  |  |  |
| Global Credit | 5.2 | 9.2 | 3.1 | 4.0 | 11.1 | 15.7 | 7.2 | 7.6 |
| Macro Trading  4 | 15.8 | 27.7 | 8.0 | 17.7 | 11.6 | 16.0 | 7.6 | 9.6 |
| XVA | 4.3 | 5.7 | 3.3 | 3.3 | 5.8 | 7.8 | 4.1 | 5.6 |
| Divers  ification effect  3 | (6.9) | NA | NA | (3.5) | (10.5) | NA | NA | (8.6) |
| Total | 18.4 | 29.4 | 11.0 | 21.5 | 18.0 | 25.3 | 13.0 | 14.2 |
| Non-trading  2 |  |  |  |  |  |  |  |  |
| Treasury  5 | 22.8 | 27.2 | 16.8 | 27.0 | 33.0 | 40.9 | 22.2 | 25.5 |
| Global Credit | 4.0 | 9.5 | 2.3 | 8.2 | 3.7 | 14.0 | 1.9 | 3.7 |
| Listed Private Equity | 0.4 | 0.9 | – | – | 0.1 | 0.4 | – | – |
| Divers  ification effect  3 | (3.4) | NA | NA | (5.1) | (2.9) | NA | NA | (3.4) |
| Total | 23.8 | 30.5 | 17.4 | 30.1 | 34.0 | 43.1 | 23.6 | 25.8 |

1

The trading book for Market Risk is defined in accordance with the UK onshored Capital Requirements Regulation Part 3 Title I Chapter 3, which restricts the posit

ions

permitted in the trading book

2

The non-trading book VaR does not include the loan underwrit

ing bus

iness

3

The total VaR is non-addit

ive across r

isk types due to divers

ification effects, wh

ich is measured as the difference between the sum of the VaR by ind

iv

idual risk type

or business and the combined total VaR. As the maximum and min

imum occur on d

ifferent days for different risk types or businesses, it is not meaningful to calculate

a portfolio divers

ification benefit for these measures

4

Macro Trading comprises the Rates, FX and Commodit

ies bus

inesses

5

Treasury comprises Treasury Markets and Treasury Capital Management businesses

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

98

Directors’ Report and Financ

ial Statements 2024

Average daily income earned from Market Risk-related activ

it

ies

¹

(audited)

Trading: The average level of total trading daily income in 2024 was $8.3 mill

ion, 6 per cent h

igher than 2023 ($7.8 mill

ion).

The increase is largely attributable to higher financ

ing

income across Credit Trading businesses includ

ing Global Repo and

Structured Credit Financ

ing.

Non-trading: The average level of total non-trading daily income in 2024 was $2.3 mill

ion, attr

ibutable to translation gains on

the revaluation of FX posit

ions

in Egypt, and FX revaluation gains across currencies in Markets Credit Trading business.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Trading | $mill  ion | $mill  ion |
| Interest Rate Risk | 3.0 | 3.0 |
| Credit Spread Risk | 1.1 | 0.7 |
| Foreign Exchange Risk | 3.7 | 3.7 |
| Commodity Risk | 0.5 | 0.4 |
| Equity Risk | – | – |
| Total | 8.3 | 7.8 |

|  |  |  |
| --- | --- | --- |
| Non-trading | $mill  ion | $mill  ion |
| Interest Rate Risk | 0.6 | (0.1) |
| Credit Spread Risk | 1.7 | (0.5) |
| Equity Risk | – | 0.1 |
| Total | 2.3 | (0.5) |

1

Reflects total product income which is the sum of client income and own account income. Includes elements of trading income, interest income and non funded income

which are generated from Market Risk-related activ

it

ies. Rates, XVA and Treasury income are included under Interest Rate Risk whilst Credit Trading income is included

under Credit Spread Risk

Structural foreign exchange exposures

The table below sets out the princ

ipal structural fore

ign exchange exposures (net of investment hedges) of the Group.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Indian rupee | 3,451 | 3,291 |
| Singapore dollar | 3,279 | 2,370 |
| Malaysian ringg  it | 1,538 | 1,540 |
| Bangladeshi taka | 1,113 | 1,007 |
| Euro | 1,112 | 1,125 |
| UAE dirham | 797 | 696 |
| Thai baht | 763 | 782 |
| Pakistan  i rupee | 392 | 306 |
| Indonesian rupiah | 230 | 293 |
| Other | 3,512 | 3,300 |
|  | 16,187 | 14,710 |

As at 31 December 2024, the Group had taken net investment hedges using derivat

ive financial

instruments to partly cover its

exposure to the Indian rupee of $1,784 mill

ion (31 December 2023: $1,809 m

ill

ion), UAE d

irham of $1,470 mill

ion (31 December

2023: $1,470 mill

ion), S

ingapore dollar of $nil mill

ion (31 December 2023: $1,047 m

ill

ion) and South Afr

ican rand of $nil mill

ion

(31 December 2023: $64 mill

ion). An analys

is has been performed on these exposures to assess the impact of a 1 per cent fall

in the US dollar exchange rates, adjusted to incorporate the impacts of correlations of these currencies to the US dollar.

The impact on the posit

ions above would be an

increase of $294 mill

ion (31 December 2023: $146 m

ill

ion). Changes

in the

valuation of these posit

ions are taken to reserves.

For analysis of the Group’s capital posit

ion and requ

irements, refer to the Capital Review (page 109).

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

99

Directors’ Report and Financ

ial Statements 2024

Counterparty credit risk

Counterparty Credit Risk is the potential for loss in the event of the default of a derivat

ive counterparty, after tak

ing into

account the value of elig

ible collaterals and r

isk mit

igat

ion techniques. The Group’s counterparty credit exposures are

included in the Credit Risk section.

Derivat

ive financial

instruments Credit Risk mit

igat

ion

The Group enters into master netting agreements, which in the event of default result in a single amount owed by or to the

counterparty through netting the sum of the posit

ive and negat

ive mark-to-market values of applicable derivat

ive

transactions.

In addit

ion, the Group enters

into credit support annexes (CSAs) with counterparties where collateral is deemed a necessary

or desirable mit

igant to the exposure. Cash collateral

includes collateral called under a variat

ion marg

in process from

counterparties if total uncollateralised mark-to-market exposure exceeds the threshold and min

imum transfer amount

specif

ied

in the CSA. With certain counterparties, the CSA is reciprocal and requires us to post collateral if the overall

mark-to-market values of posit

ions are

in the counterparty’s favour and exceed an agreed threshold.

Liqu

id

ity and Funding risk

Liqu

id

ity and Funding Risk is the risk that the Group may not have suffic

ient stable or d

iverse sources of funding to meet its

obligat

ions as they fall due.

The Group follows the PLC Group’s Liqu

id

ity and Funding Risk framework, which requires each country to ensure that it

operates with

in predefined l

iqu

id

ity lim

its and rema

ins in compliance with PLC Group’s liqu

id

ity polic

ies and pract

ices,

as well as local regulatory requirements.

The table below shows the composit

ion of l

iab

il

it

ies

in which customer deposits make up 50 per cent of total liab

il

it

ies and

equity as at 31 December 2024, the major

ity of wh

ich are current accounts, savings accounts and time deposits.

|  |  |
| --- | --- |
| Composit  ion of l  iab  il  it  ies and equ  ity | Percentage |
| Equity | 6.1% |
| Subordinated liab  il  it  ies and other borrowed funds | 1.8% |
| Debt securit  ies  in issue | 9.2% |
| Derivat  ive financial  instruments | 14.7% |
| Customer accounts | 50.3% |
| Deposit by banks | 5.7% |
| Other liab  il  it  ies | 12.2% |
| Total | 100.0% |

Liqu

id

ity and Funding risk metrics

The Group monitors key liqu

id

ity metrics regularly on a country basis.

The following liqu

id

ity and funding Board Risk Appetite metrics define the maximum amount and type of risk that the Group

is will

ing to assume

in pursuit of its strategy: liqu

id

ity coverage ratio (LCR), recovery capacity and net stable funding ratio

(NSFR). In addit

ion to the Board R

isk Appetite, there are further lim

its that apply at Group and country level such as external

wholesale borrowing (WBE) and cross currency lim

its.

Liqu

id

ity coverage ratio (LCR)

The LCR aims to ensure that a bank has suffic

ient unencumbered h

igh-quality liqu

id assets to meet

its liqu

id

ity needs in a

30-calendar-day liqu

id

ity stress scenario. Standard Chartered Bank is not regulated for LCR, however, the bank and material

subsid

iar

ies in the consolidat

ion have standalone LCR rat

ios above 100 per cent at 31 December 2024, calculated under the

Liqu

id

ity Coverage Ratio (CRR) Part of the PRA Rulebook.

Stress coverage

Stress testing and scenario analysis are used to assess the financ

ial and management capab

il

ity to cont

inue to operate

effectively under extreme, but plausible, operating condit

ions and to understand the potent

ial threats to the PLC Group’s

liqu

id

ity and other financ

ial resources.

The PLC Group’s internal liqu

id

ity adequacy assessment process (‘ILAAP’) stress testing framework covers the following stress

scenarios:

•

Standard Chartered-specif

ic – Captures the l

iqu

id

ity impact from an id

iosyncrat

ic event affecting Standard Chartered only,

with the rest of the market assumed to be operating normally;

•

Market wide – Captures the liqu

id

ity impact from a market wide cris

is affect

ing all partic

ipants

in a country, region or

globally, and;

•

Combined – Assumes both Standard Chartered-specif

ic and Market-w

ide events affect the PLC Group simultaneously

and hence is the most severe scenario.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

100

Directors’ Report and Financ

ial Statements 2024

All scenarios include, but are not lim

ited to, modelled outflows for reta

il and wholesale funding, off-balance sheet funding

risk, cross currency funding risk, intraday risk, franchise risk and risks associated with a deteriorat

ion of a firm’s cred

it rating.

Concentration risk approach has been enhanced to capture single name and industry concentration.

As of 31 December 2024, all entit

ies w

ith

in the Group follow a cons

istent approach and met their ind

iv

idual ILAAP stress test

requirements with

in r

isk appetite, and as a result, ensure Group has surplus liqu

id

ity on a consolidated basis to meet the

defined survival horizon.

External wholesale borrowing

This metric seeks to monitor and prevent excessive reliance on wholesale borrowing. Triggers are applied to branches and

operating subsid

iar

ies in the Group.

Advances-to-deposits ratio

This is defined as the ratio of total loans and advances to customers relative to total customer accounts. An advances-to-

deposits ratio of below 100 per cent demonstrates that customer deposits exceed customer loans as a result of the emphasis

placed on generating a high level of funding from customers. Lim

its and targets are appl

ied to all branches and operating

subsid

iar

ies in the Group.

Advances-to-deposits ratio has increased by 3.4 percent due to a $9.1 bill

ion

increase in loans and advances.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Total loans and advances to customers  1,2 | 133,923 | 124,794 |
| Total customer accounts  3 | 248,426 | 247,068 |
| Advances-to-deposits ratio | 53.9% | 50.5% |

1

Excludes reverse repurchase agreement and other sim

ilar secured lend

ing of $9,121 mill

ion and

includes loans and advances to customers held at fair value through

profit and loss of $3,989 mill

ion

2

Loans and advances to customers for the purpose of the advances-to-deposits ratio excludes $19,187 mill

ion of approved balances held w

ith central banks, confirmed

as repayable at the point of stress.

3

Includes customer accounts held at fair value through profit or loss of $9,222 mill

ion (31 December 2023: $9,166 m

ill

ion)

Net stable funding ratio (NSFR)

The NSFR is a balance sheet metric which requires inst

itut

ions to mainta

in a stable fund

ing profile in relation to an assumed

duration of their assets and off-balance sheet activ

it

ies over a one-year horizon. It is the ratio between the amount of

available stable funding (ASF) and the amount of required stable funding (RSF). ASF factors are applied to balance sheet

liab

il

it

ies and cap

ital, based on their perceived stabil

ity and the amount of stable fund

ing they provide. Likew

ise, RSF factors

are applied to assets and off-balance sheet exposures according to the amount of stable funding they require. Standard

Chartered Bank is not regulated for NSFR, however the bank and material subsid

iar

ies in the consolidat

ion have standalone

NSFR ratios above 100 per cent at 31 December 2024.

Liqu

id

ity pool

The liqu

id

ity value of the Group’s LCR elig

ible l

iqu

id

ity pool at the reporting date was $131 bill

ion. The figures

in the below table

account for haircuts, currency convertib

il

ity and portabil

ity constra

ints, and therefore are not directly comparable with the

consolidated balance sheet. A liqu

id

ity pool is held to offset stress outflows as defined in the LCR per PRA rulebook.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Level 1 securit  ies |  |  |  |  |
| Cash and balances at central banks | 69,453 | 78,030 | 42,180 | 50,494 |
| Central banks, governments /public sector entit  ies | 42,389 | 34,580 | 23,714 | 23,296 |
| Multilateral development banks and internat  ional organ  isat  ions | 14,385 | 11,842 | 14,287 | 11,715 |
| Other | 343 | 1,287 | 343 | 1,161 |
| Total Level 1 securit  ies | 126,570 | 125,739 | 80,524 | 86,666 |
| Level 2A securit  ies | 4,060 | 9,046 | 3,306 | 7,176 |
| Level 2B securit  ies | 411 | 724 | 410 | 376 |
| Total LCR elig  ible assets | 131,041 | 135,509 | 84,240 | 94,218 |

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Risk Profile continued

Standard Chartered Bank

101

Directors’ Report and Financ

ial Statements 2024

Liqu

id

ity analysis of the Group’s balance sheet (audited)

Contractual maturity of assets and liab

il

it

ies

The following table presents assets and liab

il

it

ies by matur

ity groupings based on the remain

ing per

iod to the contractual

maturity date as at the balance sheet date on a discounted basis. Contractual maturit

ies do not necessar

ily reflect actual

repayments or cashflows.

With

in the tables below, cash and balances w

ith central banks, interbank placements and investment securit

ies that are

fair value through other comprehensive income are used by the Group princ

ipally for l

iqu

id

ity management purposes.

As at the reporting date, assets remain predominantly short-dated, with 65 per cent maturing in one year.

Group

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  |  | Between one | Between |  |  |  | Between |  |  |
|  |  | month and | three | Between six | Between | Between one | two years | More than |  |
|  | One month | three | months and | months and | nine months | year and two | and five | five years |  |
|  | or less | months | six months | nine months | and one year | years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks | 53,804 | – | – | – | – | – | – | 2,861 | 56,665 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 23,025 | 15,570 | 11,128 | 6,655 | 3,632 | 6,858 | 9,013 | 6,836 | 82,717 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  1,2 | 11,412 | 13,483 | 7,778 | 5,090 | 3,333 | 7,517 | 2,881 | 1,172 | 52,666 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  1,2 | 49,102 | 42,519 | 18,989 | 8,543 | 9,355 | 15,843 | 18,433 | 37,358 | 200,142 |
| Investment securit  ies  1 | 7,519 | 15,812 | 9,680 | 4,581 | 7,223 | 18,256 | 26,620 | 38,750 | 128,441 |
| Other assets | 8,575 | 21,365 | 1,045 | 376 | 827 | 71 | 64 | 5,358 | 37,681 |
| Due from subsid  iary |  |  |  |  |  |  |  |  |  |
| undertakings and |  |  |  |  |  |  |  |  |  |
| other related parties | 5,222 | – | – | – | – | – | – | – | 5,222 |
| Total assets | 158,659 | 108,749 | 48,620 | 25,245 | 24,370 | 48,545 | 57,011 | 92,335 | 563,534 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| Deposits by banks  1,3 | 21,215 | 2,145 | 1,473 | 786 | 451 | 4,288 | 1,935 | 3 | 32,296 |
| Customer accounts  1,4 | 221,755 | 25,761 | 15,092 | 5,243 | 6,086 | 6,420 | 2,358 | 426 | 283,141 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 22,341 | 17,329 | 10,929 | 6,454 | 3,640 | 6,168 | 9,285 | 6,431 | 82,577 |
| Senior debt  5 | 606 | 1,711 | 2,431 | 1,934 | 849 | 2,362 | 6,293 | 4,373 | 20,559 |
| Other debt securit  ies |  |  |  |  |  |  |  |  |  |
| in issue  1 | 2,672 | 2,314 | 6,479 | 4,521 | 4,726 | 806 | 6,673 | 3,290 | 31,481 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 28,246 | – | – | – | – | – | – | – | 28,246 |
| Other liab  il  it  ies | 9,131 | 23,171 | 669 | 483 | 125 | 3,987 | 419 | 2,774 | 40,759 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 8 | 36 | – | 73 | 19 | 206 | 532 | 9,485 | 10,359 |
| Total liab  il  it  ies | 305,974 | 72,467 | 37,073 | 19,494 | 15,896 | 24,237 | 27,495 | 26,782 | 529,418 |
| Net liqu  id  ity gap | (147,315) | 36,282 | 11,547 | 5,751 | 8,474 | 24,308 | 29,516 | 65,553 | 34,116 |

1

Loans and advances, investment securit

ies, depos

its by banks, customer accounts and debt securit

ies

in issue include financ

ial

instruments held at fair value through

profit or loss, see Note 12 Financ

ial

instruments

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $77.6 bill

ion

3

Deposits by banks include repurchase agreements and other sim

ilar secured borrow

ing of $8.4 bill

ion

4

Customer accounts include repurchase agreements and other sim

ilar secured borrow

ing of $34.7 bill

ion

5

Senior debt maturity profiles are based upon contractual maturity, which may be later than call options over the debt held by the Group

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8xMDQiPjxwYXRoIGQ9Ik01OC45LDEyNDkuM3YtNDFIMTY0LjR2NDFaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzEwNHsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8xMDR7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzEwNCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzEwNCkiIHByZXNlcnZlQXNwZWN0UmF0aW89Im5vbmUiIHg9IjU5IiB5PSIxMjA4IiB3aWR0aD0iMTA1IiBoZWlnaHQ9IjQxIiB4bGluazpocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUdrQUFBQXBDQU1BQUFBQkJQZGtBQUFEQUZCTVZFVUFBQUFsamdBQ1Y3SXZ0UUFJSWdBQU0yOUpTVXNBSTBzRGN1bzdPenczMHdBQUJ3OUJRa01CSTBnUGxnQTVPandCVnJJN1BEMEJIVHhRVVZNQ1M1a0VjT1FtSnlnYllRQU5EUTBEYytwM2QzY2FKU1UzMGdBNU9UbzR6Z0FyTEMwaUlpSkpTa3dBTkd3ck5EUktWRlZPVUZJQUhwOENhdGdEQ2dBQWJOOUxUVkFZWGdCWFYxSVZGaG94dlFBd01ERldXRnBLVTA0VEV4UlJVbElEZHZBQVJwRXl3QUFSUUFBNTJBQktTa3M5UGo5VVZGWm1aMmRYV0VjQUZTcFBVRkVsSmlrQ2F0dHBhUU5TVkZWU1ZGVThQRjBHR0FBQVFZeFdXRms5RHhBQlpkSlJVbE5SVWxSTVRVTkRRMFFyTEN3ZGNBQTUxUUFSRVJGU1ZGVWtKQ1VDWTh0VVZGWWJHeHhWVmxoVlZsZ0JUSm8xT2o1UlVsUWVIaG9FZHZCY1hWOHlNZ0FpaEFBcUpob3p2d0JVVlZaU1ZGWUVlUEpaV2x4QVFVTUFSTU5ZV0ZwQVFrWmhZV00xTnpnYmFBQURkZkJSVVZOVVZsaENRMFUxMGdBaElTRlNVbFU3M1FBVUZCUUlDQUF2TVRJQlBYNFlHUmtDY3VrRWMrdzlTa3RSVUZFaEl5UXp4UUFEZE8wWUdCbElTRXBVVkZZRWMrdFVWRlJVVWxRK1BrQlJVbFZVVlZndExTMEFEaDBCYitwRFJVWllXVnNTU3dBYUdoeExURTREZGZCUlVsVWRiUUJOVGs4Z2d3QWxKU1U1MlFBQUFnWUNjKzFFUmtoRFEwd0RjKzFSVVZVQUd6WTNOemhSVjFnQ1lNY29LU3BXVmxaRFJVWkNSRVExTlRWTlVGRldVbGhGUmtnRWRPMDQwZ0JMeVFCVFZGVllXVnRRVWxKYVhGNGlJeVJUV1ZzQlBIdEFRRUVvS0MwMzBnQkVSVVU0MVFBQVFuazQwZ0FubWdBN096OEFVYU5EM1FBQkxWd2lnZ0EzMkFCT1RsRkZSa29vS0NnQ2NlbzQxUUFEZE80VlVBQUVkTzBSRVJRRkJRWW1IaDQ1UUVBWEZ3QktTa3cxTmpaRlJraElTa3NBVUtFSkNRa2ZIeUV1UjBjQVljVU9EeEJHUmtjWUdSbFRWRTQrUUVBZEhSNEFMRm9FZVBRMzFRQkhTRWdycEFCU1VsUUJRWUZNVFZCU1VsUWRjUUFFZGZFOVBUOC9QMEUxeVFBd01ERUJVcWtqSkNRNDFRQUNjK2MxekFBQ2VPTWxXd0JEU1VrNDBRQUFFU01CU3BZRWVQUTIwZ0FBR0VVQk1XVU5OQURtSTg5YUFBQUJBSFJTVGxNQWIyWm1Cd3pNQ3M0TjNnS2lLUjZMTlVzbzZXYTlSZ29GL2hBRytEMjJZeTJVS3d0Y3JSeDFBU3hzSjhrR015ZnZNQ1dMNlNXTERQVVNaZXRxc3c3S0RJZ0ZrYzFLQmhuWEpWZlJ6YVE1V1ViN0NyQTBjTkk3N3RGRERmQUw5dm9CVnd0S3JlNzM3MzBSalVWTE9EcTVycFdFaUEyTTlnZ0FVVVZHdGY5RmN4ZHUwdyt3bEtwTHZWV3lyd1lHV0ZmdkdRMjgwMjhsalFzTTNBQ1VWVEt2Q3dwdXhvZ3hMR1lhRDFGbWl2M1JLRzNVVk8wbnRUOU9FN2RLemd6K05DSVBnaklwdDVRNkMyNndyd3ZVQkFJTUVBQ3JUS2lESVFZVUNCME1jaWxhV0F3VDBwdWVTVlFzclRvdTFDdUtrQk5hS0kyRU5XRVVJSzhITmZkeEJDVVN0WUJ5THdBQUJ6TkpSRUZVZU5xMWwzOVlVOWNaeDk5YVdrWFpMR2JUc05ZcDYyZ3BMaVpLYkNtM2xicmMyVk9sMEFCR1VpUFo2bjJFbVNrRWljN1dMR2sxY0wxQ0oxSjBnUGdvTWFMUVdCNkJEa3VwM1NZL3BuSnIvYkhZSXRScXBpaE9WbTFuTGE3Yk9mY20zS3ZGK2crY1AzTHZPZmZjKzNtKzUvdSs3emtCa05xNDJWOGR6YmorZkFXTWVIdjVzTmNlNFQzOC9FaHpIcGlUNFkzQXpkc3hzcHlkZjgzR2dnUlM5a2h5S2g2Ym83V0xvQWp2MnBFa1BYRXVJR2lFVisvaTlZeEJrRDBqLzhNUkEvMGpXeVpJdTJEbnVMdE45SVh5My91aFJXZnY4bUJ2cDNCNWY0d2thT21QbndDWU8zM2wxN2VLaDNpaE5OYjNmYURsQnZYUUQycVlkVUs2amhvSWdyeDlIYU1oZXRxVDVYcDlYUE8wMnlhM2wrRWZ6dVh6S2ZHVmYyNVFXM3U3ZU9XZmE0Y3FNeUdwMnBYQmh3K3JBRHJiQzZIVkxaQm01M3NEZ3J6NVA3c0pzS1E1cmdVMy9VOG5TWnpDUDdLMFAwbkp1Vzc0SS9lcTJrN1M2OXNxVHhZKzZ2OURKZWMrMVVUaytHbk9FcU5SZzgrU1F4L2ZibmtiR2lLVExJMG40TDNlUk9aS2tKUWRrSFIwMVBzQVI2N3A5UzFDaTlzaWtkWmsrck5ZYXdybmN0UlRUOWVrMHkreUtOSFVmOHhrUUwwbG1jeG12a2RqUEI2RldMTmFXVXZSWVNWVWdnRTg5VkZHWTNpV3h1MW5hWllWU1dORVRmYnNXYmozbjcvRUJVaGpKWkt5VmJFSXlocDhuT3VqdExSK2c4NzVjZDRhaFdudk1SUHlxRmJIb0lYOUJwZXpjL0VKZzBsOUpYMjhFMVpQcEdqd1VJWVR6Z0xxbEpQL0tONWNJcElPQnpOV093KzdGUDFsczREU0g1QldUL1ZNWnRRTTBTZUFDNmdiMzNhMm10VEhURnV4SlU4clhpdWdacEpwNDgzcVhPb0xjcWZEcEUzL0FyQVpCRU1UeE5VcjJyVTBHQkFEMjM2QWpTcStXcTV2MFRmL1RSWVBlVmsweFN6bkJaTERTRDdyeXlLYW5zSFJ1MFB4V3ExYklGVnAxR0hJU2U0Y1pQWGlBYXlOd3VzQm4rQ2lkakRJdmVjV3pBWjRhc1cxODdlMjNCNm8zWDkyc3pOVENha0hrYytxck1RbmtXU3BRUzhRbVpFYWRaYW95VVZJbnhGTm9iaDNOa0gwQ1dEZTBzSEV4WHZHcDkvZG5wUTNmQlg4SlRTVFlYdzh2NE95OFR4L2laSTBGZnlFMHVHaGJtUlNKMmxzU3A2ZlFSbEYwcTgwWi9DRE5lWWdDZjc5bHBTNzNyNVJuOTlKU25FeHBURnVhMWNQWmJWeE8rS3BScHZMWUNBK0JVaDhQTVhhZERTTjg4bEJNVFlybWo5ZkpLVkVwak94VmpyUkhTU05tN1V0WXhBVmtiSDI0aDBrWHUxSVRTMjl3Uyt1WlpoU2xTOUp4MWt0NGJwRm4rZ21ZOE5ESGJzcmZFazJ6aG9ldnF3ZlZwL1FjYTYyZ2xKb1dwYUUzK3dxY0hFMnovNjZ6Y0ozUXViaVhXUGVVVm50eStpNE9YUlo0YnZ1VXRmeWZQY3FycjR1Q0RuLzlZb1FnRyszYWIwUzZ2QzdSVU5OVDg0WnVvWTJNSlo3Z1BnZUZxYkg2Y3RmSjlIK2FwL2tsbDM3K0pBa3pjR2hTU2ozWHFRNkJWekRpYXIvK3dmUlVQSGhyc0Y5RjBmRzQzSlZLVFV1MXJvL0pkbDBxWTVsTHFUZ2dRME1aOXZkVXd0cTY1WFBtRXZJcG10TTRtZVdjbHdkem9IYTJvYll1cktwTnBicHdjdk5UMTdHV2R1bUlOZ25WSVN4OStHU1VQU1F0RlBadGU5S29NMnRDTWVRWVh1eXljM0ZNcFJEVmVoQ1ZoeGppSU0xNWh6YVdvQnNHNmxxajVHMnhScFpKM0FHTjF2N085VG9zRkpSNjJDREFzY3FTbFRBSTJLWlc3VVBieE1WNHpvR2dtNTVyMHRoa1d5dTRvSGZzeWZabkhPMjR1RW9xcWt5OCtjNFVXbzBxWmlVMk0xL2dYS2JkcWdZU2wzQmV6YU5COFpjeWpjaDlqVFBoNXVuaENwY09CdDNJek9NRlVsWTFxM2lhTmo1Y25ZZzRPMzVONlY4UW5rQm44THhiM3k5WnoxOW1zUVR1eEdUcWdJK2RidWpGdUwyb0h0ekRxNU9Fek56U1UvUnVuOVRHdkVwMWlUNEZHQWQrQ2NlKzd4RERFS3ZST3BpdUlBMjB4V1I5R0RKWWtLeWt0VmJIaVFobElpYmdUdk5iVndOeWVrRzBrT3hEalNWa0dJVThFNVFGR0d0L0JNZS9YUU1LVS9lT1RKTmlrOENwSU55VFYyTnFYS1NjV3Vna0tWaTBrUlNJMGlycmc5cW1udi9XTDJFT3ZUU0VYeXkySVVEZnVCVktVUTNhSEtkb0p4NmVrcVFWRWxWNVgzOFNvd21RSEtpNDEyLzduZWxoeS8rL1N0cDNRS3B5ZTNHTzNCZTJqb25jamxCTmRGZ0pnZVVaaGtxN21veENjTDhnVEVQeUJKOHE0WU9XNDhzVTh3Qmt0S21TWGp4RndwallQVjgvazBsejZiT2NGTmMyTFAxazRHc25tKzdFWjA4bVlBOGNLRitmbGdKaVQzYy9uZDFsWXpWL0NVdVQ2TVhQSFJiNXIzWFMvZFdoNmI1KzhtaEliSUJVaXA3M1pGN3FzK0F4MCtPS1h0UHNXejF1bDlXYzNTdnBSRE9uTUVaQndkeldiZS9yUkNVU2ZqY1lWbjR0dkNkcDFZY2tzdDZjc3QzazF6VnJycHpRQ212QWNMaENjcmFPMldEWmNFcDhxbVRidWxsckgxTFJ1UUllM1BDaEFrN0FUNDRGQ2VoV3E1TkczNVEwWUp6MnI3OGI0cWlpMTh2bDd2MW15UERUWG96UTZoeWIrTGJIeDVZSmVYV3FzdkRUUktQZS9nQSs4MS9ZZEo5KzZTS3NUSmttRW5CN1c4Zys3ZTRkL2w4UzVCMWZyaEpiNGlhQnRaK0svYVhCTnpTcjV3NzNENXB2WGE3OTYwZkJVdEM5T1dyNU1Dc0x4OTJuMFovMVJlaDNUWkw5dmNzWkVuekkzRUhwZyszcFA4RDRRMS9lVlBscVM0QUFBQUFTVVZPUks1Q1lJST0iLz4KPHBhdGggZD0iTTIyMC45LDE3MC4xaDY5LjNtMCwwaDY5LjJtMCwwaDY5LjNtMCwwSDQ5OG0wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM002NSwyMzcuNUgyMjAuOW0wLDBoNjkuM20wLDBoNjkuMm0wLDBoNjkuM20wLDBINDk4bTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zTTY1LDQ4My44SDIyMC45bTAsMGg2OS4zbTAsMGg2OS4ybTAsMGg2OS4zbTAsMEg0OThtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNNNjUsNTAzLjdIMjIwLjltMCwwaDY5LjNtMCwwaDY5LjJtMCwwaDY5LjNtMCwwSDQ5OG0wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM002NSw3NzUuM0gyMjAuOW0wLDBoNjkuM20wLDBoNjkuMm0wLDBoNjkuM20wLDBINDk4bTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zbTAsMGg2OS4zTTY1LDc5NS4ySDIyMC45bTAsMGg2OS4zbTAsMGg2OS4ybTAsMGg2OS4zbTAsMEg0OThtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNtMCwwaDY5LjNNNjUsODE1LjFIMjIwLjltMCwwaDY5LjNtMCwwaDY5LjJtMCwwaDY5LjNtMCwwSDQ5OG0wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuM20wLDBoNjkuMyIgY2xhc3M9ImcxXzEwNCIvPgo8L3N2Zz4=)

Risk Profile continued

Standard Chartered Bank

102

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  |  | Between | Between |  |  |  | Between |  |  |
|  |  | one month | three | Between six | Between | Between | two years | More than |  |
|  | One month | and three | months and | months and | nine months | one year and | and five | five years |  |
|  | or less | months | six months | nine months | and one year | two years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks | 61,147 | – | – | – | – | – | – | 3,051 | 64,198 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 19,240 | 9,324 | 6,132 | 3,098 | 2,548 | 3,997 | 5,208 | 3,007 | 52,554 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  1,2 | 17,521 | 14,057 | 7,166 | 3,563 | 4,104 | 1,488 | 2,124 | 1,098 | 51,121 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  1,2 | 61,802 | 40,058 | 18,856 | 8,866 | 8,234 | 13,212 | 15,950 | 34,449 | 201,427 |
| Investment securit  ies  1 | 6,246 | 12,824 | 9,487 | 8,350 | 7,274 | 12,020 | 31,708 | 38,063 | 125,972 |
| Other assets | 9,071 | 20,691 | 1,088 | 408 | 528 | 65 | 93 | 5,697 | 37,641 |
| Due from subsid  iary |  |  |  |  |  |  |  |  |  |
| undertakings and |  |  |  |  |  |  |  |  |  |
| other related parties | 5,666 | – | – | – | – | – | – | – | 5,666 |
| Total assets | 180,693 | 96,954 | 42,729 | 24,285 | 22,688 | 30,782 | 55,083 | 85,365 | 538,579 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| Deposits by banks  1,3 | 21,993 | 1,637 | 1,086 | 503 | 594 | 1,243 | 2,845 | 4 | 29,905 |
| Customer accounts  1,4 | 220,227 | 34,561 | 17,476 | 7,681 | 6,031 | 4,916 | 2,446 | 227 | 293,565 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 18,540 | 11,042 | 5,836 | 3,299 | 2,438 | 4,125 | 5,952 | 3,941 | 55,173 |
| Senior debt  5 | 45 | 992 | 1,353 | 758 | 536 | 3,742 | 5,897 | 4,301 | 17,624 |
| Other debt securit  ies |  |  |  |  |  |  |  |  |  |
| in issue  1 | 3,063 | 5,257 | 5,247 | 3,182 | 2,153 | 1,827 | 3,191 | 4,787 | 28,707 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 31,166 | – | – | – | – | – | – | – | 31,166 |
| Other liab  il  it  ies | 9,437 | 20,040 | 213 | 20 | 62 | 1,687 | 1,556 | 4,026 | 37,041 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | – | – | 11 | – | 11 | 21 | 73 | 11,338 | 11,454 |
| Total liab  il  it  ies | 304,471 | 73,529 | 31,222 | 15,443 | 11,825 | 17,561 | 21,960 | 28,624 | 504,635 |
| Net liqu  id  ity gap | (123,778) | 23,425 | 11,507 | 8,842 | 10,863 | 13,221 | 33,123 | 56,741 | 33,944 |

1

Loans and advances, investment securit

ies, depos

its by banks, customer accounts and debt securit

ies

in issue include financ

ial

instruments held at fair value through

profit or loss, see Note 12 Financ

ial

instruments

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $83.6 bill

ion

3

Deposits by banks include repurchase agreements and other sim

ilar secured borrow

ing of $5.0 bill

ion

4

Customer accounts include repurchase agreements and other sim

ilar secured borrow

ing of $46.5 bill

ion

5

Senior debt maturity profiles are based upon contractual maturity, which may be later than call options over the debt held by the Group

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<path d="M220.9,181.5h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,248.9H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,529.7H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,549.6H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,821.2H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,841.1H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3M65,861H220.9m0,0h69.3m0,0h69.2m0,0h69.3m0,0H498m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3m0,0h69.3" class="g2_105"/>
</svg>)

Risk Profile continued

Standard Chartered Bank

103

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  |  | Between one | Between |  |  |  | Between |  |  |
|  |  | month and | three | Between six | Between | Between one | two years | More than |  |
|  | One month | three | months and | months and | nine months | year and two | and five | five years |  |
|  | or less | months | six months | nine months | and one year | years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks | 44,072 | – | – | – | – | – | – | 1,161 | 45,233 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 23,313 | 15,490 | 10,848 | 6,513 | 3,741 | 6,913 | 9,901 | 6,125 | 82,844 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  1,2 | 7,857 | 9,599 | 5,346 | 3,886 | 2,403 | 5,762 | 2,575 | 1,173 | 38,601 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  1,2 | 30,561 | 20,110 | 14,562 | 6,837 | 7,989 | 13,176 | 10,613 | 14,200 | 118,048 |
| Investment securit  ies  1 | 3,726 | 7,620 | 7,679 | 3,010 | 5,953 | 15,370 | 23,346 | 36,449 | 103,153 |
| Investment in subsid  iary |  |  |  |  |  |  |  |  |  |
| undertaking | – | – | – | – | – | – | – | 10,671 | 10,671 |
| Other assets | 7,595 | 15,370 | 652 | 234 | 359 | 33 | 51 | 2,781 | 27,075 |
| Due from subsid  iary |  |  |  |  |  |  |  |  |  |
| undertakings and |  |  |  |  |  |  |  |  |  |
| other related parties | 10,066 | – | – | – | – | – | – | – | 10,066 |
| Total assets | 127,190 | 68,189 | 39,087 | 20,480 | 20,445 | 41,254 | 46,486 | 72,560 | 435,691 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| Deposits by banks  1,3 | 17,521 | 1,933 | 1,385 | 758 | 440 | 3,506 | 1,883 | – | 27,426 |
| Customer accounts  1,4 | 126,657 | 14,880 | 7,380 | 2,275 | 3,410 | 5,746 | 2,158 | 414 | 162,920 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 22,875 | 17,383 | 10,601 | 6,297 | 3,574 | 6,271 | 9,803 | 5,941 | 82,745 |
| Senior debt  5 | 606 | 1,690 | 2,380 | 1,934 | 849 | 2,303 | 6,271 | 4,373 | 20,406 |
| Other debt securit  ies |  |  |  |  |  |  |  |  |  |
| in issue  1 | 2,392 | 1,899 | 6,050 | 4,266 | 4,375 | 806 | 5,584 | 2,365 | 27,737 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 42,313 | – | – | – | – | – | – | – | 42,313 |
| Other liab  il  it  ies | 9,648 | 16,332 | 648 | 432 | 92 | 3,888 | 321 | – | 31,361 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 8 | 36 | – | 73 | 19 | 206 | 514 | 8,945 | 9,801 |
| Total liab  il  it  ies | 222,020 | 54,153 | 28,444 | 16,035 | 12,759 | 22,726 | 26,534 | 22,038 | 404,709 |
| Net liqu  id  ity gap | (94,830) | 14,036 | 10,643 | 4,445 | 7,686 | 18,528 | 19,952 | 50,522 | 30,982 |

1

Loans and advances, investment securit

ies, depos

its by banks, customer accounts and debt securit

ies

in issue include financ

ial

instruments held at fair value through

profit or loss, see Note 12 Financ

ial

instruments

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $72.6 bill

ion

3

Deposits by banks include repurchase agreements and other sim

ilar secured borrow

ing of $8.1 bill

ion

4

Customer accounts include repurchase agreements and other sim

ilar secured borrow

ing of $34.6 bill

ion

5

Senior debt maturity profiles are based upon contractual maturity, which may be later than call options over the debt held by the Group

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)

Risk Profile continued

Standard Chartered Bank

104

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  |  | Between | Between |  |  |  | Between |  |  |
|  |  | one month | three | Between six | Between | Between | two years | More than |  |
|  | One month | and three | months and | months and | nine months | one year and | and five | five years |  |
|  | or less | months | six months | nine months | and one year | two years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks | 51,446 | – | – | – | – | – | – | 1,312 | 52,758 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 12,441 | 10,666 | 6,527 | 3,491 | 2,867 | 4,842 | 7,113 | 5,274 | 53,221 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  1,2 | 12,528 | 10,389 | 4,157 | 2,431 | 1,675 | 1,431 | 2,082 | 1,097 | 35,790 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  1,2 | 39,724 | 18,061 | 16,415 | 7,159 | 6,593 | 9,930 | 9,456 | 12,560 | 119,898 |
| Investment securit  ies  1 | 3,575 | 9,204 | 8,090 | 7,419 | 7,179 | 10,918 | 27,202 | 35,926 | 109,513 |
| Investment in subsid  iary |  |  |  |  |  |  |  |  |  |
| undertaking | – | – | – | – | – | – | – | 10,066 | 10,066 |
| Other assets | 7,634 | 15,125 | 615 | 183 | 253 | 12 | 35 | 2,993 | 26,850 |
| Due from subsid  iary |  |  |  |  |  |  |  |  |  |
| undertakings and |  |  |  |  |  |  |  |  |  |
| other related parties | 10,053 | – | – | – | – | – | – | – | 10,053 |
| Total assets | 137,401 | 63,445 | 35,804 | 20,683 | 18,567 | 27,133 | 45,888 | 69,228 | 418,149 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| Deposits by banks  1,3 | 17,512 | 1,140 | 1,035 | 500 | 571 | 1,179 | 2,488 | – | 24,425 |
| Customer accounts  1,4 | 129,023 | 22,499 | 11,447 | 4,496 | 3,020 | 3,905 | 2,221 | 216 | 176,827 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 12,638 | 11,984 | 6,225 | 3,710 | 2,969 | 5,207 | 7,506 | 5,292 | 55,531 |
| Senior debt  5 | 44 | 990 | 1,214 | 758 | 448 | 3,711 | 5,851 | 4,284 | 17,300 |
| Other debt securit  ies |  |  |  |  |  |  |  |  |  |
| in issue  1 | 2,876 | 4,813 | 4,810 | 2,921 | 1,754 | 1,688 | 3,191 | 4,941 | 26,994 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 47,317 | – | – | – | – | – | – | – | 47,317 |
| Other liab  il  it  ies | 10,851 | 13,610 | 168 | 6 | 23 | 1,535 | 1,323 | 690 | 28,206 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | – | 12 | 28 | 4 | 28 | 93 | 214 | 10,517 | 10,896 |
| Total liab  il  it  ies | 220,261 | 55,048 | 24,927 | 12,395 | 8,813 | 17,318 | 22,794 | 25,940 | 387,496 |
| Net liqu  id  ity gap | (82,860) | 8,397 | 10,877 | 8,288 | 9,754 | 9,815 | 23,094 | 43,288 | 30,653 |

1

Loans and advances, investment securit

ies, depos

its by banks, customer accounts and debt securit

ies

in issue include financ

ial

instruments held at fair value through

profit or loss, see Note 12 Financ

ial

instruments

2

Loans and advances include reverse repurchase agreements and other sim

ilar secured lend

ing of $77.6 bill

ion

3

Deposits by banks include repurchase agreements and other sim

ilar secured borrow

ing of $4..8 bill

ion

4

Customer accounts include repurchase agreements and other sim

ilar secured borrow

ing of $46.3 bill

ion

5

Senior debt maturity profiles are based upon contractual maturity, which may be later than call options over the debt held by the Group

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Risk Profile continued

Standard Chartered Bank

105

Directors’ Report and Financ

ial Statements 2024

Behavioural maturity of financ

ial assets and l

iab

il

it

ies

The cashflows presented in the previous section reflect the cashflows that will be contractually payable over the residual

maturity of the instruments. However, contractual maturit

ies do not necessar

ily reflect the tim

ing of actual repayments or

cashflow. In practice, certain assets and liab

il

it

ies behave d

ifferently from their contractual terms, especially for short-term

customer accounts, credit card balances and overdrafts, which extend to a longer period than their contractual maturity.

On the other hand, mortgage balances tend to have a shorter repayment period than their contractual maturity date.

Expected customer behaviour is assessed and managed on a country basis using qualitat

ive and quant

itat

ive techn

iques,

includ

ing analys

is of observed customer behaviour over time.

Maturity of financ

ial l

iab

il

it

ies on an und

iscounted basis (audited)

The following table analyses the contractual cashflows payable for the Group’s financ

ial l

iab

il

it

ies by rema

in

ing contractual

maturit

ies on an und

iscounted basis. The financ

ial l

iab

il

ity balances in the table below will not agree to the balances

reported in the consolidated balance sheet as the table incorporates all contractual cashflows, on an undiscounted basis,

relating to both princ

ipal and

interest payments. Derivat

ives not treated as hedg

ing derivat

ives are

included in the

‘On demand’ time bucket and not by contractual maturity.

With

in the ‘More than five years and undated’ matur

ity band are undated financ

ial l

iab

il

it

ies, the majority of wh

ich relate to

subordinated debt, on which interest payments are not included as this informat

ion would not be mean

ingful, given the

instruments are undated. Interest payments on these instruments are included with

in the relevant matur

it

ies up to five years.

Group

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  |  | Between one | Between |  |  |  | Between |  |  |
|  |  | month and | three | Between six | Between | Between one | two years | More than |  |
|  | One month | three | months and | months and | nine months | year and two | and five | five years |  |
|  | or less | months | six months | nine months | and one year | years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Deposits by banks | 21,217 | 2,158 | 1,510 | 800 | 467 | 4,294 | 1,935 | 4 | 32,385 |
| Customer accounts | 222,004 | 25,930 | 15,321 | 5,388 | 6,322 | 6,600 | 2,528 | 457 | 284,550 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments  1 | 81,886 | 23 | 26 | 8 | 3 | 74 | 247 | 310 | 82,577 |
| Debt securit  ies  in issue | 3,340 | 4,052 | 9,000 | 6,524 | 5,679 | 3,654 | 13,819 | 8,176 | 54,244 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 28,246 |  |  |  |  |  |  |  | 28,246 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 33 | 132 | 89 | 191 | 89 | 534 | 1,450 | 14,350 | 16,868 |
| Other liab  il  it  ies | 10,019 | 23,101 | 659 | 464 | 125 | 3,925 | 419 | 2,981 | 41,693 |
| Total liab  il  it  ies | 366,745 | 55,396 | 26,605 | 13,375 | 12,685 | 19,081 | 20,398 | 26,278 | 540,563 |

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  |  | Between | Between |  |  |  | Between |  |  |
|  |  | one month | three | Between six | Between | Between | two years | More than |  |
|  | One month | and three | months and | months and | nine months | one year and | and five | five years |  |
|  | or less | months | six months | nine months | and one year | two years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Deposits by banks | 21,997 | 1,643 | 1,102 | 512 | 604 | 1,245 | 2,845 | 4 | 29,952 |
| Customer accounts | 220,861 | 34,791 | 17,728 | 7,905 | 6,238 | 5,100 | 2,663 | 248 | 295,534 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments  1 | 53,511 | 487 | 11 | 2 | 48 | 90 | 438 | 586 | 55,173 |
| Debt securit  ies  in issue | 3,148 | 6,277 | 6,727 | 4,034 | 2,795 | 5,408 | 9,802 | 8,553 | 46,744 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 31,166 |  |  |  |  |  |  |  | 31,166 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 47 | 79 | 146 | 154 | 146 | 572 | 1,743 | 17,558 | 20,445 |
| Other liab  il  it  ies | 7,613 | 19,995 | 213 | 21 | 66 | 1,689 | 1,556 | 2,786 | 33,939 |
| Total liab  il  it  ies | 338,343 | 63,272 | 25,927 | 12,628 | 9,897 | 14,104 | 19,047 | 29,735 | 512,953 |

1 Derivat

ives are on a d

iscounted basis

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Risk Profile continued

Standard Chartered Bank

106

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | | | |
|  |  | Between one | Between |  |  |  | Between |  |  |
|  |  | month and | three | Between six | Between | Between one | two years | More than |  |
|  | One month | three | months and | months and | nine months | year and two | and five | five years |  |
|  | or less | months | six months | nine months | and one year | years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Deposits by banks | 17,523 | 1,945 | 1,421 | 771 | 456 | 3,511 | 1,883 | – | 27,510 |
| Customer accounts | 126,792 | 14,989 | 7,501 | 2,351 | 3,561 | 5,919 | 2,312 | 438 | 163,863 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments  1 | 82,072 | 23 | 25 | 8 | 3 | 68 | 237 | 309 | 82,745 |
| Debt securit  ies  in issue | 3,057 | 3,608 | 8,506 | 6,251 | 5,305 | 3,534 | 12,621 | 7,424 | 50,306 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 42,313 |  |  |  |  |  |  |  | 42,313 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | – | 132 | 41 | 191 | 92 | 138 | 1,619 | 14,121 | 16,334 |
| Other liab  il  it  ies | 8,481 | 16,293 | 648 | 432 | 92 | 3,888 | 321 | 1,821 | 31,976 |
| Total liab  il  it  ies | 280,238 | 36,990 | 18,142 | 10,004 | 9,509 | 17,058 | 18,993 | 24,113 | 415,047 |

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | | | | | |
|  |  | Between | Between |  |  |  | Between |  |  |
|  |  | one month | three | Between six | Between | Between | two years | More than |  |
|  | One month | and three | months and | months and | nine months | one year and | and five | five years |  |
|  | or less | months | six months | nine months | and one year | two years | years | and undated | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Deposits by banks | 17,515 | 1,143 | 1,049 | 509 | 581 | 1,181 | 2,487 | – | 24,465 |
| Customer accounts | 129,577 | 22,647 | 11,602 | 4,637 | 3,128 | 4,081 | 2,426 | 230 | 178,328 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments  1 | 53,886 | 487 | 11 | 2 | 48 | 89 | 422 | 586 | 55,531 |
| Debt securit  ies  in issue | 2,961 | 5,830 | 6,145 | 3,770 | 2,301 | 6,021 | 9,755 | 9,383 | 46,166 |
| Due to parent companies |  |  |  |  |  |  |  |  |  |
| and other related |  |  |  |  |  |  |  |  |  |
| undertakings | 47,317 |  |  |  |  |  |  |  | 47,317 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 47 | 79 | 146 | 154 | 146 | 572 | 1,717 | 15,920 | 18,781 |
| Other liab  il  it  ies | 6,425 | 13,573 | 168 | 6 | 23 | 1,535 | 1,323 | 2,343 | 25,396 |
| Total liab  il  it  ies | 257,728 | 43,759 | 19,121 | 9,078 | 6,227 | 13,479 | 18,130 | 28,462 | 395,984 |

1 Derivat

ives are on a d

iscounted basis

Interest Rate Risk in the Banking Book

The following table provides the estimated impact to a hypothetical base case project

ion of the Group’s earn

ings under

the following scenarios:

–

A 50 basis point parallel interest rate shock (up and down) to the current market-impl

ied path of rates, across all

yield curves

–

A 100 basis point parallel interest rate shock (up and down) to the current market-impl

ied path of rates, across all

yield curves

These interest rate shock scenarios assume all other economic variables remain constant. The sensit

iv

it

ies shown represent

the estimated change to a hypothetical base case projected net interest income (NII), plus the change in interest rate impl

ied

income and expense from FX swaps used to manage banking book currency posit

ions, under the d

ifferent interest rate

shock scenarios.

The base case projected NII is based on the current market-impl

ied path of rates and forward rate expectat

ions. The NII

sensit

iv

it

ies below stress th

is base case by a further 50 or 100bps. Actual observed interest rate changes will likely differ from

market expectation. Accordingly, the shocked NII sensit

iv

ity does not represent a forecast of the Group’s net interest income.

The interest rate sensit

iv

it

ies are

ind

icat

ive stress tests and based on simpl

ified scenar

ios, estimat

ing the aggregate

impact

of an unantic

ipated,

instantaneous parallel shock across all yield curves over a one-year horizon, includ

ing the t

ime taken

to implement changes to pric

ing before becom

ing effective. The assessment assumes that the size and mix of the

balance sheet remain constant and that there are no specif

ic management act

ions in response to the change in rates.

No assumptions are made in relation to the impact on credit spreads in a changing rate environment.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzEwOXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8xMDl7CmZpbGw6ICNFNkU3RTg7Cn0KLmcyXzEwOXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwpzdHJva2UtbWl0ZXJsaW1pdDogMTA7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNjUsMTE5OS44SDg0NC41IiBjbGFzcz0iZzBfMTA5Ii8+CjxpbWFnZSBwcmVzZXJ2ZUFzcGVjdFJhdGlvPSJub25lIiB4PSI1OCIgeT0iMTIwOCIgd2lkdGg9IjEwNSIgaGVpZ2h0PSI0MSIgeGxpbms6aHJlZj0iZGF0YTppbWFnZS9wbmc7YmFzZTY0LGlWQk9SdzBLR2dvQUFBQU5TVWhFVWdBQUFHa0FBQUFwQ0FNQUFBQUJCUGRrQUFBREFGQk1WRVVBQUFBbGpnQUNWN0l2dFFBSUlnQUFNMjlKU1VzQUkwc0RjdW83T3p3MzB3QUFCdzlCUWtNQkkwZ1BsZ0E1T2p3QlZySTdQRDBCSFR4UVVWTUNTNWtFY09RbUp5Z2JZUUFORFEwRGMrcDNkM2NhSlNVMzBnQTVPVG80emdBckxDMGlJaUpKU2t3QU5Hd3JORFJLVkZWT1VGSUFIcDhDYXRnRENnQUFiTjlMVFZBWVhnQlhWMUlWRmhveHZRQXdNREZXV0ZwS1UwNFRFeFJSVWxJRGR2QUFScEV5d0FBUlFBQTUyQUJLU2tzOVBqOVVWRlptWjJkWFdFY0FGU3BQVUZFbEppa0NhdHRwYVFOU1ZGVlNWRlU4UEYwR0dBQUFRWXhXV0ZrOUR4QUJaZEpSVWxOUlVsUk1UVU5EUTBRckxDd2RjQUE1MVFBUkVSRlNWRlVrSkNVQ1k4dFVWRlliR3h4VlZsaFZWbGdCVEpvMU9qNVJVbFFlSGhvRWR2QmNYVjh5TWdBaWhBQXFKaG96dndCVVZWWlNWRllFZVBKWldseEFRVU1BUk1OWVdGcEFRa1poWVdNMU56Z2JhQUFEZGZCUlVWTlVWbGhDUTBVMTBnQWhJU0ZTVWxVNzNRQVVGQlFJQ0FBdk1USUJQWDRZR1JrQ2N1a0VjK3c5U2t0UlVGRWhJeVF6eFFBRGRPMFlHQmxJU0VwVVZGWUVjK3RVVkZSVVVsUStQa0JSVWxWVVZWZ3RMUzBBRGgwQmIrcERSVVpZV1ZzU1N3QWFHaHhMVEU0RGRmQlJVbFVkYlFCTlRrOGdnd0FsSlNVNTJRQUFBZ1lDYysxRVJraERRMHdEYysxUlVWVUFHelkzTnpoUlYxZ0NZTWNvS1NwV1ZsWkRSVVpDUkVRMU5UVk5VRkZXVWxoRlJrZ0VkTzA0MGdCTHlRQlRWRlZZV1Z0UVVsSmFYRjRpSXlSVFdWc0JQSHRBUUVFb0tDMDMwZ0JFUlVVNDFRQUFRbms0MGdBbm1nQTdPejhBVWFORDNRQUJMVndpZ2dBMzJBQk9UbEZGUmtvb0tDZ0NjZW80MVFBRGRPNFZVQUFFZE8wUkVSUUZCUVltSGg0NVFFQVhGd0JLU2t3MU5qWkZSa2hJU2tzQVVLRUpDUWtmSHlFdVIwY0FZY1VPRHhCR1JrY1lHUmxUVkU0K1FFQWRIUjRBTEZvRWVQUTMxUUJIU0VncnBBQlNVbFFCUVlGTVRWQlNVbFFkY1FBRWRmRTlQVDgvUDBFMXlRQXdNREVCVXFrakpDUTQxUUFDYytjMXpBQUNlT01sV3dCRFNVazQwUUFBRVNNQlNwWUVlUFEyMGdBQUdFVUJNV1VOTkFEbUk4OWFBQUFCQUhSU1RsTUFiMlptQnd6TUNzNE4zZ0tpS1I2TE5Vc282V2E5UmdvRi9oQUcrRDIyWXkyVUt3dGNyUngxQVN4c0o4a0dNeWZ2TUNXTDZTV0xEUFVTWmV0cXN3N0tESWdGa2MxS0JoblhKVmZSemFRNVdVYjdDckEwY05JNzd0RkREZkFMOXZvQlZ3dEtyZTczNzMwUmpVVkxPRHE1cnBXRWlBMk05Z2dBVVVWR3RmOUZjeGR1MHcrd2xLcEx2Vld5cndZR1dGZnZHUTI4MDI4bGpRc00zQUNVVlRLdkN3cHV4b2d4TEdZYUQxRm1pdjNSS0czVVZPMG50VDlPRTdkS3pneitOQ0lQZ2pJcHQ1UTZDMjZ3cnd2VUJBSU1FQUNyVEtpRElRWVVDQjBNY2lsYVdBd1QwcHVlU1ZRc3JUb3UxQ3VLa0JOYUtJMkVOV0VVSUs4SE5mZHhCQ1VTdFlCeUx3QUFCek5KUkVGVWVOcTFsMzlZVTljWng5OWFXa1haTEdiVHNOWXA2MmdwTGlaS2JDbTNsYnJjMlZPbDBBQkdVaVBaNm4yRW1Ta0VpYzdXTEdrMWNMMUNKMUowZ1Bnb01hTFFXQjZCRGt1cDNTWS9wbkpyL2JIWUl0UnFwaWhPVm0xbkxhN2JPZmNtM0t2RitnK2NQM0x2T2ZmYyszbSs1L3UrN3prQmtOcTQyVjhkemJqK2ZBV01lSHY1c05jZTRUMzgvRWh6SHBpVDRZM0F6ZHN4c3B5ZGY4M0dnZ1JTOWtoeUtoNmJvN1dMb0FqdjJwRWtQWEV1SUdpRVYrL2k5WXhCa0Qwai84TVJBLzBqV3laSXUyRG51THROOUlYeTMvdWhSV2Z2OG1CdnAzQjVmNHdrYU9tUG53Q1lPMzNsMTdlS2gzaWhOTmIzZmFEbEJ2WFFEMnFZZFVLNmpob0lncng5SGFNaGV0cVQ1WHA5WFBPMDJ5YTNsK0VmenVYektmR1ZmMjVRVzN1N2VPV2ZhNGNxTXlHcDJwWEJodytyQURyYkM2SFZMWkJtNTNzRGdyejVQN3NKc0tRNXJnVTMvVThuU1p6Q1A3SzBQMG5KdVc3NEkvZXEyazdTNjlzcVR4WSs2djlESmVjKzFVVGsrR25PRXFOUmc4K1NReC9mYm5rYkdpS1RMSTBuNEwzZVJPWktrSlFka0hSMDFQc0FSNjdwOVMxQ2k5c2lrZFprK3JOWWF3cm5jdFJUVDllazB5K3lLTkhVZjh4a1FMMGxtY3htdmtkalBCNkZXTE5hV1V2UllTVlVnZ0U4OVZGR1kzaVd4dTFuYVpZVlNXTkVUZmJzV2JqM243L0VCVWhqSlpLeVZiRUl5aHA4bk91anRMUitnODc1Y2Q0YWhXbnZNUlB5cUZiSG9JWDlCcGV6Yy9FSmcwbDlKWDI4RTFaUHBHandVSVlUemdMcWxKUC9LTjVjSXBJT0J6TldPdys3RlAxbHM0RFNINUJXVC9WTVp0UU0wU2VBQzZnYjMzYTJtdFRIVEZ1eEpVOHJYaXVnWnBKcDQ4M3FYT29MY3FmRHBFMy9BckFaQkVNVHhOVXIyclUwR0JBRDIzNkFqU3ErV3E1djBUZi9UUllQZVZrMHhTem5CWkxEU0Q3cnl5S2Fuc0hSdTBQeFdxMWJJRlZwMUdISVNlNGNaUFhpQWF5Tnd1c0JuK0NpZGpESXZlY1d6QVo0YXNXMTg3ZTIzQjZvM1g5MnN6TlRDYWtIa2MrcXJNUW5rV1NwUVM4UW1aRWFkWmFveVVWSW54Rk5vYmgzTmtIMENXRGUwc0hFeFh2R3A5L2RucFEzZkJYOEpUU1RZWHc4djRPeThUeC9pWkkwRmZ5RTB1R2hibVJTSjJsc1NwNmZRUmxGMHE4MFovQ0ROZVlnQ2Y3OWxwUzczcjVSbjk5SlNuRXhwVEZ1YTFjUFpiVnhPK0twUnB2TFlDQStCVWg4UE1YYWREU044OGxCTVRZcm1qOWZKS1ZFcGpPeFZqclJIU1NObTdVdFl4QVZrYkgyNGgwa1h1MUlUUzI5d1MrdVpaaFNsUzlKeDFrdDRicEZuK2dtWThOREhic3JmRWsyemhvZXZxd2ZWcC9RY2E2MmdsSm9XcGFFMyt3cWNIRTJ6LzY2emNKM1F1YmlYV1BlVVZudHkraTRPWFJaNGJ2dVV0ZnlmUGNxcnI0dUNEbi85WW9RZ0crM2FiMFM2dkM3UlVOTlQ4NFp1b1kyTUpaN2dQZ2VGcWJINmN0Zko5SCthcC9rbGwzNytKQWt6Y0doU1NqM1hxUTZCVnpEaWFyLyt3ZlJVUEhocnNGOUYwZkc0M0pWS1RVdTFyby9KZGwwcVk1bExxVGdnUTBNWjl2ZFV3dHE2NVhQbUV2SXBtdE00bWVXY2x3ZHpvSGEyb2JZdXJLcE5wYnB3Y3ZOVDE3R1dkdW1JTmduVklTeDkrR1NVUFNRdEZQWnRlOUtvTTJ0Q01lUVlYdXl5YzNGTXBSRFZlaENWaHhqaUlNMTVoemFXb0JzRzZscWo1RzJ4UnBaSjNBR04xdjdPOVRvc0ZKUjYyQ0RBc2NxU2xUQUkyS1pXN1VQYnhNVjR6b0dnbTU1cjB0aGtXeXU0b0hmc3lmWm5ITzI0dUVvcXFreTgrYzRVV28wcVppVTJNMS9nWEtiZHFnWVNsM0JlemFOQjhaY3lqY2g5alRQaDV1bmhDcGNPQnQzSXpPTUZVbFkxcTNpYU5qNWNuWWc0TzM1TjZWOFFua0JuOEx4YjN5OVp6MTltc1FUdXhHVHFnSStkYnVqRnVMMm9IdHpEcTVPRXpOelNVL1J1bjlUR3ZFcDFpVDRGR0FkK0NjZSs3eERERUt2Uk9waXVJQTIweFdSOUdESllrS3lrdFZiSGlRaGxJaWJnVHZOYlZ3Tnlla0cwa094RGpTVmtHSVU4RTVRRkdHdC9CTWUvWFFNS1UvZU9USk5pazhDcElOeVRWMk5xWEtTY1d1Z2tLVmkwa1JTSTBpcnJnOXFtbnYvV0wyRU92VFNFWHl5MklVRGZ1QlZLVVEzYUhLZG9KeDZla3FRVkVsVjVYMzhTb3dtUUhLaTQxMi83bmVsaHkvKy9TdHAzUUtweWUzR08zQmUyam9uY2psQk5kRmdKZ2VVWmhrcTdtb3hDY0w4Z1RFUHlCSjhxNFlPVzQ4c1U4d0JrdEttU1hqeEZ3cGpZUFY4L2swbHo2Yk9jRk5jMkxQMWs0R3NubSs3RVowOG1ZQThjS0YrZmxnSmlUM2MvbmQxbFl6Vi9DVXVUNk1YUEhSYjVyM1hTL2RXaDZiNSs4bWhJYklCVWlwNzNaRjdxcytBeDArT0tYdFBzV3oxdWw5V2MzU3ZwUkRPbk1FWkJ3ZHpXYmUvclJDVVNmamNZVm40dHZDZHAxWWNrc3Q2Y3N0M2sxelZycnB6UUNtdkFjTGhDY3JhTzJXRFpjRXA4cW1UYnVsbHJIMUxSdVFJZTNQQ2hBazdBVDQ0RkNlaFdxNU5HMzVRMFlKejJyNzhiNHFpaTE4dmw3djFteVBEVFhvelE2aHliK0xiSHg1WUplWFdxc3ZEVFJLUGUvZ0ErODEvWWRKOSs2U0tzVEprbUVuQjdXOGcrN2U0ZC9sOFM1QjFmcmhKYjRpYUJ0WitLL2FYQk56U3I1dzczRDVwdlhhNzk2MGZCVXRDOU9XcjVNQ3NMeDkybjBaLzFSZWgzVFpMOXZjc1pFbnpJM0VIcGcrM3BQOEQ0UTEvZVZQbHFTNEFBQUFBU1VWT1JLNUNZSUk9Ii8+CjxwYXRoIGQ9Ik0zODEuMSwzMjcuMmg3OHYxOS45aC03OFYzMjcuMlptNzgsMEg1Mzd2MTkuOUg0NTkuMVYzMjcuMlptNzcuOSwwaDU2LjN2MTkuOUg1MzdWMzI3LjJabTU2LjMsMGg1Ni4zdjE5LjlINTkzLjNWMzI3LjJabTU2LjMsMGg3OHYxOS45aC03OFYzMjcuMlptNzgsMGg3Ny45djE5LjlINzI3LjZWMzI3LjJaTTM4MS4xLDM0Ny4xaDc4VjM2N2gtNzhWMzQ3LjFabTc4LDBINTM3VjM2N0g0NTkuMVYzNDcuMVptNzcuOSwwaDU2LjNWMzY3SDUzN1YzNDcuMVptNTYuMywwaDU2LjNWMzY3SDU5My4zVjM0Ny4xWm01Ni4zLDBoNzhWMzY3aC03OFYzNDcuMVptNzgsMGg3Ny45VjM2N0g3MjcuNlYzNDcuMVpNMzgxLjEsMzY3aDc4djE5LjloLTc4VjM2N1ptNzgsMEg1Mzd2MTkuOUg0NTkuMVYzNjdabTc3LjksMGg1Ni4zdjE5LjlINTM3VjM2N1ptNTYuMywwaDU2LjN2MTkuOUg1OTMuM1YzNjdabTU2LjMsMGg3OHYxOS45aC03OFYzNjdabTc4LDBoNzcuOXYxOS45SDcyNy42VjM2N1pNMzgxLjEsMzg2LjloNzh2MTkuOWgtNzhWMzg2LjlabTc4LDBINTM3djE5LjlINDU5LjFWMzg2LjlabTc3LjksMGg1Ni4zdjE5LjlINTM3VjM4Ni45Wm01Ni4zLDBoNTYuM3YxOS45SDU5My4zVjM4Ni45Wm01Ni4zLDBoNzh2MTkuOWgtNzhWMzg2LjlabTc4LDBoNzcuOXYxOS45SDcyNy42VjM4Ni45Wk0zODEuMSw0MDYuOGg3OHYxOS45aC03OFY0MDYuOFptNzgsMEg1Mzd2MTkuOUg0NTkuMVY0MDYuOFptNzcuOSwwaDU2LjN2MTkuOUg1MzdWNDA2LjhabTU2LjMsMGg1Ni4zdjE5LjlINTkzLjNWNDA2LjhabTU2LjMsMGg3OHYxOS45aC03OFY0MDYuOFptNzgsMGg3Ny45djE5LjlINzI3LjZWNDA2LjhaIiBjbGFzcz0iZzFfMTA5Ii8+CjxwYXRoIGQ9Ik0zODEuMSwyODQuM2g3OG0wLDBINTM3bTAsMGg1Ni4zbTAsMGg1Ni4zbTAsMGg3OG0wLDBoNzcuOU02NSwzMjcuMkgzODEuMW0wLDBoNzhtMCwwSDUzN20wLDBoNTYuM20wLDBoNTYuM20wLDBoNzhtMCwwaDc3LjlNNjUsNDI2LjhIMzgxLjFtMCwwaDc4bTAsMEg1MzdtMCwwaDU2LjNtMCwwaDU2LjNtMCwwaDc4bTAsMGg3Ny45TTY1LDQ0Ni43SDM4MS4xbTAsMGg3OG0wLDBINTM3bTAsMGg1Ni4zbTAsMGg1Ni4zbTAsMGg3OG0wLDBoNzcuOU02NSw1NDYuMkgzODEuMW0wLDBoNzhtMCwwSDUzN20wLDBoNTYuM20wLDBoNTYuM20wLDBoNzhtMCwwaDc3LjkiIGNsYXNzPSJnMl8xMDkiLz4KPC9zdmc+)

Risk Profile continued

Standard Chartered Bank

107

Directors’ Report and Financ

ial Statements 2024

Sign

ificant modell

ing and behavioural assumptions are made regarding scenario simpl

ification, market compet

it

ion,

pass-through rates, asset and liab

il

ity re-pric

ing tenors, and pr

ice flooring. In particular, the assumption that interest rates

of all currencies and maturit

ies sh

ift by the same amount concurrently, and that no actions are taken to mit

igate the

impacts

aris

ing from th

is are considered unlikely. Reported sensit

iv

it

ies w

ill vary over time due to a number of factors includ

ing

changes in balance sheet composit

ion, market cond

it

ions, customer behav

iour and risk management strategy. Therefore,

while the NII sensit

iv

it

ies are a relevant measure of the Group’s

interest rate exposure, they should not be considered an

income or profit forecast.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | |
|  |  |  |  |  | Other |  |
| Estimated one-year impact to earnings from a parallel shift in | USD bloc | SGD bloc | EUR bloc | INR bloc | currency bloc | Total |
| yield curves at the beginn  ing of the per  iod of | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| + 50 basis points | 20 | 10 | 10 | 30 | 50 | 120 |
| - 50 basis points | (20) | (20) | (10) | (30) | (60) | (140) |
| + 100 basis points | 30 | 20 | 20 | 40 | 110 | 220 |
| - 100 basis points | (50) | (40) | (20) | (40) | (130) | (280) |
|  | 2023 | | | | | |
| + 50 basis points | 70 | 50 | 20 | 20 | 100 | 260 |
| - 50 basis points | (100) | (50) | (30) | (30) | (90) | (300) |
| + 100 basis points | 150 | 100 | 40 | 40 | 180 | 510 |
| - 100 basis points | (190) | (100) | (50) | (60) | (180) | (580) |

As at 31 December 2024, the Group estimates the one-year impact of an instantaneous, parallel increase across all yield

curves of 50 basis points to increase projected NII by $120 mill

ion. The equ

ivalent impact from a parallel decrease of 50 basis

points would result in a reduction in projected NII of $140 mill

ion. The Group est

imates the one-year impact of an

instantaneous, parallel increase across all yield curves of 100 basis points to increase projected NII by $220 mill

ion. The

equivalent impact from a parallel decrease of 100 basis points would result in a reduction in projected NII of $280 mill

ion.

The benefit from ris

ing

interest rates is primar

ily from re

invest

ing at h

igher yields and from assets re-pric

ing faster and to a

greater extent than deposits. NII sensit

iv

ity in falling rate scenarios has decreased versus 31 December 2023, due to an

increase in programmatic hedging as well as actions taken in discret

ionary portfol

ios to increase asset duration.

Operational and Technology Risk

Operational and Technology Risk profile

The implementat

ion of standard

ised Non-Financ

ial r

isk, control and causal taxonomies is enabling improved risk

aggregation and reporting, and has provided opportunit

ies for s

impl

ify

ing the process for risk ident

ification and assessment

in the Group.

Operational and Technology Risk is elevated in areas such as Change Mismanagement Risk and Third-Party Risk

Management, which are subject to ongoing control enhancement programmes. Other key areas of focus are Systems

Health/Technology Risk, Operational Resil

ience and Regulatory Compl

iance. To address these areas, the Group has focused

on improv

ing the susta

inable operating environment and has in

it

iated several programmes to enhance the control

environment. The Group continues to monitor and manage Operational and Technology risks associated with the external

environment such as geopolit

ical factors, the

increas

ing r

isk of cyber-attacks and inappropr

iate use of Art

if

ic

ial Intelligence.

This enables the Group to keep pace with the new business developments, whilst ensuring that its risk and control

frameworks evolve accordingly. The Group continues to strengthen its risk management to understand the full spectrum

of risks in the operating environment, enhance its defences and improve resil

ience.

![](data:image/svg+xml;base64,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)

Risk Profile continued

Standard Chartered Bank

108

Directors’ Report and Financ

ial Statements 2024

Operational Risk events and losses

Operational losses are one ind

icator of the effect

iveness and robustness of our non-financ

ial r

isk and control environment.

The Group’s profile of operational loss events in 2024 and 2023 is summarised in the table below, which shows the distr

ibut

ion

of gross operational losses by Basel business line. There has been a sharp increase in Corporate Items in 2024 due to a single

large event pertain

ing to F

inance Accounting Adjustment.

|  |  |  |
| --- | --- | --- |
|  | % Loss | |
| Distr  ibut  ion of Operational Losses by Basel business line | 2024 | 2023¹ |
| Agency Services | 0.0% | 2.1% |
| Asset Management | 0.0% | 0.0% |
| Commercial Banking | 1.6% | 8.5% |
| Corporate Finance | 0.0% | 9.0% |
| Corporate Items | 86.2% | 42.1% |
| Payment and Settlements | 7.7% | 11.3% |
| Retail Banking | 2.9% | 16.8% |
| Retail Brokerage | 0.0% | 0.0% |
| Trading and Sales | 1.6% | 10.2% |

1

Losses in 2023 have been restated to include incremental events recognised in 2024

The Group’s profile of operational loss events in 2024 and 2023 is also summarised by Basel event type in the table below.

It shows the distr

ibut

ion of gross operational losses by Basel event type.

|  |  |  |
| --- | --- | --- |
|  | % Loss | |
| Distr  ibut  ion of Operational Losses by Basel event type | 2024 | 2023¹ |
| Business disrupt  ion and system fa  ilures | 0.8% | 5.4% |
| Clients’ products and business practices | 1.0% | 0.9% |
| Damage to physical assets | 0.0% | 0.0% |
| Employment practices and workplace safety | 0.1% | 0.1% |
| Execution delivery and process management | 96.5% | 80.9% |
| External fraud | 1.5% | 12.5% |
| Internal fraud | 0.1% | 0.2% |

1

Losses in 2023 have been restated to include incremental events recognised in 2024

Other princ

ipal r

isks

The losses aris

ing from operat

ional failures for other princ

ipal and

integrated risks are reported as operational losses.

Operational losses do not include operational risk-related credit impa

irments.

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Capital review

Standard Chartered Bank

109

Directors’ Report and Financ

ial Statements 2024

Capital management and governance

Capital disclosures in this document are provided on the basis of Standard Chartered Bank (Group), being Standard

Chartered Bank and its subsid

iar

ies.

Standard Chartered Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financ

ial Conduct

Authority (FCA).

Capital requirements are set by the PRA for Standard Chartered Bank on a solo-consolidat

ion bas

is. The solo-consolidated

group differs from Standard Chartered Bank (Company) in that it includes the full consolidat

ion of four subs

id

iar

ies, namely

Standard Chartered Holdings (International) B.V., Standard Chartered Grindlays PTY Lim

ited, SCMB Overseas L

im

ited and

Corrasi Covered Bonds LLP.

The Group continues to operate through its branches and various subsid

iar

ies, all of which remain well-capital

ised

in

accordance with their applicable regulatory requirements.

The Group’s CET1 capital ratio increased by 12bps to 13.3 per cent at 31 December 2024 with a leverage ratio of 5.1 per cent.

The Group mainta

ins h

igh levels of loss absorbing capacity.

RWAs increased by $3.6 bill

ion to $169.2 b

ill

ion. CET1 cap

ital increased by $0.7 bill

ion to $22.5bn dr

iven primar

ily by profits of

$3 bill

ion, lower regulatory deduct

ions of $0.6 bill

ion largely from

intang

ible assets and movements

in other comprehensive

income of $0.2 bill

ion. These

increases were partially offset by distr

ibut

ions of $2.7 bill

ion and the fore

ign currency translation

impact of $0.4 bill

ion.

Capital ratios

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| CET1 capital | 13.3% | 13.2% |
| Tier 1 capital | 16.8% | 16.5% |
| Total capital | 23.0% | 23.5% |

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Capital review continued

Standard Chartered Bank

110

Directors’ Report and Financ

ial Statements 2024

Capital base

1

(audited)

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| CET1 capital instruments and reserves |  |  |
| Capital instruments and the related share premium accounts | 20,893 | 20,893 |
| Of which: share premium accounts | 296 | 296 |
| Retained earnings | 10,215 | 9,687 |
| Accumulated other comprehensive income (and other reserves) | (6,939) | (6,508) |
| Non-controlling interests (amount allowed in consolidated CET1) | 178 | 162 |
| Independently audited year-end profits | 2,953 | 3,208 |
| Foreseeable div  idends | (193) | (166) |
| CET1 capital before regulatory adjustments | 27,107 | 27,276 |
| CET1 regulatory adjustments |  |  |
| Addit  ional value adjustments (prudent  ial valuation adjustments) | (426) | (534) |
| Intangible assets (net of related tax liab  il  ity) | (3,675) | (4,115) |
| Deferred tax assets that rely on future profitabil  ity (excludes those aris  ing from temporary d  ifferences) | (30) | (23) |
| Fair value reserves related to net losses on cash flow hedges | (8) | 13 |
| Deduction of amounts resulting from the calculation of excess expected loss | (417) | (566) |
| Net gains on liab  il  it  ies at fa  ir value resulting from changes in own credit risk | 246 | (47) |
| Defined-benefit pension fund assets | (115) | (75) |
| Fair value gains aris  ing from the  inst  itut  ion’s own credit risk related to derivat  ive l  iab  il  it  ies | (91) | (107) |
| Exposure amounts which could qualify for risk weight  ing of 1250% | (116) | (28) |
| Total regulatory adjustments to CET1 | (4,632) | (5,482) |
| CET1 capital | 22,475 | 21,794 |
| Addit  ional T  ier 1 capital (AT1) instruments² | 5,917 | 5,473 |
| AT1 regulatory adjustments | (20) | (20) |
| Tier 1 capital | 28,372 | 27,247 |
| Tier 2 capital instruments | 10,583 | 11,637 |
| Tier 2 regulatory adjustments | (30) | (30) |
| Tier 2 capital | 10,553 | 11,607 |
| Total capital | 38,925 | 38,854 |
| Total risk-weighted assets (unaudited) | 169,223 | 165,623 |

1

Capital base is prepared on the regulatory scope of consolidat

ion

2

Includes Instrument issued by subsid

iar

ies that are given recognit

ion

in AT1 Capital

Leverage ratio

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Capital and total exposures | $mill  ion | $mill  ion |
| Tier 1 capital | 28,372 | 27,247 |
| Total leverage ratio exposures | 559,409 | 544,061 |
| Leverage ratio | 5.1% | 5.0% |

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

111

Independent Auditor’s report

to the members of Standard Chartered Bank

Opin

ion

In our opin

ion:

•

Standard Chartered Bank’s group financial statements and parent company financial statements (the “financial

statements”) give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December

2024 and of the group’s profit for the year then ended;

•

the group financial statements have been properly prepared

in accordance with UK-adopted International Accounting

Standards (UK IAS) and International Financ

ial Report

ing Standards (IFRS) as adopted by the European Union (EU IFRS);

•

the parent company financial statements have been properly prepared

in accordance with UK IAS as applied in

accordance with section 408 of the Companies Act 2006; and

•

the financial statements have been prepared

in accordance with the requirements of the Companies Act 2006.

We have audited the financ

ial statements of Standard Chartered Bank (the ‘Company’ or the ‘Parent Company’) and

its

subsid

iar

ies, interests in associates, and jo

intly controlled ent

it

ies (together w

ith the Company—the ‘Group’) for the year

ended 31 December 2024 which comprise:

|  |  |
| --- | --- |
| Group | Company |
| Consolidated income statement for the year ended 31 December 2024; | Balance sheet as at 31 December 2024; |
| Consolidated statement of comprehensive income for the year then ended; | Cash flow statement for the year then ended; |
| Consolidated balance sheet as at 31 December 2024; | Statement of changes in equity for the year then ended; and |
| Consolidated statement of changes in equity for the year then ended; | Related notes 1 to 40 to the financial statements,  includ  ing: |
|  | material accounting policy informat  ion. |
| Consolidated cash flow statement for the year then ended; |  |
| Related notes 1 to 40 to the financial statements,  includ  ing: mater  ial |  |
| accounting policy informat  ion; |  |
| Risk and capital disclosures marked as ‘audited’ from page 44 to |  |
| page 110. |  |

The financial report

ing framework that has been applied in their preparation is applicable law and UK IAS and EU IFRS; and

as regards the Parent Company financial statements, UK IAS as appl

ied in accordance with section 408 of the Companies

Act 2006.

Basis for opin

ion

We conducted our audit in accordance with International Standards on Audit

ing (UK) (ISAs (UK)) and appl

icable law. Our

responsib

il

it

ies under those standards are further descr

ibed in the Auditor’s responsib

il

it

ies for the aud

it of the financ

ial

statements section of our report. We believe that the audit evidence we have obtained is suffic

ient and appropr

iate to

provide a basis for our opin

ion.

Independence

We are independent of the Group and the Company in accordance with the ethical requirements that are relevant to our

audit of the financ

ial statements

in the UK, includ

ing the FRC’s Eth

ical Standard as applied to listed public interest entit

ies,

and we have fulfilled our other ethical responsib

il

it

ies

in accordance with these requirements.

The non-audit services prohib

ited by the FRC’s Eth

ical Standard were not provided to the Group or the Company and we

remain independent of the Group and the Company in conducting the audit.

Conclusions relating to going concern

In audit

ing the financial statements, we have concluded that the d

irectors’ use of the going concern basis of accounting in

the preparation of the financ

ial statements

is appropriate. Our evaluation of the directors’ assessment of the Group and the

Parent Company’s abil

ity to cont

inue to adopt the going concern basis of accounting included:

•

performing a risk assessment to ident

ify factors that could

impact the going concern basis of accounting, includ

ing

considerat

ion of pr

inc

ipal and emerg

ing risks;

•

assessing management’s going concern assessment, includ

ing the Group’s forecast cap

ital, liqu

id

ity, and leverage ratios

over the period of twelve months from 21 February 2025 to evaluate the headroom against min

imum regulatory

requirements and the risk appetite set by the directors;

•

engaging EY valuation and economic special

ists to assess and challenge the reasonableness of assumpt

ions used to

develop the forecasts in the Corporate Plan (5-year forward looking plan of the business) and evaluating the accuracy of

histor

ical forecast

ing;

•

assessing the Group’s funding plan and repayment plan for funding instruments maturing over the period of twelve

months from 21 February 2025;

•

understanding and evaluating credit rating agency ratings;

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8xMTQiPjxwYXRoIGQ9Ik01OC45LDEyNDkuM3YtNDFIMTY0LjR2NDFaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzExNHsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8xMTR7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzExNCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzExNCkiIHByZXNlcnZlQXNwZWN0UmF0aW89Im5vbmUiIHg9IjU5IiB5PSIxMjA4IiB3aWR0aD0iMTA1IiBoZWlnaHQ9IjQxIiB4bGluazpocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUdrQUFBQXBDQU1BQUFBQkJQZGtBQUFEQUZCTVZFVUFBQUFEVnJBdExTOHNxZ0FLSkFBQ05XeENSRVVpZXdBOVBUMEVjK3czMFFBQUJoRUJLVlJRVVZJMk56ZzhQajRBSjA0QVIrZE1UVThXRnhndXRBQWlJaU5KU1U0RWMrb0RZY1VPRGc0OVBUOFRUQUEzMFFBN094ODF4Z0Fta0FCT1RGQXVMakVDVHA0Q1ZMZ0RZc2RlWGtJQ0JnRlBVRklzb2dBZkl5TUhHUmtNV0FCV1dGcFdXRm9FYyt4SVNFeE5UVThoSWlJQUVpVlNWRlk1MlFBOFBUNU5UVkJYV0ZzRGR2QStYMkExeVFBQ1l0TURZUElCSFR3d01ESUNUcUJqWkUwZWNRQlVWVlpTVkZaU1ZGVURRb2N1eGdBWkdSbEZSa2dEWjlWVVZGWUVEd0E0MFFCUVVWSWxKU1VCYytZb0tTcGFYRjQvUUVOVVZWWmNYRjFRVFZBNDFRQUVkTzFSVVZNME5EZFNWRlpWVmxnQUhUczF6UUEvU0VnRGRlNVlXbHhxYW1wVlZsZ0NidThramdCZlRWQUVkdkFQRHhBUVFBQktTbWdFZVBOVVZWaFBVRk15TWpKUlVsUW1KU3ROWVU0ODRnQkVSRWRLVEU0S0NRYzczUUFVRkJWVlUxWlJVbEpSVWxRQ1Q2eFJVVklYRnhnZEhSMFpEQms1MkFBN2hqeFJVbFEyTmpaM1FFSTFOVFpJU0VwblJVOFdWZ0JVVlZnbUp5aFJVbGhSVWxRQlJveEFRVU5UVkZVc0xDMG9LU3BVVkZVME5FVVRFeFFEZE8xU1VsVTFOamNFZE9vQURod3UzZ0JVVlZjMzFBQkdSMGdDY3VvaUlpVllXRnRBUVVOSVNFcFdWMXBSVWxncEpTVUNYOEpXVkZjRGR2RWJHMTVNVEZaUVVGb2pKQ1ZVVkZaUlVUSUFBZ1ZUVlZnQUV5OHl2d0JHUmtnYkd4MDUyUUJFUmtjUkVSRWFYd0ExeUFCYlhGNDJOamhOVGs0YkhSMEVkT3NFZHZGR1NFaEdTRWtoZ2dBYkd4MG9LQ2toSVNFQ2RPeFNVbGc1T2p4WVdWdGNYVjh4TXpRZkh5QUpDUWxHMndCSlNrdzdPejgzTnp0SVNVb3hNRFZOVGs4QmNlWUNlZTA0MEFCUlVWTlNVMVUvUDBFRWVQUStQMEFFZVBJMlBEaE00UUE0MHdCbmFDMGJhQUJCUWtRd01ESXFLeXhFUlVjQkZTc0VkZTFCUVVJNDBnQUFSbzBOTVFBcUtpeEpTVWtCUEhvRUZ3QlRWRlE0MWdBM056ZzQwd0FqSXlRRWN1b25zZ0E0MWdBNlBEOUZSVVk1T1RrRWFOWUVCUVU0MVFCS1VWRURhZFlub1ovVkFBQUJBSFJTVGxNQWJHUnpDVEtnREF2ZjBnTWo0SU5PRGhISEpTRlJhZjZVQkM0aDVnYUJaWllyR2xPa1FnR3pTaEVNQ05idy96WVpLUW5NODIxVnV1MXBybW1iSVUxVGdqaTA3WkFiVmc2U1ZNNEVjbThOTXpEeWVYVlRPUHY2empHcTdndzBHNm51QXMxNUs5RDNDQWxlOXBTTUNNOE1iKzUyaHdIOEVKOVJielNWRXdzQnZtS3dDMEJEa3kwWHJpYXo4aVkyZERsQ1R6QWYwSkJ6c0FkZDU2U3JoaFR5ajM1dWt3cE1GYzA4WXlBMWlSTUJvd0p5YkNyUlZBa1duOUJScHhiL3VvOXJRUkFPRVpGTlpkVHVOUmdISjVCRkhyY1ViazlqVGpSV1dQaGt6ek42cVY0UGF5eEZnaE90RVA0SkVob1FMd1Uya1N2SExKSlBzREl6RHBFRHppRnNNZXZBQXdBQUJ6cEpSRUZVZU5xMWwzMWNVMVVZeDA5YXEyWHpCVjhJWFc5YVlIbTVRWmU4eXhKeitBb3ltYk9OejFCWjA0Q2F6bEp3clRGSnd3U25ETU9QSDdyQ0xoSks2STFsS2xZcXZmQUJOVmNpRm95aFdRb3FpZ0lmeWFTdTJUbDNsMjBwNUQvcy9MR2RjKzQ5NTd2blBNL3pPODhBOEduNWM2dTN6TDVRRHZ6ZXJqMHF3WEZWNG1XL2czWUlWWGhnWUtDcjBMK1l6eCtwVGtLY3dFQzgwcStnQlMrWHF0d2dQNU1HSmI3RmN5REpqNmVYZjE4cDdnVlZqdlViYUN3TU9ROEhUOXc0cU04M3phbi91eEVyNitOQlVCRDNkYm5RMVFNNmpBdHZBOUNlVWw5Zm54Sjg5NEtPYVk3L0E5VWFJbnQvRU1ZTTUxdzA3cTNEUFFaSkxsN0xCMWRtWEU5TGk5aTIvdTRWQnRMaENPcWJ0RlhlQnlubktFZjZ2QkRuU1M3aHp5OEFNT0xMaUZiWWxCa1RmSC91d1pNdGJZZzBhdVhyb082TEFrRnRzMkRaMmxramE5Y1ZmTHNjUHY5cmU0SGdQRWV5ZlZNd2E5R25na3UybnpMYkJNMWdVVXRCeTZGWWJDL2E1RUlsZjNhU1Y2WURNT0Zqc2JLVmF4RlR2ZWVmU1FVSU1IdUZuVFJxNkFhclhrTWN4VUlzZFg5WkNBekRhRU02c0VaVGNJcUFwTmN3aXRCR2hWaXV4bWtZNGxoakkwV1JHR2x5MjNTaDlEQWZjOE9nNEszdlRHdTlpeFRFaUdZQzI4MEtBOWtXNmR3cEpYYkxiQU1veTlxSExOUUFXL1lwNm9SRHpVMko1SkZ0MFZLcnpPYU1zbHpOcHJDdFhUOW9RN3BrMmZOQ01UZnBJbStUU2pnRmdPQ1krbjJjVVVyeDcxNlNnbDZaN3ZZVFlEc1NhbUMzUW9kSTltUm9zSDUrZzJVem1sb3FqMnpVNUtJejBFRlNndG9NY2l4aGNQaVlsUGZUNGg1eFVFa0tKNWVEbUNXVElscVZTdkYzUG00S04yRVljNFpGSk9EVTVuSHVSeVFHeFlmZXVkblNnS1lHeXlPTHFEYlVpNFVrVFNNQWpKUmJIdXNtRFhvdnlSUGtyaTFUWUV5a3pEaWIwVG4xdjRrVVo5U1NlUnlwaHZvSW1kbmlRK3F3dk1hVDVsSFpxS2RBZm1xQ0pORmFOSHpTVFFMZ3RzdWJ1SzdxWWIwa25nd20xeTVSbm81MHNHd1l4YkRCd1hsYUw2bk1RZW5ZNFBKREJCMjVpVmJBVjFpTXQybStaaFJienA2bk1aNTArVDRoN2trcC9QU1VvWGRlaGNrNlp1UklBNWszWDhQRU1nMHZSZW5lZjFzcVFxU2xiaExiWk5FWmpWbVVQSEtaZ21MS2NyU0lkQXphVkxFdVFWZVdJOFY2U1BBQUs3MjZkMWhTUGYxT2xja2s0d255REN0am92WFNYYzgxYWFPalZ4elJyNzFFRkNPU3VnWTQ5aE5FTkJQN1ZTWXdueUwwaE9JMzRtbzJPUVQ5eGh3NGZMTXM2emkzVDB4N01DaS9MZkZjR3JoTHVPT0ZQb1ROMGRkODZyM0VGUzV0SDlnNUJ0NVAxLzVJOG5wTGtnaFZxWmRtMVIzcWRadVNhZDMzSW5XVmdSL0ZhUS9mUUhmaHowSlg0SCtVOXU3V1ROL3NuUlI5N2w2azNVdkJISmlveXM0bE1MckdQcDNrQ1F4VjBtMWZxeXJpaWhsalIzSXp2ZW1FUWxGVEFSMXdwcGh4NXYzZ0JIWEZvMjhXZi9pRzBjaU1UbDAxVWFGNEY2YjQ1dm5IYTJvYzRVNkY0aG40S3BzM3NkalliV1hBZFU0UmJqMEJKU0YvM0dsUFpPQ1NhejZrVXhpaHk2SzZtMFB0aEYxTGJROENweWpTUUdvM0VPQThyWTdXZnZDR1VVb3p0Vm1ZWFlkSmJXQU50WUZpYWdsTVo2ZE1NOEVaTFpXVkpUS1pBQytvYWRzT1FMelBMYTlhN0EyTFpvM2hlNWJkMU4xTTY4UFpaOVZVVzNjQ0E5TW1oNFlrUzhKbVZxWS9aM1d5ZytVRFdOWXFuMlpXMDlLdzVRRllPTXUrU0E5WVJoQTdXYmFCb29HWVYxVGx2dm9yMEZ0VFR2ZVVTSWtlVXRBMHl1WW15bCtFbjAzSDRncXdjTmh4YUVsb0U3U1E4MU02RWJJWHRnRHRjVFUxSEZnMUxXaWtOM1hRalNqMG1DalF5UnNGMVh2U0VqalhVNDNobFJjOG1hc21leUxpQkVleUJnU1lFZWxWZEhwZjh4RXhYQnVsRituMUlteXYrcXM4a0JzcWdpTlJsTUY0ckFzdHpUU0JoUkd0bmhaUkg4TlZtTWhiZUtISHBtUlRQT3NtaFk3bVNMa25DWTZVaFVoSGVGSzYxdlFQYW1GbU5SVGhYSTJURysxMGFuWWptNHdpbUU5ZWxGSzVEU25yUmxUQ3VNWjVnaTkxRkwwQ3FzSDNabmVVUTlJbzZvZ1p6TXlsU040bVltVXlxRE9JdW1BQ0h6OEVFQ2tiazlZQ3NEcTdvazMwQ1N4a2JGSWFGaWd6eEdsZWxuamdCUFJQWUl2TE4vWWNJYUVuaTRyaU4zbEl5V3FOdXVnZ2hnV0E4M0pvVStvc3pib2llNDBJRXpRSmpqYUNOZkQwVXA5UDBBck9IVHphRE1vMDVMd2lUQitDTnVKTEJ6Y3E3YytGN1FBTWZYU2NiOTVkK2lJZ25saDNLWTVFcHplRWpBT2ZyU0FJY24rWkNUeEZacUk2UW9EcFRlbUxmaUxpaVpWMWdMR3ZnblBkVCtyMUo3K1ZnZVQ5VWhHeC9ma3licU9VR2RlVlBtYnQrYjJYVWs5V2tnb3FxcEI3ekZVd0g4SHlxaEtRWE1KUGdkUXE5TDI2UkZZQ0pXQzVqSlBCMVZVeXQwNldWRlhCbThlOVQvdUJUaDlVV3NZSS85VEtDeVpQWGdEQStGdStyRGtIL0FEYVVYbTZ0SEJqZnN5WXh5TjhXTmUvUytsdjBseFV3cnFFYzJGMzRjUGVJR3g5WjJwL2t4SlZia0g5KzVGeXNINk8yR09XOHRmNys1bVV4R3QzVXVsN01BaW5abmpNT3R2ZkpDSE9GM3V6T1UxNDhISGVMR1ZuZjVOK1FUVVlMcWwrd0QwTWpobWZvVVNzaUJ2dC9Vd2FXaWpCVlZ0bUQvVk14TncvWjE5cnEzaFBmNFArQlF4M29pQnhJQk1JQUFBQUFFbEZUa1N1UW1DQyIvPgo8cGF0aCBkPSJNNjUsNDg0LjdIMTk2LjNNNjUsNTUzLjVIMTk2LjNtMCwwSDg0NC41TTY1LDQyMS4ySDE5Ni4zbTAsMEg4NDQuNU0xOTYuMyw0ODQuN0g4NDQuNU02NSw1MzMuNkgxOTYuM20wLDBIODQ0LjUiIGNsYXNzPSJnMV8xMTQiLz4KPC9zdmc+)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

112

Directors’ Report and Financ

ial Statements 2024

•

engaging EY prudential regulatory special

ists to assess the results of management’s stress test

ing, includ

ing cons

iderat

ion

of princ

ipal and emerg

ing risks, on funding, liqu

id

ity, and regulatory capital;

•

review

ing correspondence w

ith prudential regulators and authorit

ies for matters that may

impact the going concern

assessment; and

•

evaluating the going concern disclosure included in note 1 to the financ

ial statements to assess that the d

isclosure was

appropriate and in conformity with the reporting standards.

Based on the work we have performed, we have not ident

ified any mater

ial uncertaint

ies relat

ing to events or condit

ions

that, ind

iv

idually or collectively, may cast sign

ificant doubt on the group and the Parent Company’s ab

il

ity to cont

inue as a

going concern for a period of twelve months from 21 February 2025.

Our responsib

il

it

ies and the respons

ib

il

it

ies of the d

irectors with respect to going concern are described in the relevant

sections of this report. However, because not all future events or condit

ions can be pred

icted, this statement is not a

guarantee as to the Group’s abil

ity to cont

inue as a going concern.

Overview of our audit approach

|  |  |
| --- | --- |
| Audit scope | •  We performed an audit of the complete financ  ial  informat  ion of 6 components  in 5 countries and audit |
|  | procedures on specif  ic balances for a further 7 components  in 6 countries. |
|  | •  We performed central procedures for certain audit areas and balances as outlined in Tailor  ing the scope |
|  | section of our report. |
| Key audit matters | • Credit impa  irment |
|  | •  Impairment of investments in subsid  iary undertak  ings |
|  | •  Valuation of financ  ial  instruments held at fair value with higher risk characterist  ics. |
| Material  ity | •  Overall Group material  ity of $252m wh  ich represents 5% of Adjusted Profit before Tax. |

An overview of the scope of the parent company and group audits

Tailor

ing the scope

In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised). We have

followed a risk-based approach when developing our audit approach to obtain suffic

ient appropr

iate audit evidence on

which to base our audit opin

ion. We performed r

isk assessment procedures, with input from our component auditors, to

ident

ify and assess r

isks of material misstatement of the Group financ

ial statements and

ident

ified s

ign

ificant accounts and

disclosures. When ident

ify

ing components at which audit work needed to be performed to respond to the ident

ified r

isks of

material misstatement of the Group financ

ial statements, we cons

idered our understanding of the Group and its business

environment, the applicable financ

ial framework, the Group’s system of

internal control at the entity level, the existence of

centralised processes, IT applicat

ion env

ironment, and any relevant internal audit results.

We took a centralised approach to audit

ing certa

in processes and controls, as well as the substantive testing of specif

ic

balances. This included audit work over the Group’s Global Business Services shared services centre (SSC), Corporate and

Investment Banking (CIB) SSC, Credit Impairment SSC and Technology.

We determined that centralised audit procedures can be performed across certain components for the key audit matters

outlined later in this report, and for other audit areas, includ

ing: Revenue recogn

it

ion; Management overr

ide of controls;

Technology costs; Legal and regulatory matters; Impairment of goodwill; Going concern and long-term viab

il

ity; Defined

benefit pension obligat

ions; Hedge account

ing; Climate risk; Centralised reconcil

iat

ions; Share based payments; Onerous

contracts, includ

ing

impa

irment of leased propert

ies; Taxation; IT matters, and certain restructuring and transformation

programmes.

In addit

ion to the above areas, for selected components

in Germany, Japan, South Africa, Iraq and Singapore, the primary

audit engagement team (the "Primary Audit Team") performed certain procedures centrally over the cash balances as at 31

December 2024. These components are separate to those described below.

We ident

ified 13 components

in 10 countries as ind

iv

idually relevant to the Group due a sign

ificant r

isk or an area of higher

assessed risk of material misstatement of the group financ

ial statements be

ing associated with the components, or due to

financial s

ize of the component relative to the group.

For those ind

iv

idually relevant components, we ident

ified the s

ign

ificant accounts where aud

it work needed to be performed

at these components by applying professional judgement, having considered the group sign

ificant accounts on wh

ich

centralised procedures are performed, the reasons for ident

ify

ing the financ

ial report

ing component as an ind

iv

idually

relevant component and the size of the component’s account balance relative to the group sign

ificant financial statement

account balance.

We then considered whether the remain

ing group s

ign

ificant account balances that are not subject to aud

it procedures, in

aggregate, could give rise to a risk of material misstatement of the group financ

ial statements.

Having ident

ified the components for wh

ich work will be performed, we determined the scope to assign to each component.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzExNXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8xMTV7CmZpbGw6ICNFNkU3RTg7Cn0KLmcyXzExNXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwpzdHJva2UtbWl0ZXJsaW1pdDogMTA7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNjUsMTE5OS44SDg0NC41IiBjbGFzcz0iZzBfMTE1Ii8+CjxpbWFnZSBwcmVzZXJ2ZUFzcGVjdFJhdGlvPSJub25lIiB4PSI1OCIgeT0iMTIwOCIgd2lkdGg9IjEwNSIgaGVpZ2h0PSI0MSIgeGxpbms6aHJlZj0iZGF0YTppbWFnZS9wbmc7YmFzZTY0LGlWQk9SdzBLR2dvQUFBQU5TVWhFVWdBQUFHa0FBQUFwQ0FNQUFBQUJCUGRrQUFBREFGQk1WRVVBQUFBRFZyQXRMUzhzcWdBS0pBQUNOV3hDUkVVaWV3QTlQVDBFYyt3MzBRQUFCaEVCS1ZSUVVWSTJOemc4UGo0QUowNEFSK2RNVFU4V0Z4Z3V0QUFpSWlOSlNVNEVjK29EWWNVT0RnNDlQVDhUVEFBMzBRQTdPeDgxeGdBbWtBQk9URkF1TGpFQ1RwNENWTGdEWXNkZVhrSUNCZ0ZQVUZJc29nQWZJeU1IR1JrTVdBQldXRnBXV0ZvRWMreElTRXhOVFU4aElpSUFFaVZTVkZZNTJRQThQVDVOVFZCWFdGc0RkdkErWDJBMXlRQUNZdE1EWVBJQkhUd3dNRElDVHFCalpFMGVjUUJVVlZaU1ZGWlNWRlVEUW9jdXhnQVpHUmxGUmtnRFo5VlVWRllFRHdBNDBRQlFVVklsSlNVQmMrWW9LU3BhWEY0L1FFTlVWVlpjWEYxUVRWQTQxUUFFZE8xUlVWTTBORGRTVkZaVlZsZ0FIVHMxelFBL1NFZ0RkZTVZV2x4cWFtcFZWbGdDYnU4a2pnQmZUVkFFZHZBUER4QVFRQUJLU21nRWVQTlVWVmhQVUZNeU1qSlJVbFFtSlN0TllVNDg0Z0JFUkVkS1RFNEtDUWM3M1FBVUZCVlZVMVpSVWxKUlVsUUNUNnhSVVZJWEZ4Z2RIUjBaREJrNTJBQTdoanhSVWxRMk5qWjNRRUkxTlRaSVNFcG5SVThXVmdCVVZWZ21KeWhSVWxoUlVsUUJSb3hBUVVOVFZGVXNMQzBvS1NwVVZGVTBORVVURXhRRGRPMVNVbFUxTmpjRWRPb0FEaHd1M2dCVVZWYzMxQUJHUjBnQ2N1b2lJaVZZV0Z0QVFVTklTRXBXVjFwUlVsZ3BKU1VDWDhKV1ZGY0RkdkViRzE1TVRGWlFVRm9qSkNWVVZGWlJVVElBQWdWVFZWZ0FFeTh5dndCR1JrZ2JHeDA1MlFCRVJrY1JFUkVhWHdBMXlBQmJYRjQyTmpoTlRrNGJIUjBFZE9zRWR2RkdTRWhHU0VraGdnQWJHeDBvS0NraElTRUNkT3hTVWxnNU9qeFlXVnRjWFY4eE16UWZIeUFKQ1FsRzJ3QkpTa3c3T3o4M056dElTVW94TURWTlRrOEJjZVlDZWUwNDBBQlJVVk5TVTFVL1AwRUVlUFErUDBBRWVQSTJQRGhNNFFBNDB3Qm5hQzBiYUFCQlFrUXdNRElxS3l4RVJVY0JGU3NFZGUxQlFVSTQwZ0FBUm8wTk1RQXFLaXhKU1VrQlBIb0VGd0JUVkZRNDFnQTNOemc0MHdBakl5UUVjdW9uc2dBNDFnQTZQRDlGUlVZNU9Ua0VhTllFQlFVNDFRQktVVkVEYWRZbm9aL1ZBQUFCQUhSU1RsTUFiR1J6Q1RLZ0RBdmYwZ01qNElOT0RoSEhKU0ZSYWY2VUJDNGg1Z2FCWlpZckdsT2tRZ0d6U2hFTUNOYncvellaS1FuTTgyMVZ1dTFwcm1tYklVMVRnamkwN1pBYlZnNlNWTTRFY204Tk16RHllWFZUT1B2NnpqR3E3Z3cwRzZudUFzMTVLOUQzQ0FsZTlwU01DTThNYis1Mmh3SDhFSjlSYnpTVkV3c0J2bUt3QzBCRGt5MFhyaWF6OGlZMmREbENUekFmMEpCenNBZGQ1NlNyaGhUeWozNXVrd3BNRmMwOFl5QTFpUk1Cb3dKeWJDclJWQWtXbjlCUnB4Yi91bzlyUVJBT0VaRk5aZFR1TlJnSEo1QkZIcmNVYms5alRqUldXUGhrenpONnFWNFBheXhGZ2hPdEVQNEpFaG9RTHdVMmtTdkhMSkpQc0RJekRwRUR6aUZzTWV2QUF3QUFCenBKUkVGVWVOcTFsMzFjVTFVWXgwOWFxMlh6QlY4SVhXOWFZSG01UVplOHl4SnorQW95bWJPTnoxQlowNENhemxKd3JURkp3d1NuRE1PUEg3ckNMaEpLNkkxbEtsWXF2ZkFCTlZjaUZveWhXUW9xaWdJZnlhU3UyVGwzbDIwcDVEL3MvTEdkYys0OTU3dm5QTS96Tzg4QThHbjVjNnUzekw1UUR2emVyajBxd1hGVjRtVy9nM1lJVlhoZ1lLQ3IwTCtZengrcFRrS2N3RUM4MHErZ0JTK1hxdHdnUDVNR0piN0ZjeURKajZlWGYxOHA3Z1ZWanZVYmFDd01PUThIVDl3NHFNODN6YW4vdXhFcjYrTkJVQkQzZGJuUTFRTTZqQXR2QTlDZVVsOWZueEo4OTRLT2FZNy9BOVVhSW50L0VNWU01MXcwN3EzRFBRWkpMbDdMQjFkbVhFOUxpOWkyL3U0VkJ0TGhDT3FidEZYZUJ5bm5LRWY2dkJEblNTN2h6eThBTU9MTGlGYllsQmtUZkgvdXdaTXRiWWcwYXVYcm9PNkxBa0Z0czJEWjJsa2phOWNWZkxzY1B2OXJlNEhnUEVleWZWTXdhOUduZ2t1Mm56TGJCTTFnVVV0Qnk2RlliQy9hNUVJbGYzYVNWNllETU9GanNiS1ZheEZUdmVlZlNRVUlNSHVGblRScTZBYXJYa01jeFVJc2RYOVpDQXpEYUVNNnNFWlRjSXFBcE5jd2l0QkdoVml1eG1rWTRsaGpJMFdSR0dseTIzU2g5REFmYzhPZzRLM3ZUR3U5aXhURWlHWUMyODBLQTlrVzZkd3BKWGJMYkFNb3k5cUhMTlFBVy9ZcDZvUkR6VTJKNUpGdDBWS3J6T2FNc2x6TnByQ3RYVDlvUTdwazJmTkNNVGZwSW0rVFNqZ0ZnT0NZK24yY1VVcng3MTZTZ2w2Wjd2WVRZRHNTYW1DM1FvZEk5bVJvc0g1K2cyVXptbG9xajJ6VTVLSXowRUZTZ3RvTWNpeGhjUGlZbFBmVDRoNXhVRWtLSjVlRG1DV1RJbHFWU3ZGM1BtNEtOMkVZYzRaRkpPRFU1bkh1UnlRR3hZZmV1ZG5TZ0tZR3l5T0xxRGJVaTRVa1RTTUFqSlJiSHVzbURYb3Z5UlBrcmkxVFlFeWt6RGliMFRuMXY0a1VaOVNTZVJ5cGh2b0ltZG5pUStxd3ZNYVQ1bEhacUtkQWZtcUNKTkZhTkh6U1RRTGd0c3VidUs3cVliMGtuZ3dtMXk1Um5vNTBzR3dZeGJEQndYbGFMNm5NUWVuWTRQSkRCQjI1aVZiQVYxaU10Mm0rWmhSYnpwNm5NWjUwK1Q0aDdra3AvUFNVb1hkZWhjazZadVJJQTVrM1g4UEVNZzB2UmVuZWYxc3FRcVNsYmhMYlpORVpqVm1VUEhLWmdtTEtjclNJZEF6YVZMRXVRVmVXSThWNlNQQUFLNzI2ZDFoU1BmMU9sY2trNHdueURDdGpvdlhTWGM4MWFhT2pWeHpScjcxRUZDT1N1Z1k0OWhORU5CUDdWU1l3bnlMMGhPSTM0bW8yT1FUOXhodzRmTE1zNnppM1QweDdNQ2kvTGZGY0dyaEx1T09GUG9UTjBkZDg2cjNFRlM1dEg5ZzVCdDVQMS81SThucExrZ2hWcVpkbTFSM3FkWnVTYWQzM0luV1ZnUi9GYVEvZlFIZmh6MEpYNEgrVTl1N1dUTi9zblJSOTdsNmszVXZCSEppb3lzNGxNTHJHUHAza0NReFYwbTFmcXlyaWlobGpSM0l6dmVtRVFsRlRBUjF3cHBoeDV2M2dCSFhGbzI4V2YvaUcwY2lNVGwwMVVhRjRGNmI0NXZuSGEyb2M0VTZGNGhuNEtwczNzZGpZYldYQWRVNFJiajBCSlNGLzNHbFBaT0NTYXo2a1V4aWh5Nks2bTBQdGhGMUxiUThDcHlqU1FHbzNFT0E4clk3V2Z2Q0dVVW96dFZtWVhZZEpiV0FOdFlGaWFnbE1aNmRNTThFWkxaV1ZKVEtaQUMrb2Fkc09RTHpQTGE5YTdBMkxabzNoZTViZDFOMU02OFBaWjlWVVczY0NBOU1taDRZa1M4Sm1WcVkvWjNXeWcrVURXTllxbjJaVzA5S3c1UUZZT011K1NBOVlSaEE3V2JhQm9vR1lWMVRsdnZvcjBGdFRUdmVVU0lrZVV0QTB5dVlteWwrRW4wM0g0Z3F3Y05oeGFFbG9FN1NRODFNNkViSVh0Z0R0Y1RVMUhGZzFMV2lrTjNYUWpTajBtQ2pReVJzRjFYdlNFampYVTQzaGxSYzhtYXNtZXlMaUJFZXlCZ1NZRWVsVmRIcGY4eEV4WEJ1bEYrbjFJbXl2K3FzOGtCc3FnaU5SbE1GNHJBc3R6VFNCaFJHdG5oWlJIOE5WbU1oYmVLSEhwbVJUUE9zbWhZN21TTGtuQ1k2VWhVaEhlRks2MXZRUGFtRm1OUlRoWEkyVEcrMTBhbllqbTR3aW1FOWVsRks1RFNuclJsVEN1TVo1Z2k5MUZMMENxc0gzWm5lVVE5SW82b2daek15bFNONG1ZbVV5cURPSXVtQUNIejhFRUNrYms5WUNzRHE3b2szMENTeGtiRklhRmlnenhHbGVsbmpnQlBSUFlJdkxOL1ljSWFFbmk0cmlOM2xJeVdxTnV1Z2doZ1dBODNKb1Urb3N6Ym9pZTQwSUV6UUpqamFDTmZEMFVwOVAwQXJPSFR6YURNbzA1THdpVEIrQ051SkxCemNxN2MrRjdRQU1mWFNjYjk1ZCtpSWdubGgzS1k1RXB6ZUVqQU9mclNBSWNuK1pDVHhGWnFJNlFvRHBUZW1MZmlMaWlaVjFnTEd2Z25QZFQrcjFKNytWZ2VUOVVoR3gvZmt5YnFPVUdkZVZQbWJ0K2IyWFVrOVdrZ29xcXBCN3pGVXdIOEh5cWhLUVhNSlBnZFFxOUwyNlJGWUNKV0M1akpQQjFWVXl0MDZXVkZYQm04ZTlUL3VCVGg5VVdzWUkvOVRLQ3laUFhnREErRnUrckRrSC9BRGFVWG02dEhCamZzeVl4eU44V05lL1MrbHYwbHhVd3JxRWMyRjM0Y1BlSUd4OVoycC9reEpWYmtIOSs1RnlzSDZPMkdPVzh0ZjcrNW1VeEd0M1V1bDdNQWluWm5qTU90dmZKQ0hPRjN1ek9VMTQ4SEhlTEdWbmY1TitRVFVZTHFsK3dEME1qaG1mb1VTc2lCdnQvVXdhV2lqQlZWdG1EL1ZNeE53L1oxOXJxM2hQZjRQK0JReDNvaUJ4SUJNSUFBQUFBRWxGVGtTdVFtQ0MiLz4KPHBhdGggZD0iTTMyNC44LDI3MGg4Ni42djIxLjNIMzI0LjhWMjcwWk00OTgsMjcwaDg2LjZ2MjEuM0g0OThWMjcwWm0xNzMuMywwaDg2LjZ2MjEuM0g2NzEuM1YyNzBaTTMyNC44LDI5MS4zaDg2LjZ2MjEuM0gzMjQuOFYyOTEuM1ptMTczLjIsMGg4Ni42djIxLjNINDk4VjI5MS4zWm0xNzMuMywwaDg2LjZ2MjEuM0g2NzEuM1YyOTEuM1pNMzI0LjgsMzEyLjZoODYuNnYyMS4zSDMyNC44VjMxMi42Wm0xNzMuMiwwaDg2LjZ2MjEuM0g0OThWMzEyLjZabTE3My4zLDBoODYuNnYyMS4zSDY3MS4zVjMxMi42Wk0zMjQuOCwzMzMuOWg4Ni42djE5LjlIMzI0LjhWMzMzLjlabTE3My4yLDBoODYuNnYxOS45SDQ5OFYzMzMuOVptMTczLjMsMGg4Ni42djE5LjlINjcxLjNWMzMzLjlaIiBjbGFzcz0iZzFfMTE1Ii8+CjxwYXRoIGQ9Ik0zMjQuOCwyNTEuNWg4Ni42bTAsMEg0OThtMCwwaDg2LjZtMCwwaDg2LjdtMCwwaDg2LjZtMCwwaDg2LjZNNjUsMjcwSDMyNC44bTAsMGg4Ni42bTAsMEg0OThtMCwwaDg2LjZtMCwwaDg2LjdtMCwwaDg2LjZtMCwwaDg2LjZNNjUsMzMzLjlIMzI0LjhtMCwwaDg2LjZtMCwwSDQ5OG0wLDBoODYuNm0wLDBoODYuN20wLDBoODYuNm0wLDBoODYuNk02NSwzNTMuOEgzMjQuOG0wLDBoODYuNm0wLDBINDk4bTAsMGg4Ni42bTAsMGg4Ni43bTAsMGg4Ni42bTAsMGg4Ni42IiBjbGFzcz0iZzJfMTE1Ii8+Cjwvc3ZnPg==)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

113

Directors’ Report and Financ

ial Statements 2024

Of the 13 components selected, we designed and performed audit procedures on the entire financ

ial

informat

ion of 6

components (“full scope components”). For 4 components, we designed and performed audit procedures on specif

ic

sign

ificant financial statement account balances or d

isclosures of the financ

ial

informat

ion of the component (“spec

if

ic scope

components”). For the remain

ing 3 components, we performed spec

if

ied aud

it procedures to obtain evidence for one or more

relevant assertions.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Group's Absolute PBT | | Group Total Assets | | Group's Absolute Operating Income | |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Full scope components | 54% | 57% | 84% | 84% | 61% | 62% |
| Specif  ic scope components | 11% | 18% | 4% | 8% | 10% | 18% |
| Specif  ied procedures | 3% | 2% | 0.50% | 0.40% | 3% | 2% |
| Total | 68% | 77% | 89% | 92% | 74% | 82% |

Of the remain

ing components that together represent 32% of the Group’s absolute PBT, none are

ind

iv

idually greater than

3.1% of the Group’s absolute PBT. For certain of these components, we performed other procedures at the Group level which

included: performing analytical reviews at the Group financ

ial statement l

ine item level, evaluating entity level controls,

performing audit procedures on the centralised shared service centres, testing of consolidat

ion journals and

intercompany

elim

inat

ions, inqu

ir

ing with certain overseas EY teams on the outcome of prior year local statutory audits (where audited by

EY) to ident

ify any potent

ial risks of material misstatement to the Group financ

ial statements. We also had regard for the

extent of centralised procedures in respect of key audit matters.

Involvement with component teams

In establish

ing our overall approach to the Group aud

it, we determined the type of work that needed to be undertaken at

each of the components by us, as the Primary Audit Team, or by component auditors from other firms operating under our

instruct

ion. All of the d

irect components of the Group (full, specif

ic or spec

if

ied procedures) were aud

ited by EY global

network firms.

Audit procedures were performed on 2 full scope components (includ

ing the aud

it of the Company) directly by the Primary

Audit Team (EY London) in the United Kingdom. Where components were audited by the Primary Audit Team, this was under

the direct

ion and superv

is

ion of the Sen

ior Statutory Auditor. For the remain

ing 11 components, where the work was

performed by component auditors, we determined the appropriate level of involvement to enable us to determine that

sufficient aud

it evidence had been obtained as a basis for our opin

ion on the Group as a whole.

In addit

ion to the above, the Pr

imary Audit Team also performed full-scope audit procedures on components related to the

Group consolidat

ion process.

In addit

ion, the Group has central

ised processes and controls over key areas in its shared service centres. Members of the

Primary Audit Team undertook direct oversight, review and coordinat

ion of our shared serv

ice centre audits. The Primary

Audit Team continued to follow a programme of planned vis

its to component teams and shared serv

ice centres. During the

current year’s audit cycle, vis

its were undertaken by the Pr

imary Audit Team to the component teams in the following

locations:

•

India (includ

ing the shared serv

ices centre)

•

Malaysia (includ

ing the shared serv

ices centre)

• Pakistan

•

Singapore (includ

ing the shared serv

ices centre)

• United Arab Emirates

• United States of America

These vis

its

involved discuss

ing the aud

it approach with the component team and any issues aris

ing from the

ir work, meeting

with local management, attending planning and closing meetings, and review

ing relevant aud

it working papers on risk

areas. In addit

ion to the s

ite vis

its, the Pr

imary Audit Team interacted regularly with the component and SSC audit teams

where appropriate during various stages of the audit, reviewed relevant working papers and deliverables to the Primary

Audit Team, and were responsible for the scope and direct

ion of the aud

it process.

The Primary Audit Team also undertook video conference meetings with component and SSC audit teams and

management. These virtual meetings involved discuss

ing the aud

it approach and any issues aris

ing from the

ir work, as well

as performing remote reviews of key audit workpapers.

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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

114

Directors’ Report and Financ

ial Statements 2024

This, together with the procedures performed at Group level, gave us appropriate evidence for our opin

ion on the Group and

Company financial statements.

Climate change

Stakeholders are increas

ingly

interested in how climate change will impact the economy, includ

ing the bank

ing sector, and

further how this may consequently impact the valuation of assets and liab

il

it

ies held on bank balance sheets. The Group

manages climate risk according to the characterist

ics of the

impacted risk types and is embedding climate-risk

considerat

ions

into relevant frameworks, includ

ing pr

inc

ipal r

isk type frameworks, and processes. The assessment of the risk

by the Group is explained on page 56 in the 'Risk profile: Climate Risk’ section, and in the Strategic Report on pages 33 to 35,

where management has also explained their climate commitments.

All of these disclosures form part of the ‘Other informat

ion’, rather than the aud

ited financ

ial statements. Our procedures on

these unaudited disclosures therefore consisted solely of consider

ing whether they are mater

ially incons

istent w

ith the

financial statements or our knowledge obta

ined in the course of the audit, or otherwise appear to be materially misstated, in

line with our responsib

il

it

ies on ‘Other

informat

ion’.

In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any

consequential material impact on its financ

ial statements.

The Group has explained in the strategic report how they have reflected the impact of climate change in their financ

ial

statements, includ

ing how th

is aligns with their commitment to the aspirat

ions of the Par

is Agreement to achieve net zero

emiss

ions by 2050. S

ign

ificant judgements and est

imates relating to climate change are included in the section ‘Climate

change impact on the Group’s balance sheet’ of note 1 to the financ

ial statements. As stated

in these disclosures, the Group

has considered Climate change to be an area which can impact accounting estimates and judgements through the

uncertainty of future events and the impact of that uncertainty on the Group’s assets and liab

il

it

ies.

Our audit effort in consider

ing the

impact of climate change on the financ

ial statements was focused on evaluat

ing whether

management’s assessment of the impact of climate risk has been appropriately reflected in the valuation of assets and

liab

il

it

ies, where these can be rel

iably measured, following the currently effective requirements of UK IAS and EU IFRS. This

was in the context of the Group’s process being lim

ited, g

iven that this is an emerging area, as a result of lim

itat

ions in the

data available and the nascent modelling capabil

it

ies, and as the Group considers how it further embeds its climate

ambit

ions

into the planning process.

As part of this evaluation, we performed our own risk assessment, supported by our climate change internal special

ists, to

determine the risks of material misstatement in the financ

ial statements from cl

imate change which needed to be

considered in our audit.

We also challenged the Directors’ considerat

ions of cl

imate change risks in their assessment of going concern and viab

il

ity,

and the associated disclosures. Where considerat

ions of cl

imate change were relevant to our assessment of going concern,

these are described above.

Based on our work, we have considered the impact of climate change on the financ

ial statements to

impact certain key audit

matters. Details of our procedures and find

ings are

included in our explanation of key audit matters below.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most sign

ificance

in our audit of the financ

ial

statements of the current period and include the most sign

ificant assessed r

isks of material misstatement (whether or not

due to fraud) that we ident

ified. These matters

included those which had the greatest effect on: the overall audit strategy,

the allocation of resources in the audit; and direct

ing the efforts of the engagement team. These matters were addressed

in

the context of our audit of the financ

ial statements as a whole, and

in our opin

ion thereon, and we do not prov

ide a separate

opin

ion on these matters.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzExN3sKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8xMTd7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzExNyIvPgo8aW1hZ2UgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTgiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQURWckF0TFM4c3FnQUtKQUFDTld4Q1JFVWlld0E5UFQwRWMrdzMwUUFBQmhFQktWUlFVVkkyTnpnOFBqNEFKMDRBUitkTVRVOFdGeGd1dEFBaUlpTkpTVTRFYytvRFljVU9EZzQ5UFQ4VFRBQTMwUUE3T3g4MXhnQW1rQUJPVEZBdUxqRUNUcDRDVkxnRFlzZGVYa0lDQmdGUFVGSXNvZ0FmSXlNSEdSa01XQUJXV0ZwV1dGb0VjK3hJU0V4TlRVOGhJaUlBRWlWU1ZGWTUyUUE4UFQ1TlRWQlhXRnNEZHZBK1gyQTF5UUFDWXRNRFlQSUJIVHd3TURJQ1RxQmpaRTBlY1FCVVZWWlNWRlpTVkZVRFFvY3V4Z0FaR1JsRlJrZ0RaOVZVVkZZRUR3QTQwUUJRVVZJbEpTVUJjK1lvS1NwYVhGNC9RRU5VVlZaY1hGMVFUVkE0MVFBRWRPMVJVVk0wTkRkU1ZGWlZWbGdBSFRzMXpRQS9TRWdEZGU1WVdseHFhbXBWVmxnQ2J1OGtqZ0JmVFZBRWR2QVBEeEFRUUFCS1NtZ0VlUE5VVlZoUFVGTXlNakpSVWxRbUpTdE5ZVTQ4NGdCRVJFZEtURTRLQ1FjNzNRQVVGQlZWVTFaUlVsSlJVbFFDVDZ4UlVWSVhGeGdkSFIwWkRCazUyQUE3aGp4UlVsUTJOalozUUVJMU5UWklTRXBuUlU4V1ZnQlVWVmdtSnloUlVsaFJVbFFCUm94QVFVTlRWRlVzTEMwb0tTcFVWRlUwTkVVVEV4UURkTzFTVWxVMU5qY0VkT29BRGh3dTNnQlVWVmMzMUFCR1IwZ0NjdW9pSWlWWVdGdEFRVU5JU0VwV1YxcFJVbGdwSlNVQ1g4SldWRmNEZHZFYkcxNU1URlpRVUZvakpDVlVWRlpSVVRJQUFnVlRWVmdBRXk4eXZ3QkdSa2diR3gwNTJRQkVSa2NSRVJFYVh3QTF5QUJiWEY0Mk5qaE5UazRiSFIwRWRPc0VkdkZHU0VoR1NFa2hnZ0FiR3gwb0tDa2hJU0VDZE94U1VsZzVPanhZV1Z0Y1hWOHhNelFmSHlBSkNRbEcyd0JKU2t3N096ODNOenRJU1VveE1EVk5UazhCY2VZQ2VlMDQwQUJSVVZOU1UxVS9QMEVFZVBRK1AwQUVlUEkyUERoTTRRQTQwd0JuYUMwYmFBQkJRa1F3TURJcUt5eEVSVWNCRlNzRWRlMUJRVUk0MGdBQVJvME5NUUFxS2l4SlNVa0JQSG9FRndCVFZGUTQxZ0EzTnpnNDB3QWpJeVFFY3VvbnNnQTQxZ0E2UEQ5RlJVWTVPVGtFYU5ZRUJRVTQxUUJLVVZFRGFkWW5vWi9WQUFBQkFIUlNUbE1BYkdSekNUS2dEQXZmMGdNajRJTk9EaEhISlNGUmFmNlVCQzRoNWdhQlpaWXJHbE9rUWdHelNoRU1DTmJ3L3pZWktRbk04MjFWdXUxcHJtbWJJVTFUZ2ppMDdaQWJWZzZTVk00RWNtOE5NekR5ZVhWVE9QdjZ6akdxN2d3MEc2bnVBczE1SzlEM0NBbGU5cFNNQ004TWIrNTJod0g4RUo5UmJ6U1ZFd3NCdm1Ld0MwQkRreTBYcmlhejhpWTJkRGxDVHpBZjBKQnpzQWRkNTZTcmhoVHlqMzV1a3dwTUZjMDhZeUExaVJNQm93SnliQ3JSVkFrV245QlJweGIvdW85clFSQU9FWkZOWmRUdU5SZ0hKNUJGSHJjVWJrOWpUalJXV1Boa3p6TjZxVjRQYXl4RmdoT3RFUDRKRWhvUUx3VTJrU3ZITEpKUHNESXpEcEVEemlGc01ldkFBd0FBQnpwSlJFRlVlTnExbDMxY1UxVVl4MDlhcTJYekJWOElYVzlhWUhtNVFaZTh5eEp6K0FveW1iT056MUJaMDRDYXpsSndyVEZKd3dTbkRNT1BIN3JDTGhKSzZJMWxLbFlxdmZBQk5WY2lGb3loV1FvcWlnSWZ5YVN1MlRsM2wyMHA1RC9zL0xHZGMrNDk1N3ZuUE0vek84OEE4R241YzZ1M3pMNVFEdnplcmowcXdYRlY0bVcvZzNZSVZYaGdZS0NyMEwrWXp4K3BUa0tjd0VDODBxK2dCUytYcXR3Z1A1TUdKYjdGY3lESmo2ZVhmMThwN2dWVmp2VWJhQ3dNT1E4SFQ5dzRxTTgzemFuL3V4RXI2K05CVUJEM2RiblExUU02akF0dkE5Q2VVbDlmbnhKODk0S09hWTcvQTlVYUludC9FTVlNNTF3MDdxM0RQUVpKTGw3TEIxZG1YRTlMaTlpMi91NFZCdExoQ09xYnRGWGVCeW5uS0VmNnZCRG5TUzdoenk4QU1PTExpRmJZbEJrVGZIL3V3Wk10YllnMGF1WHJvTzZMQWtGdHMyRFoybGtqYTljVmZMc2NQdjlyZTRIZ1BFZXlmVk13YTlHbmdrdTJuekxiQk0xZ1VVdEJ5NkZZYkMvYTVFSWxmM2FTVjZZRE1PRmpzYktWYXhGVHZlZWZTUVVJTUh1Rm5UUnE2QWFyWGtNY3hVSXNkWDlaQ0F6RGFFTTZzRVpUY0lxQXBOY3dpdEJHaFZpdXhta1k0bGhqSTBXUkdHbHkyM1NoOURBZmM4T2c0SzN2VEd1OWl4VEVpR1lDMjgwS0E5a1c2ZHdwSlhiTGJBTW95OXFITE5RQVcvWXA2b1JEelUySjVKRnQwVktyek9hTXNsek5wckN0WFQ5b1E3cGsyZk5DTVRmcEltK1RTamdGZ09DWStuMmNVVXJ4NzE2U2dsNlo3dllUWURzU2FtQzNRb2RJOW1Sb3NINStnMlV6bWxvcWoyelU1S0l6MEVGU2d0b01jaXhoY1BpWWxQZlQ0aDV4VUVrS0o1ZURtQ1dUSWxxVlN2RjNQbTRLTjJFWWM0WkZKT0RVNW5IdVJ5UUd4WWZldWRuU2dLWUd5eU9McURiVWk0VWtUU01BakpSYkh1c21EWG92eVJQa3JpMVRZRXlrekRpYjBUbjF2NGtVWjlTU2VSeXBodm9JbWRuaVErcXd2TWFUNWxIWnFLZEFmbXFDSk5GYU5IelNUUUxndHN1YnVLN3FZYjBrbmd3bTF5NVJubzUwc0d3WXhiREJ3WGxhTDZuTVFlblk0UEpEQkIyNWlWYkFWMWlNdDJtK1poUmJ6cDZuTVo1MCtUNGg3a2twL1BTVW9YZGVoY2s2WnVSSUE1azNYOFBFTWcwdlJlbmVmMXNxUXFTbGJoTGJaTkVaalZtVVBIS1pnbUxLY3JTSWRBemFWTEV1UVZlV0k4VjZTUEFBSzcyNmQxaFNQZjFPbGNrazR3bnlEQ3Rqb3ZYU1hjODFhYU9qVnh6UnI3MUVGQ09TdWdZNDloTkVOQlA3VlNZd255TDBoT0kzNG1vMk9RVDl4aHc0ZkxNczZ6aTNUMHg3TUNpL0xmRmNHcmhMdU9PRlBvVE4wZGQ4NnIzRUZTNXRIOWc1QnQ1UDEvNUk4bnBMa2doVnFaZG0xUjNxZFp1U2FkMzNJbldWZ1IvRmFRL2ZRSGZoejBKWDRIK1U5dTdXVE4vc25SUjk3bDZrM1V2QkhKaW95czRsTUxyR1BwM2tDUXhWMG0xZnF5cmlpaGxqUjNJenZlbUVRbEZUQVIxd3BwaHg1djNnQkhYRm8yOFdmL2lHMGNpTVRsMDFVYUY0RjZiNDV2bkhhMm9jNFU2RjRobjRLcHMzc2RqWWJXWEFkVTRSYmowQkpTRi8zR2xQWk9DU2F6NmtVeGloeTZLNm0wUHRoRjFMYlE4Q3B5alNRR28zRU9BOHJZN1dmdkNHVVVvenRWbVlYWWRKYldBTnRZRmlhZ2xNWjZkTU04RVpMWldWSlRLWkFDK29hZHNPUUx6UExhOWE3QTJMWm8zaGU1YmQxTjFNNjhQWlo5VlVXM2NDQTlNbWg0WWtTOEptVnFZL1ozV3lnK1VEV05ZcW4yWlcwOUt3NVFGWU9NdStTQTlZUmhBN1diYUJvb0dZVjFUbHZ2b3IwRnRUVHZlVVNJa2VVdEEweXVZbXlsK0VuMDNINGdxd2NOaHhhRWxvRTdTUTgxTTZFYklYdGdEdGNUVTFIRmcxTFdpa04zWFFqU2owbUNqUXlSc0YxWHZTRWpqWFU0M2hsUmM4bWFzbWV5TGlCRWV5QmdTWUVlbFZkSHBmOHhFeFhCdWxGK24xSW15ditxczhrQnNxZ2lOUmxNRjRyQXN0elRTQmhSR3RuaFpSSDhOVm1NaGJlS0hIcG1SVFBPc21oWTdtU0xrbkNZNlVoVWhIZUZLNjF2UVBhbUZtTlJUaFhJMlRHKzEwYW5Zam00d2ltRTllbEZLNURTbnJSbFRDdU1aNWdpOTFGTDBDcXNIM1puZVVROUlvNm9nWnpNeWxTTjRtWW1VeXFET0l1bUFDSHo4RUVDa2JrOVlDc0RxN29rMzBDU3hrYkZJYUZpZ3p4R2xlbG5qZ0JQUlBZSXZMTi9ZY0lhRW5pNHJpTjNsSXlXcU51dWdnaGdXQTgzSm9VK29zemJvaWU0MElFelFKamphQ05mRDBVcDlQMEFyT0hUemFETW8wNUx3aVRCK0NOdUpMQnpjcTdjK0Y3UUFNZlhTY2I5NWQraUlnbmxoM0tZNUVwemVFakFPZnJTQUljbitaQ1R4RlpxSTZRb0RwVGVtTGZpTGlpWlYxZ0xHdmduUGRUK3IxSjcrVmdlVDlVaEd4L2ZreWJxT1VHZGVWUG1idCtiMlhVazlXa2dvcXFwQjd6RlV3SDhIeXFoS1FYTUpQZ2RRcTlMMjZSRllDSldDNWpKUEIxVlV5dDA2V1ZGWEJtOGU5VC91QlRoOVVXc1lJLzlUS0N5WlBYZ0RBK0Z1K3JEa0gvQURhVVhtNnRIQmpmc3lZeHlOOFdOZS9TK2x2MGx4VXdycUVjMkYzNGNQZUlHeDlaMnAva3hKVmJrSDkrNUZ5c0g2TzJHT1c4dGY3KzVtVXhHdDNVdWw3TUFpblpuak1PdHZmSkNIT0YzdXpPVTE0OEhIZUxHVm5mNU4rUVRVWUxxbCt3RDBNamhtZm9VU3NpQnZ0L1V3YVdpakJWVnRtRC9WTXhOdy9aMTlycTNoUGY0UCtCUXgzb2lCeElCTUlBQUFBQUVsRlRrU3VRbUNDIi8+CjxwYXRoIGQ9Ik02NSwxNzAuMUgzNDYuNW0wLDBoNDk4IiBjbGFzcz0iZzFfMTE3Ii8+Cjwvc3ZnPg==)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

115

Directors’ Report and Financ

ial Statements 2024

Risk

Our response to the risk

Credit Impairment

Refer to Note 8 of the financial statements; and

relevant credit risk disclosures (includ

ing pages

58 to 95)

At 31 December 2024, the Bank reported total

credit impa

irment balance sheet prov

is

ion of

$3,204 mill

ion (2023: $3,788 m

ill

ion).

Management’s judgements and estimates are

highly subject

ive as a result of the s

ign

ificant

uncertainty associated with the estimat

ion of

expected future credit losses. Assumptions with

increased complexity in respect of the tim

ing and

measurement of expected credit losses (ECL)

include:

•

Staging

– the determinat

ion of what

constitutes sign

ificant

increase in credit risk

and consequent timely allocation of qualify

ing

assets to the appropriate stage in accordance

with IFRS 9;

•

Model output and adjustments

– Accounting

interpretat

ions, modell

ing assumptions and

data used to develop, monitor and run the

models that calculate the ECL, includ

ing the

appropriateness, completeness and valuation

of post-model adjustments applied to model

output to address ident

ified model deficienc

ies

or risks not fully captured by the models;

•

Economic scenarios

– Sign

ificant judgements

involved in the determinat

ion of the

appropriateness of economic variables, the

future forecasting of these variables and the

parameters used in both the base case

forecast and the Monte Carlo Simulat

ion. The

assessment of non-linear

ity produced by the

Monte Carlo simulat

ion, the benchmark

ing of

the output to backstop discrete scenarios and

the evaluation of the need for any Post Model

adjustments;

•

Management overlays

– Appropriateness,

completeness and valuation of risk event

overlays to capture risks not ident

ified by the

credit impa

irment models,

includ

ing the

considerat

ion of the r

isk of management

override; and

•

Indiv

idually assessed ECL allowances

–

Measurement of ind

iv

idual provis

ions

includ

ing

the assessment of probabil

ity we

ighted

recovery scenarios, exit strategies, collateral

valuations, expected future cashflows and the

tim

ing of these cashflows.

In 2024, the most material factors impact

ing the

ECL were in relation to geopolit

ical uncerta

inty

and the continu

ing

impact of higher interest

rates and inflat

ion. In add

it

ion, we have

considered the impact of climate on the

impa

irment prov

is

ions.

Overall, in line with the prior year the level of

judgement and estimat

ion rema

ins elevated as a

result of the factors above and consequently the

risk of a material misstatement to the ECL

remained consistent with that of the prior year.

We evaluated the design of controls relevant to the Bank’s systems and processes

over material ECL balances, involv

ing EY spec

ial

ists to ass

ist us in performing our

procedures where relevant. Based on our evaluation we selected the controls upon

which we intended to rely and tested those for operating effectiveness.

We performed an overall stand-back assessment of the ECL allowance in total and

by stage to determine if the ECL was reasonable. We considered the overall credit

quality of the Bank’s portfolios, risk profile, the impact of sovereign risk, and the

impact of higher interest rates for longer in certain markets. We performed peer

benchmarking to the extent that this was considered relevant and invest

igated and

sought explanations for any areas ident

ified as be

ing outliers. Our assessment also

included the evaluation of the macroeconomic environment by consider

ing trends

in

the economies and countries to which the Bank is exposed.

Staging

– We evaluated the criter

ia used to determ

ine sign

ificant

increase in credit

risk includ

ing quant

itat

ive backstops w

ith the resultant allocation of financ

ial assets

to stage 1, 2 or 3 in accordance with IFRS 9. We reperformed the staging distr

ibut

ion

for a sample of financial assets and assessed the reasonableness of stag

ing

downgrades applied by management. We assessed the appropriateness of changes

to the staging criter

ia.

To test the completeness of the ident

ification of s

ign

ificant

increase in credit risk, we

challenged the credit risk ratings (includ

ing appropr

iate operation of quantitat

ive

backstops) for a sample of performing accounts and other accounts exhib

it

ing risk

characterist

ics such as financial d

iff

iculty, deferment of payment, late payment and

heightened risk accounts appearing on the watchlist.

Modelled output and adjustments

– With the support of our EY credit risk modelling

special

ists, we performed a r

isk assessment on models involved in the ECL calculation

using EY independently determined quantitat

ive and qual

itat

ive cr

iter

ia and used th

is

risk rating as a basis to select a sample of models to test. Based on this risk

assessment, we evaluated a sample of ECL models by assessing the reasonableness

of underpinn

ing assumpt

ions, inputs and formulae used. This included a combinat

ion

of assessing the appropriateness of model design, model implementat

ion and

validat

ion, sens

it

iv

ity testing and recalculating the Probabil

ity of Default, Loss G

iven

Default and Exposure at Default parameters. Together with our modelling special

ists,

we also assessed material post-model adjustments that were applied as a response

to risks not fully captured by the models or for known model defic

ienc

ies. This included

the completeness and appropriateness of these adjustments.

We did not rely on controls over model monitor

ing and therefore adopted a

substantive approach compris

ing reperformance of model mon

itor

ing procedures for

models classif

ied as s

ign

ificant or h

igher risk in accordance with our EY independent

risk assessment.

In response to the Bank’s model simpl

ification program that resulted

in a number of

low risk or immater

ial models mov

ing to a loss rate approach, we challenged whether

there was a need for an overlay as result of the models no longer includ

ing a forward

looking element as required by IFRS 9.

To evaluate data quality, we performed sample testing over the completeness and

accuracy of key data elements assessed to be material to the modelled ECL output,

back to source evidence.

Economic scenarios

– In collaboration with our economists, we challenged the

completeness and appropriateness of the macroeconomic variables used as inputs to

the ECL models.

Addit

ionally, we

involved our economic special

ists to ass

ist us in evaluating the

reasonableness of the base forecast for a sample of macroeconomic variables most

relevant for the Bank’s ECL calculation. Procedures performed included benchmarking

the forecast for a sample of macroeconomic variables to peers, histor

ical data and a

variety of global external sources. We assessed the output for a sample of economic

variables across different markets from the Monte Carlo simulat

ion for

reasonableness. We reviewed and challenged the appropriateness of the underlying

coding, assumptions, and output of the Monte Carlo simulat

ion.

We assessed the reasonableness of the non-linear

ity

impact on ECL allowances. We

engaged our economists, to assess and challenge the Bank’s choice of discrete

scenarios to benchmark the output from the Monte Carlo model and determine the

sensit

iv

ity analysis as set out from page 91 in the annual report. This challenge

included the choice of narrative scenarios and the weights applied to each scenario.

We also performed a stand-back assessment by benchmarking the uplift and overall

ECL charge and provis

ion coverage to peers.

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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

116

Directors’ Report and Financ

ial Statements 2024

Risk

Our response to the risk

Credit Impairment (continued)

Management overlays

– We challenged the completeness and appropriateness of

overlays used for risks not captured by the models, includ

ing an assessment of the

impact of ongoing polit

ical unrest

in Bangladesh. Our procedures included assessing

the need for management overlays, evaluating the assumptions and judgments used

to determine the overlays taking current market condit

ions

into account, and

computing independent ranges where appropriate.

In addit

ion, w

ith the support from our climate risk modelling special

ists we evaluated

the in

it

ial ECL produced by management’s models and assessed the appropriateness

of the adjustments to the model output to determine the overall climate overlay.

Indiv

idually assessed ECL allowances

– We selected a sample of ind

iv

idually assessed

provis

ions to recalculate. Our recalculat

ion procedures included challenging

management’s forward looking economic assumptions of the recovery outcomes

ident

ified, cashflow profiles and t

im

ings and the

ind

iv

idual probabil

ity we

ight

ings

used for each scenario.

We also engaged our valuation special

ists to test the value of the collateral used

in

management’s calculations on a sample basis.

Key observations communicated to the Audit Committee

We communicated that we are satisf

ied the Bank’s ECL prov

is

ions were reasonably est

imated and materially in compliance with IFRS 9.

We highl

ighted the follow

ing matters to the Audit Committee that contributed to our overall conclusion:

•

Our evaluation of the appropriateness of the sign

ificant

increase in credit risk triggers, and the results of our staging reperformance.

•

For ind

iv

idually assessed ECL allowances, the overall reasonableness of the provis

ions,

includ

ing assumpt

ions applied.

•

Our assessment of the appropriateness of post model adjustments and overlays, includ

ing non-l

inear

ity.

•

Our assessment of the appropriateness of the Banks’s models to generate the ECL and staging outcomes includ

ing the

appropriateness and valid

ity of the data used

in the models and to generate the staging and consequent ECL.

•

Our assessment of the appropriateness of the Bank’s climate models to compute the impact of climate related risks on the portfolio,

noting the judgmental nature of the output and that these first generation models are expected to evolve sign

ificantly over t

ime.

We also highl

ighted to the Comm

ittee that there remains increased uncertainty and volatil

ity

in determin

ing expected cred

it losses due

to the elevated risks in the macroeconomic and geopolit

ical landscape

How we scoped our audit to respond to the risk and involvement with component teams

For the purposes of determin

ing the scope of work to be conducted centrally and by component teams, we cons

idered the following:

•

The Bank’s material IFRS 9 systems and processes, includ

ing modelled ECL, and where those systems and process were located

•

The Bank’s gross exposure and ECL by jurisd

ict

ion

•

The Bank’s and EY’s independent sovereign risk assessment

•

Jurisd

ict

ion of orig

in for

ind

iv

idual stage 3 exposures

Based on this assessment, we determined that credit related procedures were required to be performed centrally and by 6 full scope, 4

specif

ic scope and 2 spec

if

ied scope locat

ions.

The Group audit team`s involvement with the component teams and procedures performed are detailed in the “Involvement with

component teams” section of our report.

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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

117

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Risk

Our response to the risk

Impairment assessment of investments in

subsid

iary undertak

ings

Impairment of investments in subsid

iary

undertakings: Accounting polic

ies (page 227);

and Note 31 of the financial statements.

In the Parent Company financial statements as

at 31 December 2024, the investment in

subsid

iary undertak

ings balance was $10,671

mill

ion (2023: $10,066 m

ill

ion).

On an annual basis, management is required to

perform an assessment for ind

icators of

impa

irment

in respect of investments in

subsid

iary undertak

ings. Where ind

icators of

impa

irment are

ident

ified, the recoverable

amount of the investment should be estimated.

The Group ident

ified

ind

icators of

impa

irment of

investments in subsid

iary undertak

ings, includ

ing

macroeconomic and geopolit

ical factors wh

ich

have an impact on the financ

ial pos

it

ion and

performance of the subsid

iar

ies.

In assessing for ind

icators of

impa

irment, among

other procedures, management compares the

Net Asset Value (‘NAV’) of the subsid

iary to the

carrying value of each direct subsid

iary of the

Parent Company. Where the net assets do not

support the carrying value, the recoverable

amount is estimated by determin

ing the h

igher

of VIU or fair value less cost to sell.

Where the recoverable amount is based on the

VIU, this is modelled by reference to future

cashflow forecasts (profit forecast includ

ing a

regulatory capital haircut adjustment), discount

rates and macroeconomic assumptions such as

long-term growth rates.

There is a risk that if the judgements and

assumptions underpinn

ing the

impa

irment

assessments are inappropr

iate, then the

investments in subsid

iar

ies balances may be

misstated.

The level of risk remains consistent with the prior

year.

We obtained an understanding of management’s process and evaluated the design

of controls. Our audit strategy was fully substantive.

We assessed the appropriateness of the Group’s methodology for testing the

impa

irment of

investments in subsid

iary undertak

ings for compliance with accounting

standards.

We agreed the NAV of the subsid

iar

ies to their carrying value to confirm impa

irment

or reversal of impa

irment recogn

ised in the Parent`s Company financ

ial results.

We agreed the inputs in the VIU model to their source and tested the mathematical

accuracy of the VIU model. We engaged EY special

ists to support the aud

it team in

assessing reasonableness of the regulatory haircut adjustment to future profitab

il

ity

forecasts and calculating an independent range for assumptions underlying the VIU

calculations, such as the discount rate and long-term growth rate.

We also reconciled the future profitab

il

ity forecasts of each subsid

iary to the Group’s

approved Corporate Plan (‘the Plan’). We engaged our special

ist team to determ

ine

the reasonableness of the forward macroeconomic inputs used in the Plan.

We assessed the appropriateness of disclosures for impa

irment of

investments in

subsid

iary undertak

ings in accordance with IAS 36.

Key observations communicated to the Audit Committee

Investments in subsid

iary undertak

ings balance reported in the Parent Company financ

ial statements and the assoc

iated disclosures,

are not materially misstated as at 31 December 2024.

How we scoped our audit to respond to the risk and involvement with component teams

All audit work performed to address this risk was materially undertaken centrally by the Group audit team.

![](data:image/svg+xml;base64,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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

118

Directors’ Report and Financ

ial Statements 2024

Risk

Our response to the risk

Valuation of financ

ial

instruments held at fair

value with higher risk characterist

ics

Refer to the Accounting polic

ies (page 130); and

Note 12 of the financial statements.

At 31 December 2024, the Group reported

financial assets measured at fa

ir value of

$245,417 mill

ion (2023: $212,208 m

ill

ion), and

financial l

iab

il

it

ies at fa

ir value of $145,506 mill

ion

(2023: $120,992 mill

ion), of wh

ich financ

ial assets

of $5,288 mill

ion (2023: $4,234 m

ill

ion) and

financial l

iab

il

it

ies of $2,016 m

ill

ion (2023: $1,591

mill

ion) are class

if

ied as Level 3

in the fair value

hierarchy.

The fair value of financ

ial

instruments with higher

risk characterist

ics

involves the use of

management judgement in the selection of

valuation models and techniques, pric

ing

inputs

and assumptions and fair value adjustments. A

higher level of estimat

ion uncerta

inty is involved

for financial

instruments valued using complex

models; pric

ing

inputs that have lim

ited

observabil

ity; and fa

ir value adjustments,

includ

ing the Cred

it Valuation Adjustments for

ill

iqu

id counterparties.

We considered the following portfolios

presented a higher level of estimat

ion

uncertainty:

•

Derivat

ives: Level 3 and certa

in Level 2

derivat

ives (

includ

ing those embedded w

ith

in

customer accounts, debt securit

ies

in issue, and

deposits by banks) whose valuation involves

the use of complex models; and

•

Other Level 3 financial

instruments: equity

shares, loans and advances to customers,

reverse repurchase agreements and other

sim

ilar secured lend

ing, and debt securit

ies

and other elig

ible b

ills with unobservable

pric

ing

inputs.

The level of risk remains consistent with the prior

year.

We evaluated the design and operating effectiveness of controls relating to the

valuation of financ

ial

instruments, includ

ing

independent price verif

icat

ion, model

validat

ion and approval, fa

ir value adjustments, and sign

ificant deal rev

iew.

Among other procedures, we engaged our valuation special

ists to ass

ist the audit

team in performing the following testing on a risk-assessed sample basis:

•

Test valuations dependent on complex models by independently revaluing Level 3

and certain Level 2 derivat

ive financial

instruments (includ

ing those embedded

with

in customer accounts, debt secur

it

ies

in issue, and deposits by banks) to assess

the appropriateness of models and the adequacy of assumptions and inputs used

by the Group;

•

Test valuations of other Level 3 financ

ial

instruments with higher estimat

ion

uncertainty, such as equity shares, loans and advances to customers, reverse

repurchase agreements and other sim

ilar secured lend

ing, and debt securit

ies and

other elig

ible b

ills. Where appropriate, we compared management’s valuation to

our own independently developed range;

•

Assessed the appropriateness of pric

ing

inputs as part of the IPV process; and

•

Compared the methodology used for fair value adjustments to current market

practice. We revalued a sample of valuation adjustments, compared market inputs

to third party data, and challenged the basis for determin

ing

ill

iqu

id credit spreads.

Where differences between our independent valuation and management’s valuation

were outside our thresholds, we performed addit

ional test

ing to assess the impact on

the valuation of financ

ial

instruments.

Throughout our audit procedures we considered the continu

ing uncerta

inty aris

ing

from the current macroeconomic environment. In addit

ion, we assessed whether

there were any ind

icators of aggregate b

ias in financ

ial

instrument marking and

methodology assumptions.

Key observations communicated to the Audit Committee

We concluded that assumptions used by management to estimate the fair value of financ

ial

instruments with higher risk characterist

ics

and the recognit

ion of related

income were reasonable. We highl

ighted the follow

ing matters to the Audit Committee:

•

We did not ident

ify mater

ial differences aris

ing from our

independent testing of valuations dependent on complex models;

•

The fair values of other Level 3 financ

ial

instruments, valued using pric

ing

inputs with lim

ited observab

il

ity, were not mater

ially

misstated as at 31 December 2024, based on our independent calculations; and

•

Valuation adjustments, includ

ing Cred

it Valuation Adjustments for ill

iqu

id counterparties, were appropriate, based on our analysis of

market data and benchmarking of pric

ing

informat

ion.

How we scoped our audit to respond to the risk and involvement with component teams

We performed centralised audit procedures over this risk. These procedures were performed by the Primary Team and CIB SSC, covering

over 98.4% of the risk amount.

In the prior year, our auditor’s report included key audit matters in relation to priv

ileged access management and the

valuation of goodwill. In the current year, following the implementat

ion of management’s remed

iat

ion programme, the r

isk

relating to priv

ileged access has reduced below the threshold for be

ing a key audit matter. Also, due to a reduction of the risk

of material impa

irment of goodw

ill, we no longer consider it a key audit matter.

![](data:image/svg+xml;base64,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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

119

Directors’ Report and Financ

ial Statements 2024

Our applicat

ion of mater

ial

ity

We apply the concept of material

ity

in planning and performing the audit, in evaluating the effect of ident

ified

misstatements on the audit and in forming our audit opin

ion.

Material

ity

The magnitude of an omiss

ion or m

isstatement that, ind

iv

idually or in the aggregate, could reasonably be expected to

influence the economic decis

ions of the users of the financial statements. Mater

ial

ity prov

ides a basis for determin

ing the

nature and extent of our audit procedures.

We determined material

ity for the Group to be $252 m

ill

ion (2023: $221 m

ill

ion), wh

ich is 5% (2023: 5%) of adjusted profit

before tax. This reflects statutory profit before tax adjusted for certain non-recurring items. We believe that adjusted profit

before tax provides us with most appropriate and relevant measure for the users of the financ

ial statements, g

iven the Group

is profit making, it is consistent with the wider industry, and it is the standard for listed and regulated entit

ies. Th

is increase

from prior year is driven by an increase in our material

ity bas

is of adjusted profit before tax and is reflected in all material

ity

thresholds discussed below.

We determined material

ity for the Parent Company to be $164 m

ill

ion (2023: $155 m

ill

ion), wh

ich is 5% (2023: 5%) of adjusted

profit before tax. We believe that adjusted profit before tax provides us with most relevant and appropriate measure for the

users of the financial statements, g

iven the Company is profit making, it is consistent with the wider industry, and it is the

standard for regulated entit

ies.

Material

ity

Adjustments

Starting

basis

•

Reported profit before tax – $4,447 mill

ion

• Non-recurring items: $587 mill

ion

•

Adjusted profit before tax – $5,034 mill

ion

•

Material

ity of $252 m

ill

ion (5% of adjusted profit

before tax)

During the course of our audit, we reassessed in

it

ial material

ity. Th

is assessment resulted in a higher final material

ity

calculated based on the actual financial performance of the Group for the year.

Performance material

ity

The applicat

ion of mater

ial

ity at the

ind

iv

idual account or balance level. It is set at an amount to reduce to an appropriately

low level the probabil

ity that the aggregate of uncorrected and undetected m

isstatements exceeds material

ity.

On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement

was that performance material

ity was 50% (2023: 50%) of our plann

ing material

ity, namely $126m (2023: $111m). We have set

performance material

ity at th

is percentage due to a variety of risk assessment factors such as the expectation of

misstatements, internal control environment considerat

ions and other factors such as the global complex

ity of the Group.

Audit work was undertaken at component locations for the purpose of responding to the assessed risks of material

misstatement of the group financ

ial statements. The performance mater

ial

ity set for each component

is based on the

relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that

component. In the current year, the range of performance material

ity allocated to components was $16m to $31m (2023:

$11.4m to $22.8m).

![](data:image/svg+xml;base64,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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

120

Directors’ Report and Financ

ial Statements 2024

Reporting threshold

An amount below which ident

ified m

isstatements are considered as being clearly triv

ial.

We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of $13m (2023:

$11m), which is set at 5% of planning material

ity, as well as d

ifferences below that threshold that, in our view, warranted

reporting on qualitat

ive grounds.

We evaluate any uncorrected misstatements against both the quantitat

ive measures of mater

ial

ity d

iscussed above and in

light of other relevant qualitat

ive cons

iderat

ions

in forming our opin

ion.

Other informat

ion

The other informat

ion compr

ises the informat

ion

included in the Annual Report set out on pages 1 to 262, includ

ing the

Strategic report (pages 1 to 35), the Directors’ report (pages 36 to 42), the Statement of directors’ responsib

il

it

ies (page 43)

and the informat

ion not marked as ‘aud

ited’ in the Risk review and Capital review section (pages 44 to 110), and the

Supplementary informat

ion,

includ

ing Glossary (pages 245 to 262), other than the financial statements and our aud

itor’s

report thereon. The directors are responsible for the other informat

ion conta

ined with

in the annual report.

Our opin

ion on the financial statements does not cover the other

informat

ion and, except to the extent otherw

ise explic

itly

stated in this report, we do not express any form of assurance conclusion thereon.

Our responsib

il

ity is to read the other informat

ion and,

in doing so, consider whether the other informat

ion

is materially

incons

istent w

ith the financ

ial statements or our knowledge obta

ined in the course of the audit, or otherwise appears to be

materially misstated. If we ident

ify such mater

ial incons

istenc

ies or apparent material misstatements, we are required to

determine whether this gives rise to a material misstatement in the financ

ial statements themselves. If, based on the work we

have performed, we conclude that there is a material misstatement of the other informat

ion, we are requ

ired to report that

fact.

We have nothing to report in this regard.

Opin

ions on other matters prescr

ibed by the Companies Act 2006

In our opin

ion, based on the work undertaken

in the course of the audit:

•

the informat

ion g

iven in the strategic report and the directors’ report for the financ

ial year for wh

ich the financ

ial

statements are prepared is consistent with the financ

ial statements; and

•

the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the

course of the audit, we have not ident

ified mater

ial misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to

report to you if, in our opin

ion:

•

adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been

received from branches not vis

ited by us; or

•

the Parent Company financial statements are not

in agreement with the accounting records and returns; or

•

certain disclosures of directors’ remuneration specif

ied by law are not made; or

•

we have not received all the informat

ion and explanat

ions we require for our audit.

Responsib

il

it

ies of d

irectors

As explained more fully in the directors’ responsib

il

it

ies statement set out on page 43, the d

irectors are responsible for the

preparation of the financ

ial statements and for be

ing satisf

ied that they g

ive a true and fair view, and for such internal

control as the directors determine is necessary to enable the preparation of financ

ial statements that are free from mater

ial

misstatement, whether due to fraud or error.

In preparing the financ

ial statements, the d

irectors are responsible for assessing the Group and Parent Company’s abil

ity to

continue as a going concern, disclos

ing, as appl

icable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liqu

idate the Group or the Parent Company or to cease operat

ions, or have no

realist

ic alternat

ive but to do so.

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)

Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

121

Directors’ Report and Financ

ial Statements 2024

Auditor’s responsib

il

it

ies for the aud

it of the financ

ial statements

Our objectives are to obta

in reasonable assurance about whether the financ

ial statements as a whole are free from mater

ial

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opin

ion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ind

iv

idually

or in the aggregate, they could reasonably be expected to influence the economic decis

ions of users taken on the bas

is of

these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregular

it

ies, includ

ing fraud

Irregularit

ies,

includ

ing fraud, are

instances of non-compliance with laws and regulations. We design procedures in line with

our responsib

il

it

ies, outl

ined above, to detect irregular

it

ies, includ

ing fraud. The r

isk of not detecting a material misstatement

due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by,

for example, forgery or intent

ional m

isrepresentat

ions, or through collus

ion. The extent to which our procedures are capable

of detecting irregular

it

ies, includ

ing fraud

is detailed below.

However, the primary responsib

il

ity for the prevention and detection of fraud rests with both those charged with governance

of the Company and management.

•

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined

that the most sign

ificant are those that relate to the report

ing framework (UK-adopted IAS and EU IFRS, the Companies

Act 2006), regulations and supervisory requirements of the Prudential Regulation Authority (PRA), FRC, FCA and other

overseas regulatory requirements, includ

ing but not l

im

ited to regulat

ions in its major markets such as India, Singapore, the

United States of America, the United Arab Emirates and the relevant tax compliance regulations in the jur

isd

ict

ions

in

which the Group operates. In addit

ion, we concluded that there are certa

in sign

ificant laws and regulat

ions that may have

an effect on the determinat

ion of the amounts and d

isclosures in the financ

ial statements and those laws and regulat

ions

relating to regulatory capital and liqu

id

ity, conduct, financ

ial cr

ime includ

ing ant

i-money laundering, sanctions and market

abuse, recognis

ing the financial and regulated nature of the Group’s act

iv

it

ies.

•

We understood how the Group is complying with those frameworks by performing a combinat

ion of

inqu

ir

ies of senior

management and those charged with governance as required by audit

ing standards, rev

iew of board and certain

committee meeting minutes, gain

ing an understand

ing of the Group’s approach to governance, inspect

ion of regulatory

correspondence in the year and engaging with internal and external legal counsel. We also engaged EY financ

ial cr

ime

and forensics special

ists to perform procedures on areas relat

ing to anti-money laundering, whistleblow

ing, and sanct

ions

compliance. Through these procedures, we became aware of actual or suspected non-compliance. The ident

ified actual or

suspected non-compliance was not suffic

iently s

ign

ificant to our aud

it that would have resulted in it being ident

ified as a

key audit matter.

•

We assessed the susceptib

il

ity of the Group’s financ

ial statements to mater

ial misstatement, includ

ing how fraud m

ight

occur by consider

ing the controls that the Group has establ

ished to address risks ident

ified by the ent

ity, or that otherwise

seek to prevent, deter or detect fraud. Our procedures to address the risks ident

ified also

included incorporation of

unpredictab

il

ity into the nature, tim

ing and/or extent of our test

ing, challenging assumptions and judgements made by

management in their sign

ificant account

ing estimates and journal entry testing.

•

Based on this understanding, we designed our audit procedures to ident

ify non-compl

iance with such laws and

regulations. Our procedures involved inqu

ir

ies of the Group’s internal and external legal counsel, money laundering

reporting officer, internal audit, certain senior management executives, and focused testing on a sample basis, includ

ing

journal entry testing. We also performed inspect

ion of key correspondence from the relevant regulatory author

it

ies as well

as review of board and committee minutes.

•

For instances of actual or suspected non-compliance with laws and regulations, which have a material impact on the

financial statements, these were commun

icated by management to the Group audit engagement team and component

teams (where applicable) who performed audit procedures such as inqu

ir

ies with management, sending confirmat

ions to

external legal counsel, substantive testing and meeting with regulators. Where appropriate, we involved special

ists from

our firm to support the audit team.

•

The Group is authorised to provide banking, insurance, mortgages and home finance, consumer credit, pensions,

investments and other activ

it

ies. The Group operates in the banking industry which is a highly regulated environment. As

such, the Senior Statutory Auditor considered the experience and expertise of the Group audit engagement team, the

component teams and the shared service centre teams to ensure that the team had the appropriate competence and

capabil

it

ies, which included the use of special

ists where appropr

iate.

A further descript

ion of our respons

ib

il

it

ies for the aud

it of the financ

ial statements

is located on the Financ

ial Report

ing

Council’s website at https://www.frc.org.uk/auditorsrespons

ib

il

it

ies. This descript

ion forms part of our aud

itor’s report.

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Independent Auditor’s report

to the members of Standard Chartered Bank continued

Standard Chartered Bank

122

Directors’ Report and Financ

ial Statements 2024

Other matters we are required to address

•

Following the recommendation from the audit committee, we were re-appointed by the Company on 10 May 2024 to audit

the financial statements for the year end

ing 31 December 2024 and subsequent financ

ial per

iods.

The period of total uninterrupted engagement includ

ing prev

ious renewals and reappointments is five years, covering the

years ending 31 December 2020 to 31 December 2024.

•

The audit opin

ion

is consistent with the addit

ional report to the aud

it committee.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies

Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are

required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not

accept or assume responsib

il

ity to anyone other than the Company and the Company’s members as a body, for our audit

work, for this report, or for the opin

ions we have formed.

David Canning-Jones (Senior statutory auditor)

For and on behalf of Ernst & Young LLP, Statutory Auditor

London

21 February 2025

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

123

Consolidated income statement

For the year ended 31 December 2024

Notes

2024

$mill

ion

2023

$mill

ion

Interest income

19,310

18,380

Interest expense

(14,910)

(13,773)

Net interest income

3

4,400

4,607

Fees and commiss

ion

income

3,486

3,094

Fees and commiss

ion expense

(824)

(656)

Net fees and commiss

ion

income

4

2,662

2,438

Net trading income

5

5,530

4,100

Other operating income

6

(178)

404

Operating income

12,414

11,549

Staff costs

(6,417)

(6,286)

Premises costs

(254)

(241)

General admin

istrat

ive expenses

(223)

27

Depreciat

ion and amort

isat

ion

(656)

(647)

Operating expenses

7

(7,550)

(7,147)

Operating profit before impa

irment losses and taxat

ion

4,864

4,402

Credit impa

irment

8

(15)

58

Goodwill, property, plant and equipment and other impa

irment

9

(410)

(42)

Profit from associates and jo

int ventures

31

8

(4)

Profit before taxation

4,447

4,414

Taxation

10

(1,465)

(1,177)

Profit for the year

2,982

3,237

Profit attributable to:

Non-controlling interests

28

39

29

Parent company shareholders

2,943

3,208

Profit for the year

2,982

3,237

The notes on pages 130 to 244 form an integral part of these financ

ial statements.

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

124

Consolidated statement of comprehensive income

For the year ended 31 December 2024

Notes

2024

$mill

ion

2023

$mill

ion

Profit for the year

2,982

3,237

Other comprehensive income

Items that will not be reclassif

ied to

income statement:

(198)

107

Own credit (losses)/gains on financ

ial l

iab

il

it

ies des

ignated at fair value through profit or loss

(319)

99

Equity instruments at fair value through other comprehensive income

(6)

110

Actuarial gains on retirement benefit obligat

ions

29

26

(27)

Revaluation Surplus

9

–

Taxation relating to components of other comprehensive income

10

92

(75)

Items that may be reclassif

ied subsequently to

income statement:

(278)

255

Exchange differences on translation of foreign operations:

Net losses taken to equity

(663)

(563)

Net gains/(losses) on net investment hedges

13

44

(18)

Share of other comprehensive income from associates and jo

int ventures

31

(5)

–

Debt instruments at fair value through other comprehensive income:

Net valuation gains taken to equity

216

300

Reclassif

ied to

income statement

6

172

92

Net impact of expected credit losses

(36)

(48)

Cash flow hedges:

Net movements in cash flow hedge reserve

13

32

583

Taxation relating to components of other comprehensive income

10

(38)

(91)

Other comprehensive (loss)/gain for the year, net of taxation

(476)

362

Total comprehensive income for the year

2,506

3,599

Total comprehensive income attributable to:

Non-controlling interests

28

22

(2)

Parent company shareholders

2,484

3,601

Total comprehensive income for the year

2,506

3,599

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Consolidated balance sheet

As at 31 December 2024

Standard Chartered Bank

125

Directors’ Report and Financ

ial Statements 2024

Notes

Group

Company

2024

$mill

ion

2023

$mill

ion

2024

$mill

ion

2023

$mill

ion

Assets

Cash and balances at central banks

12,34

56,665

64,198

45,233

52,758

Financ

ial assets held at fa

ir value through profit or loss

12

103,624

97,100

88,349

86,412

Derivat

ive financial

instruments

12,13

82,717

52,554

82,844

53,221

Loans and advances to banks

12,14

22,941

22,803

11,755

10,135

Loans and advances to customers

12,14

158,242

156,143

77,597

75,883

Investment securit

ies

12

96,442

102,474

82,101

92,771

Other assets

19

28,478

28,507

21,552

21,742

Due from subsid

iary undertak

ings and other related parties

5,222

5,666

10,066

10,053

Current tax assets

10

644

484

516

395

Prepayments and accrued income

2,197

2,072

1,535

1,386

Interests in associates and jo

int ventures

31

75

81

–

–

Investments in subsid

iary undertak

ings

31

–

–

10,671

10,066

Goodwill and intang

ible assets

16

3,774

4,210

1,988

2,359

Property, plant and equipment

17

1,144

1,030

659

521

Deferred tax assets

10

350

502

233

379

Retirement benefit schemes in surplus

118

–

118

–

Assets classif

ied as held for sale

20

901

755

474

68

Total assets

563,534

538,579

435,691

418,149

Liab

il

it

ies

Deposits by banks

12

22,409

23,616

17,824

18,280

Customer accounts

12

239,204

237,902

119,502

121,648

Repurchase agreements and other sim

ilar secured borrow

ing

12,16

9,921

12,033

9,845

11,977

Financ

ial l

iab

il

it

ies held at fa

ir value through profit or loss

12

62,929

65,819

61,683

64,467

Derivat

ive financial

instruments

12,13

82,577

55,173

82,745

55,531

Debt securit

ies

in issue

12,21

39,864

36,481

36,081

34,740

Other liab

il

it

ies

22

27,767

24,477

21,486

19,213

Due to parent companies, subsid

iary undertak

ings & other related

parties

28,246

31,166

42,313

47,317

Current tax liab

il

it

ies

10

559

445

294

188

Accruals and deferred income

4,265

4,288

2,441

2,453

Subordinated liab

il

it

ies and other borrowed funds

12,26

10,359

11,454

9,801

10,896

Deferred tax liab

il

it

ies

10

427

582

308

477

Provis

ions for l

iab

il

it

ies and charges

23

261

235

186

171

Retirement benefit obligat

ions

29

249

177

200

133

Liab

il

it

ies

included in disposal groups held for sale

20

381

787

–

5

Total liab

il

it

ies

529,418

504,635

404,709

387,496

Equity

Share capital and share premium account

27

21,643

21,643

21,643

21,643

Other reserves

(6,939)

(6,509)

(3,804)

(3,403)

Retained earnings

13,226

12,988

7,421

7,671

Total parent company shareholders’ equity

27,930

28,122

25,260

25,911

Other equity instruments

27

5,722

4,742

5,722

4,742

Total equity excluding non-controlling interests

33,652

32,864

30,982

30,653

Non-controlling interests

28

464

1,080

–

–

Total equity

34,116

33,944

30,982

30,653

Total equity and liab

il

it

ies

563,534

538,579

435,691

418,149

The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 not to present its ind

iv

idual

statement of comprehensive income and related notes that form a part of these financ

ial statements. The Company profit

for the year after tax is $2,325 mill

ion (2023: Profit after tax $2,585 m

ill

ion).

The notes on pages 130 to 244 form an integral part of these financ

ial statements

These financial statements were approved by the Court of D

irectors and authorised for issue on 21 February 2025 and signed

on its behalf by:

Bill Winters

, Director

Diego De Giorg

i

, Director

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

126

Consolidated statement of changes in equity

For the year ended 31 December 2024

Share

capital

and share

premium

account

$mill

ion

Preference

share

capital

and share

premium

account

$mill

ion

Capital

and

merger

reserves

1

$mill

ion

Own credit

adjustment

reserve

$mill

ion

Fair value

through other

comprehensive

income reserve

– debt

$mill

ion

Fair value

through other

comprehensive

income reserve

– equity

$mill

ion

Cash flow

hedge

reserve

$mill

ion

Translation

reserve

$mill

ion

Retained

earnings

$mill

ion

Parent

company

shareholders'

equity

$mill

ion

Other

equity

instruments

$mill

ion

Non-

controlling

interests

$mill

ion

Total

$mill

ion

As at 1 January 2023

20,893

1,500

40

(26)

(851)

166

(513)

(5,781)

12,801

28,229

4,750

1,164

34,143

Profit for the year

–

–

–

–

–

–

–

–

3,208

3,208

–

29

3,237

Other comprehensive

income/(loss)

7

–

–

–

73

337

66

500

(550)

(33)

2

393

–

(31)

362

Distr

ibut

ions

–

–

–

–

–

–

–

–

–

–

–

(103)

(103)

Other equity instruments

issued, net of expenses

–

–

–

–

–

–

–

–

–

–

992

–

992

Redemption of other

equity instruments

–

–

–

–

–

–

–

–

–

–

(1,000)

–

(1,000)

Share option expense,

net of taxation

–

–

–

–

–

–

–

–

174

174

–

–

174

Div

idends on

ordinary shares

–

–

–

–

–

–

–

–

(2,599)

(2,599)

–

–

(2,599)

Div

idends on preference

shares and AT1 securit

ies

–

–

–

–

–

–

–

–

(363)

(363)

–

–

(363)

Deemed distr

ibut

ion

to parent

3

–

–

–

–

–

–

–

–

(174)

(174)

–

–

(174)

Share buy-back

8

–

(750)

–

–

–

–

–

–

–

(750)

–

–

(750)

Other movements

5

–

–

–

–

–

(41)

–

71⁴

(26)

4

–

21⁶

25

As at 31 December 2023

20,893

750

40

47

(514)

191

(13)

(6,260)

12,988

28,122

4,742

1,080

33,944

Profit for the year

–

–

–

–

–

–

–

–

2,943

2,943

–

39

2,982

Other comprehensive

(loss)/income

7

–

–

–

(292)

324

(90)

11

21

(609)

187

2,12

(459)

–

(17)

(476)

Distr

ibut

ions

–

–

–

–

–

–

–

–

–

–

–

(125)

(125)

Other equity instruments

issued, net of expenses

–

–

–

–

–

–

–

–

–

–

980

–

980

Share option expenses

–

–

–

–

–

–

–

–

205

205

–

–

205

Div

idends on

ordinary shares

–

–

–

–

–

–

–

–

(2,395)

(2,395)

–

–

(2,395)

Div

idends on preference

shares and AT1 securit

ies

–

–

–

–

–

–

–

–

(349)

(349)

–

–

(349)

Deemed distr

ibut

ion

to parent

3

–

–

–

–

–

–

–

–

(226)

(226)

–

–

(226)

Other movements

–

–

–

(1)

7

–

–

210⁴

(127)

9

89

–

(513)

10

(424)

As at 31 December 2024

20,893

750

40

(246)

(183)

101

8

(6,659)

13,226

27,930

5,722

464

34,116

1

Includes capital reserve of $35 mill

ion, cap

ital redemption reserve of $5 mill

ion

2

Includes actuarial (loss)/gain, net of taxation on Group defined benefit schemes

3

Relates to deemed capital contribut

ion from parent company ar

is

ing from share-based payment net of taxat

ion of $226 mill

ion (2023: $174 m

ill

ion deemed cap

ital

contribut

ion ar

is

ing from share-based payment net of taxat

ion)

4

Movement related to Translation adjustment in 2023. December 2024 movement includes realisat

ion of translat

ion adjustment loss from sale of SCB Zimbabwe Lim

ited

($190 mill

ion), SCB Angola S.A. ($31 m

ill

ion), SCB S

ierra Leone Lim

ited ($25 m

ill

ion) transferred to other operat

ing income.

5

Movements in Reserves relating to Ventures Group due to change in ownership

6

Movement from non-controlling interest of $28 mill

ion pr

imar

ily from Trust Bank S

ingapore offset by release of non-controlling interest relating to Venture group

($7 mill

ion) due to change

in ownership

7

All the amounts are net of tax

8

At an Extraordinary General Meeting of the Company duly convened and held at 1 Basinghall Avenue, London, EC2V 5DD on 26 June 2023, the capital of the Company

was reduced by (i) cancelling and extingu

ish

ing 7,500 7.014% non-cumulative preference shares of US$5 each in the capital of the Company (the “Preference Shares”)

and (i

i) reduc

ing the amount standing to the credit of the Company’s share premium account by US$749,962,500, and a repayment of capital of US$750,000,000 be

paid to the holder of the Preference Shares

9

Mainly includes movements related to Ghana hyperinflat

ion.

10 Movements primar

ily from non-controll

ing interest pertain

ing to Trust Bank S

ingapore Lim

ited ($55 m

ill

ion) offset by Standard Chartered Bank S

ingapore Lim

ited

$562 mill

ion perta

in

ing to redempt

ion of Preference share and Standard Chartered Bank Angola S.A. $6 mill

ion.

11

Includes $174 mill

ion ga

in on sale of equity investment transferred to retained earnings partially offset by $76 mill

ion reversal of deferred l

iab

il

ity

12 Includes $174 mill

ion ga

in on sale of equity investment in other comprehensive income reserve transferred to retained earnings partly offset by $13 mill

ion cap

ital

gain tax

Note 27 includes a descript

ion of each reserve.

The notes on pages 130 to 244 form an integral part of these financ

ial statements

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

127

Notes

Group

Company

2024

$mill

ion

2023

$mill

ion

2024

$mill

ion

2023

$mill

ion

Cash flows from operating activ

it

ies:

Profit before taxation

4,447

4,414

3,058

3,088

Adjustments for non-cash items and other adjustments included

with

in

income statement

33

1,107

(107)

(1)

(790)

Change in operating assets

33

(34,790)

4,406

(26,161)

23,104

Change in operating liab

il

it

ies

33

25,731

(4,503)

13,864

(13,891)

Contribut

ions to defined benefit schemes

29

(48)

(60)

(39)

(46)

UK and overseas taxes paid

10

(1,422)

(1,229)

(720)

(658)

Net cash (used in)/from operating activ

it

ies

(4,975)

2,921

(9,999)

10,807

Cash flows from invest

ing act

iv

it

ies:

Internally generated capital

ised software

16

(479)

(649)

(246)

(378)

Purchase of property, plant and equipment

17

(224)

(100)

(176)

(53)

Disposal of property, plant and equipment

13

15

15

1

Acquis

it

ion of investment in subsid

iar

ies, associates,

and joint ventures

31

(1)

(1)

–

–

Div

idends rece

ived from subsid

iar

ies, associates

and joint ventures

31,33

6

4

1,052

2,060

Disposal of subsid

iar

ies, associates and jo

int ventures

51

486

26

–

Disposal of assets held for sale and associated liab

il

it

ies

–

108

–

108

Purchase of investment securit

ies

(131,058)

(124,780)

(84,630)

(91,970)

Disposal and maturity of investment securit

ies

132,861

136,837

91,907

97,216

Net cash from invest

ing act

iv

it

ies

1,169

11,920

7,948

6,984

Cash flows from financing act

iv

it

ies:

Cancellation of shares includ

ing share buy-back

–

(750)

–

(750)

Premises and equipment lease liab

il

ity princ

ipal payment

(97)

(97)

(43)

(45)

Issue of Addit

ional T

ier 1 capital, net of expenses

27

980

992

980

992

Redemption of Tier 1 capital

27

–

(1,000)

–

(1,000)

Gross proceeds from issue of subordinated liab

il

it

ies

33

–

18

–

–

Interest paid on subordinated liab

il

it

ies

33

(569)

(714)

(528)

(583)

Repayment of subordinated liab

il

it

ies

33

(1,000)

(2,160)

(1,000)

(2,160)

Proceeds from issue of senior debts

33

3,134

5,597

3,114

4,820

Repayment of senior debts

33

(2,480)

(2,546)

(2,471)

(1,806)

Interest paid on senior debts

33

(282)

(235)

(282)

(235)

Net cash inflow from non-controlling interests

28

(506)

21

–

–

Distr

ibut

ions and Div

idends pa

id to non-controlling interests,

preference shareholders and AT1 securit

ies

(474)

(466)

(349)

(363)

Div

idends pa

id to ordinary shareholders

(2,395)

(2,599)

(2,395)

(2,599)

Net cash used in financ

ing act

iv

it

ies

(3,689)

(3,939)

(2,974)

(3,729)

Net (decrease)/increase in cash and cash equivalents

(7,495)

10,902

(5,025)

14,062

Cash and cash equivalents at beginn

ing of the year

88,360

78,255

53,988

40,264

Effect of exchange rate movements on cash and cash equivalents

(1,916)

(797)

(862)

(338)

Cash and cash equivalents at end of the year

34

78,949

88,360

48,101

53,988

For Bank Group, Interest received was $19,638 mill

ion (31 December 2023: $18,174 m

ill

ion) ,

interest paid was $15,035 mill

ion

(31 December 2023: $13,773 mill

ion).

For Bank Company Interest received was $13,579 mill

ion (31 December 2023: $12,518 m

ill

ion),

interest paid was $11,596 mill

ion

(31 December 2023: $10,787 mill

ion).

Cash flow statement

For the year ended 31 December 2024

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

128

Company statement of changes in equity

For the year ended 31 December 2024

Share

capital

and share

premium

account

$mill

ion

Preference

share

capital

and share

premium

account

$mill

ion

Capital

and

merger

reserves

1

$mill

ion

Own credit

adjustment

reserve

$mill

ion

Fair value

through other

comprehensive

income reserve

– debt

$mill

ion

Fair value

through other

comprehensive

income reserve

– equity

$mill

ion

Cash flow

hedge

reserve

$mill

ion

Translation

reserve

$mill

ion

Retained

earnings

$mill

ion

Parent

company

shareholders'

equity

$mill

ion

Other

equity

instruments

$mill

ion

Total

$mill

ion

As at 1 January 2023

20,893

1,500

40

(24)

(1,040)

147

(522)

(2,853)

8,080

26,221

4,750

30,971

Profit for the year

–

–

–

–

–

–

–

–

2,585

2,585

–

2,585

Other comprehensive

income/(loss)

4

–

–

–

73

324

67

471

(86)

(21)

2

828

–

828

Other equity instruments issued,

net of expenses

–

–

–

–

–

–

–

–

–

–

992

992

Redemption of other equity

instruments

–

–

–

–

–

–

–

–

–

–

(1,000)

(1,000)

Share option expense,

net of taxation

–

–

–

–

–

–

–

–

114

114

–

114

Div

idends on ord

inary shares

–

–

–

–

–

–

–

–

(2,599)

(2,599)

–

(2,599)

Div

idends on preference shares

and AT1 securit

ies

–

–

–

–

–

–

–

–

(363)

(363)

–

(363)

Deemed distr

ibut

ion to parent

3

–

–

–

–

–

–

–

–

(113)

(113)

–

(113)

Share buy-back

5

–

(750)

–

–

–

–

–

–

–

(750)

–

(750)

Other movements

–

–

–

–

–

–

–

–

(12)

(12)

–

(12)

As at 31 December 2023

20,893

750

40

49

(716)

214

(51)

(2,939)

7,671

25,911

4,742

30,653

Profit for the year

–

–

–

–

–

–

–

–

2,325

2,325

–

2,325

Other comprehensive

(loss)/income

4

–

–

–

(291)

308

(83)

34

(326)

194²

(164)

–

(164)

Other equity instruments issued,

net of expenses

–

–

–

–

–

–

–

–

–

–

980

980

Share option expenses

–

–

–

–

–

–

–

–

127

127

–

127

Div

idends on ord

inary shares

–

–

–

–

–

–

–

–

(2,395)

(2,395)

–

(2,395)

Div

idends on preference shares

and AT1 securit

ies

–

–

–

–

–

–

–

–

(349)

(349)

–

(349)

Deemed distr

ibut

ion to parent

3

–

–

–

–

–

–

–

–

(144)

(144)

–

(144)

Other movements

–

–

–

(1)

7

–

–

(49)

(8)

(51)

–

(51)

As at 31 December 2024

20,893

750

40

(243)

(401)

131

(17)

(3,314)

7,421

25,260

5,722

30,982

1

Includes capital reserve of $35 mill

ion, cap

ital redemption reserve of $5 mill

ion

2

Includes actuarial (loss)/gain, net of taxation on Group defined benefit schemes

3

Relates to deemed capital contribut

ion from parent company ar

is

ing from share-based payment net of taxat

ion of $144 mill

ion (31 December 2023: $113 m

ill

ion deemed

capital contribut

ion ar

is

ing from share-based payment net of taxat

ion)

4

All amounts are net of tax

5

At an Extraordinary General Meeting of the Company duly convened and held at 1 Basinghall Avenue, London, EC2V 5DD on 26 June 2023, the capital of the Company

was reduced by (i) cancelling and extingu

ish

ing 7,500 7.014% non-cumulative preference shares of US$5 each in the capital of the Company (the “Preference Shares”)

and (i

i) reduc

ing the amount standing to the credit of the Company’s share premium account by US$749,962,500, and a repayment of capital of US$750,000,000 be

paid to the holder of the Preference Shares.

Note 27 includes a descript

ion of each reserve.

The notes on pages 130 to 244 form an integral part of these financ

ial statements.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

129

Section

Note

Page

Basis of preparation

1

Accounting polic

ies

130

Performance/return

2

Segmental informat

ion

133

3

Net interest income

134

4

Net fees and commiss

ion

135

5

Net trading income

138

6

Other operating income

138

7

Operating expenses

139

8

Credit impa

irment

140

9

Goodwill, fixed assets and other impa

irment

144

10

Taxation

144

11

Div

idends

149

Assets and liab

il

it

ies held at fa

ir value

12

Financ

ial

instruments

150

13

Derivat

ive financial

instruments

182

Financ

ial

instruments held at amortised cost

14

Loans and advances to banks and customers

194

15

Reverse repurchase and repurchase agreements includ

ing other

sim

ilar lend

ing and borrowing

194

Other assets and investments

16

Goodwill and intang

ible assets

197

17

Property, plant and equipment

200

18

Leased assets

202

19

Other assets

203

20

Assets held for sale and associated liab

il

it

ies

204

Funding, accruals, provis

ions, cont

ingent

liab

il

it

ies and legal proceed

ings

21

Debt securit

ies

in issue

205

22

Other liab

il

it

ies

206

23

Provis

ions for l

iab

il

it

ies and charges

207

24

Contingent liab

il

it

ies and comm

itments

208

25

Legal and regulatory matters

209

Capital instruments, equity and reserves

26

Subordinated liab

il

it

ies and other borrowed funds

210

27

Share capital, other equity instruments and reserves

211

28

Non-controlling interests

213

Employee benefits

29

Retirement benefit obligat

ions

214

30

Share-based payments

222

Scope of consolidat

ion

31

Investments in subsid

iary undertak

ings, jo

int ventures and assoc

iates

227

32

Structured entit

ies

230

Cash flow statement

33

Cash flow statement

232

34

Cash and cash equivalents

233

Other disclosure matters

35

Related party transactions

234

36

Auditor’s remuneration

237

37

Remuneration of directors

237

38

Related undertakings of the Group

239

39

Group Reorganisat

ion

244

40

Post Balance Sheet events

244

Contents – Notes to the financial statements

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0xL2dYS2JkcWdZU2wzQmV6YU5COFpjeWpjaDlqVFBoNXVuaENwY09CdDNJek9NRlVsWTFxM2lhTmo1Y25ZZzRPMzVONlY4UW5rQm44THhiM3k5WnoxOW1zUVR1eEdUcWdJK2RidWpGdUwyb0h0ekRxNU9Fek56U1UvUnVuOVRHdkVwMWlUNEZHQWQrQ2NlKzd4RERFS3ZST3BpdUlBMjB4V1I5R0RKWWtLeWt0VmJIaVFobElpYmdUdk5iVndOeWVrRzBrT3hEalNWa0dJVThFNVFGR0d0L0JNZS9YUU1LVS9lT1RKTmlrOENwSU55VFYyTnFYS1NjV3Vna0tWaTBrUlNJMGlycmc5cW1udi9XTDJFT3ZUU0VYeXkySVVEZnVCVktVUTNhSEtkb0p4NmVrcVFWRWxWNVgzOFNvd21RSEtpNDEyLzduZWxoeS8rL1N0cDNRS3B5ZTNHTzNCZTJqb25jamxCTmRGZ0pnZVVaaGtxN21veENjTDhnVEVQeUJKOHE0WU9XNDhzVTh3Qmt0S21TWGp4RndwallQVjgvazBsejZiT2NGTmMyTFAxazRHc25tKzdFWjA4bVlBOGNLRitmbGdKaVQzYy9uZDFsWXpWL0NVdVQ2TVhQSFJiNXIzWFMvZFdoNmI1KzhtaEliSUJVaXA3M1pGN3FzK0F4MCtPS1h0UHNXejF1bDlXYzNTdnBSRE9uTUVaQndkeldiZS9yUkNVU2ZqY1lWbjR0dkNkcDFZY2tzdDZjc3QzazF6VnJycHpRQ212QWNMaENjcmFPMldEWmNFcDhxbVRidWxsckgxTFJ1UUllM1BDaEFrN0FUNDRGQ2VoV3E1TkczNVEwWUp6MnI3OGI0cWlpMTh2bDd2MW15UERUWG96UTZoeWIrTGJIeDVZSmVYV3FzdkRUUktQZS9nQSs4MS9ZZEo5KzZTS3NUSmttRW5CN1c4Zys3ZTRkL2w4UzVCMWZyaEpiNGlhQnRaK0svYVhCTnpTcjV3NzNENXB2WGE3OTYwZkJVdEM5T1dyNU1Dc0x4OTJuMFovMVJlaDNUWkw5dmNzWkVuekkzRUhwZyszcFA4RDRRMS9lVlBscVM0QUFBQUFTVVZPUks1Q1lJST0iLz4KPC9zdmc+)

Notes to the financial statements

Standard Chartered Bank

130

Directors’ Report and Financ

ial Statements 2024

1. Accounting polic

ies

Statement of compliance

The Group financial statements consol

idate Standard Chartered Bank (the Company) and its subsid

iar

ies (together referred

to as the Group) and equity account the Group’s interests in associates and jo

intly controlled ent

it

ies.

The parent company financial statements present

informat

ion about the Company as a separate ent

ity.

The Group financial statements have been prepared and approved by the d

irectors in accordance with UK- adopted

internat

ional account

ing standards in conformity with the requirements of the Companies Act 2006 and with internat

ional

financial report

ing standards (IFRS) (Accounting Standards) adopted pursuant to Regulation (EC) No 1606/2002 as it applies

in the European Union (EU IFRS). There are no sign

ificant d

ifferences between UK-adopted internat

ional account

ing

standards and EU IFRS.

The Company financial statements have been prepared

in accordance with UK-adopted internat

ional account

ing

standards as applied in conformity with section 408 of the Companies Act 2006.

The following parts of the Risk review and Capital review form part of these financ

ial statements:

a) Risk review: Disclosures from the start of Risk profile section (page 58) to the end of other princ

ipal r

isks in the

same section (page 108) excluding:

•

Liqu

id

ity coverage ratio (LCR), (page 99)

• Stressed coverage, (page 99)

•

Net stable funding ratio (NSFR), (page 100)

• Liqu

id

ity pool, (page 100)

•

Interest Rate Risk in the Banking Book, (page 106)

• Operational risk, (page 107)

•

Other princ

ipal r

isks, (page 108)

b) Capital review: from the start of ‘Capital Requirements Direct

ive (CRD) cap

ital base’ to the end of ‘movement in total

capital’, excluding capital ratios and risk-weighted assets (RWA)

Basis of preparation

The consolidated and Company financ

ial statements have been prepared on a go

ing concern basis and under the histor

ical

cost convention, as modif

ied by the revaluat

ion of cash-settled share-based payments, fair value through other

comprehensive income, and financ

ial assets and l

iab

il

it

ies (

includ

ing der

ivat

ives) at fa

ir value through profit or loss.

The consolidated financ

ial statements are presented

in United States dollars ($), being the presentation currency of the

Group and functional currency of the Company, and all values are rounded to the nearest mill

ion dollars, except when

otherwise ind

icated.

Sign

ificant and other account

ing estimates and judgement

In determin

ing the carry

ing amounts of certain assets and liab

il

it

ies, the Group makes assumpt

ions of the effects of uncertain

future events on those assets and liab

il

it

ies at the balance sheet date. The Group’s est

imates and assumptions are based

on histor

ical exper

ience and expectation of future events and are reviewed period

ically. Further

informat

ion about key

assumptions concerning the future, and other key sources of estimat

ion uncerta

inty and judgement, are set out in the

relevant disclosure notes for the areas set out under the relevant headings below:

Sign

ificant account

ing estimates and crit

ical judgements

Sign

ificant account

ing estimates and judgements represent those items which have a sign

ificant r

isk of causing a material

adjustment to the carrying amounts of assets and liab

il

it

ies w

ith

in the next year. S

ign

ificant account

ing estimates and

judgements are:

•

Expected credit loss calculations (Note 8)

•

Financ

ial

instruments measured at fair value (Note 12)

•

Investments in subsid

iary undertak

ings (Note 31)

Other areas of accounting estimate and judgement

Other areas of accounting estimate and judgement do not meet the defin

it

ion under IAS 1 of sign

ificant account

ing

estimates or crit

ical account

ing judgements, but the recognit

ion of certa

in material assets and liab

il

it

ies are based on

assumptions and/or are subject to long-term uncertaint

ies. The other areas of account

ing estimate and judgement are:

• Taxation (Note 10)

•

Goodwill and intang

ible assets-Goodw

ill impa

irment and cap

ital

isat

ion of internally generated software intang

ibles

(Note 9 and Note 16)

•

Provis

ions for l

iab

il

it

ies and charges – Other prov

is

ions (Note 23)

•

Legal and regulatory matters – (Note 25)

•

Retirement benefit obligat

ions (Note 29)

• Share-based payments (Note 30)

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzEzM3sKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzEzMyIvPgo8aW1hZ2UgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTgiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQWxqZ0FDVjdJdnRRQUlJZ0FBTTI5SlNVc0FJMHNEY3VvN096dzMwd0FBQnc5QlFrTUJJMGdQbGdBNU9qd0JWckk3UEQwQkhUeFFVVk1DUzVrRWNPUW1KeWdiWVFBTkRRMERjK3AzZDNjYUpTVTMwZ0E1T1RvNHpnQXJMQzBpSWlKSlNrd0FOR3dyTkRSS1ZGVk9VRklBSHA4Q2F0Z0RDZ0FBYk45TFRWQVlYZ0JYVjFJVkZob3h2UUF3TURGV1dGcEtVMDRURXhSUlVsSURkdkFBUnBFeXdBQVJRQUE1MkFCS1NrczlQajlVVkZabVoyZFhXRWNBRlNwUFVGRWxKaWtDYXR0cGFRTlNWRlZTVkZVOFBGMEdHQUFBUVl4V1dGazlEeEFCWmRKUlVsTlJVbFJNVFVORFEwUXJMQ3dkY0FBNTFRQVJFUkZTVkZVa0pDVUNZOHRVVkZZYkd4eFZWbGhWVmxnQlRKbzFPajVSVWxRZUhob0VkdkJjWFY4eU1nQWloQUFxSmhvenZ3QlVWVlpTVkZZRWVQSlpXbHhBUVVNQVJNTllXRnBBUWtaaFlXTTFOemdiYUFBRGRmQlJVVk5VVmxoQ1EwVTEwZ0FoSVNGU1VsVTczUUFVRkJRSUNBQXZNVElCUFg0WUdSa0NjdWtFYyt3OVNrdFJVRkVoSXlRenhRQURkTzBZR0JsSVNFcFVWRllFYyt0VVZGUlVVbFErUGtCUlVsVlVWVmd0TFMwQURoMEJiK3BEUlVaWVdWc1NTd0FhR2h4TFRFNERkZkJSVWxVZGJRQk5UazhnZ3dBbEpTVTUyUUFBQWdZQ2MrMUVSa2hEUTB3RGMrMVJVVlVBR3pZM056aFJWMWdDWU1jb0tTcFdWbFpEUlVaQ1JFUTFOVFZOVUZGV1VsaEZSa2dFZE8wNDBnQkx5UUJUVkZWWVdWdFFVbEphWEY0aUl5UlRXVnNCUEh0QVFFRW9LQzAzMGdCRVJVVTQxUUFBUW5rNDBnQW5tZ0E3T3o4QVVhTkQzUUFCTFZ3aWdnQTMyQUJPVGxGRlJrb29LQ2dDY2VvNDFRQURkTzRWVUFBRWRPMFJFUlFGQlFZbUhoNDVRRUFYRndCS1NrdzFOalpGUmtoSVNrc0FVS0VKQ1FrZkh5RXVSMGNBWWNVT0R4QkdSa2NZR1JsVFZFNCtRRUFkSFI0QUxGb0VlUFEzMVFCSFNFZ3JwQUJTVWxRQlFZRk1UVkJTVWxRZGNRQUVkZkU5UFQ4L1AwRTF5UUF3TURFQlVxa2pKQ1E0MVFBQ2MrYzF6QUFDZU9NbFd3QkRTVWs0MFFBQUVTTUJTcFlFZVBRMjBnQUFHRVVCTVdVTk5BRG1JODlhQUFBQkFIUlNUbE1BYjJabUJ3ek1DczROM2dLaUtSNkxOVXNvNldhOVJnb0YvaEFHK0QyMll5MlVLd3RjclJ4MUFTeHNKOGtHTXlmdk1DV0w2U1dMRFBVU1pldHFzdzdLRElnRmtjMUtCaG5YSlZmUnphUTVXVWI3Q3JBMGNOSTc3dEZERGZBTDl2b0JWd3RLcmU3MzczMFJqVVZMT0RxNXJwV0VpQTJNOWdnQVVVVkd0ZjlGY3hkdTB3K3dsS3BMdlZXeXJ3WUdXRmZ2R1EyODAyOGxqUXNNM0FDVVZUS3ZDd3B1eG9neExHWWFEMUZtaXYzUktHM1VWTzBudFQ5T0U3ZEt6Z3orTkNJUGdqSXB0NVE2QzI2d3J3dlVCQUlNRUFDclRLaURJUVlVQ0IwTWNpbGFXQXdUMHB1ZVNWUXNyVG91MUN1S2tCTmFLSTJFTldFVUlLOEhOZmR4QkNVU3RZQnlMd0FBQnpOSlJFRlVlTnExbDM5WVU5Y1p4OTlhV2tYWkxHYlRzTllwNjJncExpWktiQ20zbGJyYzJWT2wwQUJHVWlQWjZuMkVtU2tFaWM3V0xHazFjTDFDSjFKMGdQZ29NYUxRV0I2QkRrdXAzU1kvcG5Kci9iSFlJdFJxcGloT1ZtMW5MYTdiT2ZjbTNLdkYrZytjUDNMdk9mZmMrM20rNS91Kzd6a0JrTnE0MlY4ZHpiaitmQVdNZUh2NXNOY2U0VDM4L0VoekhwaVQ0WTNBemRzeHNweWRmODNHZ2dSUzlraHlLaDZibzdXTG9BanYycEVrUFhFdUlHaUVWKy9pOVl4QmtEMGovOE1SQS8wald5Wkl1MkRudUx0TjlJWHkzL3VoUldmdjhtQnZwM0I1ZjR3a2FPbVBud0NZTzMzbDE3ZUtoM2loTk5iM2ZhRGxCdlhRRDJxWWRVSzZqaG9JZ3J4OUhhTWhldHFUNVhwOVhQTzAyeWEzbCtFZnp1WHpLZkdWZjI1UVczdTdlT1dmYTRjcU15R3AycFhCaHcrckFEcmJDNkhWTFpCbTUzc0Rncno1UDdzSnNLUTVyZ1UzL1U4blNaekNQN0swUDBuSnVXNzRJL2VxMms3UzY5c3FUeFkrNnY5REplYysxVVRrK0duT0VxTlJnOCtTUXgvZmJua2JHaUtUTEkwbjRMM2VST1pLa0pRZGtIUjAxUHNBUjY3cDlTMUNpOXNpa2RaaytyTllhd3JuY3RSVFQ5ZWsweSt5S05IVWY4eGtRTDBsbWN4bXZrZGpQQjZGV0xOYVdVdlJZU1ZVZ2dFODlWRkdZM2lXeHUxbmFaWVZTV05FVGZic1diajNuNy9FQlVoakpaS3lWYkVJeWhwOG5PdWp0TFIrZzg3NWNkNGFoV252TVJQeXFGYkhvSVg5QnBlemMvRUpnMGw5SlgyOEUxWlBwR2p3VUlZVHpnTHFsSlAvS041Y0lwSU9Cek5XT3crN0ZQMWxzNERTSDVCV1QvVk1adFFNMFNlQUM2Z2IzM2EybXRUSFRGdXhKVThyWGl1Z1pwSnA0ODNxWE9vTGNxZkRwRTMvQXJBWkJFTVR4TlVyMnJVMEdCQUQyMzZBalNxK1dxNXYwVGYvVFJZUGVWazB4U3puQlpMRFNEN3J5eUthbnNIUnUwUHhXcTFiSUZWcDFHSElTZTRjWlBYaUFheU53dXNCbitDaWRqREl2ZWNXekFaNGFzVzE4N2UyM0I2bzNYOTJzek5UQ2FrSGtjK3FyTVFua1dTcFFTOFFtWkVhZFphb3lVVklueEZOb2JoM05rSDBDV0RlMHNIRXhYdkdwOS9kbnBRM2ZCWDhKVFNUWVh3OHY0T3k4VHgvaVpJMEZmeUUwdUdoYm1SU0oybHNTcDZmUVJsRjBxODBaL0NETmVZZ0NmNzlscFM3M3I1Um45OUpTbkV4cFRGdWExY1BaYlZ4TytLcFJwdkxZQ0ErQlVoOFBNWGFkRFNOODhsQk1UWXJtajlmSktWRXBqT3hWanJSSFNTTm03VXRZeEFWa2JIMjRoMGtYdTFJVFMyOXdTK3VaWmhTbFM5Sngxa3Q0YnBGbitnbVk4TkRIYnNyZkVrMnpob2V2cXdmVnAvUWNhNjJnbEpvV3BhRTMrd3FjSEUyei82NnpjSjNRdWJpWFdQZVVWbnR5K2k0T1hSWjRidnVVdGZ5ZlBjcXJyNHVDRG4vOVlvUWdHKzNhYjBTNnZDN1JVTk5UODRadW9ZMk1KWjdnUGdlRnFiSDZjdGZKOUgrYXAva2xsMzcrSkFremNHaFNTajNYcVE2QlZ6RGlhci8rd2ZSVVBIaHJzRjlGMGZHNDNKVktUVXUxcm8vSmRsMHFZNWxMcVRnZ1EwTVo5dmRVd3RxNjVYUG1FdklwbXRNNG1lV2Nsd2R6b0hhMm9iWXVyS3BOcGJwd2N2TlQxN0dXZHVtSU5nblZJU3g5K0dTVVBTUXRGUFp0ZTlLb00ydENNZVFZWHV5eWMzRk1wUkRWZWhDVmh4amlJTTE1aHphV29Cc0c2bHFqNUcyeFJwWkozQUdOMXY3TzlUb3NGSlI2MkNEQXNjcVNsVEFJMktaVzdVUGJ4TVY0em9HZ201NXIwdGhrV3l1NG9IZnN5ZlpuSE8yNHVFb3Fxa3k4K2M0VVdvMHFaaVUyTTEvZ1hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8L3N2Zz4=)

1. Accounting polic

ies cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

131

Directors’ Report and Financ

ial Statements 2024

Climate change impact on the Group’s balance sheet

Climate, and the impact of climate on the Group’s balance sheet is considered as an area which can impact accounting

estimates and judgments through the uncertainty of future events and the impact of that uncertainty on the Group’s assets

and liab

il

it

ies. However, the Group has concluded that Cl

imate Change does not have a financ

ially mater

ial impact at this

time. In reaching this conclusion, the Group also leverages assessments performed at PLC Group level and the extent to which

the results impact the Group.

The PLC Group has assessed the impact of climate risk on the PLC Group as a whole. This is set out with

in the Susta

inab

il

ity

Overview and Sustainab

il

ity Review chapter in the PLC Annual Report which incorporate the PLC Group’s Climate-related

Financ

ial D

isclosures which align with the recommendations from the Task Force for Climate related Financ

ial D

isclosures

(TCFD). Further risk disclosure has been provided in the Princ

ipal R

isks and Uncertaint

ies sect

ion of the Annual Report where

the PLC Group has described how it manages climate risk, which is integrated across relevant Princ

ipal R

isk Types (PRTs) and

is managed via the PLC Group ESGR Risk Type framework.

The areas of impact for the Group where judgements and the use of estimates have been applied were credit risk and the

impact on lending portfolios; ESG features with

in

issued loans and bonds; physical risk on our mortgage lending portfolio; and

the corporate plan, in respect of which forward looking cash flows impact the recoverabil

ity of certa

in assets, includ

ing of

goodwill, deferred tax assets and investments in subsid

iary undertak

ings.

Transit

ion r

isk, as our clients move to lower carbon emitt

ing revenues, (e

ither by virtue of legislat

ion or chang

ing end customer

preference) is considered with reference to client transit

ion pathways and man

ifests over a longer term than the maturity of

the loan book (up to 2050). At PLC Group level, the setting of net zero targets, which as of this annual report covers our 12

highest emitt

ing sectors, manages trans

it

ion r

isk. Net zero targets enable the portfolio managers to work with our clients on

their transit

ion and deploy cap

ital to those clients which are engaged and have adequate transit

ion pathways. All of these

actions manage the Group’s transit

ion r

isk and engage clients before transit

ion r

isk manifests itself into credit losses. We have

also evaluated transit

ion r

isk to achieve net zero in our own operations.

While physical risk is included with

in the majority of our mortgage lend

ing decis

ions, we have appl

ied scenario analysis

against the pathways of different temperature outcomes to examine exposure concentration risk in key markets subject to

the extreme risk of floods and storms to assess the acute physical risk, and sea level rise to assess the chronic physical risk.

Stranded assets analysis was conducted for resident

ial mortgages to

ident

ify propert

ies that are expected to become

uninhab

itable and/ore unusable due to

increased frequency and intens

ity of phys

ical risk events from acute and chronic risks.

We assess the physical risk vulnerabil

it

ies of our exist

ing s

ites on a regular basis and for new sites during the onboarding

process. Addit

ionally, we assess the

impact of climate risk on the classif

icat

ion of financ

ial

instruments under IFRS 9, when

Environmental, Social or Governance (ESG) triggers may affect the cash flows received by the Group under the contractual

terms of the instrument.

The PLC Group’s ESGR Risk team has performed a quantitat

ive assessment of the

impact of climate risk on the IFRS 9 ECL

provis

ion. Th

is assessment has been performed across both the CIB and WRB portfolios. The Climate risk impact assessment

on IFRS 9 business as usual ECL has been conducted based on newly developed and enhanced internal climate risk models

for corporates across six prior

ity sectors (O

il and Gas, Power, Steel, Min

ing, Sh

ipp

ing, and Automot

ive), one Generic model

for the remain

ing corporate sectors and Sovere

igns, whilst the top-down approach developed in 2022 was used for the

remain

ing portfol

ios. The impact assessment, which primar

ily focused on trans

it

ion r

isk, resulted in only a marginal ECL

increase across CIB and WRB for the PLC Group, which has been recorded as a management overlay for the 2024 year end to

the extent related to the Group.

The Group’s corporate plan has a 5year outlook and considers the highest emitt

ing sectors the Group finances. The majority

of the PLC Group sector targets are production/physical intens

it

ies which allow continued levels of lending as long as the

products the client produce have a decreasing carbon cost. For Coal Min

ing and O

il and Gas, these sectors have absolute

targets which represent a decreasing carbon budget. Coal Min

ing

is an immater

ial book, wh

ilst for Oil and Gas lending is

being actively monitored towards lower carbon counterparties and technologies. The corporate plan is shorter term than

many of the climate scenario outlooks but seeks to capture the nearer term performance as required by recoverabil

ity

models. The Group has for the third time in the 2025 corporate plan included antic

ipated cred

it impa

irment charges, now

across seven sectors (Oil and Gas, Metals and Min

ing, Power, and Transport, along w

ith Cement, Automobile, and

Commercial Real Estate which have been newly added this year). This addit

ion of cred

it impa

irment has not

in itself,

materially impacted the recoverabil

ity of Group assets supported by d

iscounted cash flow models (such as Value in Use)

which util

ise the Corporate plan.

The PLC Group has progressively strengthened its scenario analysis capabil

it

ies with the modelling of Climate Risk impact

over a 30-year period across multiple dimens

ions

includ

ing scenar

io data and pathways across CIB and WRB portfolios.

While we have taken the first step in our journey to transit

ion from our rel

iance on vendor models to in-house capabil

it

ies,

challenges underpin the scenario analysis, such as reliance on nascent methodologies, dependencies on first generation

models and data lim

itat

ions. Notwithstand

ing these challenges, our work to date, us

ing certain assumptions and proxies,

ind

icates that our bus

iness is resil

ient to all Network of Central Banks and Superv

isors for Greening the Financ

ial System

(NGFS) and bespoke scenarios that were explored.

![](data:image/svg+xml;base64,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)

1. Accounting polic

ies cont

inued

The Group, although acknowledging the lim

itat

ions of current data available, increas

ing soph

ist

icat

ion of models evolving

and nascent nature of climate impacts on internal and client assets, considers Climate Risk to have lim

ited quant

itat

ive

impact in the immed

iate term and as a longer-term r

isk is expected to be addressed through its business strategy and

financial plann

ing as the Group implements its net zero journey.

Comparatives

Certain comparatives have been represented in line with current year disclosures. Details of these changes are set out in the

relevant sections and notes below:

• Segment reporting- (Note 2)

New accounting standards in issue but not yet effective

There were no new accounting standards or interpretat

ions that had a mater

ial effect on the Group’s Financ

ial Statements

in 2024.

IAS 21 Amendment – Lack of Exchangeabil

ity

In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify how

an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when

exchangeabil

ity

is lacking. The amendments also require disclosure of informat

ion that enables users to understand the

impact of a currency not being exchangeable. The amendments will be effective for annual reporting periods beginn

ing on

or after 1 January 2025. The amendment is not expected to have a material impact on the Group’s financ

ial statements.

IFRS 18 Presentation and Disclosure in Financ

ial Statements

The new standard IFRS 18 was issued in April 2024 and is effective for annual reporting periods beginn

ing on or after January

1, 2027 but earlier applicat

ion

is permitted. This new standard replaces IAS 1 Presentation of Financ

ial Statements and

amends IAS 7 Statement of Cash Flows. IFRS 18 introduces three defined categories for income and expenses—operating,

invest

ing and financing—to

improve the structure of the income statement, and requires all companies to provide new

defined subtotals, includ

ing operat

ing profit. IFRS 18 will require disclosure of explanations of company-specif

ic measures that

are related to the income statement, referred to as management-defined performance measures. IFRS 18 sets out enhanced

guidance on how to organise informat

ion and whether to prov

ide it in the primary financ

ial statements or

in the notes. The

Group will apply IFRS 18 for annual reporting periods beginn

ing on January 1, 2027 and

is currently not expected to have a

material impact on the Group’s financ

ial statements other than a change

in the presentation of the primary statements.

IFRS 9 Financ

ial Instruments and IFRS 7 F

inanc

ial Instruments: D

isclosures Amendments

In May 2024, the IASB issued Amendments to the Classif

icat

ion and Measurement of Financ

ial Instruments wh

ich amended

requirements related to settling financ

ial l

iab

il

it

ies us

ing an electronic payment system and assessing contractual cash flow

characterist

ics of financial assets,

includ

ing those w

ith environmental, social and governance (ESG)-linked features. The IASB

also amended disclosure requirements relating to investments in equity instruments designated at fair value through other

comprehensive income and added disclosure requirements for financ

ial

instruments with contingent features that do not

relate directly to basic lending risks and costs. The amendments will be effective for annual reporting periods beginn

ing on or

after 1 January 2026. The amendments are not expected to have a material impact on the Group’s financ

ial statements.

Going concern

These financial statements were approved by the Court of d

irectors on 21 February 2025. The directors have made an

assessment of the Group’s abil

ity to cont

inue as a going concern. This assessment has been made having considered

the current macroeconomic and geopolit

ical headw

inds, includ

ing:

•

A review of the Group Strategy and Corporate plan, includ

ing the annual budget.

•

An assessment of the actual performance to date, loan book quality, credit impa

irment, legal and regulatory matters,

compliance matters, and recent regulatory developments.

•

Considerat

ion of stress test

ing performed, includ

ing the PLC Group’s Recovery Plan (RP) wh

ich was submitted to the PRA

and includes the applicat

ion of stressed scenar

ios. Under the tests and through the range of scenarios, the results of the RP

demonstrate that the Group has sufficient cap

ital and liqu

id

ity to continue as a going concern and meet min

imum

regulatory capital and liqu

id

ity requirements.

•

Analysis of the capital posit

ion of the PLC Group,

includ

ing the cap

ital and leverage ratios, and ICAAP which summarises

the PLC Group’s capital and risk assessment processes, assesses its capital requirements and the adequacy of resources to

meet them.

•

Analysis of the funding and liqu

id

ity posit

ion of the PLC Group,

includ

ing the PLC Group’s Internal L

iqu

id

ity Adequacy

Assessment Process (ILAAP), which considers the Group’s liqu

id

ity posit

ion,

its framework and whether suffic

ient l

iqu

id

ity

resources are being mainta

ined to meet l

iab

il

it

ies as they fall due, was also rev

iewed. Further, PLC Group’s funding and

liqu

id

ity was considered in the context of the risk appetite metrics, includ

ing the PLC Group’s LCR rat

io.

•

The level of PLC Group’s debt in issue, includ

ing redempt

ions and issuances during the year, debt falling due for repayment

in the next 12 months and further planned debt issuances, includ

ing the appet

ite in the market for the PLC Group’s debt.

•

The PLC Group's portfolio of debt securit

ies held at amort

ised cost.

•

A detailed review of all PLC Group’s princ

ipal r

isks as well as topical and emerging risks.

Notes to the financial statements cont

inued

Standard Chartered Bank

132

Directors’ Report and Financ

ial Statements 2024

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1. Accounting polic

ies cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

133

Directors’ Report and Financ

ial Statements 2024

Based on the analysis performed, the directors confirm they are satisf

ied that the Group has adequate resources to cont

inue

in business for a period of at least 12 months from 21 February 2025. For this reason, the Group continues to adopt the going

concern basis of accounting for preparing the financ

ial statements.

2. Segmental informat

ion

Basis of preparation

The analysis reflects the Financ

ial v

iew, that is, the location in which the transaction or balance was booked.

Client segments

The Group’s segmental reporting is in accordance with IFRS 8 Operating Segments and is reported consistently with the

internal performance framework and as presented to the Group’s Management Team.

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 (Restated)¹ | | | | |  |
|  | Corporate & | Wealth & |  |  |  | Corporate & | Wealth & |  |  |  |
|  | Investment | Retail |  | Central & |  | Investment | Retail |  | Central & |  |
|  | Banking | Banking | Ventures | other items | Total | Banking | Banking | Ventures | other items | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Operating |  |  |  |  |  |  |  |  |  |  |
| income | 8,531 | 3,706 | 86 | 91 | 12,414 | 8,032 | 3,501 | 137 | (121) | 11,549 |
| External | 6,391 | 2,044 | 87 | 3,892 | 12,414 | 6,086 | 2,169 | 138 | 3,156 | 11,549 |
| Inter- |  |  |  |  |  |  |  |  |  |  |
| segment | 2,140 | 1,662 | (1) | (3,801) | – | 1,946 | 1,332 | (1) | (3,277) | – |
| Operating |  |  |  |  |  |  |  |  |  |  |
| expenses | (4,794) | (2,339) | (133) | (284) | (7,550) | (4,269) | (2,062) | (333) | (483) | (7,147) |
| Operating |  |  |  |  |  |  |  |  |  |  |
| profit/(loss) |  |  |  |  |  |  |  |  |  |  |
| before |  |  |  |  |  |  |  |  |  |  |
| impa  irment |  |  |  |  |  |  |  |  |  |  |
| losses and |  |  |  |  |  |  |  |  |  |  |
| taxation | 3,737 | 1,367 | (47) | (193) | 4,864 | 3,763 | 1,439 | (196) | (604) | 4,402 |
| Credit |  |  |  |  |  |  |  |  |  |  |
| impa  irment | 262 | (286) | (25) | 34 | (15) | 163 | (129) | (13) | 37 | 58 |
| Other |  |  |  |  |  |  |  |  |  |  |
| impa  irment | (212) | (75) | (8) | (115) | (410) | (40) | (6) | (24) | 28 | (42) |
| Profit/(loss) |  |  |  |  |  |  |  |  |  |  |
| from |  |  |  |  |  |  |  |  |  |  |
| associates and |  |  |  |  |  |  |  |  |  |  |
| joint ventures | – | – | – | 8 | 8 | – | – | (24) | 20 | (4) |
| Profit/(loss) |  |  |  |  |  |  |  |  |  |  |
| before |  |  |  |  |  |  |  |  |  |  |
| taxation | 3,787 | 1,006 | (80) | (266) | 4,447 | 3,886 | 1,304 | (257) | (519) | 4,414 |
| Total assets | 327,528 | 48,915 | 3,037 | 184,054 | 563,534 | 285,036 | 49,137 | 2,208 | 202,198 | 538,579 |
| Total liab  il  it  ies | 350,797 | 78,950 | 2,809 | 96,862 | 529,418 | 330,747 | 70,953 | 1,535 | 101,400 | 504,635 |

1

Prior period amounts have been restated to align with changes to the current year presentation which now reflect the impact of restructuring cost and gain on sale of

businesses.

Addit

ional segmental

informat

ion

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 | | | | |
|  | Corporate & | Wealth & |  |  |  | Corporate & | Wealth & |  |  |  |
|  | Investment | Retail |  | Central & |  | Investment | Retail |  | Central & |  |
|  | Banking | Banking | Ventures | other items | Total | Banking | Banking | Ventures | other items | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Net interest |  |  |  |  |  |  |  |  |  |  |
| income | 2,377 | 2,404 | 54 | (435) | 4,400 | 3,259 | 2,346 | 9 | (1,007) | 4,607 |
| Net fees and |  |  |  |  |  |  |  |  |  |  |
| commiss  ion |  |  |  |  |  |  |  |  |  |  |
| income | 1,574 | 1,101 | 21 | (34) | 2,662 | 1,397 | 876 | 40 | 125 | 2,438 |
| Net trading |  |  |  |  |  |  |  |  |  |  |
| and other |  |  |  |  |  |  |  |  |  |  |
| income | 4,580 | 201 | 11 | 560 | 5,352 | 3,376 | 279 | 88 | 761 | 4,504 |
| Operating |  |  |  |  |  |  |  |  |  |  |
| income | 8,531 | 3,706 | 86 | 91 | 12,414 | 8,032 | 3,501 | 137 | (121) | 11,549 |

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2. Segmental informat

ion cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

134

Directors’ Report and Financ

ial Statements 2024

Operating income by key geographies

|  |  |
| --- | --- |
|  |  |
|  | 2024 | | | | | | |
|  | Singapore | India | UAE | UK | US | Others | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Net interest income | 717 | 961 | 522 | (987) | 533 | 2,654 | 4,400 |
| Net fees and commiss  ion  income | 805 | 162 | 293 | 369 | 437 | 596 | 2,662 |
| Net trading and other income | 1,291 | 416 | 419 | 2,178 | 4 | 1,044 | 5,352 |
| Operating income | 2,813 | 1,539 | 1,234 | 1,560 | 974 | 4,294 | 12,414 |

|  |  |
| --- | --- |
|  |  |
|  | 2023 | | | | | | |
|  | Singapore | India | UAE | UK | US | Others | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Net interest income | 1,156 | 934 | 510 | (760) | 176 | 2,591 | 4,607 |
| Net fees and commiss  ion  income | 658 | 181 | 175 | 363 | 409 | 652 | 2,438 |
| Net trading and other income | 879 | 313 | 481 | 1,513 | 67 | 1,251 | 4,504 |
| Operating income | 2,693 | 1,428 | 1,166 | 1,116 | 652 | 4,494 | 11,549 |

3. Net interest income

Accounting Policy

Interest income for financ

ial assets held at e

ither fair value through other comprehensive income or amortised cost,

and interest expense on all financ

ial l

iab

il

it

ies held at amort

ised cost is recognised in profit or loss using the effective

interest method.

The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of

the financial

instrument or, when appropriate, a shorter period, to the net carrying amount of the financ

ial asset or financial

liab

il

ity. When calculating the effective interest rate, the Group estimates cash flows consider

ing all contractual terms of the

financial

instrument (for example prepayment options) but does not consider future credit losses. The calculation includes all

fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs

and all other premiums or discounts. For floating-rate financ

ial

instruments, period

ic re-est

imat

ion of cash flows that reflect

the movements in the market rates of interest alters the effective interest rate. Where the estimates of cash flows have

been revised, the carrying amount of the financ

ial asset or l

iab

il

ity is adjusted to reflect the actual and revised cash flows,

discounted at the instruments orig

inal effect

ive interest rate. The adjustment is recognised as interest income or expense in

the period in which the revis

ion

is made as long as the change in estimates is not due to credit issues.

Interest income for financ

ial assets that are e

ither held at fair value through other comprehensive income or amortised cost

that have become credit-impa

ired subsequent to

in

it

ial recognit

ion (stage 3) and have had amounts wr

itten off, is recognised

using the credit adjusted effective interest rate. This rate is calculated in the same manner as the effective interest rate

except that expected credit losses are included in the expected cash flows. Interest income is therefore recognised on the

amortised cost of the financ

ial asset

includ

ing expected cred

it losses. Should the credit risk on a stage 3 financ

ial asset

improve such that the financ

ial asset

is no longer considered credit-impa

ired,

interest income recognit

ion reverts to a

computation based on the rehabil

itated gross carry

ing value of the financ

ial asset.

![](data:image/svg+xml;base64,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)

3. Net interest income continued

Notes to the financial statements cont

inued

Standard Chartered Bank

135

Directors’ Report and Financ

ial Statements 2024

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Balances at central banks | 2,500 | 2,813 |
| Loans and advances to banks | 1,296 | 1,175 |
| Loans and advances to customers | 10,436 | 9,399 |
| Debt securit  ies | 3,718 | 3,650 |
| Other elig  ible b  ills | 1,254 | 1,204 |
| Accrued on impa  ired assets (d  iscount unwind) | 106 | 139 |
| Interest income | 19,310 | 18,380 |
| Of which: financ  ial  instruments held at fair value through other comprehensive income | 2,892 | 2,550 |
| Deposits by banks | 728 | 626 |
| Customer accounts¹ | 11,896 | 10,739 |
| Debt securit  ies  in issue | 1,653 | 1,771 |
| Subordinated liab  il  it  ies and other borrowed funds | 597 | 602 |
| Interest expense on IFRS 16 lease liab  il  it  ies | 36 | 35 |
| Interest expense | 14,910 | 13,773 |
| Net interest income | 4,400 | 4,607 |

1

Deposit insurance premiums of $61m have been reclassif

ied from customer accounts related

interest expense to general operating expenses in 2024. The prior year has

not been reclassif

ied as

it is not deemed material

4. Net fees and commiss

ion

Accounting policy

The Group can act as trustee or in other Fiduc

iary capac

it

ies that result

in the holding or placing of assets on behalf of

ind

iv

iduals, trusts, retirement benefit plans and other inst

itut

ions. The assets and income aris

ing thereon are excluded from

these financial statements, as they are not assets and

income of the Group.

The Group applies the following practical expedients:

•

informat

ion on amounts of transact

ion price allocated to unsatisf

ied (or part

ially unsatisf

ied) performance obl

igat

ions

at the end of the reporting period is not disclosed as almost all fee-earning contracts have an expected duration of less

than one year

•

promised considerat

ion

is not adjusted for the effects of a sign

ificant financing component as the per

iod between the

Group provid

ing a serv

ice and the customer paying for it is expected to be less than one year

•

incremental costs of obtain

ing a fee-earn

ing contract are recognised upfront in 'Fees and commiss

ion expense' rather

than amortised, if the expected term of the contract is less than one year

The determinat

ion of the serv

ices performed for the customer, the transaction price, and when the services are completed

depends on the nature of the product with the customer. The main considerat

ions on

income recognit

ion by product are

as follows:

Transaction Banking

The Group recognises fee income associated with transactional trade and cash management at the point in time the

service is provided. The Group recognises income associated with trade contingent risk exposures (such as letters of credit

and guarantees) over the period in which the service is provided.

Payment of fees is usually received at the same time the service is provided. In some cases, letters of credit and guarantees

issued by the Group have annual upfront premiums, which are amortised on a straight-line basis to fee income over the year.

Global Markets

The Group recognises fee income at the point in time the service is provided. Fee income is recognised for a sign

ificant

non-lending service when the transaction has been completed and the terms of the contract with the customer entitle

the Group to the fee. This includes fees such as structuring and advisory fees. Fees are usually received shortly after the

service is provided.

Syndicat

ion fees are recogn

ised when the syndicat

ion

is complete defined as achiev

ing the final approved hold pos

it

ion.

Fees are generally received before completion of the syndicat

ion, or w

ith

in 12 months of the transact

ion date.

Securit

ies serv

ices include custody services, fund accounting and admin

istrat

ion, and broker clearing. Fees are recognised

over the period the custody or fund management services are provided, or as and when broker services are requested.

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4. Net fees and commiss

ion cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

136

Directors’ Report and Financ

ial Statements 2024

Wealth Management

Upfront considerat

ion on bancassurance agreements

is amortised straight-line over the contractual term. Commiss

ions

for bancassurance activ

it

ies are recorded as they are earned through sales of third-party insurance products to customers.

These commiss

ions are rece

ived with

in a short t

ime frame of the commiss

ion be

ing earned. Target-linked fees are accrued

based on percentage of the target achieved, provided it is assessed as highly probable that the target will be met.

Cash payment is received at a contractually specif

ied date after ach

ievement of a target has been confirmed.

Upfront and trail

ing comm

iss

ions for managed

investment placements are recorded as they are confirmed. Income from

these activ

it

ies is relatively even throughout the period, and cash is usually received with

in a short t

ime frame after the

commiss

ion

is earned.

Retail Products

The Group recognises most income at the point in time the Group is entitled to the fee, since most services are provided at

the time of the customer’s request.

In most of our retail markets there are circumstances under which fees are waived, income recognit

ion

is adjusted to

reflect customer’s intent to pay the annual fee. The Group defers the fair value of reward points on its credit card reward

programmes, and recognises income and costs associated with fulfill

ing the reward at the t

ime of redemption.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Fees and commiss  ions  income | 3,486 | 3,094 |
| Of which: |  |  |
| Financ  ial  instruments that are not fair valued through profit or loss | 1,162 | 1,139 |
| Trust and other fiduciary act  iv  it  ies | 278 | 239 |
| Fees and commiss  ions expense | (824) | (656) |
| Of which: |  |  |
| Financ  ial  instruments that are not fair valued through profit or loss | (156) | (84) |
| Trust and other fiduciary act  iv  it  ies | (12) | (17) |
| Net fees and commiss  ion | 2,662 | 2,438 |

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4. Net fees and commiss

ion cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

137

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 | | | | |
|  | Corporate |  |  |  |  | Corporate |  |  |  |  |
|  | & | Wealth & |  |  |  | & | Wealth & |  |  |  |
|  | Investment | Retail |  | Central & |  | Investment | Retail |  | Central & |  |
|  | Banking | Banking | Ventures | other items | Total | Banking | Banking | Ventures | other items | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Transaction Services | 1,174 | 35 | – | – | 1,209 | 1,346 | 22 | – | – | 1,368 |
| Payments & Liqu  id  ity | 531 | 17 | – | – | 548 | 500 | 5 | – | – | 505 |
| Securit  ies & Pr  ime Services | 155 | – | – | – | 155 | 150 | – | – | – | 150 |
| Trade & Working Capital | 488 | 18 | – | – | 506 | 696 | 17 | – | – | 713 |
| Global Banking | 779 | – | – | – | 779 | 565 | 5 | – | – | 570 |
| Lending & Financ  ing |  |  |  |  |  |  |  |  |  |  |
| Solutions | 503 | – | – | – | 503 | 418 | 5 | – | – | 423 |
| Capital Market & Advisory | 276 | – | – | – | 276 | 147 | – | – | – | 147 |
| Global Markets | 121 | (1) | – | – | 120 | 61 | – | – | – | 61 |
| Macro Trading | 66 | (1) | – | – | 65 | (24) | – | – | – | (24) |
| Credit Trading | 56 | – | – | – | 56 | 81 | – | – | – | 81 |
| Valuation & Other Adj | (1) | – | – | – | (1) | 3 | – | – | – | 3 |
| Wealth Solutions | – | 891 | – | – | 891 | – | 678 | – | – | 678 |
| Investment Products | – | 712 | – | – | 712 | – | 516 | – | – | 516 |
| Bancassurance | – | 179 | – | – | 179 | – | 162 | – | – | 162 |
| CCPL & Other |  |  |  |  |  |  |  |  |  |  |
| Unsecured Lending | – | 235 | 34 | – | 269 | – | 272 | 23 | – | 294 |
| Deposits | – | 96 | – | – | 96 | – | 111 | – | – | 111 |
| Mortgages & Other |  |  |  |  |  |  |  |  |  |  |
| Secured Lending | – | 20 | – | – | 20 | (1) | – | – | – | (1) |
| Treasury | – | – | – | (3) | (3) | – | – | – | 4 | 4 |
| Others | – | – | – | 105 | 105 | – | (12) | 32 | (11) | 9 |
| Net fees and commiss  ion |  |  |  |  |  |  |  |  |  |  |
| income | 2,074 | 1,276 | 34 | 102 | 3,486 | 1,971 | 1,075 | 55 | (7) | 3,094 |
| Net fees and commiss  ion |  |  |  |  |  |  |  |  |  |  |
| expense | (500) | (175) | (13) | (136) | (824) | (574) | (199) | (15) | 132 | (656) |
| Net fees and commiss  ion | 1,574 | 1,101 | 21 | (34) | 2,662 | 1,397 | 876 | 40 | 125 | 2,438 |

Upfront bancassurance considerat

ion amounts are amort

ised on a straight-line basis over the contractual period to which

the considerat

ion relates. Deferred

income on the balance sheet in respect of these activ

it

ies is $419 mill

ion (31 December

2023: $474 mill

ion). Follow

ing renegotiat

ion of the contract

in 2023, the life of the contract was extended for a further 3 years

and the income will be earned evenly till June 2032. For the twelve months ended 31 December 2024, $45 mill

ion of fee

income

was released from deferred income (31 December 2023: $60 mill

ion).

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

138

Directors’ Report and Financ

ial Statements 2024

5. Net trading income

Accounting policy

Gains and losses aris

ing from changes

in the fair value of financ

ial

instruments held at fair value through profit or loss are

recorded in net trading income in the period in which they arise. This includes contractual interest receivable or payable.

When the in

it

ial fair value of a financ

ial

instrument held at fair value through profit or loss relies on unobservable inputs, the

difference between the in

it

ial valuation and the transaction price is amortised to net trading income as the inputs become

observable or over the life of the instrument, whichever is shorter. Any unamortised ‘day one’ gain is released to net trading

income if the transaction is terminated.

Income is recognised from the sale and purchase of trading posit

ions, marg

ins on market making and customer business and

fair value changes.

|  |  |
| --- | --- |
|  |  |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Net trading income | 5,530 | 4,100 |
| Sign  ificant  items with  in net trad  ing income include: |  |  |
| Gains on instruments held for trading  1 | 4,272 | 2,762 |
| Gains on financ  ial assets mandator  ily at fair value through profit or loss | 4,580 | 3,976 |
| Gains on financ  ial assets des  ignated at fair value through profit or loss | – | 2 |
| Losses on financial l  iab  il  it  ies des  ignated at fair value through profit or loss | (3,162) | (2,445) |

1

Includes $54 mill

ion loss (31 December 2023: $104 m

ill

ion loss) from the translat

ion of foreign currency monetary assets and liab

il

it

ies, out of wh

ich $157 mill

ion ga

in

(31 December 2023: $nil) relates to Egypt FX revaluation impact

6. Other operating income

|  |  |
| --- | --- |
|  |  |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Other operating income includes: |  |  |
| Rental income from operating lease assets | 7 | 4 |
| Net loss on disposal of fair value through other comprehensive income debt instruments | (172) | (92) |
| Net loss on disposal of amortized cost financ  ial assets | (18) | (86) |
| Net (loss)/gain on sale of businesses  1 | (214) | 448 |
| Div  idend  income | 3 | 10 |
| Others  2 | 216 | 120 |
| Other operating income | (178) | 404 |

1

Includes loss on disposal of subsid

iar

ies- $217 mill

ion (SCB Z

imbabwe Lim

ited: $172 m

ill

ion, SCB Angola S.A.: $26 m

ill

ion and SCB S

ierra Leone Lim

ited: $19 m

ill

ion) of wh

ich

$246 mill

ion relates to real

izat

ion of translat

ion adjustment loss, Total cash considerat

ion rece

ived from the disposal was $51 mill

ion (SCB Z

imbabwe Lim

ited: $24 m

ill

ion,

SCB Angola S.A.: $10 mill

ion, SCB S

ierra Leone Lim

ited: $17 m

ill

ion)

2

Includes IAS 29 adjustment Ghana hyperinflat

ionary

impact ($139 mill

ion), Research and development expend

iture credit ($32 mill

ion), mark-to-market ga

ins from

deferred compensation income ($17 mill

ion), rebates /

incent

ives rece

ived from VISA card ($10 mill

ion), ga

in on disposal of property, plant and equipment ($3 mill

ion)

and immater

ial balances across other geograph

ies.

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

139

Directors’ Report and Financ

ial Statements 2024

7. Operating expenses

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Staff costs: |  |  |
| Wages and salaries | 5,007 | 4,926 |
| Social security costs | 184 | 172 |
| Other pension costs (Note 29) | 332 | 312 |
| Share-based payment costs (Note 30) | 219 | 175 |
| Other staff costs | 675 | 701 |
|  | 6,417 | 6,286 |
| Premises and equipment expenses: | 254 | 241 |
| General admin  istrat  ive expenses: |  |  |
| UK bank levy | 90 | 111 |
| Other general admin  istrat  ive expenses | 133 | (138) |
| Depreciat  ion and amort  isat  ion: |  |  |
| Property, plant and equipment: |  |  |
| Premises | 130 | 131 |
| Equipment | 68 | 72 |
| Intangibles: |  |  |
| Software | 455 | 440 |
| Acquired on business combinat  ions | 3 | 4 |
| Total operating expenses | 7,550 | 7,147 |

Other staff costs include redundancy expenses of $142 mill

ion (31 December 2023: $81 m

ill

ion). Further costs

in this category

include train

ing, travel costs and other staff related costs.

Details of directors’ pay, benefits, pensions and benefits and interests in shares are disclosed in Note 37 Remuneration of

Directors’.

Transactions with directors, officers and other related parties are disclosed in Note 35.

Operating expenses include research expenditure of $801 mill

ion (31 December 2023: $687 m

ill

ion), wh

ich was recognised

as an expense in the year.

The UK bank levy is applied to chargeable equity and liab

il

it

ies on the balance sheet of UK operat

ions. Key exclusions from

chargeable equity and liab

il

it

ies

include Tier 1 capital, insured or guaranteed retail deposits, repos secured on certain

sovereign debt and liab

il

it

ies subject to nett

ing. The rates are 0.10 per cent for short-term liab

il

it

ies and 0.05 per cent for

long-term liab

il

it

ies.

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

140

Directors’ Report and Financ

ial Statements 2024

8. Credit impa

irment

Accounting policy

Sign

ificant account

ing estimates and judgements

The Group’s expected credit loss (ECL) calculations are outputs of complex models with a number of underlying assumptions.

The sign

ificant judgements

in determin

ing expected cred

it loss include:

•

The Group’s criter

ia for assess

ing if there has been a sign

ificant

increase in credit risk;

•

Development of expected credit loss models, includ

ing the cho

ice of inputs relating to macroeconomic variables;

•

Determin

ing est

imates of forward looking macroeconomic forecasts;

•

Evaluation of management overlays and post-model adjustments;

•

Determinat

ion of probab

il

ity we

ight

ings for Stage 3

ind

iv

idually assessed provis

ions

The calculation of credit impa

irment prov

is

ions also

involves expert credit judgement to be applied by the credit risk

management team based upon counterparty informat

ion they rece

ive from various sources includ

ing relat

ionsh

ip managers

and on external market informat

ion. Deta

ils on the approach for determin

ing expected cred

it loss can be found in the

credit risk section, under IFRS 9 Methodology (page 88).

Estimates of forecasts of key macroeconomic variables underlying the expected credit loss calculation can be found

with

in the R

isk review, Key assumptions and judgements in determin

ing expected cred

it loss (page 89).

Expected credit losses

An ECL represents the present value of expected cash shortfalls over the residual term of a financ

ial asset, undrawn

commitment or financ

ial guarantee.

A cash shortfall is the difference between the cash flows that are due in accordance with the contractual terms of the

instrument and the cash flows that the Group expects to receive over the contractual life of the instrument.

Measurement

ECL are computed as unbiased, probabil

ity-we

ighted amounts which are determined by evaluating a range of reasonably

possible outcomes, the time value of money, and consider

ing all reasonable and supportable

informat

ion

includ

ing that

which is forward-looking.

For material portfolios, the estimate of expected cash shortfalls is determined by multiply

ing the probab

il

ity of default (PD)

with the loss given default (LGD) with the expected exposure at the time of default (EAD). There may be multiple default

events over the lifet

ime of an

instrument. Further details on the components of PD, LGD and EAD are disclosed in the Credit

risk section. For less material Retail Banking loan portfolios, the Group has adopted less sophist

icated approaches based on

histor

ical roll rates or loss rates.

Forward-looking economic assumptions are incorporated into the PD, LGD and EAD where relevant and where they influence

credit risk, such as GDP growth rates, interest rates, house price ind

ices and commod

ity prices among others. These

assumptions are incorporated using the Group’s most likely forecast for a range of macroeconomic assumptions. These

forecasts are determined using all reasonable and supportable informat

ion, wh

ich includes both internally developed

forecasts and those available externally, and are consistent with those used for budgeting, forecasting and capital planning.

To account for the potential non-linear

ity

in credit losses, multiple forward-looking scenarios are incorporated into the range

of reasonably possible outcomes for all material portfolios. For example, where there is a greater risk of downside credit losses

than upside gains, multiple forward-looking economic scenarios are incorporated into the range of reasonably possible

outcomes, both in respect of determin

ing the PD (and where relevant, the LGD and EAD) and

in determin

ing the overall ECL

amounts. These scenarios are determined using a Monte Carlo approach centred around the Group’s most likely forecast of

macroeconomic assumptions.

The period over which cash shortfalls are determined is generally lim

ited to the max

imum contractual period for which

the Group is exposed to credit risk. However, for certain revolving credit facil

it

ies, which include credit cards or overdrafts,

the Group’s exposure to credit risk is not lim

ited to the contractual per

iod. For these instruments, the Group estimates an

appropriate life based on the period that the Group is exposed to credit risk, which includes the effect of credit risk

management actions such as the withdrawal of undrawn facil

it

ies.

For credit-impa

ired financial

instruments, the estimate of cash shortfalls may require the use of expert credit judgement.

The estimate of expected cash shortfalls on a collateralised financ

ial

instrument reflects the amount and tim

ing of cash

flows that are expected from foreclosure on the collateral less the costs of obtain

ing and sell

ing the collateral, regardless

of whether foreclosure is deemed probable.

Cash flows from unfunded credit enhancements held are included with

in the measurement of expected cred

it losses

if they are part of, or integral to, the contractual terms of the instrument (this includes financ

ial guarantees, unfunded r

isk

partic

ipat

ions and other non-derivat

ive cred

it insurance). Although non-integral credit enhancements do not impact the

measurement of expected credit losses, a reimbursement asset is recognised to the extent of the ECL recorded.

![](data:image/svg+xml;base64,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)

8. Credit impa

irment cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

141

Directors’ Report and Financ

ial Statements 2024

Cash shortfalls are discounted using the effective interest rate (or credit-adjusted effective interest rate for purchased or

orig

inated cred

it-impa

ired

instruments (POCI)) on the financ

ial

instrument as calculated at in

it

ial recognit

ion or

if the

instrument has a variable interest rate, the current effective interest rate determined under the contract.

|  |  |
| --- | --- |
| Instruments | Location of expected credit loss provis  ions |
| Financ  ial assets held at amort  ised cost | Loss provis  ions: netted aga  inst gross carrying value  1 |
| Financ  ial assets held FVOCI – Debt  instruments | Other comprehensive income (FVOCI expected credit loss reserve)  2 |
| Loan commitments | Provis  ions for l  iab  il  it  ies and charges  3 |
| Financ  ial guarantees | Provis  ions for l  iab  il  it  ies and charges  3 |

1

Purchased or orig

inated cred

it-impa

ired assets do not attract an expected cred

it loss provis

ion on

in

it

ial recognit

ion. An expected cred

it loss provis

ion w

ill be

recognised only if there is an increase in expected credit losses from that considered at in

it

ial recognit

ion

2

Debt and treasury securit

ies class

if

ied as fa

ir value through other comprehensive income (FVOCI) are held at fair value on the face of the balance sheet. The expected

credit loss attributed to these instruments is held as a separate reserve with

in other comprehens

ive income (OCI) and is recycled to the profit and loss account along

with any fair value measurement gains or losses held with

in FVOCI when the appl

icable instruments are derecognised

3

Expected credit loss on loan commitments and financ

ial guarantees

is recognised as a liab

il

ity provis

ion. Where a financial

instrument includes both a loan

(i.e. financ

ial asset component) and an undrawn comm

itment (i.e. loan commitment component), and it is not possible to separately ident

ify the expected cred

it loss

on these components, expected credit loss amounts on the loan commitment are recognised together with expected credit loss amounts on the financ

ial asset.

To the extent the combined expected credit loss exceeds the gross carrying amount of the financ

ial asset, the expected cred

it loss is recognised as a liab

il

ity provis

ion

Recognit

ion

12 months expected credit losses (stage 1)

Expected credit losses are recognised at the time of in

it

ial recognit

ion of a financial

instrument and represent the lifet

ime

cash shortfalls aris

ing from poss

ible default events up to 12 months into the future from the balance sheet date. Expected

credit losses continue to be determined on this basis until there is either a sign

ificant

increase in the credit risk of an

instrument or the instrument becomes credit-impa

ired. If an

instrument is no longer considered to exhib

it a s

ign

ificant

increase in credit risk, expected credit losses will revert to being determined on a 12-month basis.

Sign

ificant

increase in credit risk (Stage 2)

Sign

ificant

increase in credit risk is assessed by comparing the risk of default of an exposure at the reporting date to the risk

of default at orig

inat

ion (after taking into account the passage of time). Sign

ificant does not mean stat

ist

ically s

ign

ificant nor

is it assessed in the context of changes in expected credit loss. Whether a change in the risk of default is sign

ificant or not

is

assessed using a number of quantitat

ive and qual

itat

ive factors, the we

ight of which depends on the type of product and

counterparty. Financ

ial assets that are 30 or more days past due and not cred

it-impa

ired w

ill always be considered to have

experienced a sign

ificant

increase in credit risk. For less material portfolios where a loss rate or roll rate approach is applied to

compute expected credit loss, sign

ificant

increase in credit risk is primar

ily based on 30 days past due.

Quantitat

ive factors

include an assessment of whether there has been sign

ificant

increase in the forward-looking probabil

ity

of default (PD) since orig

inat

ion. A forward-looking PD is one that is adjusted for future economic condit

ions to the extent

these are correlated to changes in credit risk. We compare the residual lifet

ime PD at the balance sheet date to the res

idual

lifet

ime PD that was expected at the t

ime of orig

inat

ion for the same point in the term structure and determine whether both

the absolute and relative change between the two exceeds predetermined thresholds. To the extent that the differences

between the measures of default outlined exceed the defined thresholds, the instrument is considered to have experienced

a sign

ificant

increase in credit risk (see page 93 to 95).

Qualitat

ive factors assessed

include those linked to current credit risk management processes, such as lending placed on

non-purely precautionary early alert (and subject to closer monitor

ing).

A non-purely precautionary early alert account is one which exhib

its r

isk or potential weaknesses of a material nature

requir

ing closer mon

itor

ing, superv

is

ion, or attent

ion by management. Weaknesses in such a borrower’s account, if left

uncorrected, could result in deteriorat

ion of repayment prospects and the l

ikel

ihood of be

ing downgraded. Indicators

could include a rapid erosion of posit

ion w

ith

in the

industry, concerns over management’s abil

ity to manage operat

ions,

weak/deteriorat

ing operat

ing results, liqu

id

ity strain and overdue balances among other factors.

![](data:image/svg+xml;base64,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)

8. Credit impa

irment cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

142

Directors’ Report and Financ

ial Statements 2024

Credit-impa

ired (or defaulted) exposures (Stage 3)

Financ

ial assets that are cred

it-impa

ired (or

in default) represent those that are at least 90 days past due in respect of

princ

ipal and/or

interest. Financ

ial assets are also cons

idered to be credit-impa

ired where the obl

igors are unlikely to pay

on the occurrence of one or more observable events that have a detrimental impact on the estimated future cash flows of

the financial asset. It may not be poss

ible to ident

ify a s

ingle discrete event but instead the combined effect of several events

may cause financial assets to become cred

it-impa

ired.

•

Evidence that a financ

ial asset

is credit-impa

ired

includes observable data about the following events:

•

Sign

ificant financial d

iff

iculty of the

issuer or borrower;

•

Breach of contract such as default or a past due event;

•

For economic or contractual reasons relating to the borrower’s financ

ial d

iff

iculty, the lenders of the borrower have granted

the borrower concession/s that lenders would not otherwise consider. This would include forbearance actions (page 76);

•

Pending or actual bankruptcy or other financ

ial reorgan

isat

ion to avo

id or delay discharge of the borrower’s obligat

ion/s;

•

The disappearance of an active market for the applicable financ

ial asset due to financial d

iff

icult

ies of the borrower;

•

Purchase or orig

inat

ion of a financ

ial asset at a deep d

iscount that reflects incurred credit losses

Lending commitments to a credit-impa

ired obl

igor that have not yet been drawn down are included to the extent that

the commitment cannot be withdrawn. Loss provis

ions aga

inst credit-impa

ired financial assets are determ

ined based

on an assessment of the present value of expected cash shortfalls (discounted at the instrument’s orig

inal effect

ive

interest rate) under a range of scenarios, includ

ing the real

isat

ion of any collateral held where appropr

iate. The Group’s

definit

ion of default is aligned with the regulatory defin

it

ion of default as set out in the UK’s onshored capital requirements

regulations (Art 178).

Expert credit judgement

For Corporate & Investment and Private Banking, borrowers are graded by credit risk management on

a credit grading (CG) scale from CG1 to CG14. Once a borrower starts to exhib

it cred

it deteriorat

ion,

it will move along the

credit grading scale in the performing book and when it is classif

ied as CG12 (wh

ich is a qualitat

ive tr

igger for sign

ificant

increase in credit risk (see page 94)the credit assessment and oversight of the loan will normally be performed by Stressed

Assets Risk (SAR).

Borrowers graded CG12 exhib

it well-defined weaknesses

in areas such as management and/or performance but there

is no current expectation of a loss of princ

ipal or

interest in the likely scenario. Where the impa

irment assessment

ind

icates

that there will be a loss of princ

ipal on a loan

in the likely scenario, the borrower is graded a CG14 while borrowers of other

credit-impa

ired loans are graded CG13. Instruments graded CG13 or CG14 are regarded as stage 3.

For ind

iv

idually sign

ificant financial assets w

ith

in stage 3, SAR w

ill consider all judgements that have an impact on the

expected future cash flows of the asset. These include: the business prospects, industry and geo polit

ical cl

imate of the

customer, quality of realisable value of collateral, the Group’s legal posit

ion relat

ive to other claimants and any renegotiat

ion/

forbearance/ modif

icat

ion options. The future cash flow calculation involves sign

ificant judgements and est

imates. As new

informat

ion becomes ava

ilable and further negotiat

ions/ forbearance measures are taken the est

imates of the future cash

flows will be revised, and will have an impact on the future cash flow analysis.

For financial assets wh

ich are not ind

iv

idually sign

ificant, such as the Reta

il Banking portfolio or small business loans, which

comprise a large number of homogenous loans that share sim

ilar character

ist

ics, stat

ist

ical est

imates and techniques are

used, as well as credit scoring analysis.

Consumer and Business Banking clients are considered credit-impa

ired where they are more 90 days past due, or

if the

borrower files for bankruptcy or other forbearance programme, the borrower is deceased or the business is closed in the

case of a small business, or if the borrower surrenders the collateral, or there is an ident

ified fraud on the account. Add

it

ionally,

if the account is unsecured and the borrower has other credit accounts with the Group that are considered credit-impa

ired,

the account may be also be credit-impa

ired.

Techniques used to compute impa

irment amounts use models wh

ich analyse histor

ical repayment and default rates over

a time horizon. Where various models are used, judgement is required to analyse the available informat

ion prov

ided and

select the appropriate model or combinat

ion of models to use.

Expert credit judgement is also applied to determine whether any post-model adjustments are required for credit risk

elements which are not captured by the models.

![](data:image/svg+xml;base64,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)

8. Credit impa

irment cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

143

Directors’ Report and Financ

ial Statements 2024

Modif

ied financial

instruments

Where the orig

inal contractual terms of a financial asset have been mod

if

ied for cred

it reasons and the instrument has not

been derecognised (an instrument is derecognised when a modif

icat

ion results in a change in cash flows that the Group

would consider substantial), the resulting modif

icat

ion loss is recognised with

in cred

it impa

irment

in the income statement

with a corresponding decrease in the gross carrying value of the asset. If the modif

icat

ion involved a concession that the

bank would not otherwise consider, the instrument is considered to be credit-impa

ired and

is considered forborne.

Expected credit loss for modif

ied financial assets that have not been derecogn

ised and are not considered to be credit-

impa

ired w

ill be recognised on a 12-month basis, or a lifet

ime bas

is, if there is a sign

ificant

increase in credit risk. These assets

are assessed (by comparison to the orig

inat

ion date) to determine whether there has been a sign

ificant

increase in credit risk

subsequent to the modif

icat

ion. Although loans may be modif

ied for non-cred

it reasons, a sign

ificant

increase in credit risk

may occur. In addit

ion to the recogn

it

ion of mod

if

icat

ion gains and losses, the revised carrying value of modif

ied financial

assets will impact the calculation of expected credit losses, with any increase or decrease in expected credit loss recognised

with

in

impa

irment.

Forborne loans

Forborne loans are those loans that have been modif

ied

in response to a customer’s financ

ial d

iff

icult

ies. Forbearance

strategies assist clients who are temporarily in financ

ial d

istress and are unable to meet their orig

inal contractual repayment

terms. Forbearance can be in

it

iated by the client, the Group or a third-party includ

ing government sponsored programmes

or a conglomerate of credit inst

itut

ions. Forbearance may include debt restructuring such as new repayment schedules,

payment deferrals, tenor extensions, interest only payments, lower interest rates, forgiveness of princ

ipal,

interest or fees,

or relaxation of loan covenants.

Forborne loans that have been modif

ied (and not derecogn

ised) on terms that are not consistent with those readily available

in the market and/or where we have granted a concession compared to the orig

inal terms of the loans are cons

idered

credit-impa

ired

if there is a detrimental impact on cash flows. The modif

icat

ion loss (see Classif

icat

ion and measurement –

Modif

icat

ions) is recognised in the profit or loss with

in cred

it impa

irment and the gross carry

ing value of the loan reduced

by the same amount. The modif

ied loan

is disclosed as ‘Loans subject to forbearance – credit-impa

ired’.

Loans that have been subject to a forbearance modif

icat

ion, but which are not considered credit-impa

ired (not class

if

ied

as CG13 or CG14), are disclosed as ‘Forborne – not credit-impa

ired’. Th

is may include amendments to covenants with

in the

contractual terms.

Write-offs of credit-impa

ired

instruments and reversal of impa

irment

To the extent a financial debt

instrument is considered irrecoverable, the applicable portion of the gross carrying value is

written off against the related loan provis

ion. Such loans are wr

itten off after all the necessary procedures have been

completed, it is decided that there is no realist

ic probab

il

ity of recovery and the amount of the loss has been determ

ined.

Subsequent recoveries of amounts previously written off decrease the amount of the provis

ion for cred

it impa

irment

in the

income statement.

Loss provis

ions on purchased or or

ig

inated cred

it-impa

ired

instruments (POCI)

The Group measures expected credit loss on a lifet

ime bas

is for POCI instruments throughout the life of the instrument.

However, expected credit loss is not recognised in a separate loss provis

ion on

in

it

ial recognit

ion for POCI

instruments

as the lifet

ime expected cred

it loss is inherent with

in the gross carry

ing amount of the instruments. The Group recognises

the change in lifet

ime expected cred

it losses aris

ing subsequent to

in

it

ial recognit

ion

in the income statement and the

cumulative change as a loss provis

ion. Where l

ifet

ime expected cred

it losses on POCI instruments are less than those

at in

it

ial recognit

ion, then the favourable d

ifferences are recognised as impa

irment ga

ins in the income statement (and as

impa

irment loss where the expected cred

it losses are greater).

Improvement in credit risk/curing

For financial assets that are cred

it-impa

ired (stage 3), a transfer to stage 2 or stage 1

is only permitted where the instrument is

no longer considered to be credit-impa

ired. An

instrument will no longer be considered credit-impa

ired when there

is no

shortfall of cash flows compared to the orig

inal contractual terms.

For financial assets w

ith

in stage 2, these can only be transferred to stage 1 when they are no longer cons

idered to have

experienced a sign

ificant

increase in credit risk.

Where sign

ificant

increase in credit risk was determined using quantitat

ive measures, the

instruments will automatically

transfer back to stage 1 when the orig

inal PD based transfer cr

iter

ia are no longer met. Where

instruments were transferred

to stage 2 due to an assessment of qualitat

ive factors, the

issues that led to the reclassif

icat

ion must be cured before the

instruments can be reclassif

ied to stage 1. Th

is includes instances where management actions led to instruments being

classif

ied as stage 2, requ

ir

ing that act

ion to be resolved before loans are reclassif

ied to stage 1.

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8. Credit impa

irment cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

144

Directors’ Report and Financ

ial Statements 2024

A forborne loan can only be removed from being disclosed as forborne if the loan is performing (stage 1 or 2) and a further

two-year probation period is met.

In order for a forborne loan to become performing, the following criter

ia have to be sat

isf

ied:

•

At least a year has passed with no default based upon the forborne contract terms

•

The customer is likely to repay its obligat

ions

in full without realis

ing secur

ity

•

The customer has no accumulated impa

irment aga

inst amount outstanding (except for ECL)

Subsequent to the criter

ia above, a further two-year probat

ion period has to be fulfilled, whereby regular payments are

made by the customer and none of the exposures to the customer are more than 30 days past due.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Net credit impa  irment on loans and advances to banks and customers | 58 | 55 |
| Net credit impa  irment / (release) aga  inst profit or loss during the period relating to debt securit  ies  1 | (58) | (50) |
| Net credit impa  irment / (release) relat  ing to financ  ial guarantees and loan comm  itments | 18 | (63) |
| Net credit impa  irment / (release) relat  ing to other financ  ial assets | (3) | – |
| Credit impa  irment/(release)  1 | 15 | (58) |

1

Includes impa

irment release of $14 m

ill

ion (31 December 2023: $1 m

ill

ion charge) on or

ig

inated cred

it-impa

ired debt secur

it

ies

9. Goodwill, fixed assets and other impa

irment

Accounting policy

Refer to the below referenced notes for the relevant accounting policy.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Impairment of property, plant and equipment (Note 17) | 2 | (1) |
| Impairment of other intang  ible assets (Note 16) | 383 | 35 |
| Other | 25 | 8 |
| Goodwill, fixed assets and other impa  irment | 410 | 42 |

10. Taxation

Accounting policy

Income tax payable on profits is based on the applicable tax law in each jur

isd

ict

ion and

is recognised as an expense in

the period in which profits arise.

Deferred tax is provided on temporary differences aris

ing between the tax bases of assets and l

iab

il

it

ies and the

ir carrying

amounts in the consolidated financ

ial statements. Deferred tax

is determined using tax rates (and laws) that have been

enacted or substantively enacted as at the balance sheet date, and that are expected to apply when the related deferred

tax asset is realised or the deferred income tax liab

il

ity is settled.

Deferred tax assets are recognised where it is probable that future taxable profit will be available against which the

temporary differences can be util

ised. Where perm

itted, deferred tax assets and liab

il

it

ies are offset on an ent

ity basis

and not by component of deferred taxation.

Current and deferred tax relating to items which are charged or credited directly to equity, is credited or charged directly

to equity and is subsequently recognised in the income statement together with the current or deferred gain or loss.

Other accounting estimates and judgements

•

Determin

ing the Group’s tax charge for the year

involves estimat

ion and judgement, wh

ich includes an interpretat

ion of

local tax laws and an assessment of whether the tax authorit

ies w

ill accept the posit

ion taken. These judgements take

account of external advice where appropriate, and the Group’s view on settling with the relevant tax authorit

ies.

•

The Group provides for current tax liab

il

it

ies at the best est

imate of the amount that is expected to be paid to the tax

authorit

ies where an outflow

is probable. In making its estimates the Group assumes that the tax authorit

ies w

ill examine

all the amounts reported to them and have full knowledge of all relevant informat

ion.

•

The recoverabil

ity of the Group’s deferred tax assets

is based on management’s judgement of the availab

il

ity of future

taxable profits against which the deferred tax assets will be util

ised. In prepar

ing management forecasts the effect of

applicable laws and regulations relevant to the util

isat

ion of future taxable profits have been considered.

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10. Taxation continued

Notes to the financial statements cont

inued

Standard Chartered Bank

145

Directors’ Report and Financ

ial Statements 2024

The following table provides analysis of taxation charge in the year:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| The charge for taxation based upon the profit for the year comprises: |  |  |
| Current tax: |  |  |
| United Kingdom corporation tax at 25 per cent (2023: 23.5 per cent): |  |  |
| Current tax charge on income for the year | – | (111) |
| Adjustments in respect of prior years (includ  ing double tax rel  ief) | 1 | 16 |
| Foreign tax: |  |  |
| Current tax charge on income for the year | 1,357 | 1,200 |
| Adjustments in respect of prior years | (7) | 6 |
|  | 1,351 | 1,111 |
| Deferred tax: |  |  |
| Orig  inat  ion/reversal of temporary differences | 123 | 76 |
| Adjustments in respect of prior years | (9) | (10) |
|  | 114 | 66 |
| Tax on profits on ordinary activ  it  ies | 1,465 | 1,177 |
| Effective tax rate | 32.9% | 26.7% |

The tax charge for the year of $1,465 mill

ion (31 December 2023: $1,177 m

ill

ion) on a profit before tax of $4,447 m

ill

ion

(31 December 2023: $4,414 mill

ion) reflects the

impact of non-creditable withhold

ing taxes and other taxes,

and non-deductible expenses.

Tax rate: The tax charge for the year is higher than the charge at the rate of corporation tax in the UK, 25 per cent.

The differences are explained below:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | 2023 | |
|  | $mill  ion | % | $mill  ion | % |
| Profit on ordinary activ  it  ies before tax | 4,447 |  | 4,414 |  |
| Tax at 25 per cent (2023: 23.5 per cent) | 1,112 | 25.0 | 1,037 | 23.5 |
| Lower tax rates on overseas earnings | (274) | (6.2) | (264) | (6.0) |
| Higher tax rates on overseas earnings | 269 | 6.1 | 302 | 6.8 |
| Tax at domestic rates applicable where profits earned | 1,107 | 24.9 | 1,075 | 24.3 |
| Non-creditable withhold  ing taxes and other taxes | 221 | 5.0 | 70 | 1.6 |
| Tax exempt income | (51) | (1.1) | (20) | (0.5) |
| Non-deductible expenses | 156 | 3.5 | 146 | 3.3 |
| Bank levy | 23 | 0.5 | 26 | 0.6 |
| Non-taxable losses on investments  1 | 50 | 1.1 | (98) | (2.2) |
| Payments on financial  instruments in reserves | (75) | (1.7) | (65) | (1.5) |
| Deferred tax not recognised | 64 | 1.4 | 34 | 0.8 |
| Deferred tax rate changes | (3) | (0.1) | (3) | – |
| Adjustments to tax charge in respect of prior years | (15) | (0.3) | 12 | 0.3 |
| Other items | (12) | (0.3) | – | – |
| Tax on profit on ordinary activ  it  ies | 1,465 | 32.9 | 1,177 | 26.7 |

1

2024 Includes tax impact of $55m (2023: $nil) relating to loss on sale of subsid

iar

ies in Africa.

Factors affecting the tax charge in future years: the Group’s tax charge, and effective tax rate in future years could be

affected by several factors includ

ing acqu

is

it

ions, disposals and restructuring of our businesses, the mix of profits across

jurisd

ict

ions w

ith different reported tax rates, changes in tax legislat

ion and tax rates and resolut

ion of uncertain tax

posit

ions.

The evaluation of uncertain tax posit

ions

involves an interpretat

ion of local tax laws wh

ich could be subject to challenge by

a tax authority, and an assessment of whether the tax authorit

ies w

ill accept the posit

ion taken. The Group does not currently

consider that assumptions or judgements made in assessing tax liab

il

it

ies have a s

ign

ificant r

isk of resulting in a material

adjustment with

in the next financial year.

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10. Taxation continued

Notes to the financial statements cont

inued

Standard Chartered Bank

146

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Current tax | Deferred tax | Total | Current tax | Deferred tax | Total |
| Tax recognised in other comprehensive income | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Items that will not be reclassif  ied to  income statement | (16) | 108 | 92 | – | (75) | (75) |
| Own credit adjustment | 1 | 27 | 28 | – | (26) | (26) |
| Equity instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | (17) | 89 | 72 | – | (56) | (56) |
| Retirement benefit obligat  ions | – | (8) | (8) | – | 7 | 7 |
| Items that may be reclassed subsequently to |  |  |  |  |  |  |
| income statement | (7) | (31) | (38) | – | (91) | (91) |
| Debt instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | (7) | (20) | (27) | – | (8) | (8) |
| Cash flow hedges | – | (11) | (11) | – | (83) | (83) |
| Total tax credit/(charge) recognised in equity | (23) | 77 | 54 | – | (166) | (166) |

Current tax:

The following are the movements in current tax during the year:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
| Current tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Current tax assets | 484 | 446 | 395 | 347 |
| Current tax liab  il  it  ies | (445) | (556) | (188) | (329) |
| Net current tax opening balance | 39 | (110) | 207 | 18 |
| Movements in income statement | (1,351) | (1,111) | (681) | (487) |
| Movements in other comprehensive income | (23) | – | (23) | – |
| Taxes paid | 1,422 | 1,229 | 720 | 658 |
| Other movements | (2) | 31 | (1) | 18 |
| Net current tax balance as at 31 December | 85 | 39 | 222 | 207 |
| Current tax assets | 644 | 484 | 516 | 395 |
| Current tax liab  il  it  ies | (559) | (445) | (294) | (188) |
| Total | 85 | 39 | 222 | 207 |

Deferred tax:

The following are the major deferred tax liab

il

it

ies and assets recogn

ised by the Group and movements

thereon during the year:

Group

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Exchange & |  | (Charge)/ | At 31 |
|  | At 1 January | other | (Charge)/ | credit to | December |
|  | 2024 | adjustments | credit to profit | equity | 2024 |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (318) | 8 | 53 | (3) | (260) |
| Impairment provis  ions on loans and advances | 203 | (9) | (16) | – | 178 |
| Tax losses carried forward | 70 | (24) | 23 | – | 69 |
| Equity instruments at fair value through other |  |  |  |  |  |
| comprehensive income | (126) | 5 | – | 89 | (32) |
| Debt instruments at fair value through other comprehensive income | 28 | 4 | (15) | (20) | (3) |
| Cashflow hedges | 3 | 1 | – | (11) | (7) |
| Own credit adjustment | (52) | 25 | – | 27 | – |
| Retirement benefit obligat  ions | 2 | (4) | 3 | (8) | (7) |
| Share-based payments | 30 | – | 11 | – | 41 |
| Other temporary differences | 80 | 2 | (173) | 35 | (56) |
| Net deferred tax assets/liab  il  it  ies | (80) | 8 | (114) | 109 | (77) |

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10. Taxation continued

Notes to the financial statements cont

inued

Standard Chartered Bank

147

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Exchange & |  | (Charge)/ | At 31 |
|  | At 1 January | other | (Charge)/ | credit to | December |
|  | 2023 | adjustments | credit to profit | equity | 2023 |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (306) | (4) | (8) | – | (318) |
| Impairment provis  ions on loans and advances | 222 | (19) | – | – | 203 |
| Tax losses carried forward | 89 | 32 | (51) | – | 70 |
| Equity instruments at fair value through other |  |  |  |  |  |
| comprehensive income | (74) | 4 | – | (56) | (126) |
| Debt instruments at fair value through other comprehensive income | 53 | (14) | (3) | (8) | 28 |
| Cashflow hedges | 88 | (2) | – | (83) | 3 |
| Own credit adjustment | – | (26) | – | (26) | (52) |
| Retirement benefit obligat  ions | 2 | 2 | (9) | 7 | 2 |
| Share-based payments | 26 | – | 4 | – | 30 |
| Other temporary differences | 64 | 15 | 1 | – | 80 |
| Net deferred tax assets/liab  il  it  ies | 164 | (12) | (66) | (166) | (80) |

Deferred tax comprises assets and liab

il

it

ies as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Total | Asset | Liab  il  ity | Total | Asset | Liab  il  ity |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (260) | 29 | (289) | (318) | 12 | (330) |
| Impairment provis  ions on loans and advances | 178 | 153 | 25 | 203 | 192 | 11 |
| Tax losses carried forward | 69 | 46 | 23 | 70 | 22 | 48 |
| Equity instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | (32) | (7) | (25) | (126) | (1) | (125) |
| Debt instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | (3) | 5 | (8) | 28 | 28 | – |
| Cashflow hedges | (7) | (2) | (5) | 3 | 12 | (9) |
| Own credit adjustment | – | – | – | (52) | – | (52) |
| Retirement benefit obligat  ions | (7) | 14 | (21) | 2 | 9 | (7) |
| Share-based payments | 41 | 7 | 34 | 30 | 3 | 27 |
| Other temporary differences | (56) | 105 | (161) | 80 | 225 | (145) |
|  | (77) | 350 | (427) | (80) | 502 | (582) |

Deferred tax: The following are the major deferred tax liab

il

it

ies and assets recogn

ised by the Company and movements

thereon during the year:

Company

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Exchange & |  | (Charge)/ | At 31 |
|  | At 1 January | other | (Charge)/ | credit to | December |
|  | 2024 | adjustments | credit to profit | equity | 2024 |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (264) | 8 | 54 | – | (202) |
| Impairment provis  ions on loans and advances | 121 | (7) | (18) | – | 96 |
| Tax losses carried forward | 70 | (25) | 5 | – | 50 |
| Equity instruments at fair value through other |  |  |  |  |  |
| comprehensive income | (123) | 2 | – | 91 | (30) |
| Debt instruments at fair value through other comprehensive income | 49 | (1) | – | (26) | 22 |
| Cashflow hedges | 5 | 3 | – | (12) | (4) |
| Own credit adjustment | (52) | 25 | – | 27 | – |
| Retirement benefit obligat  ions | (5) | (6) | 3 | (7) | (15) |
| Share-based payments | 11 | – | 5 | – | 16 |
| Other temporary differences | 90 | 2 | (100) | – | (8) |
| Net deferred tax assets/liab  il  it  ies | (98) | 1 | (51) | 73 | (75) |

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10. Taxation continued

Notes to the financial statements cont

inued

Standard Chartered Bank

148

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Exchange & |  | (Charge)/ | At 31 |
|  | At 1 January | other | (Charge)/ | credit to | December |
|  | 2023 | adjustments | credit to profit | equity | 2023 |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (270) | (3) | 9 | – | (264) |
| Impairment provis  ions on loans and advances | 135 | (2) | (12) | – | 121 |
| Tax losses carried forward | 67 | 32 | (29) | – | 70 |
| Equity instruments at fair value through other |  |  |  |  |  |
| comprehensive income | (65) | (4) | – | (54) | (123) |
| Debt instruments at fair value through other comprehensive income | 61 | – | – | (12) | 49 |
| Cashflow hedges | 86 | (2) | – | (79) | 5 |
| Own credit adjustment | – | (25) | – | (27) | (52) |
| Retirement benefit obligat  ions | 1 | 1 | (11) | 4 | (5) |
| Share-based payments | 10 | – | 1 | – | 11 |
| Other temporary differences | 68 | (3) | 25 | – | 90 |
| Net deferred tax assets/liab  il  it  ies | 93 | (6) | (17) | (168) | (98) |

Deferred tax of the Company comprises assets and liab

il

it

ies as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Total | Asset | Liab  il  ity | Total | Asset | Liab  il  ity |
| Deferred tax comprises: | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Accelerated tax depreciat  ion | (202) | 31 | (233) | (264) | 12 | (276) |
| Impairment provis  ions on loans and advances | 96 | 96 | – | 121 | 113 | 8 |
| Tax losses carried forward | 50 | 26 | 24 | 70 | 22 | 48 |
| Equity instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | (30) | (7) | (23) | (123) | (1) | (122) |
| Debt instruments at fair value through other |  |  |  |  |  |  |
| comprehensive income | 22 | 22 | – | 49 | 50 | (1) |
| Cashflow hedges | (4) | (2) | (2) | 5 | 12 | (7) |
| Own credit adjustment | – | – | – | (52) | – | (52) |
| Retirement benefit obligat  ions | (15) | 9 | (24) | (5) | 4 | (9) |
| Share-based payments | 16 | 6 | 10 | 11 | 3 | 8 |
| Other temporary differences | (8) | 52 | (60) | 90 | 164 | (74) |
|  | (75) | 233 | (308) | (98) | 379 | (477) |

Group

The recoverabil

ity of the Group’s deferred tax assets

is based on management’s judgement of the availab

il

ity of future

taxable profits against which the deferred tax assets will be util

ised. The Group’s total deferred tax assets

include $69 mill

ion

relating to tax losses carried forward, of which $23 mill

ion ar

ises in legal entit

ies w

ith offsetting deferred tax liab

il

it

ies.

The remain

ing deferred tax assets on losses of $46 m

ill

ion are forecast to be recovered before exp

iry and with

in five years.

Company

The recoverabil

ity of the Company’s deferred tax assets

is based on management’s judgement of the availab

il

ity of

future taxable profits against which the deferred tax assets will be util

ised. The Company’s total deferred tax assets

include $50 mill

ion relat

ing to tax losses carried forward, of which $24 mill

ion ar

ises in legal entit

ies w

ith offsetting

deferred tax liab

il

it

ies. The rema

in

ing deferred tax assets on losses of $26 m

ill

ion are forecast to be recovered before

expiry and with

in five years.

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10. Taxation continued

Notes to the financial statements cont

inued

Standard Chartered Bank

149

Directors’ Report and Financ

ial Statements 2024

Unrecognised deferred tax

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Net | Gross | Net | Gross |
|  | 2024 | 2024 | 2023 | 2023 |
| Group | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| No account has been taken of the following potential deferred |  |  |  |  |
| tax assets/(liab  il  it  ies): |  |  |  |  |
| Withhold  ing tax on unrem  itted earnings from overseas subsid  iar  ies |  |  |  |  |
| and associates | (358) | (2,719) | (347) | (2,634) |
| Tax losses | 1,027 | 4,099 | 920 | 3,683 |
| Held over gains on incorporation of overseas branches | (171) | (610) | (174) | (621) |
| Other temporary differences | 345 | 1,310 | 377 | 1,436 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Net | Gross | Net | Gross |
|  | 2024 | 2024 | 2023 | 2023 |
| Company | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| No account has been taken of the following potential deferred |  |  |  |  |
| tax assets/(liab  il  it  ies): |  |  |  |  |
| Withhold  ing tax on unrem  itted earnings from overseas subsid  iar  ies |  |  |  |  |
| and associates | (243) | (1,768) | (241) | (1,694) |
| Tax losses | 911 | 3,530 | 827 | 3,215 |
| Held over gains on incorporation of overseas branches | (171) | (610) | (174) | (621) |
| Other temporary differences | 333 | 1,245 | 369 | 1,397 |

11. Div

idends

Accounting policy

The Court considers a number of factors which include the rate of recovery in the Group’s financ

ial performance, the

macroeconomic environment, and opportunit

ies to further

invest in our business and grow profitably in our markets.

Ordinary equity shares

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | 2023 | |
|  | Cents per |  | Cents per |  |
|  | share | $mill  ion | share | $mill  ion |
| 2023/2022 final div  idend declared and pa  id during the year | 6 | 1,240 | 8 | 1,661 |
| 2024/2023 Interim dividend declared and paid during the year | 6 | 1,155 | 5 | 938 |

Div

idends on ord

inary equity shares are recorded in the period in which they are declared and, in respect of the final div

idend,

have been approved by the shareholders.

Preference shares and Addit

ional T

ier 1 securit

ies

Div

idends on these preference shares and secur

it

ies class

if

ied as equ

ity are recorded in the period in which they are declared

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Non-cumulative redeemable preference shares: |  |  |
| 7.014 per cent preference shares of $5 each | – | 45 |
| Floating rate preference shares of $5 each  1 | 54 | 50 |
|  | 54 | 95 |
| Addit  ional T  ier 1 securit  ies: F  ixed rate resetting perpetual subordinated contingent convertible securit  ies | 295 | 268 |
|  | 349 | 363 |

1

Floating rate is based on Secured Overnight Financ

ing Rate (SOFR), average rate pa

id for floating preference shares is 7.21% (2023: 6.62%)

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

150

Directors’ Report and Financ

ial Statements 2024

12. Financ

ial

instruments

Classif

icat

ion and measurement

Accounting policy

Financ

ial assets held at amort

ised cost and fair value through other comprehensive income

Debt instruments held at amortised cost or held at FVOCI have contractual terms that give rise to cash flows that are solely

payments of princ

ipal and

interest (SPPI) characterist

ics.

In assessing whether the contractual cash flows have SPPI characterist

ics, the Group cons

iders the contractual terms of the

instrument. This includes assessing whether the financ

ial asset conta

ins a contractual term that could change the tim

ing or

amount of contractual cash flows such that it would not meet this condit

ion. In mak

ing the assessment, the Group considers:

•

Contingent events that would change the amount and tim

ing of cash flows

• Leverage features

• Prepayment and extension terms

•

Terms that lim

it the Group’s cla

im to cash flows from specif

ied assets (e.g. non-recourse asset arrangements)

•

Features that modify considerat

ion of the t

ime value of money – e.g. period

ical reset of

interest rates

Whether financial assets are held at amort

ised cost or at FVOCI depends on the object

ives of the bus

iness models under

which the assets are held. A business model refers to how the Group manages financ

ial assets to generate cash flows.

The Group makes an assessment of the objective of a bus

iness model in which an asset is held at the ind

iv

idual product

business line, and where applicable with

in bus

iness lines depending on the way the business is managed and informat

ion

is provided to management. Factors considered include:

•

How the performance of the product business line is evaluated and reported to the Group’s management

•

How managers of the business model are compensated, includ

ing whether management

is compensated based on

the fair value of assets or the contractual cash flows collected

•

The risks that affect the performance of the business model and how those risks are managed

•

The frequency, volume and tim

ing of sales

in prior periods, the reasons for such sales and expectations about future

sales activ

ity

The Group’s business model assessment is as follows:

|  |  |
| --- | --- |
|  |  |
| Business model | Business object  ive | Characterist  ics | | Businesses | Products |
| Hold to collect | Intent is to orig  inate financial | • | Provid  ing financing and or  ig  inat  ing | • Global Banking | • Loans and |
|  | assets and hold them to |  | assets to earn interest income | • Transaction | advances |
|  | maturity, collecting the |  | as primary income stream | Banking | • Debt securit  ies |
|  | contractual cash flows over |  | • Performing credit risk | • Retail Lending |  |
|  | the term of the instrument |  | management activ  it  ies | • Treasury Markets |  |
|  |  | • | Costs include funding costs, | (Loans and |  |
|  |  |  | transaction costs and | Borrowings) |  |
|  |  |  | impa  irment losses |  |  |
| Hold to collect | Business object  ive met | • | Portfolios held for liqu  id  ity needs; | • Treasury Markets | • Debt securit  ies |
| and sell | through both hold to collect |  | or where a certain interest yield |  |  |
|  | and by selling financ  ial assets |  | profile is mainta  ined; or that are |  |  |
|  |  |  | normally rebalanced to achieve |  |  |
|  |  |  | matching of duration of assets |  |  |
|  |  |  | and liab  il  it  ies |  |  |
|  |  | • | Income streams come from |  |  |
|  |  |  | interest income, fair value changes, |  |  |
|  |  |  | and impa  irment losses |  |  |
| Fair value through | All other business object  ives, | • | Assets held for trading | • Treasury Markets | • Derivat  ives |
| profit or loss | includ  ing trad  ing and | • | Assets that are orig  inated, | • All other | • Equity shares |
|  | managing financ  ial assets |  | purchased, and sold for profit | business lines | • Trading portfolios |
|  | on a fair value basis |  | taking or underwrit  ing act  iv  ity |  | • Reverse repos |
|  |  | • | Performance of the portfolio is |  | • Bond and Loan |
|  |  |  | evaluated on a fair value basis |  | Syndicat  ion |
|  |  | • | Income streams are from fair value |  |  |
|  |  |  | changes or trading gains or losses |  |  |

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

151

Directors’ Report and Financ

ial Statements 2024

Financ

ial assets wh

ich have SPPI characterist

ics and that are held w

ith

in a bus

iness model whose object

ive

is to hold financ

ial

assets to collect contractual cashflows (hold to collect) are recorded at amortised cost. Conversely, financ

ial assets wh

ich

have SPPI characterist

ics but are held w

ith

in a bus

iness model whose object

ive

is achieved by both collecting contractual

cashflows and selling financ

ial assets (Hold to collect and sell) are class

if

ied as held at FVOCI. Both hold to collect and hold to

collect and sell business models involve holding financ

ial assets to collect the contractual cashflows. However, the bus

iness

models are dist

inct by reference to the frequency and s

ign

ificance that asset sales play

in meeting the object

ive under wh

ich

a particular group of financ

ial assets

is managed. Hold to collect business models are characterised by asset sales that are

inc

idental to meet

ing the object

ives under wh

ich a group of assets is managed. Sales of assets under a hold to collect

business model can be made to manage increases in the credit risk of financ

ial assets but sales for other reasons should be

infrequent or ins

ign

if

icant. Cashflows from the sale of financial assets under a hold to collect and sell bus

iness model by

contrast are integral to achiev

ing the objectives under wh

ich a particular group of financ

ial assets are managed. Th

is may

be the case where frequent sales of financial assets are requ

ired to manage the Group’s daily liqu

id

ity requirements or to

meet regulatory requirements to demonstrate liqu

id

ity of financ

ial

instruments. Sales of assets under hold to collect and sell

business models are therefore both more frequent and more sign

ificant

in value than those under the hold to collect model.

Equity instruments designated as held at FVOCI

Non-trading equity instruments acquired for strategic purposes rather than capital gain may be irrevocably designated at

in

it

ial recognit

ion as held at FVOCI on an

instrument-by-instrument basis. Div

idends rece

ived are recognised in profit or loss.

Gains and losses aris

ing from changes

in the fair value of these instruments, includ

ing fore

ign exchange gains and losses,

are recognised directly in equity and are never reclassif

ied to profit or loss even on derecogn

it

ion.

Mandatorily classif

ied at fa

ir value through profit or loss

Financ

ial assets and l

iab

il

it

ies wh

ich are mandatorily held at fair value through profit or loss are split between two

subcategories as follows:

Trading, includ

ing:

•

Financ

ial assets and l

iab

il

it

ies held for trad

ing, which are those acquired princ

ipally for the purpose of sell

ing in the

short-term

• Derivat

ives

Non-trading mandatorily at fair value through profit or loss, includ

ing:

•

Instruments in a business which has a fair value business model (see the Group’s business model assessment) which are

not trading or derivat

ives

•

Hybrid financ

ial assets that conta

in one or more embedded derivat

ives

•

Financ

ial assets that would otherw

ise be measured at amortised cost or FVOCI but which do not have SPPI characterist

ics

•

Equity instruments that have not been designated as held at FVOCI

•

Financ

ial l

iab

il

it

ies that const

itute contingent considerat

ion

in a business combinat

ion

Designated at fair value through profit or loss

Financ

ial assets and l

iab

il

it

ies may be des

ignated at fair value through profit or loss when the designat

ion el

im

inates or

sign

ificantly reduces a measurement or recogn

it

ion

incons

istency that would otherw

ise arise from measuring assets or

liab

il

it

ies on a d

ifferent basis (‘accounting mismatch’).

Financ

ial l

iab

il

it

ies may also be des

ignated at fair value through profit or loss where they are managed on a fair value basis or

have an embedded derivat

ive where the Group

is not able to separately value, and thus bifurcate, the embedded derivat

ive

component.

Financ

ial l

iab

il

it

ies held at amort

ised cost

Financ

ial l

iab

il

it

ies that are not financial guarantees or loan comm

itments and that are not classif

ied as financial l

iab

il

it

ies

held at fair value through profit or loss are classif

ied as financial l

iab

il

it

ies held at amort

ised cost.

Preference shares which carry a mandatory coupon that represents a market rate of interest at the issue date, or which

are redeemable on a specif

ic date or at the opt

ion of the shareholder are classif

ied as financial l

iab

il

it

ies and are presented

in other borrowed funds. The div

idends on these preference shares are recogn

ised in the income statement as interest

expense on an amortised cost basis using the effective interest method.

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

152

Directors’ Report and Financ

ial Statements 2024

Financ

ial guarantee contracts and loan comm

itments

The Group issues financ

ial guarantee contracts and loan comm

itments in return for fees. Financ

ial guarantee contracts

and any loan commitments issued at below-market interest rates are in

it

ially recognised at their fair value as a financ

ial

liab

il

ity, and subsequently measured at the higher of the in

it

ial value less the cumulative amount of income recognised in

accordance with the princ

iples of IFRS 15 Revenue from Contracts w

ith Customers and their expected credit loss provis

ion.

Loan commitments may be designated at fair value through profit or loss where that is the business model under which

such contracts are held.

Fair value of financ

ial assets and l

iab

il

it

ies

The fair value of financ

ial

instruments is generally measured on the basis of the ind

iv

idual financ

ial

instrument. However,

when a group of financial assets and financial l

iab

il

it

ies

is managed on the basis of its net exposure to either market risk

or credit risk, the fair value of the group of financ

ial

instruments is measured on a net basis.

The fair values of quoted financ

ial assets and l

iab

il

it

ies

in active markets are based on current prices. A market is regarded as

active if transactions for the asset or liab

il

ity take place with suffic

ient frequency and volume to prov

ide pric

ing

informat

ion

on an ongoing basis. If the market for a financ

ial

instrument, and for unlisted securit

ies,

is not active, the Group establishes fair

value by using valuation techniques.

Init

ial recogn

it

ion

Regular way purchases and sales of financial assets held at fa

ir value through profit or loss, and held at fair value through

other comprehensive income are in

it

ially recognised on the trade date (the date on which the Group commits to purchase or

sell the asset). Loans and advances and other financial assets held at amort

ised cost are recognised on the settlement date

(the date on which cash is advanced to the borrowers).

All financial

instruments are in

it

ially recognised at fair value, which is normally the transaction price, plus directly attributable

transaction costs for financ

ial assets and l

iab

il

it

ies wh

ich are not subsequently measured at fair value through profit or loss.

In certain circumstances, the in

it

ial fair value may be based on a valuation technique which may lead to the recognit

ion of

profits or losses at the time of in

it

ial recognit

ion. However, these profits or losses can only be recogn

ised when the valuation

technique used is based solely on observable market data. In those cases where the in

it

ially recognised fair value is based on

a valuation model that uses unobservable inputs, the difference between the transaction price and the valuation model is

not recognised immed

iately

in the income statement, it will be recognised in profit or loss following the passage of time,

or as the inputs become observable, or the transaction matures or is terminated.

Subsequent measurement

Financ

ial assets and financial l

iab

il

it

ies held at amort

ised cost

Financ

ial assets and financial l

iab

il

it

ies held at amort

ised cost are subsequently carried at amortised cost using the

effective interest method (see ‘Interest income and expense’). Foreign exchange gains and losses are recognised in the

income statement.

Where a financial

instrument carried at amortised cost is the hedged item in a qualify

ing fa

ir value hedge relationsh

ip,

its carrying value is adjusted by the fair value gain or loss attributable to the hedged risk.

Financ

ial assets held at FVOCI

Debt instruments held at FVOCI are subsequently carried at fair value, with all unrealised gains and losses aris

ing from

changes in fair value recognised in other comprehensive income and accumulated in a separate component of equity.

Foreign exchange gains and losses on the amortised cost are recognised in income. Changes in expected credit losses are

recognised in the profit or loss and are accumulated in equity. On derecognit

ion, the cumulat

ive fair value gains or losses,

net of the cumulative expected credit loss reserve, are transferred to the profit or loss.

Equity investments designated at FVOCI are subsequently carried at fair value with all unrealised gains and losses aris

ing

from changes in fair value (includ

ing any related fore

ign exchange gains or losses) recognised in other comprehensive income

and accumulated in a separate component of equity. On derecognit

ion, the cumulat

ive reserve is transferred to retained

earnings and is not recycled to profit or loss.

Financ

ial assets and l

iab

il

it

ies held at fa

ir value through profit or loss

Gains and losses aris

ing from changes

in fair value, includ

ing contractual

interest income or expense, recorded in the net

trading income line in the profit or loss.

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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

153

Directors’ Report and Financ

ial Statements 2024

Derecognit

ion of financial

instruments

Financ

ial assets wh

ich are subject to commercial refinanc

ing where the loan

is priced to the market with no payment related

concessions regardless of form of legal documentation or nature of lending will be derecognised. Where the Group’s rights to

the cash flows under the orig

inal contract have exp

ired, the old loan is derecognised and the new loan is recognised at fair

value. For all other modif

icat

ions for example forborne loans or restructuring, whether or not a change in the cash flows is

‘substantially different’ is judgemental and will be considered on a case-by-case basis, taking into account all the relevant

facts and circumstances.

On derecognit

ion of a financial asset, the d

ifference between the carrying amount of the asset (or the carrying amount

allocated to the portion of the asset derecognised) and the sum of the considerat

ion rece

ived (includ

ing any new asset

obtained less any new liab

il

ity assumed) and any cumulative gain or loss that had been recognised in other comprehensive

income is recognised in profit or loss except for equity instruments elected FVOCI (see above) and cumulative fair value

adjustments attributable to the credit risk of a liab

il

ity, that are held in other comprehensive income.

Financ

ial l

iab

il

it

ies are derecogn

ised when they are extingu

ished. A financial l

iab

il

ity is extingu

ished when the obl

igat

ion

is

discharged, cancelled or expires and this is evaluated both qualitat

ively and quant

itat

ively. However, where a financial

liab

il

ity has been modif

ied,

it is derecognised if the difference between the modif

ied cash flows and the or

ig

inal cash flows

is more than 10 per cent, or if less than 10 per cent, the Group will perform a qualitat

ive assessment to determ

ine whether

the terms of the two instruments are substantially different.

If the Group purchases its own debt, it is derecognised and the difference between the carrying amount of the liab

il

ity and

the considerat

ion pa

id is included in 'Other income' except for the cumulative fair value adjustments attributable to the

credit risk of a liab

il

ity that are held in Other comprehensive income, which are never recycled to the profit or loss.

Modif

ied financial

instruments

Financ

ial assets and financial l

iab

il

it

ies whose or

ig

inal contractual terms have been mod

if

ied,

includ

ing those loans subject

to forbearance strategies, are considered to be modif

ied

instruments. Modif

icat

ions may include changes to the tenor,

cash flows and or interest rates among other factors.

Where derecognit

ion of financial assets

is appropriate (see Derecognit

ion), the newly recogn

ised residual loans are assessed

to determine whether the assets should be classif

ied as purchased or or

ig

inated cred

it-impa

ired assets (POCI).

Where derecognit

ion

is not appropriate, the gross carrying amount of the applicable instruments is recalculated as the

present value of the renegotiated or modif

ied contractual cash flows d

iscounted at the orig

inal effect

ive interest rate

(or credit adjusted effective interest rate for POCI financ

ial assets). The d

ifference between the recalculated values and

the pre-modif

ied gross carry

ing values of the instruments are recorded as a modif

icat

ion gain or loss in the profit or loss.

Gains and losses aris

ing from mod

if

icat

ions for credit reasons are recorded as part of ‘Credit Impairment’ (see Credit

Impairment policy). Modif

icat

ion gains and losses aris

ing from non-cred

it reasons are recognised either as part of

‘Credit Impairment’ or with

in

income depending on whether there has been a change in the credit risk on the financ

ial

asset subsequent to the modif

icat

ion. Modif

icat

ion gains and losses aris

ing on financial l

iab

il

it

ies are recogn

ised with

in

income. The movements in the applicable expected credit loss loan posit

ions are d

isclosed in further detail in Risk Review.

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

154

Directors’ Report and Financ

ial Statements 2024

The Group’s classif

icat

ion of its financ

ial assets and l

iab

il

it

ies

is summarised in the following tables.

Group

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Assets at fair value | | | | | |  |  |
|  |  |  |  | Non-trading |  |  |  |  |  |
|  |  |  |  | mandatorily | Designated | Fair value | Total | Assets |  |
|  |  |  | Derivat  ives | at fair value | at fair value | through other | financial | held at |  |
|  |  |  | held for | through | through | comprehensive | assets at | amortised |  |
|  |  | Trading | hedging | profit or loss | profit or loss | income | fair value | cost | Total |
| Assets | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks  1 |  | – | – | – | – | – | – | 56,665 | 56,665 |
| Financ  ial assets held |  |  |  |  |  |  |  |  |  |
| at fair value through |  |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |  |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2 |  | 2,033 | – | – | – | – | 2,033 | – | 2,033 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 |  | 3,833 | – | 156 | – | – | 3,989 | – | 3,989 |
| Reverse repurchase |  |  |  |  |  |  |  |  |  |
| agreements and |  |  |  |  |  |  |  |  |  |
| other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | 260 | – | 65,343 | – | – | 65,603 | – | 65,603 |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative tier |  |  |  |  |  |  |  |  |  |
| one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | 30,217 | – | 416 | – | – | 30,633 | – | 30,633 |
| Equity shares |  | 1,240 | – | 126 | – | – | 1,366 | – | 1,366 |
|  |  | 37,583 | – | 66,041 | – | – | 103,624 | – | 103,624 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 13 | 81,252 | 1,465 | – | – | – | 82,717 | – | 82,717 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2,3 | 14 | – | – | – | – | – | – | 22,941 | 22,941 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements and |  |  |  |  |  |  |  |  |  |
| other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | – | – | – | – | – | – | 2,889 | 2,889 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 | 14 | – | – | – | – | – | – | 158,242 | 158,242 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements and |  |  |  |  |  |  |  |  |  |
| other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | – | – | – | – | – | – | 9,121 | 9,121 |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative |  |  |  |  |  |  |  |  |  |
| tier one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | – | – | – | – | 58,813 | 58,813 | 37,366 | 96,179 |
| Equity shares |  | – | – | – | – | 263 | 263 | – | 263 |
|  |  | – | – | – | – | 59,076 | 59,076 | 37,366 | 96,442 |
| Other assets | 19 |  |  |  |  | – | – | 21,535 | 21,535 |
| Assets held for sale | 20 | – | – | – | – | – | – | 866 | 866 |
| Total at |  |  |  |  |  |  |  |  |  |
| 31 December 2024 |  | 118,835 | 1,465 | 66,041 | – | 59,076 | 245,417 | 297,615 | 543,032 |

1

Comprises cash held at central banks in restricted accounts of $2,859 mill

ion, or on demand, or placements wh

ich are contractually due to mature over-night only. Other

placements with central banks are reported as part of Loans and advances to customers

2

Further analysed in Risk review and Capital review (pages 44 to 110)

3

Loans and advances to banks include amounts due on demand from banks other than central banks

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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

155

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Assets at fair value | | | | | |  |  |
|  |  |  |  | Non-trading |  |  |  |  |  |
|  |  |  |  | mandatorily | Designated | Fair value | Total | Assets |  |
|  |  |  | Derivat  ives | at fair value | at fair value | through other | financial | held at |  |
|  |  |  | held for | through | through | comprehensive | assets at | amortised |  |
|  |  | Trading | hedging | profit or loss | profit or loss | income | fair value | cost | Total |
| Assets | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks  1 |  | – | – | – | – | – | – | 64,198 | 64,198 |
| Financ  ial assets held |  |  |  |  |  |  |  |  |  |
| at fair value through |  |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |  |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2 |  | 2,265 | – | – | – | – | 2,265 | – | 2,265 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 |  | 3,001 | – | 187 | – | – | 3,188 | – | 3,188 |
| Reverse repurchase |  |  |  |  |  |  |  |  |  |
| agreements and |  |  |  |  |  |  |  |  |  |
| other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | 185 | – | 67,964 | – | – | 68,149 | – | 68,149 |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative |  |  |  |  |  |  |  |  |  |
| tier one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | 21,452 | – | 604 | – | – | 22,056 | – | 22,056 |
| Equity shares |  | 1,322 | – | 120 | – | – | 1,442 | – | 1,442 |
|  |  | 28,225 | – | 68,875 | – | – | 97,100 | – | 97,100 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 13 | 50,883 | 1,671 | – | – | – | 52,554 | – | 52,554 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2,3 | 14 | – | – | – | – | – | – | 22,803 | 22,803 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | – | – | – | – | – | – | 1,653 | 1,653 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 | 14 | – | – | – | – | – | – | 156,143 | 156,143 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 15 | – | – | – | – | – | – | 13,827 | 13,827 |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative |  |  |  |  |  |  |  |  |  |
| tier one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | – | – | – | – | 62,120 | 62,120 | 39,920 | 102,040 |
| Equity shares |  | – | – | – | – | 434 | 434 | – | 434 |
|  |  | – | – | – | – | 62,554 | 62,554 | 39,920 | 102,474 |
| Other assets | 19 |  |  |  |  | – | – | 20,714 | 20,714 |
| Assets held for sale | 20 | – | – | – | – | – | – | 693 | 693 |
| Total at |  |  |  |  |  |  |  |  |  |
| 31 December 2023 |  | 79,108 | 1,671 | 68,875 | – | 62,554 | 212,208 | 304,471 | 516,679 |

1

Comprises cash held at central banks in restricted accounts of $3,050 mill

ion, or on demand, or placements wh

ich are contractually due to mature over-night only.

Other placements with central banks are reported as part of Loans and advances to customers

2

Further analysed in Risk review and Capital review (pages 44 to 110)

3

Loans and advances to banks include amounts due on demand from banks other than central banks

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</svg>)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

156

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Assets at fair value | | | | | |  |  |
|  |  |  |  | Non-trading |  |  |  |  |  |
|  |  |  |  | mandatorily | Designated | Fair value | Total | Assets |  |
|  |  |  | Derivat  ives | at fair value | at fair value | through other | financial | held at |  |
|  |  |  | held for | through | through | comprehensive | assets at | amortised |  |
|  |  | Trading | hedging | profit or loss | profit or loss | income | fair value | cost | Total |
| Assets | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks  1 |  | – | – | – | – | – | – | 45,233 | 45,233 |
| Financ  ial assets held |  |  |  |  |  |  |  |  |  |
| at fair value through |  |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |  |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks² |  | 1,880 | – | – | – | – | 1,880 | – | 1,880 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 |  | 3,247 | – | 29 | – | – | 3,276 | – | 3,276 |
| Reverse repurchase |  |  |  |  |  |  |  |  |  |
| agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 16 | 260 | – | 61,881 | – | – | 62,141 | – | 62,141 |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative |  |  |  |  |  |  |  |  |  |
| tier one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | 17,187 | – | 2,638 | – | – | 19,825 | – | 19,825 |
| Equity shares |  | 1,223 | – | 4 | – | – | 1,227 | – | 1,227 |
| Other assets |  | – | – | – | – | – | – | – | – |
|  |  | 23,797 | – | 64,552 | – | – | 88,349 | – | 88,349 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 14 | 81,534 | 1,310 | – | – | – | 82,844 | – | 82,844 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2,3 | 15 | – | – | – | – | – | – | 11,755 | 11,755 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 16 | – | – | – | – | – | – | 1,423 | 1,423 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 | 15 | – | – | – | – | – | – | 77,597 | 77,597 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase |  |  |  |  |  |  |  |  |  |
| agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 16 | – | – | – | – | – | – | 9,041 | 9,041 |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative |  |  |  |  |  |  |  |  |  |
| tier one and other |  |  |  |  |  |  |  |  |  |
| elig  ible b  ills |  | – | – | – | – | 46,650 | 46,650 | 35,205 | 81,855 |
| Equity shares |  | – | – | – | – | 246 | 246 | – | 246 |
|  |  | – | – | – | – | 46,896 | 46,896 | 35,205 | 82,101 |
| Other assets | 20 |  |  |  |  | – | – | 17,587 | 17,587 |
| Assets held for sale | 21 | – | – | – | – | – | – | 474 | 474 |
| Total at |  |  |  |  |  |  |  |  |  |
| 31 December 2024 |  | 105,331 | 1,310 | 64,552 | – | 46,896 | 218,089 | 187,851 | 405,940 |

1

Comprises cash held at central banks in restricted accounts of $1,160 mill

ion, or on demand, or placements wh

ich are contractually due to mature over-night only. Other

placements with central banks are reported as part of Loans and advances to customers

2

Further analysed in Risk review and Capital review (pages 44 to 110)

3

Loans and advances to banks include amounts due on demand from banks other than central banks

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

157

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Assets at fair value | | | | | |  |  |
|  |  |  |  | Non-trading |  |  |  |  |  |
|  |  |  |  | mandatorily | Designated | Fair value | Total | Assets |  |
|  |  |  | Derivat  ives | at fair value | at fair value | through other | financial | held at |  |
|  |  |  | held for | through | through | comprehensive | assets at | amortised |  |
|  |  | Trading | hedging | profit or loss | profit or loss | income | fair value | cost | Total |
| Assets | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances at |  |  |  |  |  |  |  |  |  |
| central banks  1 |  | – | – | – | – | – | – | 52,758 | 52,758 |
| Financ  ial assets held |  |  |  |  |  |  |  |  |  |
| at fair value through |  |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |  |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2 |  | 2,244 | – | – | – | – | 2,244 | – | 2,244 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 |  | 2,566 | – | 56 | – | – | 2,622 | – | 2,622 |
| Reverse repurchase |  |  |  |  |  |  |  |  |  |
| agreements and other |  |  |  |  |  |  |  |  |  |
| sim  ilar secured lend  ing | 16 | 185 | – | 64,619 | – | – | 64,804 | – | 64,804 |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative tier one |  |  |  |  |  |  |  |  |  |
| and other elig  ible b  ills |  | 13,713 | – | 1,714 | – | – | 15,427 | – | 15,427 |
| Equity shares |  | 1,312 | – | 3 | – | – | 1,315 | – | 1,315 |
| Other assets |  | – | – | – | – | – | – | – | – |
|  |  | 20,020 | – | 66,392 | – | – | 86,412 | – | 86,412 |
| Derivat  ive financial |  |  |  |  |  |  |  |  |  |
| instruments | 14 | 51,627 | 1,594 | – | – | – | 53,221 | – | 53,221 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to banks  2,3 | 15 | – | – | – | – | – | – | 10,135 | 10,135 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 16 | – | – | – | – | – | – | 554 | 554 |
| Loans and advances |  |  |  |  |  |  |  |  |  |
| to customers  2 | 15 | – | – | – | – | – | – | 75,883 | 75,883 |
| of which – reverse |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |
| secured lending | 16 | – | – | – | – | – | – | 12,212 | 12,212 |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |
| Debt securit  ies, |  |  |  |  |  |  |  |  |  |
| alternative tier one |  |  |  |  |  |  |  |  |  |
| and other elig  ible b  ills |  | – | – | – | – | 54,300 | 54,300 | 38,062 | 92,362 |
| Equity shares |  | – | – | – | – | 409 | 409 | – | 409 |
|  |  | – | – | – | – | 54,709 | 54,709 | 38,062 | 92,771 |
| Other assets | 20 |  |  |  |  | – | – | 16,990 | 16,990 |
| Assets held for sale | 21 | – | – | – | – | – | – | 52 | 52 |
| Total at |  |  |  |  |  |  |  |  |  |
| 31 December 2023 |  | 71,647 | 1,594 | 66,392 | – | 54,709 | 194,342 | 193,880 | 388,222 |

1

Comprises cash held at central banks in restricted accounts of $1,311 mill

ion, or on demand, or placements wh

ich are contractually due to mature over-night only. Other

placements with central banks are reported as part of Loans and advances to customers

2

Further analysed in Risk review and Capital review (pages 44 to 110)

3

Loans and advances to banks include amounts due on demand from banks other than central banks

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

158

Directors’ Report and Financ

ial Statements 2024

Group

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Liab  il  it  ies at fa  ir value | | | |  |  |
|  |  |  |  | Designated at |  |  |  |
|  |  |  | Derivat  ives | fair value | Total financial |  |  |
|  |  |  | held for | through profit | liab  il  it  ies at | Amortised |  |
|  |  | Trading | hedging | or loss | fair value | cost | Total |
| Liab  il  it  ies | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial l  iab  il  it  ies held at fa  ir value |  |  |  |  |  |  |  |
| through profit or loss |  |  |  |  |  |  |  |
| Deposits by banks |  | – | – | 1,471 | 1,471 | – | 1,471 |
| Customer accounts |  | – | – | 9,222 | 9,222 | – | 9,222 |
| Repurchase agreements and |  |  |  |  |  |  |  |
| other sim  ilar secured borrow  ing | 15 | 925 | – | 32,285 | 33,210 | – | 33,210 |
| Debt securit  ies  in issue | 21 | – | – | 12,176 | 12,176 | – | 12,176 |
| Short posit  ions |  | 6,850 | – | – | 6,850 | – | 6,850 |
|  |  | 7,775 | – | 55,154 | 62,929 | – | 62,929 |
| Derivat  ive financial  instruments | 13 | 81,764 | 813 | – | 82,577 | – | 82,577 |
| Deposits by banks |  | – | – | – | – | 22,409 | 22,409 |
| Customer accounts |  | – | – | – | – | 239,204 | 239,204 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 15 | – | – | – | – | 9,921 | 9,921 |
| Debt securit  ies  in issue | 21 | – | – | – | – | 39,864 | 39,864 |
| Other liab  il  it  ies | 22 | – | – | – | – | 27,350 | 27,350 |
| Subordinated liab  il  it  ies and other |  |  |  |  |  |  |  |
| borrowed funds | 26 | – | – | – | – | 10,359 | 10,359 |
| Liab  il  it  ies  included in disposal |  |  |  |  |  |  |  |
| groups held for sale | 20 | – | – | – | – | 360 | 360 |
| Total at 31 December 2024 |  | 89,539 | 813 | 55,154 | 145,506 | 349,467 | 494,973 |
| Financ  ial l  iab  il  it  ies held at fa  ir value |  |  |  |  |  |  |  |
| through profit or loss |  |  |  |  |  |  |  |
| Deposits by banks |  | – | – | 1,321 | 1,321 | – | 1,321 |
| Customer accounts |  | 39 | – | 9,127 | 9,166 | – | 9,166 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 15 | 1,438 | – | 37,994 | 39,432 | – | 39,432 |
| Debt securit  ies  in issue | 21 | – | – | 9,850 | 9,850 | – | 9,850 |
| Short posit  ions |  | 6,050 | – | – | 6,050 | – | 6,050 |
|  |  | 7,527 | – | 58,292 | 65,819 | – | 65,819 |
| Derivat  ive financial  instruments | 13 | 53,209 | 1,964 | – | 55,173 | – | 55,173 |
| Deposits by banks |  | – | – | – | – | 23,616 | 23,616 |
| Customer accounts |  | – | – | – | – | 237,902 | 237,902 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 15 | – | – | – | – | 12,033 | 12,033 |
| Debt securit  ies  in issue | 21 | – | – | – | – | 36,481 | 36,481 |
| Other liab  il  it  ies | 22 | – | – | – | – | 24,109 | 24,109 |
| Subordinated liab  il  it  ies and other |  |  |  |  |  |  |  |
| borrowed funds | 26 | – | – | – | – | 11,454 | 11,454 |
| Liab  il  it  ies  included in disposal groups |  |  |  |  |  |  |  |
| held for sale | 20 | – | – | – | – | 726 | 726 |
| Total at 31 December 2023 |  | 60,736 | 1,964 | 58,292 | 120,992 | 346,321 | 467,313 |

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

159

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Liab  il  it  ies at fa  ir value | | | |  |  |
|  |  |  |  | Designated at |  |  |  |
|  |  |  | Derivat  ives | fair value | Total financial |  |  |
|  |  |  | held for | through profit | liab  il  it  ies at | Amortised |  |
|  |  | Trading | hedging | or loss | fair value | cost | Total |
| Liab  il  it  ies | Notes | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial l  iab  il  it  ies held at fa  ir value |  |  |  |  |  |  |  |
| through profit or loss |  |  |  |  |  |  |  |
| Deposits by banks |  | – | – | 1,463 | 1,463 | – | 1,463 |
| Customer accounts |  | – | – | 8,832 | 8,832 | – | 8,832 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 16 | 724 | – | 32,156 | 32,880 | – | 32,880 |
| Debt securit  ies  in issue | 22 | – | – | 12,062 | 12,062 | – | 12,062 |
| Short posit  ions |  | 6,446 | – | – | 6,446 | – | 6,446 |
|  |  | 7,170 | – | 54,513 | 61,683 | – | 61,683 |
| Derivat  ive financial  instruments | 14 | 82,064 | 681 | – | 82,745 | – | 82,745 |
| Deposits by banks |  | – | – | – | – | 17,824 | 17,824 |
| Customer accounts |  | – | – | – | – | 119,502 | 119,502 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 16 | – | – | – | – | 9,845 | 9,845 |
| Debt securit  ies  in issue | 22 | – | – | – | – | 36,081 | 36,081 |
| Other liab  il  it  ies | 23 | – | – | – | – | 21,124 | 21,124 |
| Subordinated liab  il  it  ies and other |  |  |  |  |  |  |  |
| borrowed funds | 27 | – | – | – | – | 9,801 | 9,801 |
| Total at 31 December 2024 |  | 89,234 | 681 | 54,513 | 144,428 | 214,177 | 358,605 |
| Financ  ial l  iab  il  it  ies held at fa  ir value |  |  |  |  |  |  |  |
| through profit or loss |  |  |  |  |  |  |  |
| Deposits by banks |  | – | – | 1,321 | 1,321 | – | 1,321 |
| Customer accounts |  | – | – | 8,852 | 8,852 | – | 8,852 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 16 | 1,438 | – | 37,736 | 39,174 | – | 39,174 |
| Debt securit  ies  in issue | 22 | – | – | 9,554 | 9,554 | – | 9,554 |
| Short posit  ions |  | 5,566 | – | – | 5,566 | – | 5,566 |
|  |  | 7,004 | – | 57,463 | 64,467 | – | 64,467 |
| Derivat  ive financial  instruments | 14 | 53,614 | 1,917 | – | 55,531 | – | 55,531 |
| Deposits by banks |  | – | – | – | – | 18,280 | 18,280 |
| Customer accounts |  | – | – | – | – | 121,648 | 121,648 |
| Repurchase agreements and other |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 16 | – | – | – | – | 11,977 | 11,977 |
| Debt securit  ies  in issue | 22 | – | – | – | – | 34,740 | 34,740 |
| Other liab  il  it  ies | 23 | – | – | – | – | 18,879 | 18,879 |
| Subordinated liab  il  it  ies and other |  |  |  |  |  |  |  |
| borrowed funds | 27 | – | – | – | – | 10,896 | 10,896 |
| Total at 31 December 2023 |  | 60,618 | 1,917 | 57,463 | 119,998 | 216,420 | 336,418 |

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

160

Directors’ Report and Financ

ial Statements 2024

Offsetting of financ

ial

instruments

Financ

ial assets and l

iab

il

it

ies are offset and the net amount reported

in the balance sheet when there is a legally

enforceable right to offset the recognised amounts and there is an intent

ion to settle on a net bas

is, or to realise the asset

and settle the liab

il

ity simultaneously.

In practice, for credit mit

igat

ion, the Group is able to offset assets and liab

il

it

ies wh

ich do not meet the IAS 32 netting criter

ia

set out below. Such arrangements include master netting arrangements for derivat

ives and global master repurchase

agreements for repurchase and reverse repurchase transactions. These agreements generally allow that all outstanding

transactions with a particular counterparty can be offset but only in the event of default or other predetermined events.

In addit

ion, the Group also rece

ives and pledges readily realisable collateral for derivat

ive transact

ions to cover net exposure

in the event of a default. Under repurchase and reverse repurchase agreements the Group pledges (legally sells) and obtains

(legally purchases) respectively, highly liqu

id assets wh

ich can be sold in the event of a default.

The following tables set out the impact of netting on the balance sheet. This comprises derivat

ive transact

ions settled

through an enforceable netting agreement where we have the intent and abil

ity to settle net and wh

ich are offset on

the balance sheet.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | |
|  |  |  | Net amounts of | Related amount not offset in | |  |
|  |  |  | financial | the balance sheet | |  |
|  | Gross amounts |  | instruments |  |  |  |
|  | of recognised | Impact of | presented in |  |  |  |
|  | financial | offset in the | the balance | Financ  ial | Financ  ial |  |
|  | instruments | balance sheet | sheet | instruments | collateral | Net amount |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at 31 December 2024 |  |  |  |  |  |  |
| Derivat  ive financial  instruments | 98,176 | (15,459) | 82,717 | (65,027) | (12,984) | 4,706 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |
| sim  ilar secured lend  ing | 115,927 | (38,314) | 77,613 | – | (77,613) | – |
| Total Assets | 214,103 | (53,773) | 160,330 | (65,027) | (90,597) | 4,706 |
| Derivat  ive financial  instruments | 98,036 | (15,459) | 82,577 | (65,027) | (9,181) | 8,369 |
| Repurchase agreements and other |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | 81,445 | (38,314) | 43,131 | – | (43,131) | – |
| Total Liab  il  it  ies | 179,481 | (53,773) | 125,708 | (65,027) | (52,312) | 8,369 |
|  |  |  | 2023 |  |  |  |
| As at 31 December 2023 |  |  |  |  |  |  |
| Derivat  ive financial  instruments | 100,321 | (47,767) | 52,554 | (43,684) | (7,960) | 910 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |
| sim  ilar secured lend  ing | 95,461 | (11,832) | 83,629 | – | (83,629) | – |
| Total Assets | 195,782 | (59,599) | 136,183 | (43,684) | (91,589) | 910 |
| Derivat  ive financial  instruments | 102,940 | (47,767) | 55,173 | (43,684) | (8,378) | 3,111 |
| Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured borrowing | 63,297 | (11,832) | 51,465 | – | (51,465) | – |
| Total Liab  il  it  ies | 166,237 | (59,599) | 106,638 | (43,684) | (59,843) | 3,111 |

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

161

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | |
|  |  |  | Net amounts |  |  |  |
|  | Gross |  | of financial |  |  |  |
|  | amounts of |  | instruments | Related amount not offset in | |  |
|  | recognised | Impact of | presented in | the balance sheet | |  |
|  | financial | offset in the | the balance | Financ  ial | Financ  ial |  |
|  | instruments | balance sheet | sheet | instruments | collateral | Net amount |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at 31 December 2024 |  |  |  |  |  |  |
| Derivat  ive financial  instruments | 98,303 | (15,459) | 82,844 | (67,030) | (11,788) | 4,026 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |
| sim  ilar secured lend  ing | 110,919 | (38,314) | 72,605 | – | (72,605) | – |
| Total Assets | 209,222 | (53,773) | 155,449 | (67,030) | (84,393) | 4,026 |
| Derivat  ive financial  instruments | 98,204 | (15,459) | 82,745 | (67,030) | (8,196) | 7,519 |
| Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured borrowing | 81,039 | (38,314) | 42,725 | – | (42,725) | – |
| Total Liab  il  it  ies | 179,243 | (53,773) | 125,470 | (67,030) | (50,921) | 7,519 |
|  | 2023 | | | | | |
| As at 31 December 2023 |  |  |  |  |  |  |
| Derivat  ive financial  instruments | 100,988 | (47,767) | 53,221 | (45,556) | (7,289) | 376 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |
| sim  ilar secured lend  ing | 89,402 | (11,832) | 77,570 | – | (77,570) | – |
| Total Assets | 190,390 | (59,599) | 130,791 | (45,556) | (84,859) | 376 |
| Liab  il  it  ies |  |  |  |  |  |  |
| Derivat  ive financial  instruments | 103,298 | (47,767) | 55,531 | (45,556) | (7,505) | 2,470 |
| Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured borrowing | 62,983 | (11,832) | 51,151 | – | (51,151) | – |
| Total Liab  il  it  ies | 166,281 | (59,599) | 106,682 | (45,556) | (58,656) | 2,470 |

Related amounts not offset in the balance sheet comprises:

•

Financ

ial

instruments not offset in the balance sheet but covered by an enforceable netting arrangement. This comprises

master netting arrangements held against derivat

ive financial

instruments and excludes the effect of over-collateralisat

ion

•

Financ

ial

instruments where a legal opin

ion ev

idenc

ing enforceab

il

ity the r

ight of offset may not have sought, or may have

been unable to obtain such opin

ion

•

Financ

ial collateral compr

ises cash collateral pledged and received for derivat

ive financial

instruments and collateral

bought and sold for reverse repurchase and repurchase agreements respectively and excludes the effect of over-

collateralisat

ion

Financ

ial l

iab

il

it

ies des

ignated at fair value through profit or loss

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Carrying Balance aggregate fair value | 55,154 | 58,292 |
| Amount Contractually obliged to repay at maturity | 55,474 | 59,576 |
| Difference between aggregate fair value and contractually obliged to repay at maturity | (320) | (1,284) |
| Cumulative change in Fair Value accredited to Credit Risk Difference | (182) | 87 |

The net fair value loss on financ

ial l

iab

il

it

ies des

ignated at fair value through profit or loss was $3,162 mill

ion for the year

(31 December 2023: net loss of $2,445 mill

ion).

Further details of the Group’s own credit adjustment (OCA) valuation technique is described later in this note.

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

162

Directors’ Report and Financ

ial Statements 2024

Valuation of financ

ial

instruments

The Valuation Methodology function is responsible for independent price verif

icat

ion, oversight of fair value and appropriate

value adjustments and escalation of valuation issues. Independent price verif

icat

ion is the process of determin

ing that the

valuations incorporated into the financ

ial statements are val

idated independent of the business area responsible for the

product. The Valuation Methodology function has oversight of the fair value adjustments to ensure the financ

ial

instruments

are priced to exit. These are key controls in ensuring the material accuracy of the valuations incorporated in the financ

ial

statements. The market data used for price verif

icat

ion (PV) may include data sourced from recent trade data involv

ing

external counterparties or third parties such as Bloomberg, Reuters, brokers and consensus pric

ing prov

iders. The Valuation

Methodology function performs an ongoing review of the market data sources that are used as part of the PV and fair value

processes which are formally documented on a semi-annual basis detail

ing the su

itab

il

ity of the market data used for price

testing. Price verif

icat

ion uses independently sourced data that is deemed most representative of the market the instruments

trade in. To determine the quality of the market data inputs, factors such as independence, relevance, reliab

il

ity, availab

il

ity

of multiple data sources and methodology employed by the pric

ing prov

ider are taken into considerat

ion.

The Valuation and Benchmarks Committee (VBC) is the valuation governance forum consist

ing of representat

ives from

Group Market Risk, Product Control, Valuation Methodology and the business, which meets monthly to discuss and approve

the independent valuations of the inventory. For Princ

ipal F

inance, the Investment Committee meeting is held on a quarterly

basis to review investments and valuations.

Sign

ificant account

ing estimates and judgements

The Group evaluates the sign

ificance of financial

instruments and material accuracy of the valuations incorporated in the

financial statements as they

involve a high degree of judgement and estimat

ion uncerta

inty in determin

ing the carry

ing

values of financial assets and l

iab

il

it

ies at the balance sheet date.

•

Fair value of financ

ial

instruments is determined using valuation techniques and estimates (see below) which, to the extent

possible, use market observable inputs, but in some cases use non-market observable inputs. Changes in the observabil

ity

of sign

ificant valuat

ion inputs can materially affect the fair values of financ

ial

instruments

•

When establish

ing the ex

it price of a financ

ial

instrument using a valuation technique, the Group estimates valuation

adjustments in determin

ing the fa

ir value

•

In determin

ing the valuat

ion of financ

ial

instruments, the Group makes judgements on the amounts reserved to cater for

model and valuation risks, which cover both Level 2 and Level 3 assets, and the sign

ificant valuat

ion judgements in respect

of Level 3 instruments (page 171)

•

Where the estimated measurement of fair value is more judgemental in respect of Level 3 assets, these are valued based

on models that use a sign

ificant degree of non-market-based unobservable

inputs

Valuation techniques

Refer to the fair value hierarchy explanation – Level 1, 2 and 3 (page 165)

•

Financ

ial

instruments held at fair value

–

Debt securit

ies

– asset-backed securit

ies: Asset-backed secur

it

ies are valued based on external pr

ices obtained from

consensus pric

ing prov

iders, broker quotes, recent trades, arrangers’ quotes, etc. Where an observable price is available

for a given security, it is classif

ied as Level 2. In

instances where third-party prices are not available or reliable, the security

is classif

ied as Level 3. The fa

ir value of Level 3 securit

ies

is estimated using market standard cash flow models with input

parameter assumptions which include prepayment speeds, default rates, discount margins derived from comparable

securit

ies w

ith sim

ilar v

intage, collateral type, and credit ratings.

–

Debt securit

ies

in issue:

These debt securit

ies relate to structured notes

issued by the Group. Where independent market

data is available through pric

ing vendors and broker sources these pos

it

ions are class

if

ied as Level 2. Where such l

iqu

id

external prices are not available, valuations of these debt securit

ies are

impl

ied us

ing input parameters such as bond

spreads and credit spreads, and are classif

ied as Level 3. These

input parameters are determined with reference to the

same issuer (if available) or proxies from comparable issuers or assets.

–

Derivat

ives:

Derivat

ive products are class

if

ied as Level 2

if the valuation of the product is based upon input parameters

which are observable from independent and reliable market data sources. Derivat

ive products are class

if

ied as Level 3

if there are sign

ificant valuat

ion input parameters which are unobservable in the market, such as products where the

performance is linked to more than one underlying variable. Examples are foreign exchange basket options, equity

options based on the performance of two or more underlying ind

ices and

interest rate products with quanto payouts.

In most cases these unobservable correlation parameters cannot be impl

ied from the market, and methods such as

histor

ical analys

is and comparison with histor

ical levels or other benchmark data must be employed.

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

163

Directors’ Report and Financ

ial Statements 2024

–

Equity shares - unlisted equity investments:

The majority of unl

isted equity investments are valued based on market

multiples, includ

ing Pr

ice to Book (P/B), Price-to-Earnings (P/E) or enterprise value to earnings before income tax,

depreciat

ion and amort

isat

ion (EV/EBITDA) rat

ios of comparable listed companies. The primary inputs for the valuation

of these investments are the actual financ

ials or forecasted earn

ings of the investee companies and market multiples

obtained from the comparable listed companies. To ensure comparabil

ity between these unquoted

investments and the

comparable listed companies, appropriate adjustments are also applied (for example, liqu

id

ity and size) in the valuation.

In circumstances where an investment does not have direct comparables or where the multiples for the comparable

companies cannot be sourced from reliable external sources, alternative valuation techniques (for example, discounted

cash flow model or net asset value (“NAV”) or option pric

ing model), wh

ich use predominantly unobservable inputs or

Level 3 inputs, may be applied. Even though market multiples for the comparable listed companies can be sourced from

third-party sources (for example, Bloomberg), and those inputs can be deemed Level 2 inputs, all unlisted investments

(excluding those where observable inputs are available, for example, over-the-counter (OTC) prices) are classif

ied as

Level 3 on the basis that the valuation methods involve judgements ranging from determin

ing comparable compan

ies

to discount rates where the discounted cash flow method is applied.

–

Loans and advances:

These primar

ily

include loans in the FM Bond and Loan Syndicat

ion bus

iness which were not fully

syndicated as of the balance sheet date and other financ

ing transact

ions with

in F

inanc

ial Markets, and loans and

advances includ

ing reverse repurchase agreements that do not have SPPI cashflows or are managed on a fa

ir value

basis. Where available, loan valuation is based on observable clean sales transactions prices or market observable

spreads. If observable credit spreads are not available, proxy spreads based on comparables with sim

ilar cred

it grade,

sector and region, are used. Where observable transaction prices, credit spreads and market standard proxy methods

are available, these loans are classif

ied as Level 2. Where there are no recent transact

ions or comparables, these loans

are classif

ied as Level 3.

–

Other debt securit

ies:

These debt securit

ies

include convertible bonds, corporate bonds, credit and structured notes.

Where quoted prices are available through pric

ing vendors, brokers or observable trad

ing activ

it

ies from liqu

id markets,

these are classif

ied as Level 2 and valued us

ing such quotes. Where there are sign

ificant valuat

ion inputs which are

unobservable in the market, due to ill

iqu

id trading or the complexity of the product, these are classif

ied as Level 3.

The valuations of these debt securit

ies are

impl

ied us

ing input parameters such as bond spreads and credit spreads.

These input parameters are determined with reference to the same issuer (if available) or proxied from comparable

issuers or assets

•

Financ

ial

instruments held at amortised cost

The following sets out the Group’s basis for establish

ing fa

ir values of amortised cost financ

ial

instruments and their

classif

icat

ion between Levels 1, 2 and 3. As certain categories of financ

ial

instruments are not actively traded, there is

a sign

ificant level of management judgement

involved in calculating the fair values:

–

Cash and balances at central banks:

The fair value of cash and balances at central banks is their carrying amounts

–

Debt securit

ies

in issue, subordinated liab

il

it

ies and other borrowed funds:

The aggregate fair values are calculated

based on quoted market prices. For those notes where quoted market prices are not available, a discounted cash flow

model is used based on a current market related yield curve appropriate for the remain

ing term to matur

ity

–

Deposits and borrowings:

The estimated fair value of deposits with no stated maturity is the amount repayable

on demand. The estimated fair value of fixed interest-bearing deposits and other borrowings without quoted market

prices is based on discounted cash flows using the prevail

ing market rates for debts w

ith a sim

ilar Cred

it Risk and

remain

ing matur

ity

–

Investment securit

ies:

For investment securit

ies that do not have d

irectly observable market values, the Group util

ises

a number of valuation techniques to determine fair value. Where available, securit

ies are valued us

ing input proxies from

the same or closely related underlying (for example, bond spreads from the same or closely related issuer) or input proxies

from a different underlying (for example, a sim

ilar bond but us

ing spreads for a particular sector and rating). Certain

instruments cannot be proxies as set out above, and in such cases the posit

ions are valued us

ing non-market observable

inputs. This includes those instruments held at amortised cost and predominantly relates to asset-backed securit

ies.

The fair value for such instruments is usually proxies from internal assessments of the underlying cash flows

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

164

Directors’ Report and Financ

ial Statements 2024

–

Loans and advances to banks and customers:

For loans and advances to banks, the fair value of floating rate

placements and overnight deposits is their carrying amounts. The estimated fair value of fixed interest-bearing deposits

is based on discounted cash flows using the prevail

ing money market rates for debts w

ith a sim

ilar Cred

it Risk and

remain

ing matur

ity. The Group’s loans and advances to customers’ portfolio is well divers

ified by geography and

industry.

Approximately a quarter of the portfolio re-prices with

in one month, and approx

imately half re-prices with

in 12 months.

Loans and advances are presented net of provis

ions for

impa

irment. The fa

ir value of loans and advances to customers

with a residual maturity of less than one year generally approximates the carrying value. The estimated fair value of

loans and advances with a residual maturity of more than one year represents the discounted amount of future cash

flows expected to be received, includ

ing assumpt

ions relating to prepayment rates and Credit Risk. Expected cash flows

are discounted at current market rates to determine fair value. The Group has a wide range of ind

iv

idual instruments

with

in

its loans and advances portfolio and as a result provid

ing quant

if

icat

ion of the key assumptions used to value such

instruments is impract

ical

–

Other assets

: Other assets comprise primar

ily of cash collateral and trades pend

ing settlement. The carrying amount of

these financial

instruments is considered to be a reasonable approximat

ion of fa

ir value as they are either short-term in

nature or re-price to current market rates frequently

Fair value adjustments

When establish

ing the ex

it price of a financ

ial

instrument using a valuation technique, the Group considers adjustments to

the modelled price which market partic

ipants would make when pr

ic

ing that

instrument. The main valuation adjustments

(described further below) in determin

ing fa

ir value for financ

ial assets and financial l

iab

il

it

ies are as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Movement |  |  | Movement |  |
|  |  | during the |  |  | during the |  |
|  | 01.01.24 | year | 31.12.24 | 01.01.23 | year | 31.12.23 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Bid-offer valuation adjustment | 91 | 2 | 93 | 89 | 2 | 91 |
| Credit valuation adjustment | 98 | (3) | 95 | 135 | (37) | 98 |
| Debit valuation adjustment | (118) | 20 | (98) | (91) | (27) | (118) |
| Model valuation adjustment | 4 | 1 | 5 | 3 | 1 | 4 |
| Funding valuation adjustment | 36 | (5) | 31 | 44 | (8) | 36 |
| Other fair value adjustments | 20 | (1) | 19 | 19 | 1 | 20 |
| Total | 131 | 14 | 145 | 199 | (68) | 131 |
| Income deferrals |  |  |  |  |  |  |
| Day 1 and other deferrals | 63 | 18 | 81 | 160 | (97) | 63 |
| Total | 63 | 18 | 81 | 160 | (97) | 63 |

Note: Bracket represents an asset and credit to the income statement

–

Bid-offer valuation adjustment:

Generally, market parameters are marked on a mid-market basis in the revaluation

systems, and a bid-offer valuation adjustment is required to quantify the expected cost of neutralis

ing the bus

iness’

posit

ions through deal

ing away in the market, thereby bring

ing long pos

it

ions to b

id and short posit

ions to offer. The

methodology to calculate the bid-offer adjustment for a derivat

ive portfol

io involves netting between long and short

posit

ions and the group

ing of risk by strike and tenor based on the hedging strategy where long posit

ions are marked

to bid and short posit

ions marked to offer

in the systems.

–

Credit valuation adjustment (CVA):

The Group accounts for CVA against the fair value of derivat

ive products. CVA

is an

adjustment to the fair value of the transactions to reflect the possib

il

ity that our counterparties may default and we may

not receive the full market value of the outstanding transactions. It represents an estimate of the adjustment a market

partic

ipant would

include when deriv

ing a purchase pr

ice to acquire our exposures. CVA is calculated for each subsid

iary,

and with

in each ent

ity for each counterparty to which the entity has exposure and takes account of any collateral we

may hold. The Group calculates the CVA by using estimates of future posit

ive exposure, market-

impl

ied probab

il

ity of

default (PD) and recovery rates. Where market-impl

ied data

is not readily available, we use market-based proxies to

estimate the PD. Wrong-way risk occurs when the exposure to a counterparty is adversely correlated with the credit

quality of that counterparty, and the Group has implemented a model to capture this impact for key wrong-way

exposures. The Group also captures the uncertaint

ies assoc

iated with wrong-way risk in the Group’s Prudential

Valuation Adjustments framework.

![](data:image/svg+xml;base64,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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

165

Directors’ Report and Financ

ial Statements 2024

•

Debit valuation adjustment (DVA):

The Group calculates DVA adjustments on its derivat

ive l

iab

il

it

ies to reflect changes

in

its own credit standing. The Group’s DVA adjustments will increase if its credit standing worsens and conversely, decrease if

its credit standing improves. For derivat

ive l

iab

il

it

ies, a DVA adjustment

is determined by applying the Group’s probabil

ity of

default to the Group’s negative expected exposure against the counterparty. The Group’s probabil

ity of default and loss

expected in the event of default is derived based on bond and CDS spreads associated with the Group’s issuances and

market standard recovery levels. The expected exposure is modelled based on the simulat

ion of the underly

ing risk factors

over the expected life of the deal. This simulat

ion methodology

incorporates the collateral posted by the Group and the

effects of master netting agreements.

•

Model valuation adjustment:

Valuation models may have pric

ing deficienc

ies or lim

itat

ions that require a valuation

adjustment. These pric

ing deficienc

ies or lim

itat

ions arise due to the choice, implementat

ion and cal

ibrat

ion of the

pric

ing model.

•

Funding valuation adjustment (FVA):

The Group makes FVA adjustments against derivat

ive products,

includ

ing embedded

derivat

ives. FVA reflects an est

imate of the adjustment to its fair value that a market partic

ipant would make to

incorporate funding costs or benefits that could arise in relation to the exposure. FVA is calculated by determin

ing the

net expected exposure at a counterparty level and then applying a funding rate to those exposures that reflect the

market cost of funding. The FVA for uncollateralised (includ

ing part

ially collateralised) derivat

ives

incorporates the

estimated present value of the market funding cost or benefit associated with funding these transactions.

•

Other fair value adjustments:

The Group calculates the fair value on the interest rate callable products by calibrat

ing to

a set of market prices with differ

ing matur

ity, expiry and strike of the trades.

•

Day one and other deferrals:

In certain circumstances the in

it

ial fair value is based on a valuation technique which differs

to the transaction price at the time of in

it

ial recognit

ion. However, these ga

ins can only be recognised when the valuation

technique used is based primar

ily on observable market data. In those cases where the

in

it

ially recognised fair value is

based on a valuation model that uses inputs which are not observable in the market, the difference between the

transaction price and the valuation model is not recognised immed

iately

in the income statement. The difference is

amortised to the income statement until the inputs become observable, or the transaction matures or is terminated.

Other deferrals primar

ily represent adjustments taken to reflect the spec

if

ic terms and cond

it

ions of certa

in derivat

ive

contracts which affect the terminat

ion value at the measurement date.

In addit

ion, the Group calculates own cred

it adjustment (OCA) on its issued debt designated at fair value, includ

ing

structured notes, in order to reflect changes in its own credit standing. Issued debt is discounted util

is

ing the spread at which

sim

ilar

instruments would be issued or bought back at the measurement date as this reflects the value from the perspective

of a market partic

ipant who holds the

ident

ical

item as an asset. OCA measures the difference between the fair value of

issued debt as of reporting date and theoretical fair values of issued debt adjusted up or down for changes in own credit

spreads from incept

ion date to the measurement date. Under IFRS 9 the change

in the OCA component is reported under

other comprehensive income. The Group’s OCA reserve will increase if its credit standing worsens in comparison to the

incept

ion of the trade and, conversely, decrease

if its credit standing improves. The Group’s OCA reserve will reverse over

time as its liab

il

it

ies mature.

Fair value hierarchy – financ

ial

instruments held at fair value

Assets and liab

il

it

ies carr

ied at fair value or for which fair values are disclosed have been classif

ied

into three levels The fair

values of quoted financial assets and l

iab

il

it

ies

in active markets are based on current prices. A market is regarded as active

if transactions for the asset or liab

il

ity take place with suffic

ient frequency and volume to prov

ide pric

ing

informat

ion on an

ongoing basis. Wherever possible, fair values have been calculated using unadjusted quoted market prices in active markets

for ident

ical

instruments held by the Group. Where quoted market prices are not available, or are unreliable because of poor

liqu

id

ity, fair values have been determined using valuation techniques which, to the extent possible, use market observable

inputs, but in some cases use unobservable inputs. Valuation techniques used include discounted cash flow analysis and

pric

ing models and, where appropr

iate, comparison with instruments that have characterist

ics s

im

ilar to those of the

instruments held by the Group.

Assets and liab

il

it

ies carr

ied at fair value or for which fair values are disclosed have been classif

ied

into three levels according

to the observabil

ity of the s

ign

ificant

inputs used to determine the fair values. Changes in the observabil

ity of s

ign

ificant

valuation inputs during the reporting period may result in a transfer of assets and liab

il

it

ies w

ith

in the fa

ir value hierarchy.

The Group recognises transfers between levels of the fair value hierarchy when there is a sign

ificant change

in either its

princ

ipal market or the level of observab

il

ity of the

inputs to the valuation techniques as at the end of the reporting period.

•

Level 1:

Fair value measurements are those derived from unadjusted quoted prices in active markets for ident

ical assets

or liab

il

it

ies.

•

Level 2:

Fair value measurements are those with quoted prices for sim

ilar

instruments in active markets or quoted prices

for ident

ical or s

im

ilar

instruments in inact

ive markets and financial

instruments valued using models where all sign

ificant

inputs are observable.

•

Level 3:

Fair value measurements are those where inputs which could have a sign

ificant effect on the

instrument’s valuation

are not based on observable market data.

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

166

Directors’ Report and Financ

ial Statements 2024

The following tables show the classif

icat

ion of financ

ial

instruments held at fair value into the valuation hierarchy:

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Assets | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial  instruments held at fair value through |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |
| Loans and advances to banks | – | 2,033 | – | 2,033 | – | 2,265 | – | 2,265 |
| Loans and advances to customers | – | 2,633 | 1,356 | 3,989 | – | 2,016 | 1,172 | 3,188 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |  |  |
| sim  ilar secured lend  ing | – | 63,047 | 2,556 | 65,603 | – | 66,784 | 1,365 | 68,149 |
| Debt securit  ies and other el  ig  ible b  ills | 13,686 | 16,084 | 863 | 30,633 | 11,626 | 9,210 | 1,220 | 22,056 |
| Of which: |  |  |  |  |  |  |  |  |
| Issued by Central banks & Governments | 13,226 | 12,212 | 9 | 25,447 | 11,178 | 5,994 | – | 17,172 |
| Issued by corporates other than financial  inst  itut  ions  1 | 3 | 938 | 355 | 1,296 | – | 927 | 318 | 1,245 |
| Issued by financial  inst  itut  ions  1 | 457 | 2,934 | 499 | 3,890 | 448 | 2,289 | 902 | 3,639 |
| Equity shares | 1,241 | 9 | 116 | 1,366 | 1,243 | 114 | 85 | 1,442 |
| Derivat  ive financial  instruments | 448 | 82,122 | 147 | 82,717 | 940 | 51,538 | 76 | 52,554 |
| Of which: |  |  |  |  |  |  |  |  |
| Foreign exchange | 201 | 68,511 | 58 | 68,770 | 114 | 45,585 | 24 | 45,723 |
| Interest rate | 27 | 11,558 | 78 | 11,663 | 37 | 5,426 | 3 | 5,466 |
| Credit | – | 792 | 9 | 801 | – | 405 | 47 | 452 |
| Equity and stock index options | – | 204 | 2 | 206 | – | 47 | 2 | 49 |
| Commodity | 220 | 1,057 | – | 1,277 | 789 | 75 | – | 864 |
| Investment securit  ies |  |  |  |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 27,696 | 31,117 | – | 58,813 | 25,288 | 36,761 | 71 | 62,120 |
| Of which: |  |  |  |  |  |  |  |  |
| Issued by Central banks & Governments | 20,740 | 13,360 | – | 34,100 | 19,475 | 14,530 | 51 | 34,056 |
| Issued by corporates other than financial  inst  itut  ions  1 | – | 490 | – | 490 | – | 1,019 | – | 1,019 |
| Issued by financial  inst  itut  ions  1 | 6,956 | 17,267 | – | 24,223 | 5,813 | 21,212 | 20 | 27,045 |
| Equity shares | 10 | 3 | 250 | 263 | 183 | 6 | 245 | 434 |
| Total assets at 31 December | 43,081 | 197,048 | 5,288 | 245,417 | 39,280 | 168,694 | 4,234 | 212,208 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |
| Financ  ial  instruments held at fair value through |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |
| Deposits by banks | – | 1,421 | 50 | 1,471 | – | 1,253 | 68 | 1,321 |
| Customer accounts | – | 8,867 | 355 | 9,222 | – | 8,934 | 232 | 9,166 |
| Repurchase agreements and other |  |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | – | 33,210 | – | 33,210 | – | 39,432 | – | 39,432 |
| Debt securit  ies  in issue | – | 10,983 | 1,193 | 12,176 | – | 8,824 | 1,026 | 9,850 |
| Short posit  ions | 1,596 | 5,074 | 180 | 6,850 | 2,151 | 3,796 | 103 | 6,050 |
| Derivat  ive financial  instruments | 446 | 81,893 | 238 | 82,577 | 740 | 54,271 | 162 | 55,173 |
| Of which: |  |  |  |  |  |  |  |  |
| Foreign exchange | 210 | 67,757 | 11 | 67,978 | 113 | 46,304 | 12 | 46,429 |
| Interest rate | 14 | 12,216 | 23 | 12,253 | 46 | 7,107 | 5 | 7,158 |
| Credit | – | 996 | 166 | 1,162 | – | 448 | 126 | 574 |
| Equity and stock index options | – | 109 | 37 | 146 | – | 108 | 19 | 127 |
| Commodity | 222 | 815 | 1 | 1,038 | 581 | 304 | – | 885 |
| Total liab  il  it  ies at 31 December | 2,042 | 141,448 | 2,016 | 145,506 | 2,891 | 116,510 | 1,591 | 120,992 |

1

Includes covered bonds of $3,690 mill

ion (2023: $6,377 m

ill

ion), secur

it

ies

issued by Multilateral Development Banks/International Organisat

ions of $8,867 m

ill

ion

(2023: $6,300 mill

ion) and State-owned agenc

ies and development banks of $10,268 mill

ion(2023: $3,186m

ill

ion)

The fair value of financ

ial assets and financial l

iab

il

it

ies class

if

ied as Level 2

in the fair value hierarchy that are subject to

complex modelling techniques is $512 mill

ion (2023: $707 m

ill

ion) and $180 m

ill

ion (2023: $125 m

ill

ion) respect

ively.

There were no sign

ificant changes to valuat

ion or levelling approaches in 2024.

There were no sign

ificant transfers of financial assets and l

iab

il

it

ies measured at fa

ir value between Level 1 and Level 2

during the year.

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

167

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Assets | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial  instruments held at fair value through |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |
| Loans and advances to banks | – | 1,880 | – | 1,880 | – | 2,244 | – | 2,244 |
| Loans and advances to customers | – | 2,414 | 862 | 3,276 | – | 1,598 | 1,024 | 2,622 |
| Reverse repurchase agreements and other |  |  |  |  |  |  |  |  |
| sim  ilar secured lend  ing | – | 59,942 | 2,199 | 62,141 | – | 63,712 | 1,092 | 64,804 |
| Debt securit  ies and other el  ig  ible b  ills | 7,505 | 12,078 | 242 | 19,825 | 8,376 | 6,937 | 114 | 15,427 |
| Of which: |  |  |  |  |  |  |  |  |
| Issued by Central banks & governments | 7,112 | 7,281 | – | 14,393 | 7,951 | 3,850 | – | 11,801 |
| Issued by corporates other than financial  inst  itut  ions  1 | 3 | 694 | 141 | 838 | – | 427 | 20 | 447 |
| Issued by financial  inst  itut  ions  1 | 390 | 4,103 | 101 | 4,594 | 425 | 2,660 | 94 | 3,179 |
| Equity shares | 1,218 | 9 | – | 1,227 | 1,203 | 112 | – | 1,315 |
| Derivat  ive financial  instruments | 484 | 82,230 | 130 | 82,844 | 932 | 52,217 | 72 | 53,221 |
| Of which: |  |  |  |  |  |  |  |  |
| Foreign exchange | 238 | 68,497 | 47 | 68,782 | 107 | 41,092 | 21 | 41,220 |
| Interest rate | 27 | 11,788 | 72 | 11,887 | 37 | 10,478 | 2 | 10,517 |
| Credit | – | 614 | 9 | 623 | – | 432 | 47 | 479 |
| Equity and stock index options | – | 97 | 2 | 99 | – | 21 | 2 | 23 |
| Commodity | 219 | 1,234 | – | 1,453 | 788 | 194 | – | 982 |
| Investment securit  ies |  |  |  |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 18,882 | 27,768 | – | 46,650 | 21,960 | 32,340 | – | 54,300 |
| Of which: |  |  |  |  |  |  |  |  |
| Issued by central banks & governments | 12,419 | 9,475 | – | 21,894 | 16,376 | 9,855 | – | 26,231 |
| Issued by corporates other than financial  inst  itut  ions  1 | – | 490 | – | 490 | – | 1,001 | – | 1,001 |
| Issued by financial  inst  itut  ions  1 | 6,463 | 17,803 | – | 24,266 | 5,584 | 21,484 | – | 27,068 |
| Equity shares | 10 | 3 | 233 | 246 | 182 | 1 | 226 | 409 |
| Total financial  instruments at 31 December 2024 | 28,099 | 186,324 | 3,666 | 218,089 | 32,653 | 159,161 | 2,528 | 194,342 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |
| Financ  ial  instruments held at fair value through |  |  |  |  |  |  |  |  |
| profit or loss |  |  |  |  |  |  |  |  |
| Deposits by banks | – | 1,413 | 50 | 1,463 | – | 1,253 | 68 | 1,321 |
| Customer accounts | – | 8,580 | 252 | 8,832 | – | 8,722 | 130 | 8,852 |
| Repurchase agreements and other |  |  |  |  |  |  |  |  |
| sim  ilar secured borrow  ing | – | 32,880 | – | 32,880 | – | 39,174 | – | 39,174 |
| Debt securit  ies  in issue | – | 10,932 | 1,130 | 12,062 | – | 8,693 | 861 | 9,554 |
| Short posit  ions | 1,413 | 4,853 | 180 | 6,446 | 1,956 | 3,507 | 103 | 5,566 |
| Derivat  ive financial  instruments | 472 | 82,183 | 90 | 82,745 | 737 | 54,732 | 62 | 55,531 |
| Of which: |  |  |  |  |  |  |  |  |
| Foreign exchange | 236 | 68,193 | 27 | 68,456 | 110 | 42,525 | 16 | 42,651 |
| Interest rate | 14 | 12,453 | 23 | 12,490 | 46 | 11,161 | 5 | 11,212 |
| Credit | – | 703 | 16 | 719 | – | 525 | 32 | 557 |
| Equity and stock index options | – | 16 | 23 | 39 | – | 64 | 9 | 73 |
| Commodity | 222 | 818 | 1 | 1,041 | 581 | 457 | – | 1,038 |
| Total financial  instruments at 31 December 2024 | 1,885 | 140,841 | 1,702 | 144,428 | 2,693 | 116,081 | 1,224 | 119,998 |

1

Includes covered bonds of $3,608 mill

ion (2023: $6,149 m

ill

ion), secur

it

ies

issued by Multilateral Development Banks/International Organisat

ions of $8,479 m

ill

ion

(2023: $6,118 mill

ion) and State-owned agenc

ies and development banks of $9,883 mill

ion (2023: $3,153 m

ill

ion)

The fair value of financ

ial assets and financial l

iab

il

it

ies class

if

ied as Level 2

in the fair value hierarchy that are subject to

complex modelling techniques is $105 mill

ion (2023: $489 m

ill

ion) and $124 m

ill

ion (2023: $68 m

ill

ion) respect

ively.

There were no sign

ificant changes to valuat

ion or levelling approaches in 2024.

There were no sign

ificant transfers of financial assets and l

iab

il

it

ies measured at fa

ir value between Level 1 and Level 2

during the year.

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

168

Directors’ Report and Financ

ial Statements 2024

Fair value hierarchy – financ

ial

instruments measured at amortised cost

The following table shows the carrying amounts and incorporates the Group's estimate of fair values of those financ

ial assets

and liab

il

it

ies not presented on the Group’s balance sheet at fa

ir value. These fair values may be different from the actual

amount that will be received or paid on the settlement or maturity of the financ

ial

instrument. For certain instruments,

the fair value may be determined using assumptions for which no observable prices are available.

Group

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 | | | | |
|  | Carrying | Fair value | | | | Carrying | Fair value | | | |
|  | value | Level 1 | Level 2 | Level 3 | Total | value | Level 1 | Level 2 | Level 3 | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |  |
| central banks¹ | 56,665 | – | 56,665 | – | 56,665 | 64,198 | – | 64,198 | – | 64,198 |
| Loans and advances to banks | 22,941 | – | 22,780 | 162 | 22,942 | 22,803 | – | 22,746 | – | 22,746 |
| of which – reverse |  |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |  |
| secured lending | 2,889 | – | 2,892 | – | 2,892 | 1,653 | – | 1,653 | – | 1,653 |
| Loans and advances to |  |  |  |  |  |  |  |  |  |  |
| customers | 158,242 | – | 35,308 | 125,075 | 160,383 | 156,143 | – | 47,454 | 106,336 | 153,790 |
| of which – reverse |  |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |  |
| secured lending | 9,121 | – | 9,121 | – | 9,121 | 13,827 | – | 13,827 | – | 13,827 |
| Investment securit  ies² | 37,366 | – | 35,512 | 24 | 35,536 | 39,920 | – | 37,795 | 33 | 37,828 |
| Other assets¹ | 21,535 | – | 21,535 | – | 21,535 | 20,714 | – | 20,714 | – | 20,714 |
| Assets held for sale | 866 | 58 | 335 | 473 | 866 | 693 | 101 | 541 | 51 | 693 |
| At 31 December | 297,615 | 58 | 172,135 | 125,734 | 297,927 | 304,471 | 101 | 193,448 | 106,420 | 299,969 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |  |
| Deposits by banks | 22,409 | – | 22,246 | – | 22,246 | 23,616 | – | 23,671 | – | 23,671 |
| Customer accounts | 239,204 | – | 238,960 | – | 238,960 | 237,902 | – | 234,937 | – | 234,937 |
| Repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar secured |  |  |  |  |  |  |  |  |  |  |
| borrowing | 9,921 | – | 9,921 | – | 9,921 | 12,033 | – | 12,033 | – | 12,033 |
| Debt securit  ies  in issue | 39,864 | – | 39,744 | – | 39,744 | 36,481 | – | 36,355 | – | 36,355 |
| Subordinated liab  il  it  ies and |  |  |  |  |  |  |  |  |  |  |
| other borrowed funds | 10,359 | – | 10,360 | – | 10,360 | 11,454 | – | 12,545 | – | 12,545 |
| Other liab  il  it  ies¹ | 27,350 | – | 27,350 | – | 27,350 | 24,109 | – | 24,109 | – | 24,109 |
| Liab  il  it  ies held for sale | 360 | 89 | 271 | – | 360 | 726 | 54 | 672 | – | 726 |
| At 31 December | 349,467 | 89 | 348,852 | – | 348,941 | 346,321 | 54 | 344,322 | – | 344,376 |

1

The carrying amount of these financ

ial

instruments is considered to be a reasonable approximat

ion of fa

ir value as they are short-term in nature or reprice to current

market rates frequently

2

Includes Government bonds and Treasury bills of $14,223 mill

ion at 31 December 2024 and $12,667 m

ill

ion at 31 December 2023

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

169

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 2024 |  |  |  |  | 2023 |  |  |
|  | Carrying |  | Fair value |  |  | Carrying |  | Fair value |  |  |
|  | value | Level 1 | Level 2 | Level 3 | Total | value | Level 1 | Level 2 | Level 3 | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |  |  |
| Cash and balances at |  |  |  |  |  |  |  |  |  |  |
| central banks¹ | 45,233 | – | 45,233 | – | 45,233 | 52,758 | – | 52,758 | – | 52,758 |
| Loans and advances to banks | 11,755 | – | 11,669 | 87 | 11,756 | 10,135 | – | 10,104 | – | 10,104 |
| of which – reverse |  |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |  |
| secured lending | 1,423 | – | 1,426 | – | 1,426 | 554 | – | 554 | – | 554 |
| Loans and advances to |  |  |  |  |  |  |  |  |  |  |
| customers | 77,597 | – | 14,168 | 63,640 | 77,808 | 75,883 | – | 21,435 | 52,113 | 73,548 |
| of which – reverse |  |  |  |  |  |  |  |  |  |  |
| repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar |  |  |  |  |  |  |  |  |  |  |
| secured lending | 9,041 | – | 9,041 | – | 9,041 | 12,212 | – | 12,212 | – | 12,212 |
| Investment securit  ies² | 35,205 | – | 33,387 | – | 33,387 | 38,062 | – | 35,872 | 33 | 35,905 |
| Other assets¹ | 17,587 | – | 17,587 | – | 17,587 | 16,990 | – | 16,990 | – | 16,990 |
| Assets held for sale | 474 | – | – | 474 | 474 | 52 | – | – | 52 | 52 |
| At 31 December  3 | 187,851 | – | 122,044 | 64,201 | 186,245 | 193,880 | – | 137,159 | 52,198 | 189,357 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |  |  |
| Deposits by banks | 17,824 | – | 17,662 | – | 17,662 | 18,280 | – | 18,335 | – | 18,335 |
| Customer accounts | 119,502 | – | 119,255 | – | 119,255 | 121,648 | – | 121,525 | – | 121,525 |
| Repurchase agreements |  |  |  |  |  |  |  |  |  |  |
| and other sim  ilar secured |  |  |  |  |  |  |  |  |  |  |
| borrowing | 9,845 | – | 9,845 | – | 9,845 | 11,977 | – | 11,977 | – | 11,977 |
| Debt securit  ies  in issue | 36,081 | – | 35,938 | – | 35,938 | 34,740 | – | 34,976 | – | 34,976 |
| Subordinated liab  il  it  ies |  |  |  |  |  |  |  |  |  |  |
| and other borrowed funds | 9,801 | – | 9,801 | – | 9,801 | 10,896 | – | 11,457 | – | 11,457 |
| Other liab  il  it  ies¹ | 21,124 | – | 21,124 | – | 21,124 | 18,879 | – | 18,879 | – | 18,879 |
| Liab  il  it  ies held for sale | – | – | – | – | – | – | – | – | – | – |
| At 31 December | 214,177 | – | 213,625 | – | 213,625 | 216,420 | – | 217,149 | – | 217,149 |

1

The carrying amount of these financ

ial

instruments is considered to be a reasonable approximat

ion of fa

ir value as they are short-term in nature or reprice to current

market rates frequently

2

Includes Government bonds and Treasury bills of $13,135 mill

ion as at 31 December 2024 and $11,991 m

ill

ion as at 31 December 2023

3

Excludes ‘Amounts due from subsid

iar

ies and other related parties’ of $10,066 mill

ion (31 December 2023: $10,053 m

ill

ion). The carry

ing amounts of due from subsid

iary

undertakings and other related parties approximate fair value

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

170

Directors’ Report and Financ

ial Statements 2024

Loans and advances to customers by client segment

¹

Group

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | 2023 | | | | | |
|  | Carrying value | | | Fair value | | | Carrying value | | | Fair value | | |
|  |  | Stage 1 |  |  | Stage 1 |  |  | Stage 1 |  |  | Stage 1 |  |
|  |  | and |  |  | and |  |  | and |  |  | and |  |
|  | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment Banking | 1,047 | 89,345 | 90,392 | 921 | 89,602 | 90,523 | 1,525 | 83,008 | 84,533 | 1,513 | 80,659 | 82,172 |
| Wealth & Retail Banking | 501 | 46,515 | 47,016 | 502 | 48,529 | 49,031 | 425 | 47,190 | 47,615 | 426 | 47,197 | 47,623 |
| Ventures | – | 574 | 574 | – | 573 | 573 | – | 230 | 230 | – | 230 | 230 |
| Central & other items | 98 | 20,162 | 20,260 | 98 | 20,158 | 20,256 | 209 | 23,556 | 23,765 | 209 | 23,556 | 23,765 |
| At 31 December | 1,646 | 156,596 | 158,242 | 1,521 | 158,862 | 160,383 | 2,159 | 153,984 | 156,143 | 2,148 | 151,642 | 153,790 |

1

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing: carrying value $9,121 mill

ion and fa

ir value $9,121 mill

ion

(31 December 2023: $13,827 mill

ion and $13,827 m

ill

ion respect

ively)

Company

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | 2023 | | | | | |
|  | Carrying value | | | Fair value | | | Carrying value | | | Fair value | | |
|  |  | Stage 1 |  |  | Stage 1 |  |  | Stage 1 |  |  | Stage 1 |  |
|  |  | and |  |  | and |  |  | and |  |  | and |  |
|  | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Corporate & |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment Banking | 830 | 64,174 | 65,004 | 706 | 64,559 | 65,265 | 1,192 | 60,809 | 62,001 | 1,192 | 58,543 | 59,735 |
| Wealth & Retail Banking | 275 | 11,504 | 11,779 | 275 | 11,454 | 11,729 | 231 | 12,272 | 12,503 | 231 | 12,203 | 12,434 |
| Central & other items | – | 814 | 814 | – | 814 | 814 | 209 | 1,170 | 1,379 | 209 | 1,170 | 1,379 |
| At 31 December | 1,105 | 76,492 | 77,597 | 981 | 76,827 | 77,808 | 1,632 | 74,251 | 75,883 | 1,632 | 71,916 | 73,548 |

1

Loans and advances includes reverse repurchase agreements and other sim

ilar secured lend

ing: carrying value $9,041 mill

ion and fa

ir value $9,041 mill

ion

(31 December 2023: $12,212 mill

ion and fa

ir value $12,212 mill

ion)

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12. Financ

ial

instruments continued

Fair value of financ

ial

instruments

Level 3 Summary and sign

ificant unobservable

inputs

The following table presents the Group’s primary Level 3 financ

ial

instruments which are held at fair value. The table also

presents the valuation techniques used to measure the fair value of those financ

ial

instruments, the sign

ificant unobservable

inputs, the range of values for those inputs and the weighted average of those inputs:

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Value as at 31 | |  |  |  |  |
|  | December 2024 | |  |  |  |  |
|  | Assets | Liab  il  it  ies |  | Sign  ificant unobservable |  | Weighted |
| Instrument | $mill  ion | $mill  ion | Princ  ipal valuat  ion technique | inputs | Range  1 | average  2 |
| Loans and advances to customers | 1,356 | – | Discounted cash flows | Price/yield | 1.0% - 100% | 25.2% |
| Reverse repurchase agreements | 2,556 | – | Discounted cash flows | Repo curve | 2.0% - 7.6% | 6.2% |
| and other sim  ilar secured lend  ing |  |  |  | Price/yield | 5.0% - 10.5% | 6.1% |
| Debt securit  ies, alternat  ive tier one | 854 | – | Discounted cash flows | Price/yield | 5.3% - 15.3% | 8.7% |
| and other elig  ible secur  it  ies |  |  |  | Recovery rate | 0.01% - 16.3% | 9.2% |
| Government bonds and | 9 | – | Discounted cash flows | Price/yield | 23.5% - 23.5% | 23.5% |
| treasury bills |  |  |  |  |  |  |
| Equity shares (includes | 366 | – | Comparable pric  ing/y  ield | EV/EBITDA multiples | 5.3x - 5.3x | 5.3x |
| private equity investments) |  |  |  | EV/Revenue multiples | 8.5x - 12.9x | 9.0x |
|  |  |  |  | P/E multiples | 17.9x - 48.3x | 46.9x |
|  |  |  |  | P/B multiples | 0.6x - 0.7x | 0.6x |
|  |  |  |  | P/S multiples | 1.2x - 1.3x | 1.3x |
|  |  |  |  | Liqu  id  ity discount | 20.0% - 25.0% | 20.0% |
|  |  |  | Discounted cash flows | Discount rates | 9.2% - 20.4% | 12.1% |
|  |  |  | Option pric  ing model | Equity value based on | 5.7x - 23.6x | 16.2x |
|  |  |  |  | EV/Revenue multiples |  |  |
|  |  |  |  | Equity value based on | 10.1x - 10.1x | 10.1x |
|  |  |  |  | EV/EBITDA multiples |  |  |
|  |  |  |  | Equity value based | 50.0% | 50.0% |
|  |  |  |  | on volatil  ity | - 50.0% |  |
| Derivat  ive financial  instruments |  |  |  |  |  |  |
| of which: |  |  |  |  |  |  |
| Foreign exchange | 58 | 11 | Option pric  ing model  Foreign exchange option |  | 10.2% - 46.2% | 42.0% |
|  |  |  |  | impl  ied volat  il  ity |  |  |
|  |  |  |  | Interest rate curves | 3.5% - 9.0% | 4.2% |
|  |  |  |  | Foreign exchange curves | (0.03)% | 6.1% |
|  |  |  |  |  | - 34.3% |  |
| Commodit  ies | – | 1 | Discounted cash flows | Commodity prices | $384 - $391 | $387 |
|  |  |  |  | CM-CM correlation | 73.7% - 97.9% | 86.0% |
| Interest rate | 78 | 23 | Discounted cash flows | Interest rate curves | 3.5% - 43.9% | 5.1% |
|  |  |  | Option pric  ing model | Bond option | 2.3% - 2.9% | 2.7% |
|  |  |  |  | impl  ied volat  il  ity |  |  |
| Credit | 9 | 166 | Discounted cash flows | Credit spreads | 0.1% - 1.7% | 0.8% |
|  |  |  |  | Price/yield | 4.8% - 5.9% | 5.1% |
| Equity and stock index | 2 | 37 | Internal pric  ing model | Equity-Equity correlation | 44.9% - 100% | 80.0% |
|  |  |  |  | Equity-FX correlation | (36.4)% | 5.0% |
|  |  |  |  |  | - 48.9% |  |
| Deposits by banks | – | 50 | Discounted cash flows | Credit spreads | 0.2% - 3.2% | 1.7% |
| Customer accounts | – | 355 | Discounted cash flows | Price/yield | 4.8% - 12.7% | 7.1% |
|  |  |  |  | Interest rate curves | 3.5% - 4.4% | 4.1% |
| Debt securit  ies  in issue | – | 1,193 | Discounted cash flows | Price/yield | 6.2% - 14.8% | 12.7% |
|  |  |  |  | Interest rate curves | 3.5% - 4.4% | 4.1% |
|  |  |  | Internal pric  ing model | Equity-FX correlation | (36.4)% | 5.0% |
|  |  |  |  |  | - 48.9% |  |
|  |  |  | Option pric  ing model | Bond option | 4.0% - 15.0% | 12.5% |
|  |  |  |  | impl  ied volat  il  ity |  |  |
| Short posit  ions | – | 180 | Discounted cash flows | Price/yield | 5.9% - 12.7% | 6.3% |
| Total | 5,288 | 2,016 |  |  |  |  |

1

The ranges of values shown in the above table represent the highest and lowest levels used in the valuation of the Group’s Level 3 financ

ial

instruments as at

31 December 2024. The ranges of values used are reflective of the underlying characterist

ics of these Level 3 financial

instruments based on the market condit

ions at

the balance sheet date. However, these ranges of values may not represent the uncertainty in fair value measurements of the Group’s Level 3 financ

ial

instruments

2

Weighted average for non-derivat

ive financial

instruments has been calculated by weight

ing

inputs by the relative fair value. Weighted average for derivat

ives has

been provided by weight

ing

inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful ind

icator

Notes to the financial statements cont

inued

Standard Chartered Bank

171

Directors’ Report and Financ

ial Statements 2024

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

172

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Value as at 31 | |  |  |  |  |
|  | December 2023 | |  |  |  |  |
|  | Assets | Liab  il  it  ies |  | Sign  ificant unobservable |  | Weighted |
| Instrument | $mill  ion | $mill  ion | Princ  ipal valuat  ion technique | inputs | Range  1 | average  2 |
| Loans and advances to customers | 1,172 | – | Discounted cash flows | Price/yield | 1.7% - 100% | 14.0% |
|  |  |  |  | Credit spreads | 0.1% - 0.8% | 0.6% |
| Reverse repurchase agreements | 1,365 | – | Discounted cash flows | Repo curve | 5.1% - 7.6% | 6.3% |
| and other sim  ilar secured lend  ing |  |  |  | Price/yield | (2.7)% - 10.3% | (1.2)% |
| Debt securit  ies, alternat  ive tier one | 1,240 | – | Discounted cash flows | Price/yield | (14.1)% | 10.1% |
| and other elig  ible secur  it  ies |  |  |  |  | - 25.8% |  |
|  |  |  |  | Recovery rates | 0.1% - 1.0% | 0.2% |
|  |  |  | Internal pric  ing model | Equity-Equity correlation | 44.1% - 100% | 80.7% |
|  |  |  |  | Equity-FX correlation | (35.9)% | 14.2% |
|  |  |  |  |  | - 45.5% |  |
| Government bonds and | 51 | – | Discounted cash flows | Price/yield | 17.7% - 21.8% | 20.6% |
| treasury bills |  |  |  |  |  |  |
| Equity shares (includes private | 330 | – | Comparable pric  ing/y  ield | EV/Revenue multiples | 9.3x - 30.9x | 15.8x |
| equity investments) |  |  |  | P/E multiples | 13.2x - 51.8x | 44.8x |
|  |  |  |  | P/B multiples | 0.5x - 2.7x | 2.6x |
|  |  |  |  | P/S multiples | 1.5x - 1.6x | 1.5x |
|  |  |  |  | Liqu  id  ity discount | 20% - 20% | 20.0% |
|  |  |  | Discounted cash flows | Discount rates | 9.2% - 35.6% | 22.2% |
|  |  |  | Option pric  ing model | Equity value based on | 8.4x - 42.5x | 27.5x |
|  |  |  |  | EV/Revenue multiples |  |  |
|  |  |  |  | Equity value based on | 3.1x - 3.1x | 3.1x |
|  |  |  |  | EV/EBITDA multiples |  |  |
|  |  |  |  | Equity value based on  50.0% - 65.0% |  | 61.9% |
|  |  |  |  | volatil  ity |  |  |
| Derivat  ive financial  instruments of which: |  |  |  |  |  |  |
| Foreign exchange | 24 | 12 | Option pric  ing model | Foreign exchange | 0.5% - 51% | 24.5% |
|  |  |  |  | option impl  ied volat  il  ity |  |  |
|  |  |  | Discounted cash flows | Interest rate curves | 3.6% - 5.8% | 3.8% |
|  |  |  |  | Foreign exchange curves | 0.6% - 64.2% | 12.7% |
| Interest rate | 3 | 5 | Discounted cash flows | Interest rate curves | 3.6% - 8.5% | 5.2% |
| Credit | 47 | 126 | Discounted cash flows | Price/yield | 1.8% - 16.3% | 8.7% |
| Equity and stock index | 2 | 19 | Internal pric  ing model | Equity-Equity correlation | 44.1% - 100% | 55.0% |
|  |  |  |  | Equity-FX correlation | (35.9)% | 13.3% |
|  |  |  |  |  | - 45.4% |  |
| Deposits by banks | – | 68 | Discounted cash flows | Credit spreads | 0.6% - 3.4% | 2.0% |
| Customer accounts | – | 232 | Discounted cash flows | Interest rate curves | 2.9% - 8.6% | 6.1% |
|  |  |  |  | Price/yield | 6.3% - 15.1% | 10.5% |
|  |  |  | Internal pric  ing model | Equity-Equity correlation | 44.1% - 100% | 80.7% |
|  |  |  |  | Equity-FX correlation | (35.9)% | 14.2% |
|  |  |  |  |  | - 45.5% |  |
| Debt securit  ies  in issue | – | 1,026 | Discounted cash flows | Price/yield | 6.6% - 20.9% | 17.9% |
|  |  |  |  | Interest rate curves | 2.9% - 5.3% | 4.4% |
|  |  |  |  | Equity-Equity Correlation | 44.1% - 100% | 80.7% |
|  |  |  | Internal pric  ing model | Bond option impl  ied | 2.9% - 5.3% | 4.4% |
|  |  |  |  | volatil  ity |  |  |
|  |  |  |  | Equity-FX correlation | (35.9)% | 14.2% |
|  |  |  |  |  | - 45.5% |  |
| Short posit  ions | – | 103 | Discounted cash flows | Price/yield | 7.1% - 7.1% | 7.1% |
| Total | 4,234 | 1,591 |  |  |  |  |

1

The ranges of values shown in the above table represent the highest and lowest levels used in the valuation of the Group’s Level 3 financ

ial

instruments as at

31 December 2023. The ranges of values used are reflective of the underlying characterist

ics of these Level 3 financial

instruments based on the market condit

ions

at the balance sheet date. However, these ranges of values may not represent the uncertainty in fair value measurements of the Group’s Level 3 financ

ial

instruments

2

Weighted average for non-derivat

ive financial

instruments has been calculated by weight

ing

inputs by the relative fair value. Weighted average for derivat

ives has

been provided by weight

ing

inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful ind

icator

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

173

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Value as at 31 |  |  |  |  |  |
|  | December 2024 |  |  |  |  |  |
|  | Assets | Liab  il  it  ies |  | Sign  ificant unobservable |  | Weighted |
| Instrument | $mill  ion | $mill  ion | Princ  ipal valuat  ion technique | inputs | Range  1 | average  2 |
| Loans and advances to customers | 862 | – | Discounted cash flows | Price/yield | 1.8% - 100% | 36.1% |
| Reverse repurchase agreements | 2,199 | – | Discounted cash flows | Repo Curve | 2.0% - 7.6% | 6.7% |
| and other sim  ilar secured lend  ing |  |  |  | Price/yield | 5.0% - 10.5% | 6.1% |
| Debt securit  ies, alternat  ive tier one | 242 | – | Discounted cash flows | Price/yield | 5.3% - 15.3% | 11.7% |
| and other elig  ible secur  it  ies |  |  |  | Recovery rate | 0.01% - 15.0% | 7.6% |
| Equity shares (includes | 233 | – | Comparable pric  ing/y  ield | P/E multiples | 48.3x - 48.3x | 45.7x |
| private equity investments) |  |  |  | P/B multiples | 0.7x - 3.2x | 1.3x |
|  |  |  |  | Liqu  id  ity discount | 20.0% | 20.0% |
|  |  |  |  |  | - 20.0% |  |
|  |  |  | Discounted cash flows | Discount rates | 12.5% - 20.4% | 19.1% |
|  |  |  | Option pric  ing model | Equity value based on | 6.4x - 6.4x | 6.4x |
|  |  |  |  | EV/Revenue multiples |  |  |
| Derivat  ive financial  instruments |  |  |  |  |  |  |
| of which: |  |  |  |  |  |  |
| Foreign exchange | 47 | 27 | Option pric  ing model  Foreign exchange option |  | 10.2% - 46.2% | 42.0% |
|  |  |  |  | impl  ied volat  il  ity |  |  |
|  |  |  |  | Interest rate curves | 3.5% - 7.2% | 4.2% |
|  |  |  |  | Foreign exchange curves | (0.03)% | 6.9% |
|  |  |  |  |  | - 34.3% |  |
| Commodit  ies | – | 1 | Discounted cash flows | Commodity prices | $384 - $391 | $387 |
|  |  |  |  | CM-CM correlation | 73.7% - 97.9% | 86.0% |
| Interest rate | 72 | 23 | Discounted cash flows | Interest rate curves | 3.5% - 7.2% | 5.1% |
| Credit | 9 | 16 | Discounted cash flows | Credit spreads | 0.1% - 1.7% | 0.8% |
|  |  |  |  | Price/yield | 4.8% - 5.9% | 5.3% |
| Equity and stock index | 2 | 23 | Internal pric  ing model | Equity-Equity correlation | 44.9% - 100% | 80.0% |
|  |  |  |  | Equity-FX correlation | (36.4)% | 5.0% |
|  |  |  |  |  | - 48.9% |  |
| Deposits by banks | – | 50 | Discounted cash flows | Credit spreads | 0.2% - 3.2% | 1.7% |
| Customer accounts | – | 252 | Discounted cash flows | Price/yield | 5.7% - 12.7% | 7.5% |
|  |  |  |  | Interest rate curves | 3.5% - 4.4% | 4.1% |
| Debt securit  ies  in issue | – | 1,130 | Discounted cash flows | Price/yield | 6.2% - 14.8% | 13.3% |
|  |  |  |  | Interest rate curves | 3.5% - 4.4% | 4.1% |
|  |  |  | Internal pric  ing model | Equity-Equity correlation | 44.9% - 100% | 80.0% |
|  |  |  |  | Equity-FX correlation | (36.4)% | 5.0% |
|  |  |  |  |  | - 48.9% |  |
|  |  |  | Option pric  ing model | Bond option impl  ied | 4.0% - 15.0% | 12.5% |
|  |  |  |  | volatil  ity |  |  |
| Short posit  ions | – | 180 | Discounted cash flows | Price/yield | 5.9% - 12.7% | 6.3% |
| Total | 3,666 | 1,702 |  |  |  |  |

1

The ranges of values shown in the above table represent the highest and lowest levels used in the valuation of the Group’s Level 3 financ

ial

instruments as at

31 December 2024. The ranges of values used are reflective of the underlying characterist

ics of these Level 3 financial

instruments based on the market condit

ions

at the balance sheet date. However, these ranges of values may not represent the uncertainty in fair value measurements of the Group’s Level 3 financ

ial

instruments

2

Weighted average for non-derivat

ive financial

instruments has been calculated by weight

ing

inputs by the relative fair value. Weighted average for derivat

ives has

been provided by weight

ing

inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful ind

icator

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

174

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Value as at 31 |  |  |  |  |  |
|  | December 2023 |  |  |  |  |  |
|  | Assets | Liab  il  it  ies |  | Sign  ificant unobservable |  | Weighted |
| Instrument | $mill  ion | $mill  ion | Princ  ipal valuat  ion technique | inputs | Range  1 | average  2 |
| Loans and advances to customers | 1,024 | – | Discounted cash flows | Price/yield | 1.7% - 100% | 14.3% |
|  |  |  |  | Credit spreads | 0.1% - 0.8% | 0.6% |
| Reverse repurchase agreements | 1,092 | – | Discounted cash flows | Repo curve | 5.1% - 7.6% | 6.5% |
| and other sim  ilar secured lend  ing |  |  |  | Price/yield | (2.7)% - 10.3% | (1.2)% |
| Debt securit  ies, alternat  ive tier one | 114 | – | Discounted cash flows | Price/yield | (2.8)% - 25.8% | 10.0% |
| and other elig  ible secur  it  ies |  |  |  | Recovery rates | 0.1% - 0.1% | 0.1% |
| Equity shares (includes | 226 | – | Comparable pric  ing/y  ield | P/E multiples | 51.8x | 43.1x |
| private equity investments) |  |  |  | P/B multiples | 0.6x - 2.7x | 2.6x |
|  |  |  |  | P/S multiples | N/A | N/A |
|  |  |  |  | Liqu  id  ity discount | 20.0% | 20.0% |
|  |  |  |  |  | - 20.0% |  |
|  |  |  | Discounted cash flows | Discount rates | 12.6% - 18.5% | 16.9% |
|  |  |  | Option pric  ing model | Equity value based on | 10.7x | 10.7x |
|  |  |  |  | EV/Revenue multiples |  |  |
|  |  |  |  | Equity value based on | N/A | N/A |
|  |  |  |  | EV/EBITDA multiples |  |  |
|  |  |  |  | Equity value based on | N/A | N/A |
|  |  |  |  | volatil  ity |  |  |
| Derivat  ive financial  instruments |  |  |  |  |  |  |
| of which: |  |  |  |  |  |  |
| Foreign exchange | 21 | 16 | Option pric  ing model | Foreign exchange | 0.5% - 51% | 35.2% |
|  |  |  |  | option impl  ied volat  il  ity |  |  |
|  |  |  | Discounted cash flows | Interest rate curves | 3.6% - 5.8% | 3.8% |
|  |  |  |  | Foreign exchange curves | 0.6% - 64.2% | 20.7% |
| Interest rate | 2 | 5 | Discounted cash flows | Interest rate curves | 3.6% - 7.5% | 5.0% |
| Credit | 47 | 32 | Discounted cash flows | Price/yield | 1.8% - 16.3% | 8.9% |
| Equity and stock index | 2 | 9 | Internal pric  ing model  Equity-Equity Correlation |  | 44.1% - 100% | 80.7% |
|  |  |  |  | Equity-FX Correlation | (35.9)% | 14.2% |
|  |  |  |  |  | - 45.5% |  |
| Deposits by banks | – | 68 | Discounted cash flows | Credit spreads | 0.6% - 3.4% | 2.0% |
| Customer accounts | – | 130 | Discounted cash flows | Interest rate curves | 6.4% - 8.6% | 7.1% |
|  |  |  |  | Price/yield | 6.3% - 15.1% | 9.7% |
| Debt securit  ies  in issue | – | 861 | Discounted cash flows | Price/yield | 6.6% - 18.2% | 18.0% |
|  |  |  |  | Interest rate curves | 2.9% - 5.3% | 4.4% |
|  |  |  | Internal pric  ing model | Equity-Equity correlation | 44.1% - 100% | 80.7% |
|  |  |  |  | Equity-FX correlation | (35.9)% | 14.2% |
|  |  |  |  |  | - 45.5% |  |
|  |  |  |  | Bond option impl  ied | 2.9% - 5.3% | 4.4% |
|  |  |  |  | volatil  ity |  |  |
| Short posit  ion | – | 103 | Discounted cash flows | Price/yield | 7.1% - 7.1% | 7.1% |
| Total | 2,528 | 1,224 |  |  |  |  |

1

The ranges of values shown in the above table represent the highest and lowest levels used in the valuation of the Group’s Level 3 financ

ial

instruments as at

31 December 2023. The ranges of values used are reflective of the underlying characterist

ics of these Level 3 financial

instruments based on the market condit

ions

at the balance sheet date. However, these ranges of values may not represent the uncertainty in fair value measurements of the Group’s Level 3 financ

ial

instruments

2

Weighted average for non-derivat

ive financial

instruments has been calculated by weight

ing

inputs by the relative fair value. Weighted average for derivat

ives has

been provided by weight

ing

inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful ind

icator

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)

12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

175

Directors’ Report and Financ

ial Statements 2024

The following section describes the sign

ificant unobservable

inputs ident

ified

in the valuation technique table:

•

Comparable price/yield is a valuation methodology in which the price of a comparable instrument is used to estimate the

fair value where there are no direct observable prices. Yield is the interest rate that is used to discount the future cash flows

in a discounted cash flow model. Valuation using comparable instruments can be done by calculating an impl

ied y

ield

(or spread over a liqu

id benchmark) from the pr

ice of a comparable instrument, then adjust

ing that y

ield (or spread) to

derive a value for the instrument. The adjustment should account for relevant differences in the financ

ial

instruments such

as maturity and/or credit quality. Alternatively, a price-to-price basis can be assumed between the comparable instrument

and the instrument being valued in order to establish the value of the instrument (for example, deriv

ing a fa

ir value for a

junior unsecured bond from the pr

ice of a senior secured bond). An increase in price, in isolat

ion, would result

in a favourable

movement in the fair value of the asset. An increase in yield, in isolat

ion, would result

in an unfavourable movement in the

fair value of the asset

•

Correlation is the measure of how movement in one variable influences the movement in another variable. An equity

correlation is the correlation between two equity instruments, an interest rate correlation refers to the correlation between

two swap rates, while commodity correlation is correlation between two commodity underlying prices

•

Commodity price curves is the term structure for forward rates over a specif

ied per

iod

•

Credit spread represents the addit

ional y

ield that a market partic

ipant would demand for tak

ing exposure to the

Credit Risk of an instrument

•

Discount rate refers to the rate of return used to convert expected cash flows into present value

•

Equity-FX correlation is the correlation between equity instrument and foreign exchange instrument

•

EV/EBITDA multiple is the ratio of Enterprise Value (EV) to Earnings Before Interest, Taxes, Depreciat

ion and Amort

isat

ion

(EBITDA). EV is the aggregate market capital

isat

ion and debt minus the cash and cash equivalents. An increase in

EV/EBITDA multiples, will result in a favourable movement in the fair value of the unlisted firm

•

EV/Revenue multiple is the ratio of Enterprise Value (EV) to Revenue. An increase in EV/Revenue multiple will result in

a favourable movement in the fair value of the unlisted firm

•

Foreign exchange curves is the term structure for forward rates and swap rates between currency pairs over a specif

ied per

iod

•

Net asset value (NAV) is the value of an entity's assets after deducting any liab

il

it

ies.

•

Interest rate curves is the term structure of interest rates and measure of future interest rates at a particular point in time

•

Liqu

id

ity discounts in the valuation of unlisted investments primar

ily appl

ied to the valuation of unlisted firms’ investments

to reflect the fact that these stocks are not actively traded. An increase in liqu

id

ity discount will result an unfavourable

movement in the fair value of the unlisted firm

•

Price-Earnings (P/E) multiples is the ratio of the market value of equity to the net income after tax. An increase in

P/E multiple will result in a favourable movement in the fair value of the unlisted firm

•

Price-Book (P/B) multiple is the ratio of the market value of equity to the book value of equity. An increase in P/B multiple

will result in a favourable movement in the fair value of the unlisted firm

•

Price-Sales (P/S) multiple is the ratio of the market value of equity to sales. An increase in P/S multiple will result in a

favourable movement in the fair value of the unlisted firm

•

Recovery rates are the expectation of the rate of return resulting from the liqu

idat

ion of a particular loan. As the probabil

ity

of default increases for a given instrument, the valuation of that instrument will increas

ingly reflect

its expected recovery

level assuming default. An increase in the recovery rate, in isolat

ion, would result

in a favourable movement in the fair

value of the loan

•

Repo curve is the term structure of repo rates on repos and reverse repos at a particular point in time.

•

Volatil

ity represents an est

imate of how much a particular instrument, parameter or index will change in value over time.

Generally, the higher the volatil

ity, the more expens

ive the option will be

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

176

Directors’ Report and Financ

ial Statements 2024

Level 3 movement tables – financial assets

The table below analyses movements in Level 3 financ

ial assets carr

ied at fair value.

Group

Assets

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Held at fair value through profit or loss | | | | | Investment securit  ies | | | |
|  |  |  | Reverse |  |  |  |  |  |  |
|  |  |  | repurchase | Debt |  |  | Debt |  |  |
|  |  |  | agreements | securit  ies, |  |  | securit  ies, |  |  |
|  |  |  | and other | alternative |  |  | alternative |  |  |
|  | Loans and | Loans and | sim  ilar | tier one and |  | Derivat  ive | tier one and |  |  |
|  | advances to | advances to | secured | other | Equity | financial | other | Equity |  |
|  | banks | customers | lending | elig  ible b  ills | shares | instruments | elig  ible b  ills | shares | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 01 January 2024 | – | 1,172 | 1,365 | 1,220 | 85 | 76 | 71 | 245 | 4,234 |
| Total (losses)/gains |  |  |  |  |  |  |  |  |  |
| recognised in |  |  |  |  |  |  |  |  |  |
| income statement | (1) | (16) | 18 | (122) | 7 | (51) | – | – | (165) |
| Net trading income | (1) | (16) | 18 | (64) | 7 | (51) | – | – | (107) |
| Other operating income | – | – | – | (58) | – | – | – | – | (58) |
| Total losses recognised |  |  |  |  |  |  |  |  |  |
| in other comprehensive |  |  |  |  |  |  |  |  |  |
| income (OCI) | – | – | – | – | – | – | (11) | (8) | (19) |
| Fair value through |  |  |  |  |  |  |  |  |  |
| OCI reserve | – | – | – | – | – | – | – | (4) | (4) |
| Exchange difference | – | – | – | – | – | – | (11) | (4) | (15) |
| Purchases | – | 1,262 | 6,071 | 647 | 24 | 290 | – | 9 | 8,303 |
| Sales | – | (1,261) | (4,251) | (899) | – | (174) | – | – | (6,585) |
| Settlements | (7) | (41) | (782) | – | – | (22) | – | – | (852) |
| Transfers out  1 | (13) | (243) | (5) | – | – | (7) | (260) | – | (528) |
| Transfers in  2 | 21 | 483 | 140 | 17 | – | 35 | 200 | 4 | 900 |
| At 31 December 2024 | – | 1,356 | 2,556 | 863 | 116 | 147 | – | 250 | 5,288 |
| Recognised in the |  |  |  |  |  |  |  |  |  |
| income statement  3 | – | 7 | 1 | (1) | 7 | (15) | – | – | (1) |
| At 01 January 2023 | 21 | 1,308 | 1,988 | 807 | 92 | 44 | – | 484 | 4,744 |
| Total gains/(losses) |  |  |  |  |  |  |  |  |  |
| recognised in |  |  |  |  |  |  |  |  |  |
| income statement | – | (15) | (49) | (260) | (8) | 13 | – | – | (319) |
| Net trading income | – | (15) | (49) | (272) | (8) | 13 | – | – | (331) |
| Other operating income | – | – | – | 12 | – | – | – | – | 12 |
| Total gains recognised |  |  |  |  |  |  |  |  |  |
| in other comprehensive |  |  |  |  |  |  |  |  |  |
| income (OCI) | – | – | – | – | – | – | 1 | 42 | 43 |
| Fair value through |  |  |  |  |  |  |  |  |  |
| OCI reserve | – | – | – | – | – | – | – | 43 | 43 |
| Exchange difference | – | – | – | – | – | – | 1 | (1) | – |
| Purchases | 22 | 1,046 | 4,838 | 1,051 | 1 | 189 | 21 | 1 | 7,169 |
| Sales | (22) | (1,133) | (3,943) | (516) | – | (118) | (23) | (5) | (5,760) |
| Settlements | – | (16) | (1,469) | – | – | (25) | – | – | (1,510) |
| Transfers out  1 | (21) | (224) | – | (6) | – | (27) | (5) | (284) | (567) |
| Transfers in  2 | – | 206 | – | 144 | – | – | 77 | 7 | 434 |
| At 31 December 2023 | – | 1,172 | 1,365 | 1,220 | 85 | 76 | 71 | 245 | 4,234 |
| Recognised in the |  |  |  |  |  |  |  |  |  |
| income statement  3 | – | (3) | 3 | (3) | (8) | (11) | – | – | (22) |

1

Transfers out includes loans and advances, debt securit

ies, alternat

ive tier one and other elig

ible b

ills, reverse repurchase agreements and other sim

ilar secured lend

ing

and derivat

ive financial

instruments where the valuation parameters became observable during the period and were transferred to Level 1 and Level 2

2

Transfers in primar

ily relate to loans and advances, debt secur

it

ies, alternat

ive tier one and other elig

ible b

ills, reverse repurchase agreements and other sim

ilar secured

lending, equity shares and derivat

ive financial

instruments where the valuation parameters become unobservable during the year

3

Represents total unrealised (losses)/gains recognised in the income statement, with

in net trad

ing income, relating to change in fair value of assets

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

177

Directors’ Report and Financ

ial Statements 2024

Level 3 movement tables – financial assets

The table below analyses movements in Level 3 financ

ial assets carr

ied at fair value.

Company

Assets

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Held at fair value through profit or loss | | | | | Investment securit  ies | | | | |
|  |  |  | Reverse | Debt |  |  |  | Debt |  |  |
|  |  |  | repurchase | securit  ies, |  |  |  | securit  ies, |  |  |
|  |  |  | agreements | alternative |  |  |  | alternative |  |  |
|  |  | Loans and | and other | tier one |  |  |  | tier one |  |  |
|  | Loans and | advances | sim  ilar | and other |  |  | Derivat  ive | and other |  |  |
|  | advances | to | secured | elig  ible | Equity | Other | financial | elig  ible | Equity |  |
|  | to banks | customers | lending | bills | shares | Assets | instruments | bills | shares | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 01 January 2024 | – | 1,024 | 1,092 | 114 | – | – | 72 | – | 226 | 2,528 |
| Total (losses)/gains |  |  |  |  |  |  |  |  |  |  |
| recognised in |  |  |  |  |  |  |  |  |  |  |
| income statement | – | (24) | 17 | (50) | – | – | (41) | – | – | (98) |
| Net trading income | – | (24) | 17 | (50) | – | – | (41) | – | – | (98) |
| Other operating income | – | – | – | – | – | – | – | – | – | – |
| Total losses recognised |  |  |  |  |  |  |  |  |  |  |
| in other comprehensive |  |  |  |  |  |  |  |  |  |  |
| income (OCI) | – | – | – | – | – | – | – | – | – | – |
| Fair value through |  |  |  |  |  |  |  |  |  |  |
| OCI reserve | – | – | – | – | – | – | – | – | 1 | 1 |
| Exchange difference | – | – | – | – | – | – | – | – | (1) | (1) |
| Purchases | – | 683 | 5,177 | 423 | – | – | 317 | – | 9 | 6,609 |
| Sales | (20) | (939) | (3,392) | (253) | – | – | (213) | – | – | (4,817) |
| Settlements | – | (28) | (782) | – | – | – | (13) | – | – | (823) |
| Transfers out  1 | – | (226) | (5) | – | – | – | (24) | (200) | (2) | (457) |
| Transfers in  2 | 20 | 372 | 92 | 8 | – | – | 32 | 200 | – | 724 |
| At 31 December 2024 | – | 862 | 2,199 | 242 | – | – | 130 | – | 233 | 3,666 |
| Recognised in the |  |  |  |  |  |  |  |  |  |  |
| income statement  3 | – | – | – | – | – | – | (13) | – | – | (13) |
| At 01 January 2023 | – | 899 | 1,988 | 469 | – | – | 39 | – | 220 | 3,615 |
| Total (losses) /gains |  |  |  |  |  |  |  |  |  |  |
| recognised in |  |  |  |  |  |  |  |  |  |  |
| income statement | – | (4) | (52) | (267) | – | – | 13 | – | – | (310) |
| Net trading income | – | (4) | (52) | (267) | – | – | 13 | – | – | (310) |
| Other operating income | – | – | – | – | – | – | – | – | – | – |
| Total gains recognised in |  |  |  |  |  |  |  |  |  |  |
| other comprehensive |  |  |  |  |  |  |  |  |  |  |
| income (OCI) | – | – | – | – | – | – | – | – | 42 | 42 |
| Fair value through |  |  |  |  |  |  |  |  |  |  |
| OCI reserve | – | – | – | – | – | – | – | – | 42 | 42 |
| Exchange difference | – | – | – | – | – | – | – | – | – | – |
| Purchases | – | 957 | 4,568 | 208 | – | – | 171 | – | 1 | 5,905 |
| Sales | – | (798) | (3,943) | (289) | – | – | (111) | – | (5) | (5,146) |
| Settlements | – | (9) | (1,469) | – | – | – | (17) | – | – | (1,495) |
| Transfers out  1 | – | (216) | – | (8) | – | – | (23) | – | (32) | (279) |
| Transfers in  2 | – | 195 | – | 1 | – | – | – | – | – | 196 |
| At 31 December 2023 | – | 1,024 | 1,092 | 114 | – | – | 72 | – | 226 | 2,528 |
| Recognised in the |  |  |  |  |  |  |  |  |  |  |
| income statement  3 | – | – | – | – | – | – | (9) | – | – | (9) |

1

Transfers out includes loans and advances, debt securit

ies, alternat

ive tier one and other elig

ible b

ills, reverse repurchase agreements and other sim

ilar secured lend

ing

and derivat

ive financial

instruments where the valuation parameters became observable during the period and were transferred to Level 1 and Level 2

2

Transfers in primar

ily relate to loans and advances, debt secur

it

ies, alternat

ive tier one and other elig

ible b

ills, reverse repurchase agreements and other sim

ilar secured

lending and derivat

ive financial

instruments where the valuation parameters become unobservable during the year

3

Represents Total unrealised (losses)/gains recognised in the income statement, with

in net trad

ing income, relating to change in fair value of assets

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

178

Directors’ Report and Financ

ial Statements 2024

Level 3 movement tables – financial l

iab

il

it

ies

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Debt | Derivat  ive |  |  |
|  | Deposits by | Customer | securit  ies  in | financial | Short |  |
|  | banks | accounts | issue | instruments | posit  ions | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 01 January 2024 | 68 | 232 | 1,026 | 162 | 103 | 1,591 |
| Total losses recognised in income statement – |  |  |  |  |  |  |
| net trading income | 29 | 9 | 16 | 4 | 3 | 61 |
| Issues | 33 | 776 | 3,785 | 483 | 177 | 5,254 |
| Settlements | (80) | (644) | (2,641) | (407) | (103) | (3,875) |
| Transfers out  1 | – | (26) | (1,063) | (10) | – | (1,099) |
| Transfers in  2 | – | 8 | 70 | 6 | – | 84 |
| At 31 December 2024 | 50 | 355 | 1,193 | 238 | 180 | 2,016 |
| Recognised in the income statement  3 | 29 | 5 | 2 | 2 | – | 38 |
| At 01 January 2023 | 133 | 170 | 427 | 118 | 40 | 888 |
| Total (gains)/losses recognised in income statement |  |  |  |  |  |  |
| – net trading income | – | (20) | 32 | (53) | 3 | (38) |
| Issues | 293 | 509 | 1,466 | 404 | 100 | 2,772 |
| Settlements | (353) | (442) | (1,178) | (297) | (40) | (2,310) |
| Transfers out  1 | (5) | (9) | (85) | (13) | – | (112) |
| Transfers in  2 | – | 24 | 364 | 3 | – | 391 |
| At 31 December 2023 | 68 | 232 | 1,026 | 162 | 103 | 1,591 |
| Recognised in the income statement  3 | – | (21) | 6 | (47) | – | (62) |

1

Transfers out during the year primar

ily relates to debt secur

it

ies

in issue, customer accounts and derivat

ive financial

instruments where the valuation parameters

became observable during the year and were transferred to Level 2 financ

ial l

iab

il

it

ies

2

Transfers in during the year primar

ily relates to customer accounts, debt secur

it

ies

in issue and derivat

ive financial

instruments where the valuation parameters

became unobservable during the year

3

Represents Total unrealised losses/(gains) recognised in the income statement, with

in net trad

ing income, relating to change in fair value of liab

il

it

ies

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

179

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Debt | Derivat  ive |  |  |
|  | Deposits by | Customer | securit  ies  in | financial | Short |  |
|  | banks | accounts | issue | instruments | posit  ions | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 01 January 2024 | 68 | 130 | 861 | 62 | 103 | 1,224 |
| Total losses recognised in income statement – net |  |  |  |  |  |  |
| trading income | 29 | 4 | 13 | 3 | 3 | 52 |
| Issues | 33 | 545 | 3,487 | 140 | 177 | 4,382 |
| Settlements | (80) | (429) | (2,238) | (116) | (103) | (2,966) |
| Transfers out  1 | – | (26) | (1,063) | (5) | – | (1,094) |
| Transfers in  2 | – | 28 | 70 | 6 | – | 104 |
| At 31 December 2024 | 50 | 252 | 1,130 | 90 | 180 | 1,702 |
| Recognised in the income statement  3 | 29 | – | – | (1) | – | 28 |
| At 01 January 2023 | 119 | 67 | 262 | 110 | 40 | 598 |
| Total losses/(gains) recognised in income statement |  |  |  |  |  |  |
| – net trading income | – | 2 | 26 | (16) | 3 | 15 |
| Issues | 281 | 260 | 993 | 154 | 100 | 1,788 |
| Settlements | (327) | (203) | (699) | (177) | (40) | (1,446) |
| Transfers out  1 | (5) | – | (85) | (9) | – | (99) |
| Transfers in  2 | – | 4 | 364 | – | – | 368 |
| At 31 December 2023 | 68 | 130 | 861 | 62 | 103 | 1,224 |
| Recognised in the income statement  3 | – | – | – | (10) | – | (10) |

1

Transfers out during the year primar

ily relates to debt secur

it

ies

in issue, customer accounts and derivat

ive financial

instruments where the valuation parameters

became observable during the year and were transferred to Level 2 financ

ial l

iab

il

it

ies

2

Transfers in during the year primar

ily relates to debt secur

it

ies

in issue, customer accounts and derivat

ive financial

instruments where the valuation parameters become

unobservable during the year

3

Represents total unrealised losses/(gains) recognised in the income statement, with

in net trad

ing income, relating to change in fair value of liab

il

it

ies

Sensit

iv

it

ies

in respect of the fair values of Level 3 assets and liab

il

it

ies

Sensit

iv

ity analysis is performed on products with sign

ificant unobservable

inputs. The Group applies a 10 per cent increase

or decrease on the values of these unobservable inputs, to generate a range of reasonably possible alternative valuations.

The percentage shift is determined by statist

ical analys

is performed on a set of reference prices based on the composit

ion

of the Group’s Level 3 inventory as the measurement date. Favourable and unfavourable changes (which show the balance

adjusted for input change) are determined on the basis of changes in the value of the instrument as a result of varying the

levels of the unobservable parameters. The Level 3 sensit

iv

ity analysis assumes a one-way market move and does not

consider offsets for hedges.

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

180

Directors’ Report and Financ

ial Statements 2024

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Fair value through other | | |
|  | Held at fair value through profit or loss | | | comprehensive income | | |
|  |  | Favourable | Unfavourable |  | Favourable | Unfavourable |
|  | Net exposure | changes | changes | Net exposure | changes | changes |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial  instruments held at fair value |  |  |  |  |  |  |
| Loans and advances | 1,356 | 1,388 | 1,296 | – | – | – |
| Reverse Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured lending | 2,556 | 2,591 | 2,521 | – | – | – |
| Debt securit  ies, alternat  ive tier one and other |  |  |  |  |  |  |
| elig  ible b  ills | 863 | 896 | 831 | – | – | – |
| Equity shares | 116 | 127 | 105 | 250 | 275 | 225 |
| Derivat  ive financial  instruments | (91) | (79) | (105) | – | – | – |
| Customers accounts | (355) | (344) | (367) | – | – | – |
| Deposits by banks | (50) | (50) | (50) | – | – | – |
| Short posit  ions | (180) | (178) | (182) | – | – | – |
| Debt securit  ies  in issue | (1,193) | (1,134) | (1,252) | – | – | – |
| At 31 December 2024 | 3,022 | 3,217 | 2,797 | 250 | 275 | 225 |
| Financ  ial  instruments held at fair value |  |  |  |  |  |  |
| Loans and advances | 1,172 | 1,186 | 1,140 | – | – | – |
| Reverse Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured lending | 1,365 | 1,367 | 1,362 | – | – | – |
| Debt securit  ies, alternat  ive tier one and other |  |  |  |  |  |  |
| elig  ible b  ills | 1,220 | 1,265 | 1,153 | 71 | 77 | 65 |
| Equity shares | 85 | 94 | 77 | 245 | 270 | 221 |
| Derivat  ive financial  instruments | (86) | (44) | (127) | – | – | – |
| Customers accounts | (232) | (218) | (246) | – | – | – |
| Deposits by banks | (68) | (68) | (68) | – | – | – |
| Short posit  ions | (103) | (101) | (105) | – | – | – |
| Debt securit  ies  in issue | (1,026) | (951) | (1,100) | – | – | – |
| At 31 December 2023 | 2,327 | 2,530 | 2,086 | 316 | 347 | 286 |

The reasonably possible alternatives could have increased or decreased the fair values of financ

ial

instruments held at

fair value through profit or loss and those classif

ied as fa

ir value through other comprehensive income by the amounts

disclosed below.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Fair value changes | | | |
|  | Possible increase | | Possible decrease | |
|  | 2024 | 2023 | 2024 | 2023 |
| Financ  ial  instruments | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Held at fair value through profit or loss | 195 | 203 | (225) | (241) |
| Fair value through other comprehensive income | 25 | 31 | (25) | (30) |

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12. Financ

ial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

181

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Fair value through other | | |
|  | Held at fair value through profit or loss | | | comprehensive income | | |
|  |  | Favourable | Unfavourable |  | Favourable | Unfavourable |
|  | Net exposure | changes | changes | Net exposure | changes | changes |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial  instruments held at fair value |  |  |  |  |  |  |
| Loans and advances | 862 | 888 | 819 | – | – | – |
| Reverse Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured lending | 2,199 | 2,232 | 2,165 | – | – | – |
| Debt securit  ies, alternat  ive tier one and other |  |  |  |  |  |  |
| elig  ible b  ills | 242 | 247 | 237 | – | – | – |
| Equity shares | – | – | – | 233 | 256 | 210 |
| Derivat  ive financial  instruments | 40 | 52 | 27 | – | – | – |
| Customers accounts | (252) | (244) | (261) | – | – | – |
| Deposits by banks | (50) | (50) | (50) | – | – | – |
| Short posit  ions | (180) | (178) | (182) | – | – | – |
| Debt securit  ies  in issue | (1,130) | (1,076) | (1,184) | – | – | – |
| At 31 December 2024 | 1,731 | 1,871 | 1,571 | 233 | 256 | 210 |
| Financ  ial  instruments held at fair value |  |  |  |  |  |  |
| Loans and advances | 1,024 | 1,037 | 999 | – | – | – |
| Reverse Repurchase agreements and other sim  ilar |  |  |  |  |  |  |
| secured lending | 1,092 | 1,094 | 1,090 | – | – | – |
| Debt securit  ies, alternat  ive tier one and other |  |  |  |  |  |  |
| elig  ible b  ills | 114 | 118 | 110 | – | – | – |
| Equity shares | – | – | – | 226 | 249 | 203 |
| Derivat  ive financial  instruments | 10 | 15 | 5 | – | – | – |
| Customers accounts | (130) | (122) | (138) | – | – | – |
| Deposits by banks | (68) | (68) | (68) | – | – | – |
| Short posit  ions | (103) | (101) | (105) | – | – | – |
| Debt securit  ies  in issue | (861) | (788) | (934) | – | – | – |
| At 31 December 2023 | 1,078 | 1,185 | 959 | 226 | 249 | 203 |

The reasonably possible alternatives could have increased or decreased the fair values of financ

ial

instruments held at

fair value through profit or loss and those classif

ied as fa

ir value through other comprehensive income by the amounts

disclosed below.

Financ

ial

instruments

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Fair value changes | | | |
|  | Possible increase | | Possible decrease | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Held at fair value through profit or loss | 140 | 107 | (160) | (119) |
| Fair value through other comprehensive income | 23 | 23 | (23) | (23) |

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Notes to the financial statements cont

inued

Standard Chartered Bank

182

Directors’ Report and Financ

ial Statements 2024

13. Derivat

ive financial

instruments

Accounting policy

Fair values may be obtained from quoted market prices in active markets, recent market transactions, and valuation

techniques, includ

ing d

iscounted cash flow models and option pric

ing models, as appropr

iate. Where the in

it

ially recognised

fair value of a derivat

ive contract

is based on a valuation model that uses inputs which are not observable in the market,

it follows the same in

it

ial recognit

ion account

ing policy as for other financ

ial assets and l

iab

il

it

ies. All der

ivat

ives are carr

ied

as assets when fair value is posit

ive and as l

iab

il

it

ies when fa

ir value is negative.

Hedge accounting

Under certain condit

ions, the Group may des

ignate a recognised asset or liab

il

ity, a firm commitment, highly probable

forecast transaction or net investment of a foreign operation into a formal hedge accounting relationsh

ip w

ith a derivat

ive

that has been entered to manage interest rate and/or foreign exchange risks present in the hedged item. The Group,

as a policy choice to continue to apply hedge accounting in accordance with IAS 39. The Group applied IBOR reform Phase 2

reliefs in respect of hedging relationsh

ips d

irectly affected by IBOR reform.

There are three categories of hedge relationsh

ips:

•

Fair value hedge: to manage the fair value of interest rate and/or foreign currency risks of recognised assets or liab

il

it

ies

or firm commitments

•

Cash flow hedge: to manage interest rate or foreign exchange risk of highly probable future cash flows attributable

to a recognised asset or liab

il

ity, or a forecasted transaction

•

Net investment hedge: to manage the structural foreign exchange risk of an investment in a foreign operation

The Group assesses, both at hedge incept

ion and on a quarterly bas

is, whether the derivat

ives des

ignated in hedge

relationsh

ips are h

ighly effective in offsetting changes in fair values or cash flows of hedged items. Hedges are considered

to be highly effective if all the following criter

ia are met:

•

At incept

ion of the hedge and throughout

its life, the hedge is prospectively expected to be highly effective in achiev

ing

offsetting changes in fair value or cash flows attributable to the hedged risk

•

Prospective and retrospective effectiveness of the hedge should be with

in a range of 80–125%. Th

is is tested using

regression analysis

•

This is tested using regression analysis where the slope of the regression line must be between -0.80 and -1.25 and the data

pairs between the hedged item and the hedging instrument are regressed to a 95% confidence interval. The regression

co-efficient (R squared), wh

ich measures the correlation between the variables in the regression, is at least 80%

In the case of the hedge of a forecast transaction, the transaction must have a high probabil

ity of occurr

ing and must

present an exposure to variat

ions

in cash flows that are expected to affect reported profit or loss.

Fair value hedge

Changes in the fair value of derivat

ives that are des

ignated and qualify as fair value hedging instruments are recorded

in net trading income, together with any changes in the fair value of the hedged asset or liab

il

ity that are attributable to

the hedged risk. If the hedge no longer meets the criter

ia for hedge account

ing, the adjustment to the carrying amount

of a hedged item for which the effective interest method is used is amortised to the income statement over the remain

ing

term to maturity of the hedged item. If the hedged item is sold or repaid, the unamortised fair value adjustment is recognised

immed

iately

in the income statement. For financ

ial assets class

if

ied as fa

ir value through other comprehensive income,

the hedge accounting adjustment attributable to the hedged risk is included in net trading income to match the

hedging derivat

ive.

Cash flow hedge

The effective portion of changes in the fair value of derivat

ives that are des

ignated and qualify as cash flow hedging

instruments are in

it

ially recognised in other comprehensive income, accumulating in the cash flow hedge reserve with

in

equity. These amounts are subsequently recycled to the income statement in the periods when the hedged item affects

profit or loss. Both the derivat

ive fa

ir value movement and any recycled amount are recorded in the ‘Cashflow hedges’ line

item in other comprehensive income.

The Group assesses hedge effectiveness using the hypothetical derivat

ive method, wh

ich creates a derivat

ive

instrument to

serve as a proxy for the hedged transaction. The terms of the hypothetical derivat

ive match the cr

it

ical terms of the hedged

item and it has a fair value of zero at incept

ion. The hypothet

ical derivat

ive and the actual der

ivat

ive are regressed to

establish the statist

ical s

ign

ificance of the hedge relat

ionsh

ip. Any

ineffect

ive port

ion of the gain or loss on the hedging

instrument is recognised in the net trading income immed

iately.

If a cash flow hedge is discont

inued, the amount accumulated

in the cash flow hedge reserve is released to the income

statement as and when the hedged item affects the income statement.

Should the Group consider the hedged future cash flows are no longer expected to occur due to reasons, the cumulative

gain or loss will be immed

iately reclass

if

ied to profit or loss.

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

183

Directors’ Report and Financ

ial Statements 2024

Net investment hedge

Hedges of net investments are accounted for in a sim

ilar manner to cash flow hedges, w

ith gains and losses aris

ing on the

effective portion of the hedges recorded in the line ‘Exchange differences on translation of foreign operations’ in other

comprehensive income, accumulating in the translation reserve with

in equ

ity. These amounts remain in equity until the net

investment is disposed of. The ineffect

ive port

ion of the hedges is recognised in the net trading income immed

iately.

The tables below analyse the notional princ

ipal amounts and the pos

it

ive and negat

ive fair values of derivat

ive financial

instruments. Notional princ

ipal amounts are the amounts of pr

inc

ipal underly

ing the contract at the reporting date.

Derivat

ives

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Notional |  |  | Notional |  |  |
|  | princ  ipal |  |  | princ  ipal |  |  |
|  | amounts | Assets | Liab  il  it  ies | amounts | Assets | Liab  il  it  ies |
| Derivat  ives | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Foreign exchange derivat  ive contracts: |  |  |  |  |  |  |
| Forward foreign exchange contracts | 5,007,030 | 55,423 | 53,632 | 3,315,302 | 36,523 | 36,348 |
| Currency swaps and options | 1,241,536 | 13,347 | 14,346 | 967,868 | 9,200 | 10,081 |
|  | 6,248,566 | 68,770 | 67,978 | 4,283,170 | 45,723 | 46,429 |
| Interest rate derivat  ive contracts: |  |  |  |  |  |  |
| Swaps | 6,790,635 | 24,809 | 25,007 | 4,412,137 | 51,193 | 52,496 |
| Forward rate agreements and options | 292,625 | 2,283 | 2,678 | 309,630 | 2,001 | 2,382 |
|  | 7,083,260 | 27,092 | 27,685 | 4,721,767 | 53,194 | 54,878 |
| Exchange traded futures and options | 375,487 | 30 | 27 | 321,138 | 39 | 47 |
| Credit derivat  ive contracts | 220,389 | 801 | 1,162 | 272,695 | 452 | 574 |
| Equity and stock index options | 7,427 | 206 | 146 | 6,771 | 49 | 127 |
| Commodity derivat  ive contracts | 142,065 | 1,277 | 1,038 | 112,846 | 864 | 885 |
| Gross total derivat  ives | 14,077,194 | 98,176 | 98,036 | 9,718,387 | 100,321 | 102,940 |
| Offset  1 | – | (15,459) | (15,459) | – | (47,767) | (47,767) |
| Total derivat  ives | 14,077,194 | 82,717 | 82,577 | 9,718,387 | 52,554 | 55,173 |

1

In 2024, the Group migrated contracts from Collateralized to Market (CTM) to Settled to Market (STM) for house cleared contracts with London Clearing House

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Notional |  |  | Notional |  |  |
|  | princ  ipal |  |  | princ  ipal |  |  |
|  | amounts | Assets | Liab  il  it  ies | amounts | Assets | Liab  il  it  ies |
| Derivat  ives | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Foreign exchange derivat  ive contracts: |  |  |  |  |  |  |
| Forward foreign exchange contracts | 5,040,980 | 55,576 | 54,196 | 3,857,570 | 31,658 | 31,966 |
| Currency swaps and options | 1,233,628 | 13,206 | 14,260 | 1,001,366 | 9,562 | 10,685 |
|  | 6,274,608 | 68,782 | 68,456 | 4,858,936 | 41,220 | 42,651 |
| Interest rate derivat  ive contracts: |  |  |  |  |  |  |
| Swaps | 6,826,162 | 25,053 | 25,248 | 4,979,421 | 56,121 | 56,504 |
| Forward rate agreements and options | 293,160 | 2,263 | 2,674 | 312,356 | 2,124 | 2,428 |
|  | 7,119,322 | 27,316 | 27,922 | 5,291,777 | 58,245 | 58,932 |
| Exchange traded futures and options | 375,487 | 30 | 27 | 321,138 | 39 | 47 |
| Credit derivat  ive contracts | 213,526 | 623 | 719 | 278,156 | 479 | 557 |
| Equity and stock index options | 2,210 | 99 | 39 | 4,486 | 23 | 73 |
| Commodity derivat  ive contracts | 143,982 | 1,453 | 1,041 | 117,875 | 982 | 1,038 |
| Gross total derivat  ives | 14,129,135 | 98,303 | 98,204 | 10,872,368 | 100,988 | 103,298 |
| Offset  1 | – | (15,459) | (15,459) | – | (47,767) | (47,767) |
| Total derivat  ives | 14,129,135 | 82,844 | 82,745 | 10,872,368 | 53,221 | 55,531 |

1

In 2024, the Group migrated contracts from Collateralized to Market (CTM) to Settled to Market (STM) for house cleared contracts with London Clearing House

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

184

Directors’ Report and Financ

ial Statements 2024

The Group lim

its exposure to cred

it losses in the event of default by entering into master netting agreements with certain

market counterparties. As required by IAS 32, exposures are only presented net in these accounts where they are subject to

legal right of offset and intended to be settled net in the ordinary course of business.

The Group applies balance sheet offsetting only in the instance where we are able to demonstrate legal enforceabil

ity of the

right to offset (e.g. via legal opin

ion) and the ab

il

ity and

intent

ion to settle on a net bas

is (e.g. via operational practice).

The Group may enter into economic hedges that do not qualify for IAS 39 hedge accounting treatment, includ

ing der

ivat

ive

such as interest rate swaps, interest rate futures and cross currency swaps to manage interest rate and currency risks of the

Group. These derivat

ives are measured at fa

ir value, with fair value changes recognised in net trading income: refer to

Market risk (page 96).

The Derivat

ives and Hedg

ing sections of the Risk review and Capital review (page 99) explain the Group’s risk management

of derivat

ive contracts and appl

icat

ion of hedg

ing.

Derivat

ives held for hedg

ing

The Group enters into derivat

ive contracts for the purpose of hedg

ing interest rate, currency and structural foreign exchange

risks inherent in assets, liab

il

it

ies and forecast transact

ions. The table below summarises the notional princ

ipal amounts

and carrying values of derivat

ives des

ignated in hedge accounting relationsh

ips at the report

ing date.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Notional |  |  | Notional |  |  |
|  | princ  ipal |  |  | princ  ipal |  |  |
|  | amounts | Assets | Liab  il  it  ies | amounts | Assets | Liab  il  it  ies |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Derivat  ives des  ignated as fair value hedges: |  |  |  |  |  |  |
| Interest rate swaps | 42,694 | 639 | 622 | 47,257 | 1,115 | 1,224 |
| Currency swaps | 1,035 | – | 56 | 115 | 10 | 6 |
|  | 43,729 | 639 | 678 | 47,372 | 1,125 | 1,230 |
| Derivat  ives des  ignated as cash flow hedges: |  |  |  |  |  |  |
| Interest rate swaps | 32,651 | 68 | 134 | 35,467 | 99 | 535 |
| Forward foreign exchange contracts | 9,173 | 608 | – | 11,862 | 416 | 183 |
| Currency swaps | 2,163 | 114 | 1 | 1,007 | 21 | 4 |
|  | 43,987 | 790 | 135 | 48,336 | 536 | 722 |
| Derivat  ives des  ignated as net investment hedges: |  |  |  |  |  |  |
| Forward foreign exchange contracts | 3,222 | 36 | – | 4,402 | 10 | 12 |
| Total derivat  ives held for hedg  ing | 90,938 | 1,465 | 813 | 100,110 | 1,671 | 1,964 |

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Notional |  |  | Notional |  |  |
|  | princ  ipal |  |  | princ  ipal |  |  |
|  | amounts | Assets | Liab  il  it  ies | amounts | Assets | Liab  il  it  ies |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Derivat  ives des  ignated as fair value hedges: |  |  |  |  |  |  |
| Interest rate swaps | 41,622 | 616 | 621 | 45,062 | 1,075 | 1,207 |
| Currency swaps | – | – | – | 115 | 10 | 6 |
|  | 41,622 | 616 | 621 | 45,177 | 1,085 | 1,213 |
| Derivat  ives des  ignated as cash flow hedges: |  |  |  |  |  |  |
| Interest rate swaps | 23,611 | 49 | 60 | 33,330 | 81 | 535 |
| Forward foreign exchange contracts | 8,884 | 578 | – | 11,097 | 416 | 165 |
| Currency swaps | 1,231 | 31 | – | 199 | 4 | 1 |
|  | 33,726 | 658 | 60 | 44,626 | 501 | 701 |
| Derivat  ives des  ignated as net investment hedges: |  |  |  |  |  |  |
| Forward foreign exchange contracts | 3,222 | 36 | – | 3,339 | 8 | 3 |
| Total derivat  ives held for hedg  ing | 78,570 | 1,310 | 681 | 93,142 | 1,594 | 1,917 |

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

185

Directors’ Report and Financ

ial Statements 2024

Fair value hedges

The Group issues various long-term fixed-rate debt issuances that are measured at amortised cost, includ

ing some

denominated in foreign currency, such as unsecured senior and subordinated debt (see Notes 22 and 27). The Group also

holds various fixed rate debt securit

ies such as government and corporate bonds,

includ

ing some denom

inated in foreign

currency (see Note 12). These assets and liab

il

it

ies held are exposed to changes

in fair value due to movements in market

interest and foreign currency rates.

The Group uses interest rate swaps to exchange fixed rates for floating rates on funding to match floating rates received on

assets, or exchange fixed rates on assets to match floating rates paid on funding. The Group further uses cross- currency

swaps to match the currency of the issued debt or held asset with that of the entity’s functional currency.

Hedge ineffect

iveness from fa

ir value hedges is driven by cross-currency basis risk and interest cashflows mismatch between

the hedging instruments and underlying hedged items. The amortisat

ion of fa

ir value hedge adjustments for hedged items

no longer designated is recognised in net interest income.

At 31 December 2024 the Group held the following interest rate and cross currency swaps as hedging instruments in fair value

hedges of interest and currency risk.

Hedging instruments and ineffect

iveness

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying Amount | | Change in fair |  |  |
|  |  |  |  | value used to |  |  |
|  |  |  |  | calculate |  | Ineffectiveness |
|  |  |  |  | hedge |  | recognised in |
|  | Notional | Asset | Liab  il  ity  ineffect | iveness |  | profit or loss |
| Interest rate  1 | $mill  ion | $mill  ion | $mill  ion | $mill  ion |  | $mill  ion |
| Interest rate swaps – debt securit  ies/subord  inated notes issued | 28,236 | 199 | 588 | (57) |  | (4) |
| Interest rate swaps – loans and advances to customers | 807 | 1 | 12 | (3) |  | – |
| Interest rate swaps – debt securit  ies and other el  ig  ible b  ills | 13,651 | 439 | 22 | 141 |  | 2 |
| Interest and currency risk  1 |  |  |  |  |  |  |
| Cross currency swaps – debt securit  ies/subord  inated notes issued | 1,035 | – | 56 | (52) |  | (1) |
| Cross currency swaps – debt securit  ies and other el  ig  ible b  ills | – | – | – | (10) |  | – |
| Total at 31 December 2024 | 43,729 | 639 | 678 | 19 |  | (3) |
| Interest rate swaps – debt securit  ies/subord  inated notes issued | 26,617 | 311 | 1,107 | 574 |  | 3 |
| Interest rate swaps – loans and advances to customers | 537 | 5 | 1 | 1 |  | – |
| Interest rate swaps – debt securit  ies and other el  ig  ible b  ills | 20,103 | 799 | 116 | (382) |  | (14) |
| Interest and currency risk  1 |  |  |  |  |  |  |
| Cross currency swaps – debt securit  ies/subord  inated notes issued | 70 | – | 6 | (2) |  | – |
| Cross currency swaps – debt securit  ies and other el  ig  ible b  ills | 45 | 10 | – | 10 |  | – |
| Total at 31 December 2023 | 47,372 | 1,125 | 1,230 | 201 |  | (11) |

1

Interest rate swaps are designated in hedges of the fair value of interest rate risk attributable to the hedged item. Cross currency swaps are used to hedge both interest

rate and currency risks. All the hedging instruments are derivat

ives, w

ith changes in fair value includ

ing hedge

ineffect

iveness recorded w

ith

in net trad

ing income

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

186

Directors’ Report and Financ

ial Statements 2024

Hedged items in fair value hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Accumulated amount of fair | |  | Cumulative |
|  |  |  | value hedge adjustments | |  | balance of fair |
|  |  |  | included in the carrying | |  | value |
|  | Carrying Amount | | amount | |  | adjustments |
|  |  |  |  |  | Change in the | from |
|  |  |  |  |  | value used for | de- |
|  |  |  |  |  | calculating | designated |
|  |  |  |  |  | hedge | hedge |
|  | Asset | Liab  il  ity | Asset | Liab  il  ity | ineffect  iveness¹ | relationsh  ips² |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Debt securit  ies/subord  inated notes issued | – | 29,845 | – | 503 | 104 | (242) |
| Debt securit  ies and other el  ig  ible b  ills | 13,195 | – | (327) | – | (130) | 204 |
| Loans and advances to customers | 811 | – | 4 | – | 4 | 4 |
| Total at 31 December 2024 | 14,006 | 29,845 | (323) | 503 | (22) | (34) |
| Debt securit  ies/subord  inated notes issued | – | 27,465 | – | 674 | (569) | (50) |
| Debt securit  ies and other el  ig  ible b  ills | 18,977 | – | (520) | – | 358 | 591 |
| Loans and advances to customers | 534 | – | (4) | – | (1) | 11 |
| Total at 31 December 2023 | 19,511 | 27,465 | (524) | 674 | (212) | 552 |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

2

This represents a credit/(debit) to the balance sheet value

Income statement impact of fair value hedges

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Change in fair value of hedging instruments | 19 | 201 |
| Change in fair value of hedged risks attributable to hedged items | (22) | (212) |
| Net ineffect  iveness loss to net trad  ing income | (3) | (11) |
| Amortisat  ion ga  in to net interest income | 129 | 193 |

Hedging instruments and ineffect

iveness

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying Amount |  | Change in fair |  |  |
|  |  |  |  | value used to |  |  |
|  |  |  |  | calculate |  | Ineffectiveness |
|  |  |  |  | hedge |  | recognised in |
|  | Notional | Asset | Liab  il  ity  ineffect | iveness |  | profit or loss |
| Interest rate  1 | $mill  ion | $mill  ion | $mill  ion | $mill  ion |  | $mill  ion |
| Interest rate swaps – debt securit  ies/subord  inated notes issued | 28,236 | 200 | 588 | (57) |  | (4) |
| Interest rate swaps – loans and advances to customers | 760 | – | 12 | (4) |  | – |
| Interest rate swaps – debt securit  ies and other el  ig  ible b  ills | 12,626 | 416 | 21 | 137 |  | 2 |
| Interest and currency risk  1 |  |  |  |  |  |  |
| Cross currency swaps – debt securit  ies/subord  inated notes issued | – | – | – | 8 |  | – |
| Cross currency swaps – debt securit  ies and other el  ig  ible b  ills | – | – | – | (10) |  | – |
| Total at 31 December 2024 | 41,622 | 616 | 621 | 74 |  | (2) |
| Interest rate swaps – debt securit  ies/subord  inated notes issued | 26,617 | 311 | 1,107 | 575 |  | 3 |
| Interest rate swaps – loans and advances to customers | 509 | 4 | 1 | – |  | – |
| Interest rate swaps – debt securit  ies and other el  ig  ible b  ills | 17,936 | 760 | 99 | (367) |  | (13) |
| Interest and currency risk¹ |  |  |  |  |  |  |
| Cross currency swaps – debt securit  ies/subord  inated notes issued | 70 | – | 6 | (2) |  | – |
| Cross currency swaps – debt securit  ies and other el  ig  ible b  ills | 45 | 10 | – | 10 |  | – |
| Total at 31 December 2023 | 45,177 | 1,085 | 1,213 | 216 |  | (10) |

1

Interest rate swaps are designated in hedges of the fair value of interest rate risk attributable to the hedged item. Cross currency swaps are used to hedge both interest

rate and currency risks. All the hedging instruments are derivat

ives, w

ith changes in fair value includ

ing hedge

ineffect

iveness recorded w

ith

in net trad

ing income

![](data:image/svg+xml;base64,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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

187

Directors’ Report and Financ

ial Statements 2024

Hedged Items in fair value hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Accumulated amount of fair | |  | Cumulative |
|  |  |  | value hedge adjustments | |  | balance of fair |
|  |  |  | included in the carrying | |  | value |
|  | Carrying Amount | | amount | |  | adjustments |
|  |  |  |  |  | Change in the | from |
|  |  |  |  |  | value used for | de- |
|  |  |  |  |  | calculating | designated |
|  |  |  |  |  | hedge | hedge |
|  | Asset | Liab  il  ity | Asset | Liab  il  ity | ineffect  iveness¹ | relationsh  ips² |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Debt securit  ies/subord  inated notes issued | – | 28,751 | – | 444 | 45 | (242) |
| Debt securit  ies and other el  ig  ible b  ills | 12,192 | – | (314) | – | (125) | 204 |
| Loans and advances to customers | 765 | – | 5 | – | 4 | 4 |
| Total at 31 December 2024 | 12,957 | 28,751 | (309) | 444 | (76) | (34) |
| Debt securit  ies/subord  inated notes issued | – | 27,465 | – | 674 | (570) | (50) |
| Debt securit  ies and other el  ig  ible b  ills | 16,867 | – | (510) | – | 344 | 564 |
| Loans and advances to customers | 507 | – | (2) | – | – | 11 |
| Total at 31 December 2023 | 17,374 | 27,465 | (512) | 674 | (226) | 525 |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

2

This represents a credit/(debit) to the balance sheet value

Income statement impact of fair value hedges

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Change in fair value of hedging instruments | 74 | 216 |
| Change in fair value of hedged risks attributable to hedged items | (76) | (226) |
| Net ineffect  iveness loss to net trad  ing income | (2) | (10) |
| Amortisat  ion ga  in to net interest income | 131 | 192 |

Cash flow hedges

The Group has exposure to market movements in future interest cash flows on portfolios of customer accounts, debt

securit

ies and loans and advances to customers. The amounts and t

im

ing of future cash flows, represent

ing both princ

ipal

and interest flows, are projected on the basis of contractual terms and other relevant factors, includ

ing est

imates of

prepayments and defaults.

The hedging strategy of the Group involves using interest rate swaps to manage the variab

il

ity in future cash flows on assets

and liab

il

it

ies that have float

ing rates of interest by exchanging the floating rates for fixed rates. It also uses foreign exchange

contracts and currency swaps to manage the variab

il

ity in future exchange rates on its assets and liab

il

it

ies and costs

in

foreign currencies. This is done on both a micro basis whereby a single interest rate or cross-currency swap is designated in a

separate relationsh

ip w

ith a single hedged item (such as a floating-rate loan to a customer), and on a portfolio basis whereby

each hedging instrument is designated against a group of hedged items that share the same risk (such as a group of

customer accounts). Hedge ineffect

iveness for cash flow hedges

is mainly driven by payment frequency mismatch between

the hedging instrument and the underlying hedged item.

The hedged risk is determined as the variab

il

ity of future cash flows aris

ing from changes

in the designated benchmark

interest and/or foreign exchange rates.

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

188

Directors’ Report and Financ

ial Statements 2024

Hedging instruments and ineffect

iveness

Group

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying Amount | | Change in fair |  | Ineffectiveness |  |
|  |  |  |  | value used to |  | (loss)/gain | Amount |
|  |  |  |  | calculate | Gain | recognised in | reclassif  ied |
|  |  |  |  | hedge | recognised | net trading | from reserves |
|  | Notional | Asset | Liab  il  ity | ineffect  iveness | in OCI | income | to income |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Interest rate risk |  |  |  |  |  |  |  |
| Interest rate swaps | 32,651 | 68 | 134 | (1) | 2 | (3) | – |
| Currency risk |  |  |  |  |  |  |  |
| Forward foreign exchange contract | 9,173 | 608 | – | 42 | 42 | – | – |
| Cross currency swaps | 2,163 | 114 | 1 | 76 | 77 | (1) | – |
| Total as at 31 December 2024 | 43,987 | 790 | 135 | 117 | 121 | (4) | – |
| Interest rate risk |  |  |  |  |  |  |  |
| Interest rate swaps | 35,467 | 99 | 535 | 501 | 499 | 2 | – |
| Currency risk |  |  |  |  |  |  |  |
| Forward foreign exchange contract | 11,862 | 416 | 183 | 107 | 106 | 1 | – |
| Cross currency swaps | 1,007 | 21 | 4 | – | – | – | – |
| Total as at 31 December 2023 | 48,336 | 536 | 722 | 608 | 605 | 3 | – |

Hedged items in cash flow hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  |  |  | Cumulative |  |  | Cumulative |
|  |  |  | balance in the |  |  | balance in the |
|  |  |  | cash flow |  |  | cash flow |
|  |  |  | hedge reserve |  |  | hedge reserve |
|  | Change in fair |  | from | Change in fair |  | from |
|  | value used for |  | de- | value used for |  | de- |
|  | calculating |  | designated | calculating |  | designated |
|  | hedge | Cash flow | hedge | hedge | Cash flow | hedge |
|  | ineffect  iveness¹ | hedge reserve | relationsh  ips | ineffect  iveness¹ | hedge reserve | relationsh  ips |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Customer accounts | (82) | (3) | 16 | (389) | (74) | 25 |
| Debt securit  ies and other el  ig  ible b  ills | (7) | (16) | (4) | (19) | (28) | (12) |
| Loans and advances to customers | 22 | 32 | (6) | (197) | 77 | – |
| Intragroup borrowing currency hedge | (54) | – | – | – | – | – |
| Total at 31 December | (121) | 13 | 6 | (605) | (25) | 13 |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

Impact of cash flow hedges on profit and loss and other comprehensive income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | Income/ | Income/ |
|  | (expense) | (expense) |
|  | $mill  ion | $mill  ion |
| Cash flow hedge reserve balance as at 1 January | (13) | (513) |
| Gains recognised in other comprehensive income on effective portion of changes in fair value of |  |  |
| hedging instruments | 121 | 605 |
| Gains reclassif  ied to  income statement when hedged item affected net profit | (89) | (22) |
| Taxation credit relating to cash flow hedges | (11) | (83) |
| Cash flow hedge reserve balance as at 31 December | 8 | (13) |

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

189

Directors’ Report and Financ

ial Statements 2024

Hedging instruments and ineffect

iveness

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying Amount | | Change in fair |  | Ineffectiveness |
|  |  |  |  | value used to |  | (loss)/gain |
|  |  |  |  | calculate | Gains | recognised in |
|  |  |  |  | hedge | recognised | net trading |
|  | Notional | Asset | Liab  il  ity | ineffect  iveness | in OCI | income |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Interest rate risk |  |  |  |  |  |  |
| Interest rate swaps | 23,611 | 49 | 60 | 45 | 47 | (2) |
| Currency risk |  |  |  |  |  |  |
| Forward foreign exchange contract | 8,884 | 578 | – | 34 | 34 | – |
| Cross currency swaps | 1,231 | 31 | – | 53 | 53 | – |
| Total as at 31 December 2024 | 33,726 | 658 | 60 | 132 | 134 | (2) |
| Interest rate risk |  |  |  |  |  |  |
| Interest rate swaps | 33,330 | 81 | 535 | 478 | 476 | 2 |
| Currency risk |  |  |  |  |  |  |
| Forward foreign exchange contract | 11,097 | 416 | 165 | 107 | 106 | 1 |
| Cross currency swaps | 199 | 4 | 1 | – | – | – |
| Total as at 31 December 2023 | 44,626 | 501 | 701 | 585 | 582 | 3 |

Hedged items in cash flow hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  |  | Cumulative |  |  | Cumulative |
|  |  |  | balance in the |  |  | balance in the |
|  |  |  | cash flow |  |  | cash flow |
|  |  |  | hedge reserve |  |  | hedge reserve |
|  | Change in fair |  | from | Change in fair |  | from |
|  | value used for |  | de- | value used for |  | de- |
|  | calculating |  | designated | calculating |  | designated |
|  | hedge | Cash flow | hedge | hedge | Cash flow | hedge |
|  | ineffect  iveness¹ | hedge reserve | relationsh  ips | ineffect  iveness¹ | hedge reserve | relationsh  ips |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Customer accounts | (81) | (3) | 16 | (389) | (74) | 25 |
| Debt securit  ies and other el  ig  ible b  ills | (5) | (18) | (4) | (19) | (28) | (12) |
| Loans and advances to customers | 6 | 31 | (6) | (174) | 60 | – |
| Intragroup borrowing currency hedge | (54) | – | – | – | – | – |
| Total at 31 December | (134) | 10 | 6 | (582) | (42) | 13 |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

Impact of cash flow hedges on profit and loss and other comprehensive income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Cash flow hedge reserve balance as at 1 January | (51) | (522) |
| Gains recognised in other comprehensive income on effective portion of changes in fair value of |  |  |
| hedging instruments | 134 | 582 |
| Gains reclassif  ied to  income statement when hedged item affected net profit | (88) | (32) |
| Taxation credit relating to cash flow hedges | (12) | (79) |
| Cash flow hedge reserve balance as at 31 December | (17) | (51) |

![](data:image/svg+xml;base64,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)

13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

190

Directors’ Report and Financ

ial Statements 2024

Net investment hedges

Foreign currency exposures arise from investments in subsid

iar

ies that have a different functional currency from that of the

presentation currency of the Group. This risk arises from the fluctuation in spot exchange rates between the functional

currency of the subsid

iar

ies and the Group’s presentation currency, which causes the value of the investment to vary.

The Group’s policy is to hedge these exposures only when not doing so would be expected to have a sign

ificant

impact on the

regulatory ratios of the Group and its banking subsid

iar

ies. The Group uses foreign exchange forwards to manage the effect

of exchange rates on its net investments in foreign subsid

iar

ies.

Hedging instruments and ineffect

iveness

Group

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying amount | |  | Changes in |  |  |
|  |  |  |  |  | the value of |  |  |
|  |  |  |  | Change in fair | the hedging |  | Amount |
|  |  |  |  | value used to | instrument | Ineffectiveness | reclassif  ied |
|  |  |  |  | calculate hedge | recognised in | recognised in | from reserves |
|  | Notional | Asset | Liab  il  ity | ineffect  iveness  2 | OCI | profit or loss | to income |
| Derivat  ive forward currency contracts  1 | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at 31 December 2024 | 3,222 | 36 | – | 44 | 44 | – | – |
| As at 31 December 2023 | 4,402 | 10 | 12 | (18) | (18) | – | – |

1

These derivat

ive forward currency contracts have a matur

ity of less than one year. The hedges are rolled on a period

ic bas

is

2

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

Hedged items in net investment hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  |  | Balances |  |  | Balances |
|  |  |  | remain  ing  in |  |  | remain  ing  in |
|  |  |  | the translation |  |  | the translation |
|  |  |  | reserve from |  |  | reserve from |
|  |  |  | hedging |  |  | hedging |
|  |  |  | relationsh  ips |  |  | relationsh  ips |
|  | Change in the |  | for which | Change in the |  | for which |
|  | value used for |  | hedge | value used for |  | hedge |
|  | calculating |  | accounting is | calculating |  | accounting is |
|  | hedge | Translation | no longer | hedge | Translation | no longer |
|  | ineffect  iveness¹ | reserve² | applied | ineffect  iveness¹ | reserve² | applied |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Net investments | (44) | 36 | – | 18 | (2) | – |

Impact of net investment hedges on other comprehensive income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Gains/(losses) recognised in other comprehensive income | 44 | (18) |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

2

This represents the mark-to-market includ

ing accrued

interest on live hedges at 31 December

Hedging instruments and ineffect

iveness

Company

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Carrying amount | |  | Changes in |  |  |
|  |  |  |  |  | the value of |  |  |
|  |  |  |  | Change in fair | the hedging |  | Amount |
|  |  |  |  | value used to | instrument | Ineffectiveness | reclassif  ied |
|  |  |  |  | calculate hedge | recognised in | recognised in | from reserves |
|  | Notional | Asset | Liab  il  ity | ineffect  iveness  2 | OCI | profit or loss | to income |
| Derivat  ive forward currency contracts  1 | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| As at 31 December 2024 | 3,222 | 36 | – | 15 | 15 | – | – |
| As at 31 December 2023 | 3,339 | 8 | 3 | (16) | (16) | – | – |

1

These derivat

ive forward currency contracts have a matur

ity of less than one year. The hedges are rolled on a period

ic bas

is

2

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

191

Directors’ Report and Financ

ial Statements 2024

Hedged items in net investment hedges

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  |  | Balances |  |  | Balances |
|  |  |  | remain  ing  in |  |  | remain  ing  in |
|  |  |  | the translation |  |  | the translation |
|  |  |  | reserve from |  |  | reserve from |
|  |  |  | hedging |  |  | hedging |
|  |  |  | relationsh  ips |  |  | relationsh  ips |
|  | Change in the |  | for which | Change in the |  | for which |
|  | value used for |  | hedge | value used for |  | hedge |
|  | calculating |  | accounting is | calculating |  | accounting is |
|  | hedge | Translation | no longer | hedge | Translation | no longer |
|  | ineffect  iveness¹ | reserve² | applied | ineffect  iveness¹ | reserve² | applied |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Net investments | (15) | 36 | – | 16 | 5 | – |

1

This represents a gain/(loss) change in fair value used for calculating hedge ineffect

iveness

2

This represents the mark-to-market includ

ing accrued

interest on live hedges at 31 December

Impact of net investment hedges on other comprehensive income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Gains/(losses) recognised in other comprehensive income | 15 | (16) |

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</svg>)

13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

192

Directors’ Report and Financ

ial Statements 2024

Maturity of hedging instruments

Group

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 | | | | 2023 | | | |
|  |  |  | More than |  |  |  | More than |  |  |
|  |  |  | one month |  |  |  | one month |  |  |
|  |  |  | and less |  |  |  | and less |  |  |
|  |  | Less than | than one | One to five | More than | Less than | than one | One to five | More than |
| Fair value hedges |  | one month | year | years | five years | one month | year | years | five years |
| Interest rate swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 1,300 | 8,850 | 22,506 | 10,038 | 2,914 | 6,142 | 28,697 | 9,504 |
| Cross currency swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | – | – | 1,035 | – | – | 115 | – | – |
| Average fixed interest | GBP | – | – | – | – | – | 1.33% | – | – |
| rate (to USD) | CNH | – | – | – | – | – | 3.17% | – | – |
|  | EUR | – | – | 2.40% | – | – | – | – | – |
| Average exchange rate | GBP/USD | – | – | – | – | – | 0.66 | – | – |
|  | HKD/USD | – | – | – | – | – | 6.37 | – | – |
|  | EUR/USD | – | – | 0.91 | – | – | – | – | – |
| Cash flow hedges |  |  |  |  |  |  |  |  |  |
| Interest rate swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 2,250 | 13,331 | 15,286 | 1,784 | 1,990 | 25,831 | 7,239 | 407 |
| Average fixed | USD | 5.02% | 4.59% | 4.06% | 3.74% | 5.09% | 3.39% | 4.68% | 3.16% |
| interest rate |  |  |  |  |  |  |  |  |  |
| Cross currency swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 28 | 1,525 | 610 | – | 74 | 735 | 198 | – |
|  | KRO | – | – | – | – | – | 4.11% | 3.11% | – |
|  | THO | – | – | – | – | – | 2.17% | 2.36% | – |
|  | IDR | – | – | – | – | – | 6.43% | – | – |
|  | INR | – | 9.19% | 11.41% | – | – | 7.85% | 10.02% | – |
|  | JPY | – | 0.08% | – | – | – | – | – | – |
|  | BRL | – | – | 10.89% | – | – | – | – | – |
| Average exchange rate | INR/USD | – | 83.63 | 83.20 | – | – | 82.90 | 82.69 | – |
|  | KRO/USD | – | – | – | – | – | 1,275.24 | 1,220.50 | – |
|  | THO/USD | – | – | – | – | – | 33.72 | 33.72 | – |
|  | IDR/USD | – | – | – | – | – | 15,715.00 | – | – |
|  | JPY/USD | – | 153.62 | – | – | – | – | – | – |
|  | BRL/USD | – | – | 5.53 | – | – | – | – | – |
| Forward foreign |  |  |  |  |  |  |  |  |  |
| exchange contracts |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 2,024 | 6,860 | 289 | – | 2,194 | 9,668 | – | – |
| Average exchange rate | JPY/USD | 147.38 | 145.65 | – | – | 130.49 | 136.05 | – | – |
|  | BRL/USD | – | – | 6.54 | – | – | 5.17 | – | – |
| Net investment hedges |  |  |  |  |  |  |  |  |  |
| Foreign exchange |  |  |  |  |  |  |  |  |  |
| derivat  ives |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 3,222 | – | – | – | 4,402 | – | – | – |
| Average exchange rate | INR/USD | 84.07 | – | – | – | 82.91 | – | – | – |
|  | SGD/USD | – | – | – | – | 1.33 | – | – | – |
|  | AED/USD | 3.67 | – | – | – | 3.67 | – | – | – |

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13. Derivat

ive financial

instruments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

193

Directors’ Report and Financ

ial Statements 2024

Maturity of hedging instruments

Company

|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 | | | | 2023 | | | |
|  |  |  | More than |  |  |  | More than |  |  |
|  |  |  | one month |  |  |  | one month |  |  |
|  |  |  | and less |  |  |  | and less |  |  |
|  |  | Less than | than one | One to five | More than | Less than | than one | One to five | More than |
| Fair value hedges |  | one month | year | years | five years | one month | year | years | five years |
| Interest rate swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 1,300 | 8,715 | 21,569 | 10,038 | 2,914 | 6,142 | 26,502 | 9,504 |
| Cross currency swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | – | – | – | – | – | 115 | – | – |
| Average fixed interest | GBP | – | – | – | – | – | 1.33% | – | – |
| rate (to USD) | CNH | – | – | – | – | – | 3.17% | – | – |
| Average exchange rate | GBP/USD | – | – | – | – | – | 0.66 | – | – |
|  | HKD/USD | – | – | – | – | – | 6.37 | – | – |
| Cash flow hedges |  |  |  |  |  |  |  |  |  |
| Interest rate swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 2,005 | 11,373 | 9,449 | 784 | 1,965 | 25,058 | 5,900 | 407 |
| Average fixed | USD | 5.36% | 4.30% | 4.29% | 3.95% | 5.09% | 2.59% | 4.56% | 2.65% |
| interest rate |  |  |  |  |  |  |  |  |  |
| Cross currency swap |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | – | 1,231 | – | – | – | 199 | – | – |
| Average fixed | KRO | – | – | – | – | – | 3.13% | – | – |
| interest rate | PHP | – | – | – | – | – | 6.30% | – | – |
|  | IDR | – | – | – | – | – | 6.43% | – | – |
|  | JPY | – | 0.19% | – | – | – | – | – | – |
| Average exchange rate | KRO/USD | – | – | – | – | – | 1,318.70 | – | – |
|  | PHP/USD | – | – | – | – | – | 55.54 | – | – |
|  | IDR/USD | – | – | – | – | – | 15,715.00 | – | – |
|  | JPY/USD | – | 153.62 | – | – | – | – | – | – |
| Forward foreign |  |  |  |  |  |  |  |  |  |
| exchange contracts |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 2,024 | 6,860 | – | – | 2,194 | 8,903 |  |  |
| Average exchange rate | JPY/USD | 147.38 | 145.65 | – | – | 130.49 | 136.05 | – | – |
| Net investment hedges |  |  |  |  |  |  |  |  |  |
| Foreign exchange |  |  |  |  |  |  |  |  |  |
| derivat  ives |  |  |  |  |  |  |  |  |  |
| Notional | $mill  ion | 3,222 | – | – | – | 3,339 | – | – | – |
| Average exchange rate | INR/USD | 84.07 | – | – | – | 82.91 | – | – | – |
|  | AED/USD | 3.67 | – | – | – | 3.67 | – | – | – |

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Notes to the financial statements cont

inued

Standard Chartered Bank

194

Directors’ Report and Financ

ial Statements 2024

14. Loans and advances to banks and customers

Accounting policy

Refer to Note 12 Financ

ial

instruments for the relevant accounting policy

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Loans and advances to banks | 22,949 | 22,821 | 11,757 | 10,141 |
| Expected credit loss | (8) | (18) | (2) | (6) |
|  | 22,941 | 22,803 | 11,755 | 10,135 |
| Loans and advances to customers | 161,141 | 159,552 | 79,392 | 78,181 |
| Expected credit loss | (2,899) | (3,409) | (1,795) | (2,298) |
|  | 158,242 | 156,143 | 77,597 | 75,883 |
| Total loans and advances to banks and customers  1 | 181,183 | 178,946 | 89,352 | 86,018 |

1

Includes $1.8 bill

ion (Bank Group) and $0.6 b

ill

ion (Bank Company) (31 December 2023: $2.2 b

ill

ion for Bank Group and Company) of assets pledged as collateral.

Analysis of loans and advances to customers by client segments and related impa

irment prov

is

ions as set out w

ith

in the

Risk review and Capital review (page 44 to 110).

15. Reverse repurchase and repurchase agreements includ

ing other s

im

ilar lend

ing and borrowing

Accounting policy

The Group purchases securit

ies (a reverse repurchase agreement – ‘reverse repo’) typ

ically with financ

ial

inst

itut

ions subject

to a commitment to resell or return the securit

ies at a predeterm

ined price. These securit

ies are not

included in the balance

sheet as the Group does not acquire the risks and rewards of ownership, however they are recorded off-balance sheet as

collateral received. Considerat

ion pa

id (or cash collateral provided) is accounted for as a loan asset at amortised cost unless

it is managed on a fair value basis or designated at fair value through profit or loss. In major

ity of cases through the

contractual terms of a reverse repo arrangement, the Group as the transferee of the security collateral has the right to

sell or repledge the asset concerned.

The Group also sells securit

ies (a repurchase agreement – ‘repo’) subject to a comm

itment to repurchase or redeem the

securit

ies at a predeterm

ined price. The securit

ies are reta

ined on the balance sheet as the Group retains substantially

all the risks and rewards of ownership and these securit

ies are d

isclosed as pledged collateral. Considerat

ion rece

ived

(or cash collateral received) is accounted for as a financ

ial l

iab

il

ity at amortised cost unless it is either mandatorily classif

ied

as fair value through profit or loss or irrevocably designated at fair value through profit or loss at in

it

ial recognit

ion.

Repo and reverse repo transactions typically entitle the Group and its counterparties to have recourse to assets sim

ilar

to those provided as collateral in the event of a default. Securit

ies sold subject to repos, e

ither by way of a Global Master

Repurchase Agreement (GMRA), or through a securit

ies sale and Total Return Swap (TRS) cont

inue to be recognised on the

balance sheet as the Group retains substantially the associated risks and rewards of the securit

ies (the TRS

is not recognised).

Assets sold under repurchase agreements are considered encumbered as the Group cannot pledge these to obtain funding.

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15. Reverse repurchase and repurchase agreements includ

ing other s

im

ilar lend

ing and borrowing continued

Notes to the financial statements cont

inued

Standard Chartered Bank

195

Directors’ Report and Financ

ial Statements 2024

Reverse repurchase agreements and other sim

ilar secured lend

ing

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Banks | 30,581 | 27,706 | 26,389 | 23,965 |
| Customers | 47,032 | 55,923 | 46,216 | 53,605 |
|  | 77,613 | 83,629 | 72,605 | 77,570 |
| Of which: |  |  |  |  |
| Fair value through profit or loss | 65,603 | 68,149 | 62,141 | 64,804 |
| Banks | 27,692 | 26,053 | 24,966 | 23,411 |
| Customers | 37,911 | 42,096 | 37,175 | 41,393 |
| Held at amortised cost | 12,010 | 15,480 | 10,464 | 12,766 |
| Banks | 2,889 | 1,653 | 1,423 | 554 |
| Customers | 9,121 | 13,827 | 9,041 | 12,212 |

Under reverse repurchase and securit

ies borrow

ing arrangements, the Group obtains securit

ies on terms wh

ich permit it to

repledge or resell the securit

ies to others. Amounts on such terms are:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Securit  ies and collateral rece  ived (at fair value) | 81,108 | 87,153 | 75,641 | 80,899 |
| Securit  ies and collateral wh  ich can be repledged or sold (at fair value) | 80,860 | 87,084 | 75,394 | 80,852 |
| Amounts repledged/transferred to others for financing act  iv  it  ies, |  |  |  |  |
| to satisfy liab  il  it  ies under sale and repurchase agreements (at fa  ir value) | 27,683 | 33,652 | 27,354 | 32,774 |

Repurchase agreements and other sim

ilar secured borrow

ing

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Banks | 8,416 | 4,968 | 8,139 | 4,824 |
| Customers | 34,716 | 46,497 | 34,586 | 46,327 |
|  | 43,132 | 51,465 | 42,725 | 51,151 |
| Of which: |  |  |  |  |
| Fair value through profit or loss | 33,211 | 39,432 | 32,880 | 39,174 |
| Banks | 7,570 | 4,137 | 7,369 | 4,030 |
| Customers | 25,641 | 35,295 | 25,511 | 35,144 |
| Held at amortised cost | 9,921 | 12,033 | 9,845 | 11,977 |
| Banks | 846 | 831 | 770 | 794 |
| Customers | 9,075 | 11,202 | 9,075 | 11,183 |

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15. Reverse repurchase and repurchase agreements includ

ing other s

im

ilar lend

ing and borrowing continued

Notes to the financial statements cont

inued

Standard Chartered Bank

196

Directors’ Report and Financ

ial Statements 2024

The tables below set out the financial assets prov

ided as collateral for repurchase and other secured borrowing transactions:

Group

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Fair value |  |  |  |
|  | Fair value | through other |  |  |  |
|  | through profit | comprehensive | Amortised | Off-balance |  |
|  | or loss | income | cost | sheet | Total |
| Collateral pledged against repurchase agreements | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| On-balance sheet |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 4,297 | 4,185 | 7,592 | – | 16,074 |
| Off-balance sheet |  |  |  |  |  |
| Repledged collateral received | – | – | – | 27,683 | 27,683 |
| At 31 December 2024 | 4,297 | 4,185 | 7,592 | 27,683 | 43,757 |
| On-balance sheet |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 4,069 | 7,312 | 10,181 | – | 21,562 |
| Off-balance sheet |  |  |  |  |  |
| Repledged collateral received | – | – | – | 33,652 | 33,652 |
| At 31 December 2023 | 4,069 | 7,312 | 10,181 | 33,652 | 55,214 |

Company

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Fair value |  |  |  |
|  | Fair value | through other |  |  |  |
|  | through profit | comprehensive | Amortised | Off-balance |  |
|  | or loss | income | cost | sheet | Total |
| Collateral pledged against repurchase agreements | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| On-balance sheet |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 4,296 | 4,159 | 7,542 | – | 15,997 |
| Off-balance sheet |  |  |  |  |  |
| Repledged collateral received | – | – | – | 27,354 | 27,354 |
| At 31 December 2024 | 4,296 | 4,159 | 7,542 | 27,354 | 43,351 |
| On-balance sheet |  |  |  |  |  |
| Debt securit  ies and other el  ig  ible b  ills | 3,985 | 7,293 | 10,181 | – | 21,459 |
| Off-balance sheet |  |  |  |  |  |
| Repledged collateral received | – | – | – | 32,774 | 32,774 |
| At 31 December 2023 | 3,985 | 7,293 | 10,181 | 32,774 | 54,233 |

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)

Notes to the financial statements cont

inued

Standard Chartered Bank

197

Directors’ Report and Financ

ial Statements 2024

16. Goodwill and intang

ible assets

Accounting policy

Goodwill

Goodwill on acquis

it

ions of subsid

iar

ies is included in intang

ible assets. Goodw

ill on acquis

it

ions of associates is included in

Investments in associates and jo

int ventures. Goodw

ill included in intang

ible assets

is assessed at each balance sheet date

for impa

irment and carr

ied at cost less any accumulated impa

irment losses. Ga

ins and losses on the disposal of an entity

include the carrying amount of goodwill relating to the entity sold. Detailed calculations are performed based on forecasting

expected cash flows of the relevant cash generating units (CGUs) and discount

ing these at an appropr

iate discount rate, the

determinat

ion of wh

ich requires the exercise of judgement. Goodwill is allocated to CGUs for the purpose of impa

irment

testing. CGUs represent the lowest level with

in the Group wh

ich generate separate cash inflows and at which the goodwill

is monitored for internal management purposes. These are equal to or smaller than the Group’s reportable segments

(as set out in Note 2) as the Group views its reportable segments on a global basis. The major CGUs to which goodwill has

been allocated are set out in the CGU table (page 199).

Other accounting estimates and judgements

The carrying amount of goodwill is based on the applicat

ion of judgements

includ

ing the bas

is of goodwill impa

irment

calculation assumptions. Judgement is also applied in determinat

ion of CGUs.

Estimates include forecasts used for determin

ing cash flows for CGUs, the appropr

iate long-term growth rates to use

and discount rates which factor in country risk-free rates and applicable risk premiums. The Group undertakes an annual

assessment to evaluate whether the carrying value of goodwill is impa

ired. The est

imat

ion of future cash flows and the level

to which they are discounted is inherently uncertain and requires sign

ificant judgement and

is subject to potential change

over time.

Acquired intang

ibles

At the date of acquis

it

ion of a subsid

iary or assoc

iate, intang

ible assets wh

ich are deemed separable and that arise

from contractual or other legal rights are capital

ised and

included with

in the net

ident

ifiable assets acqu

ired. These

intang

ible assets are

in

it

ially measured at fair value, which reflects market expectations of the probabil

ity that the future

economic benefits embodied in the asset will flow to the entity and are amortised on the basis of their expected useful

lives (4 to 16 years). At each balance sheet date, these assets are assessed for ind

icators of

impa

irment. In the event that an

asset’s carrying amount is determined to be greater than its recoverable amount, the asset is written down immed

iately to

the recoverable amount.

Computer software

Acquired computer software licences are capital

ised on the bas

is of the costs incurred to acquire and bring to use the

specif

ic software.

Internally generated software represents substantially all of the total software capital

ised. D

irect costs of the development

of separately ident

ifiable

internally generated software are capital

ised where

it is probable that future economic benefits

attributable to the software will flow from its use. These costs include staff remuneration costs such as salaries, statutory

payments and share-based payments, materials, service providers and contractors provided their time is directly attributable

to the software build. Costs incurred in the ongoing maintenance of software are expensed immed

iately when

incurred.

Internally generated software is amortised over each asset’s useful life to a maximum of 10-years. On an annual basis

software assets’ residual values and useful lives are reviewed, includ

ing assess

ing for ind

icators of

impa

irment. Ind

icators of

impa

irment

include loss of business relevance, obsolescence, exit of the business to which the software relates, technological

changes, change in use of the asset, reduction in useful life, plans to reduce usage or scope.

For capital

ised software that

is internally generated, judgement is required to determine which costs relate to research

(expensed) and which costs relate to development (capital

ised). Further judgement

is required to determine the technical

feasib

il

ity of completing the software such that it will be available for use. Estimates are used to determine how the software

will generate probable future economic benefits: these estimates include cost savings, income increases, balance sheet

improvements, improved functional

ity or

improved asset safeguarding.

Software as a Service (SaaS) and sim

ilar cloud serv

ice models is a contractual arrangement that conveys the right to receive

access to the supplier’s software applicat

ion over the contract term. As such, the Group does not have control and as a result

recognises an operating expense for these costs over the contract term. Certain costs, includ

ing custom

isat

ion costs related

to implementat

ion of the SaaS may meet the definit

ion of an intang

ible asset

in their own right if it is separately ident

ifiable

and control is established. These costs are capital

ised

if it is expected to provide the Group with future economic benefits

flowing from the underlying resource and the Group can restrict others from accessing those benefits.

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16. Goodwill and intang

ible assets cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

198

Directors’ Report and Financ

ial Statements 2024

Goodwill and intang

ible assets

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  |  | Acquired | Computer |  |  | Acquired | Computer |  |
|  | Goodwill | intang  ibles | software | Total | Goodwill | intang  ibles | software | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost |  |  |  |  |  |  |  |  |
| At 1 January | 1,299 | 135 | 4,579 | 6,013 | 1,323 | 143 | 3,962 | 5,428 |
| Exchange translation |  |  |  |  |  |  |  |  |
| differences | (7) | 2 | (86) | (91) | (24) | (8) | 23 | (9) |
| Addit  ions | – | – | 479 | 479 | – | – | 649 | 649 |
| Impairment  1 | – | – | (467) | (467) | – | – | (50) | (50) |
| Amounts written off | – | (9) | (25) | (34) | – | – | (5) | (5) |
| At 31 December | 1,292 | 128 | 4,480 | 5,900 | 1,299 | 135 | 4,579 | 6,013 |
| Provis  ion for amort  isat  ion |  |  |  |  |  |  |  |  |
| At 1 January | – | 115 | 1,688 | 1,803 | – | 119 | 1,257 | 1,376 |
| Exchange translation |  |  |  |  |  |  |  |  |
| differences | – | 4 | (32) | (28) | – | (8) | 6 | (2) |
| Amortisat  ion | – | 3 | 455 | 458 | – | 4 | 440 | 444 |
| Impairment charge  1 | – | – | (84) | (84) | – | – | (15) | (15) |
| Amounts written off | – | – | (23) | (23) | – | – | – | – |
| At 31 December | – | 122 | 2,004 | 2,126 | – | 115 | 1,688 | 1,803 |
| Net book value | 1,292 | 6 | 2,476 | 3,774 | 1,299 | 20 | 2,891 | 4,210 |

1

During 2024, the Group performed a review of its computer software intang

ibles wh

ich were capital

ised as at 31 December 2023, and

impa

ired $338 m

ill

ion of the 2024

net book value due to lim

itat

ions in the available evidence to support the continued capital

isat

ion of the assets. The Group has made improvements in its processes

and controls to capture the required evidence going forward. The Group has also performed its annual review of computer software intang

ibles to determ

ine instances

when the Group is no longer using certain applicat

ions

in its ongoing business and impa

ired $45 m

ill

ion. A total of $383 m

ill

ion

is recorded with

in

impa

irment to reflect

the above.

At 31 December 2024, accumulated goodwill impa

irment losses

incurred from 1 January 2005 amounted to $3,237 mill

ion

(31 December 2023: $3,237mill

ion), of wh

ich $nil was recognised in 2024 (31 December 2023: $nil).

Company

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  |  | Acquired | Computer |  |  | Acquired | Computer |  |
|  | Goodwill | intang  ibles | software | Total | Goodwill | intang  ibles | software | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost |  |  |  |  |  |  |  |  |
| At 1 January | 72 | 28 | 3,568 | 3,668 | 72 | 29 | 3,183 | 3,284 |
| Exchange translation |  |  |  |  |  |  |  |  |
| differences | – | (1) | (75) | (76) | – | (1) | 35 | 34 |
| Addit  ions | – | – | 246 | 246 | – | – | 378 | 378 |
| Impairment  1 | – | – | (327) | (327) | – | – | (23) | (23) |
| Amounts written off | – | (10) | (13) | (23) | – | – | (5) | (5) |
| At 31 December | 72 | 17 | 3,399 | 3,488 | 72 | 28 | 3,568 | 3,668 |
| Provis  ion for amort  isat  ion |  |  |  |  |  |  |  |  |
| At 1 January | – | 17 | 1,292 | 1,309 | – | 18 | 987 | 1,005 |
| Exchange translation |  |  |  |  |  |  |  |  |
| differences | – | (1) | (33) | (34) | – | (1) | 11 | 10 |
| Amortisat  ion | – | – | 305 | 305 | – | – | 302 | 302 |
| Impairment charge  1 | – | – | (67) | (67) | – | – | (8) | (8) |
| Amounts written off | – | – | (13) | (13) | – | – | – | – |
| At 31 December | – | 16 | 1,484 | 1,500 | – | 17 | 1,292 | 1,309 |
| Net book value | 72 | 1 | 1,915 | 1,988 | 72 | 11 | 2,276 | 2,359 |

1

During 2024, the Group performed a review of its computer software intang

ibles wh

ich were capital

ised as at 31 December 2023, and

impa

ired $238 m

ill

ion of the 2024

net book value due to lim

itat

ions in the available evidence to support the continued capital

isat

ion of the assets. The Group has made improvements in its processes

and controls to capture the required evidence going forward. The Group has also performed its annual review of computer software intang

ibles to determ

ine instances

when the Group is no longer using certain applicat

ions

in its ongoing business and impa

ired $22 m

ill

ion. A total of $260 m

ill

ion

is recorded with

in

impa

irment to reflect

the above.

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16. Goodwill and intang

ible assets cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

199

Directors’ Report and Financ

ial Statements 2024

Outcome of impa

irment assessment

An annual assessment is made as to whether the current carrying value of goodwill is impa

ired. For the purposes of

impa

irment test

ing, goodwill is allocated at the date of acquis

it

ion to a CGU. Goodwill is considered to be impa

ired

if the

carrying amount of the relevant CGU exceeds its recoverable amount. Indicators of impa

irment

include changes in the

economic performance and outlook of the region includ

ing geopol

it

ical changes, changes

in market value of regional

investments, large credit defaults and strategic decis

ions to ex

it certain regions. The recoverable amounts for all the CGUs

were measured based on value in use (VIU). The calculation of VIU for each CGU is calculated using five-year cashflow

projections and an est

imated terminal value based on a perpetuity value after year five. The cashflow project

ions are based

on forecasts approved by management up to 2029. The perpetuity terminal value amount is calculated using year five

cashflows using long-term GDP growth rates. All cashflows are discounted using discount rates which reflect market rates

appropriate to the CGU.

The cash flows used as an input to the VIU calculations used in determin

ing whether goodw

ill allocated to CGUs should be

impa

ired were amended dur

ing 2024 to reflect changes to the basis on which business performance is monitored. There has

been no impact from the change estimated in the current period. It is impract

icable for the Group to est

imate the amount of

the effect of this change in future periods.

The goodwill allocated to each CGU and key assumptions used in determin

ing the recoverable amounts are set out below

and are solely estimates for the purposes of assessing impa

irment of acqu

ired goodwill.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  |  | Long-term |  |  | Long-term |
|  |  | Pre Tax | forecast GDP |  | Pre Tax | forecast GDP |
|  | Goodwill | Discount rates | growth rates | Goodwill | Discount rates | growth rates |
| Cash generating unit | $mill  ion | per cent | per cent | $mill  ion | per cent | per cent |
| Country CGUs |  |  |  |  |  |  |
| Africa & Middle East | 65 |  |  | 65 |  |  |
| Pakistan | 31 | 35.9 | 3.3 | 31 | 35.5 | 3.2 |
| Bahrain | 34 | 12.4 | 0.8 | 34 | 12.4 | 0.5 |
| Asia | 278 |  |  | 284 |  |  |
| Singapore | 278 | 13.0 | 2.3 | 284 | 13.9 | 2.1 |
| Global CGUs | 949 |  |  | 950 |  |  |
| Wealth Management | 83 | 15.0 | 1.8 | 83 | 15.4 | 1.9 |
| Corporate & Investment Banking | 866 | 15.5 | 2.3 | 867 | 16.1 | 2.3 |
|  | 1,292 |  |  | 1,299 |  |  |

In the current year, there are no CGUs for which any ind

iv

idual movement on key estimates (cashflow, discount rate and GDP

growth) would cause an impa

irment.

Company

Acquired intang

ibles pr

imar

ily compr

ise those recognised as part of the acquis

it

ions of American Express Bank, Tradewinds,

Australia and New Zealand Project Finance and Grindlays.

Sign

ificant

items of goodwill aris

ing on acqu

is

it

ions have been allocated to the following cash generating units for the

purposes of impa

irment test

ing:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Cash generating unit | $mill  ion | $mill  ion |
| Country CGUs |  |  |
| Bahrain | 17 | 17 |
| Global CGUs |  |  |
| Corporate & Investment Banking | 55 | 55 |
|  | 72 | 72 |

In the current year, there are no CGUs for which any ind

iv

idual movement on key estimates (cashflow, discount rate and GDP

growth) would cause an impa

irment.

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Notes to the financial statements cont

inued

16. Goodwill and intang

ible assets cont

inued

Standard Chartered Bank

200

Directors’ Report and Financ

ial Statements 2024

Acquired intang

ibles

This primar

ily compr

ises of the intellectual property acquired from Standard chartered Bank Hongkong Lim

ited.

The acquired intang

ibles are amort

ised over periods from four years to a maximum of 16 years. The constituents are as

follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Acquired intang  ibles compr  ise: |  |  |  |  |
| Brand names | 1 | – | 1 | – |
| Customer relationsh  ips | – | 1 | – | 2 |
| Licences | 5 | 19 | – | 10 |
| Net book value | 6 | 20 | 1 | 12 |

17. Property, plant and equipment

Accounting policy

All property, plant and equipment is stated at cost less accumulated depreciat

ion and

impa

irment losses.

Land and build

ings compr

ise mainly branches and offices. Freehold land is not depreciated although it is subject to

impa

irment test

ing.

Depreciat

ion on other assets

is calculated using the straight-line method to allocate their cost to their residual values

over their estimated useful lives, as follows:

• Owned premises

up to 50 years

• Leasehold premises

up to 50 years

• Leasehold improvements

shorter of remain

ing lease term and 10 years

• Equipment and motor vehicles

three to 15 years

Where the Group is a lessee of a right-of-use asset, the leased assets are capital

ised and

included in Property, plant and

equipment with a corresponding liab

il

ity to the lessor recognised in Other liab

il

it

ies. The account

ing policy for lease assets

is set out in Note 18.

Group

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | |
|  |  |  | Leased | Leased |  |
|  |  |  | premises | equipment |  |
|  | Premises | Equipment | assets | assets | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost or valuation |  |  |  |  |  |
| At 1 January | 532 | 477 | 900 | 6 | 1,915 |
| Exchange translation differences | 5 | (7) | (20) | (2) | (24) |
| Addit  ions | 91  1 | 106  1 | 112 | 27  1 | 336 |
| Disposals and fully depreciated assets written off  2 | (17) | (28) | (1) | (1) | (47) |
| Other movements | (9) | – | – | – | (9) |
| As at 31 December | 602 | 548 | 991 | 30 | 2,171 |
| Depreciat  ion |  |  |  |  |  |
| Accumulated at 1 January | 198 | 305 | 378 | 4 | 885 |
| Exchange translation differences | (2) | 4 | (20) | (2) | (20) |
| Charge for the year | 29 | 59 | 101 | 9 | 198 |
| Impairment charge | – | – | 2 | – | 2 |
| Attributable to assets sold, transferred or written off  2 | (7) | (29) | (1) | (1) | (38) |
| Accumulated at 31 December | 218 | 339 | 460 | 10 | 1,027 |
| Net book amount at 31 December | 384 | 209 | 531 | 20 | 1,144 |

1

Refer to the cash flow statement under cash flows from invest

ing act

iv

it

ies section for the purchase of property, plant and equipment during the year of $224 mill

ion

2

Disposals for property, plant and equipment during the year of $13 mill

ion

in the cash flow statement would include the gains and losses incurred as part of other

operating income (Note 6) on disposal of assets during the year and the net book value disposed

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Notes to the financial statements cont

inued

17. Property, plant and equipment continued

Standard Chartered Bank

201

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2023 | | | | |
|  |  |  | Leased | Leased |  |
|  |  |  | premises | equipment |  |
|  | Premises | Equipment | assets | assets | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost or valuation |  |  |  |  |  |
| At 1 January | 549 | 519 | 780 | 7 | 1,855 |
| Exchange translation differences | (24) | (18) | (3) | (1) | (46) |
| Addit  ions | 25  1 | 75  1 | 124 | – | 224 |
| Disposals and fully depreciated assets written off  2 | (33) | (99) | (1) | – | (133) |
| Transfers to assets held for sale | 15 | – | – | – | 15 |
| As at 31 December | 532 | 477 | 900 | 6 | 1,915 |
| Depreciat  ion |  |  |  |  |  |
| Accumulated at 1 January | 207 | 348 | 302 | 4 | 861 |
| Exchange translation differences | (9) | (15) | (23) | (1) | (48) |
| Charge for the year | 30 | 71 | 101 | 1 | 203 |
| Impairment (release)/charge | – | – | (1) | – | (1) |
| Attributable to assets sold, transferred or written off  2 | (31) | (98) | (1) | – | (130) |
| Transfers to assets held for sale | 1 | (1) | – | – | – |
| Accumulated at 31 December | 198 | 305 | 378 | 4 | 885 |
| Net book amount at 31 December | 334 | 172 | 522 | 2 | 1,030 |

1

Refer to the cash flow statement under cash flows from invest

ing act

iv

it

ies section for the purchase of property, plant and equipment during the year of $100 mill

ion

2

Disposals for property, plant and equipment during the year of $15 mill

ion

in the cash flow statement would include the gains and losses incurred as part of other

operating income (Note 6) on disposal of assets during the year and the net book value disposed

Company

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | |
|  |  |  | Leased | Leased |  |
|  |  |  | premises | equipment |  |
|  | Premises | Equipment | assets | assets | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost or valuation |  |  |  |  |  |
| At 1 January | 200 | 303 | 486 | 1 | 990 |
| Exchange translation differences | 11 | (10) | (8) | – | (7) |
| Addit  ions | 58  1 | 91  1 | 72 | 27  1 | 248 |
| Disposals and fully depreciated assets written off  2 | (11) | (7) | – | – | (18) |
| Other movements | (9) | – | – | – | (9) |
| As at 31 December | 249 | 377 | 550 | 28 | 1,204 |
| Depreciat  ion |  |  |  |  |  |
| Accumulated at 1 January | 60 | 184 | 224 | 1 | 469 |
| Exchange translation differences | (1) | (5) | (11) | – | (17) |
| Charge for the year | 6 | 41 | 41 | 9 | 97 |
| Impairment charge | – | – | 2 | – | 2 |
| Attributable to assets sold, transferred or written off  2 | – | (6) | – | – | (6) |
| Accumulated at 31 December | 65 | 214 | 256 | 10 | 545 |
| Net book amount at 31 December | 184 | 163 | 294 | 18 | 659 |

1

Refer to the cash flow statement under cash flows from invest

ing act

iv

it

ies section for the purchase of property, plant and equipment during the year of $176 mill

ion

2

Disposals for property, plant and equipment during the year of $15 mill

ion

in the cash flow statement would include the gains and losses incurred as part of other

operating income (Note 6) on disposal of assets during the year and the net book value disposed

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17. Property, plant and equipment continued

Notes to the financial statements cont

inued

Standard Chartered Bank

202

Directors’ Report and Financ

ial Statements 2024

|  |  |
| --- | --- |
|  |  |
|  | 2023 | | | | |
|  |  |  | Leased | Leased |  |
|  |  |  | premises | equipment |  |
|  | Premises | Equipment | assets | assets | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cost or valuation |  |  |  |  |  |
| At 1 January | 205 | 311 | 377 | 1 | 894 |
| Exchange translation differences | (2) | (2) | (3) | – | (7) |
| Addit  ions | 7  1 | 46  1 | 112 | – | 165 |
| Disposals and fully depreciated assets written off  2 | (27) | (52) | – | – | (79) |
| Transfers to assets held for sale | 17 | – | – | – | 17 |
| As at 31 December | 200 | 303 | 486 | 1 | 990 |
| Accumulated at 1 January | 75 | 191 | 197 | 1 | 464 |
| Exchange translation differences | – | – | (15) | – | (15) |
| Charge for the year | 9 | 45 | 43 | – | 97 |
| Impairment (release)/charge | – | – | (1) | – | (1) |
| Attributable to assets sold, transferred or written off  2 | (26) | (52) | – | – | (78) |
| Transfers to assets held for sale | 2 | – | – | – | 2 |
| Accumulated at 31 December | 60 | 184 | 224 | 1 | 469 |
| Net book amount at 31 December | 140 | 119 | 262 | – | 521 |

1

Refer to the cash flow statement under cash flows from invest

ing act

iv

it

ies section for the purchase of property, plant and equipment during the year of $53 mill

ion

2

Disposals for property, plant and equipment during the year of $1 mill

ion

in the cash flow statement would include the gains and losses incurred as part of other

operating income (Note 6) on disposal of assets during the year and the net book value disposed

18. Leased assets

Accounting policy

Where the Group is a lessee and the lease is deemed in scope of IFRS 16, it recognises a liab

il

ity equal to the present value

of lease payments over the lease term, discounted using the incremental borrowing rate applicable in the economic

environment of the lease. The liab

il

ity is recognised in ‘Other liab

il

it

ies’. A correspond

ing right-of-use asset equal to the liab

il

ity,

adjusted for any lease payments made at or before the commencement date, is recognised in ‘Property, plant and

equipment’. The lease term includes any extension options contained in the contract that the Group is reasonably certain it

will exercise.

The Group subsequently depreciates the right-of-use asset using the straight-line method over the lease term and measures

the lease liab

il

ity using the effective interest method. Depreciat

ion on the asset

is recognised in ‘Depreciat

ion and

amortisat

ion’, and

interest on the lease liab

il

ity is recognised in ‘Interest expense’.

If a leased premise, or a physically dist

inct port

ion of a premise such as an ind

iv

idual floor, is deemed by management to be

surplus to the Group’s needs and action has been taken to abandon the space before the lease expires, this is considered an

ind

icator of

impa

irment. An

impa

irment loss

is recognised if the right-of-use asset, or portion thereof, has a carrying value in

excess of its value-in-use when taking into account factors such as the abil

ity and l

ikel

ihood of obta

in

ing a subtenant.

The key judgement in determin

ing lease balances

is the determinat

ion of the lease term,

in particular whether the Group is

reasonably certain that it will exercise extension options present in lease contracts. On in

it

ial recognit

ion, the Group cons

iders

a range of characterist

ics such as prem

ises function, regional trends and the term remain

ing on the lease to determ

ine

whether it is reasonably certain that a contractual right to extend a lease will be exercised. When there are changes to

assumptions the lease balances are remeasured.

The estimates involved are the determinat

ion of

incremental borrowing rates in the respective economic environments.

The Group uses third-party broker quotes to estimate its USD cost of senior unsecured borrowing, then uses cross currency

swap pric

ing

informat

ion to determ

ine the equivalent cost of borrowing in other currencies. If it is not possible to estimate

an incremental borrowing rate through this process, other proxies such as local government bond yields are used.

The Group primar

ily enters lease contracts that grant

it the right to use premises such as office build

ings and reta

il branches.

Exist

ing lease l

iab

il

it

ies may change

in future periods due to changes in assumptions or decis

ions to exerc

ise lease renewal or

terminat

ion opt

ions, changes in payments due to renegotiat

ions of market rental rates as perm

itted by those contracts and

changes to payments due to rent being contractually linked to an inflat

ion

index. In general the re-measurement of a lease

liab

il

ity under these circumstances leads to an equal change to the right-of-use asset balance, with no immed

iate effect on

the income statement.

The total cash outflow during the year for premises and equipment leases was $133 mill

ion for Group and $62 m

ill

ion for Company.

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18. Leased assets continued

Notes to the financial statements cont

inued

Standard Chartered Bank

203

Directors’ Report and Financ

ial Statements 2024

The total expense during the year in respect of leases with a term less than or equal to 12 months nil for Group.

The right-of-use asset balances and depreciat

ion charges are d

isclosed in Note 17. The lease liab

il

ity balances are disclosed

in Note 22 and the interest expense on lease liab

il

it

ies

is disclosed in Note 3.

Maturity analysis

The maturity profile for lease liab

il

it

ies assoc

iated with leased premises and equipment assets is as follows:

Group

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 | | | | |
|  |  |  | Between |  |  |  | Between | Between |  |  |
|  |  | Between one | two years |  |  |  | one year | two years |  |  |
|  | One year or | year and | and five | More than |  |  | and two | and five | More than |  |
|  | less | two years | years | five years | Total | One year or | years | years | five years | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | less $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Other liab  il  it  ies |  |  |  |  |  |  |  |  |  |  |
| – lease |  |  |  |  |  |  |  |  |  |  |
| liab  il  it  ies | 135 | 109 | 215 | 327 | 786 | 123 | 103 | 208 | 308 | 742 |

Company

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | 2023 | | | | |
|  |  |  | Between |  |  |  | Between | Between |  |  |
|  |  | Between one | two years |  |  |  | one year | two years |  |  |
|  | One year or | year and | and five | More than |  |  | and two | and five | More than |  |
|  | less | two years | years | five years | Total | One year or | years | years | five years | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | less $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Other liab  il  it  ies |  |  |  |  |  |  |  |  |  |  |
| – lease |  |  |  |  |  |  |  |  |  |  |
| liab  il  it  ies | 71 | 50 | 101 | 235 | 457 | 60 | 48 | 89 | 201 | 398 |

19. Other assets

Group

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Other assets include: | $mill  ion | $mill  ion |
| Financ  ial assets held at amort  ized cost (Note 12): |  |  |
| Cash collateral  1 | 9,181 | 8,378 |
| Acceptances and endorsements | 4,149 | 3,967 |
| Unsettled trades and other financial assets | 8,205 | 8,369 |
|  | 21,535 | 20,714 |
| Non-financial assets: |  |  |
| Commodit  ies and em  iss  ions cert  if  icate  2 | 6,570 | 7,405 |
| Other assets | 373 | 388 |
|  | 28,478 | 28,507 |

1

Cash collateral are margins placed to collateralize net derivat

ive mark-to-market (MTM) pos

it

ions

2

Physically held commodit

ies and em

iss

ion cert

if

icates are

inventory that is carried at fair value less costs to sell, $3.8 bill

ion (31 December 2023: $3.6 b

ill

ion) are class

if

ied

as Level 1 and $2.7 bill

ion are class

if

ied as Level 2 (31 December 2023: $3.8 b

ill

ion). For commod

it

ies, the fa

ir value is derived from observable spot or short-term futures

prices from relevant exchanges.

Company

Other assets include:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Financ  ial assets held at amort  ised cost (Note 12): |  |  |
| Cash collateral  1 | 8,196 | 7,505 |
| Acceptances and endorsements | 2,320 | 2,315 |
| Unsettled trades and other financial assets | 7,071 | 7,170 |
|  | 17,587 | 16,990 |
| Non-financial assets: |  |  |
| Commodit  ies  2 | 3,743 | 4,485 |
| Other assets | 222 | 267 |
|  | 21,552 | 21,742 |

1

Cash collateral are margins placed to collateralize net derivat

ive mark-to-market (MTM) pos

it

ions

2

Commodit

ies and em

iss

ions cert

if

icates are carr

ied at fair value less costs to sell, $3 bill

ion (31 December 2023: $3.2 b

ill

ion) are class

if

ied as Level 1 and $0.7 b

ill

ion are

classif

ied as Level 2 (31 December 2023: $1.2 b

ill

ion).

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Notes to the financial statements cont

inued

Standard Chartered Bank

204

Directors’ Report and Financ

ial Statements 2024

20. Assets held for sale and associated liab

il

it

ies

Accounting policy

Upon reclassif

icat

ion property, plant and equipment are measured at the lower of their carrying amount and fair value less

costs to sell. Financ

ial

instruments continue to be measured per the accounting polic

ies

in Note 13 Financ

ial

instruments.

The assets below have been presented as held for sale following the approval of Group management and the transactions

are expected to complete in 2025.

Group

Assets held for sale

The financial assets reported below are class

if

ied under Level 1 $58 m

ill

ion (31 December 2023: $101 m

ill

ion),

Level 2 $335 mill

ion (31 December 2023: $541 m

ill

ion) and Level 3 $473 m

ill

ion (31 December 2023: $51 m

ill

ion).

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Assets held for sale | $mill  ion | $mill  ion |
| Financ  ial assets held at amort  ised cost | 866 | 693 |
| Cash and balances at central banks | 109 | 246 |
| Loans and advances to banks | – | 24 |
| Loans and advances to customers | 656¹ | 243 |
| Debt securit  ies held at amort  ised cost | 101 | 180 |
| Property, plant and equipment | 8 | 12 |
| Others | 8 | 12 |
| Others | 27 | 50 |
|  | 901 | 755 |

1

Includes $414 mill

ion unsecured personal loan bus

iness from SC Bank India which was disposed on 23 January 2025 for a considerat

ion of INR 32 b

ill

ion ($375 m

ill

ion)

Liab

il

it

ies held for sale

The financial l

iab

il

it

ies reported below are class

if

ied under Level 1 $89 m

ill

ion (31 December 2023: $54 m

ill

ion)

and Level 2 $271 mill

ion (31 December 2023: $672 m

ill

ion).

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Liab  il  it  ies held for sale | $mill  ion | $mill  ion |
| Financ  ial l  iab  il  it  ies held at amort  ised cost | 360 | 726 |
| Deposits by banks | – | 3 |
| Customer accounts | 360 | 723 |
| Other liab  il  it  ies | 16 | 50 |
| Provis  ions for l  iab  il  it  ies and charges | 5 | 11 |
|  | 381 | 787 |

Company

Assets held for sale

The financial assets reported below are class

if

ied under Level 1 n

il (31 December 2023: nil), Level 2 nil (31 December 2023: nil)

and Level 3 $474 mill

ion (31 December 2023: $52 m

ill

ion).

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Assets held for sale | $mill  ion | $mill  ion |
| Financ  ial assets held at amort  ised cost | 474 | 52 |
| Loans and advances to customers | 474 | 52 |
| Others | – | 16 |
|  | 474 | 68 |

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20. Assets held for sale and associated liab

il

it

ies cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

205

Directors’ Report and Financ

ial Statements 2024

Liab

il

it

ies held for sale

The financial l

iab

il

it

ies reported below are class

if

ied under Level 1 n

il (31 December 2023: nil), Level 2 nil

(31 December 2023: nil), Level 3 nil (31 December 2023: $5 mill

ion)

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Liab  il  it  ies held for sale | $mill  ion | $mill  ion |
| Other liab  il  it  ies | – | 5 |
|  | – | 5 |

21. Debt securit

ies

in issue

Accounting policy

Refer to Note 12 Financ

ial

instruments for the relevant accounting policy.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Certif  icates of |  |  | Certif  icates of |  |  |
|  | deposit of | Other debt |  | deposit of | Other debt |  |
|  | $100,000 or | securit  ies  in |  | $100,000 or | securit  ies  in |  |
|  | more | issue | Total | more | issue | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Debt securit  ies  in issue | 17,606 | 22,258 | 39,864 | 13,833 | 22,648 | 36,481 |
| Debt securit  ies  in issue included with  in: |  |  |  |  |  |  |
| Financ  ial l  iab  il  it  ies held at fa  ir value through |  |  |  |  |  |  |
| profit or loss (Note 12) | – | 12,176 | 12,176 | – | 9,850 | 9,850 |
| Total debt securit  ies  in issue | 17,606 | 34,434 | 52,040 | 13,833 | 32,498 | 46,331 |

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Certif  icates of |  |  | Certif  icates of |  |  |
|  | deposit of | Other debt |  | deposit of | Other debt |  |
|  | $100,000 or | securit  ies  in |  | $100,000 or | securit  ies  in |  |
|  | more | issue | Total | more | issue | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Debt securit  ies  in issue | 17,457 | 18,624 | 36,081 | 13,733 | 21,007 | 34,740 |
| Debt securit  ies  in issue included with  in: |  |  |  |  |  |  |
| Financ  ial l  iab  il  it  ies held at fa  ir value through |  |  |  |  |  |  |
| profit or loss (Note 12) | – | 12,062 | 12,062 | – | 9,554 | 9,554 |
| Total debt securit  ies  in issue | 17,457 | 30,686 | 48,143 | 13,733 | 30,561 | 44,294 |

In 2024, the Company issued a total of $2.5 bill

ion sen

ior notes for general business purposes of the Group as shown below:

|  |  |
| --- | --- |
| Securit  ies | $mill  ion |
| USD 1,000 mill  ion callable fixed rate sen  ior notes due 2028 (callable 2027) | 1,000 |
| USD 1500 mill  ion callable fixed rate sen  ior notes due 2035 (callable 2034) | 1,500 |
| Total Senior Notes issued | 2,500 |

In 2023, the Company issued a total of $2.9 bill

ion sen

ior notes for general business purposes of the Group as shown below :

|  |  |
| --- | --- |
| Securit  ies | $mill  ion |
| USD 1,500 mill  ion callable fixed rate sen  ior notes due 2029 (callable 2028) | 1,500 |
| USD 750 mill  ion callable fixed rate sen  ior notes due 2028 (callable 2027) | 750 |
| USD 653 mill  ion callable fixed rate sen  ior notes due 2030 (callable 2029) | 653 |
| Total Senior Notes issued | 2,903 |

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Notes to the financial statements cont

inued

Standard Chartered Bank

206

Directors’ Report and Financ

ial Statements 2024

22. Other liab

il

it

ies

Accounting policy

Refer to Note 12 Financ

ial

instruments for the relevant accounting policy for financ

ial l

iab

il

it

ies, Note 18 Leased assets

for the accounting policy for leases

Group

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Financ  ial l  iab  il  it  ies held at amort  ized cost (Note 12) |  |  |
| Acceptances and endorsements | 4,149 | 4,026 |
| Cash collateral | 12,984 | 7,960 |
| Property leases | 603 | 593 |
| Equipment leases | 14 | 1 |
| Unsettled trades and other financial l  iab  il  it  ies | 9,600 | 11,529 |
|  | 27,350 | 24,109 |
| Non-financial l  iab  il  it  ies |  |  |
| Other liab  il  it  ies | 417 | 368 |
|  | 27,767 | 24,477 |

Company

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Financ  ial l  iab  il  it  ies held at amort  ised cost (Note 12) |  |  |
| Acceptances and endorsements | 2,321 | 2,315 |
| Cash collateral  1 | 11,788 | 7,289 |
| Property leases | 327 | 295 |
| Equipment leases | 13 | – |
| Unsettled trades and other financial l  iab  il  it  ies | 6,675 | 8,980 |
|  | 21,124 | 18,879 |
| Non-financial l  iab  il  it  ies |  |  |
| Other liab  il  it  ies | 362 | 334 |
|  | 21,486 | 19,213 |

1

Cash collateral are margins received against collateralize net derivat

ive mark-to-market (MTM) pos

it

ions

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Notes to the financial statements cont

inued

Standard Chartered Bank

207

Directors’ Report and Financ

ial Statements 2024

23. Provis

ions for l

iab

il

it

ies and charges

Accounting policy

The recognit

ion and measurement of prov

is

ions for l

iab

il

it

ies and charges requ

ires sign

ificant judgement and the use of

estimates about uncertain future condit

ions or events.

Estimates include the best estimate of the probabil

ity of outflow of econom

ic resources, cost of settling a provis

ion and

tim

ing of settlement. Judgements are requ

ired for inherently uncertain areas such as legal decis

ions (

includ

ing external

advice obtained), and outcome of regulator reviews.

Group

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Provis  ion for |  |  | Provis  ion for |  |  |
|  | credit | Other |  | credit | Other |  |
|  | commitments  1 | provis  ions  2 | Total | commitments¹ | provis  ions² | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 1 January | 180 | 55 | 235 | 251 | 84 | 335 |
| Exchange translation differences | 10 | (3) | 7 | (8) | 4 | (4) |
| Charge/(release) against profit | 18 | 14 | 32 | (63) | 15 | (48) |
| Provis  ions ut  il  ised | – | (25) | (25) | – | (45) | (45) |
| Transfer  3 | – | 12 | 12 | – | (3) | (3) |
| At 31 December | 208 | 53 | 261 | 180 | 55 | 235 |

Company

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Provis  ion for |  |  | Provis  ion for |  |  |
|  | credit | Other |  | credit | Other |  |
|  | commitments  1 | provis  ions  2 | Total | commitments¹ | provis  ions² | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 1 January | 132 | 39 | 171 | 183 | 66 | 249 |
| Exchange translation differences | (2) | (1) | (3) | (2) | – | (2) |
| Charge/(release) against profit | 18 | (5) | 13 | (49) | (4) | (53) |
| ions ut  Provis  il  ised | – | (2) | (2) | – | (20) | (20) |
| Transfer  3 | – | 7 | 7 | – | (3) | (3) |
| At 31 December | 148 | 38 | 186 | 132 | 39 | 171 |

1

Expected credit loss for credit commitment comprises those undrawn contractually committed facil

it

ies where there is doubt as to the borrowers’ abil

ity to meet the

ir

repayment obligat

ions

2

Other provis

ions cons

ist mainly of provis

ions for legal cla

ims and regulatory and enforcement invest

igat

ions and proceedings

3

Includes the provis

ions transferred to held for sale

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

208

Directors’ Report and Financ

ial Statements 2024

24. Contingent liab

il

it

ies and comm

itments

Accounting policy

Financ

ial guarantee contracts and loan comm

itments

Financ

ial guarantee contracts and any loan comm

itments issued at below-market interest rates are in

it

ially recognised at

their fair value as a financ

ial l

iab

il

ity, and subsequently measured at the higher of the in

it

ial value less the cumulative amount

of income recognised and their expected credit loss provis

ion. Loan comm

itments may be designated at fair value through

profit or loss where that is the business model under which such contracts are held. Notional values of financ

ial guarantee

contracts and loan commitments are disclosed in the table below.

Financ

ial guarantees, trade cred

its and irrevocable letters of credit are the notional values of contracts issued by the Group’s

Transaction Banking business for which an obligat

ion to make a payment has not ar

isen at the reporting date. Transaction

Banking will issue contracts to clients and counterparties of clients, whereby in the event the holder of the contract is not paid,

the Group will reimburse the holder of the contract for the actual financ

ial loss suffered. These contracts have var

ious legal

forms such as letters of credit, guarantee contracts and performance bonds. The contracts are issued to facil

itate trade

through export and import business, provide guarantees to financ

ial

inst

itut

ions where the Group has a local presence,

as well as guaranteeing project financ

ing

involv

ing large construct

ion projects undertaken by sovereigns and corporates.

The contracts may contain performance clauses which require the counterparty performing services or provid

ing goods to

meet certain condit

ions before a r

ight to payment is achieved, however the Group does not guarantee this performance.

The Group will only guarantee the credit of the counterparty paying for the services or goods.

Commitments are where the Group has confirmed its intent

ion to prov

ide funds to a customer or on behalf of a customer

under prespecif

ied terms and cond

it

ions

in the form of loans, overdrafts, future guarantees whether cancellable or not and

the Group has not made payments at the balance sheet date; those instruments are included in these financ

ial statements

as commitments. Commitments and contingent liab

il

it

ies are generally cons

idered on demand as the Group may have to

honour them, or the client may draw down at any time.

Capital commitments are contractual commitments the Group has entered into to purchase non-financ

ial assets.

The table below shows the contract or underlying princ

ipal amounts of unmatured off-balance sheet transact

ions at the

balance sheet date. The contract or underlying princ

ipal amounts

ind

icate the volume of bus

iness outstanding and do not

represent amounts at risk.

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial guarantees and trade cred  its |  |  |  |  |
| Financ  ial guarantees, trade and  irrevocable letters of credit | 81,343 | 60,707 | 69,038 | 49,586 |
|  | 81,343 | 60,707 | 69,038 | 49,586 |
| Commitments |  |  |  |  |
| Undrawn formal standby facil  it  ies, credit lines and other commitments to lend |  |  |  |  |
| One year and over | 60,968 | 62,083 | 45,406 | 48,719 |
| Less than one year | 20,396 | 17,895 | 17,079 | 14,113 |
| Uncondit  ionally cancellable | 42,567 | 37,921 | 6,808 | 6,175 |
|  | 123,931 | 117,899 | 69,293 | 69,007 |

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
| Capital commitments | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Contracted capital expenditure approved by the directors but not provided |  |  |  |  |
| for in these accounts | 121 | 215 | – | – |

![](data:image/svg+xml;base64,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)

24. Contingent liab

il

it

ies and comm

itments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

209

Directors’ Report and Financ

ial Statements 2024

The table below shows the contract or underlying princ

ipal amounts and r

isk-weighted amounts of unmatured Group

off-balance sheet transactions at the balance sheet date. The contract or underlying princ

ipal amounts

ind

icate the volume

of business outstanding and do not represent amounts at risk.

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Financ  ial guarantees and other cont  ingent liab  il  it  ies(Group) |  |  |  |  |
| Financ  ial guarantees, trade and  irrevocable letters of credit | 3,771 | 3,031 | 11,790 | 12,017 |
| Other contingent liab  il  it  ies | – | – | – | – |
|  | 3,771 | 3,031 | 11,790 | 12,017 |
| Commitments(Group) |  |  |  |  |
| Undrawn commitments | 1,243 | 1,504 | 1,613 | 1,916 |
|  | 1,243 | 1,504 | 1,613 | 1,916 |

Please refer to Note 19 for further details. As set out in Note 25, the Group has contingent liab

il

it

ies

in respect of certain legal

and regulatory matters for which it is not practicable to estimate the financ

ial

impact as there are many factors that may

affect the range of possible outcomes.

25. Legal and regulatory matters

Accounting policy

Where appropriate, the Group recognises a provis

ion for l

iab

il

it

ies when

it is probable that an outflow of economic

resources embodying economic benefits will be required, and for which a reliable estimate can be made of the obligat

ion.

The uncertaint

ies

inherent in legal and regulatory matters affect the amount and tim

ing of any potent

ial outflows with

respect to which provis

ions have been establ

ished. These uncertaint

ies also mean that

it is not possible to give an aggregate

estimate of contingent liab

il

it

ies ar

is

ing from such legal and regulatory matters.

The Group receives legal claims against it in a number of jur

isd

ict

ions and

is subject to regulatory and enforcement

invest

igat

ions and proceedings from time to time. Apart from the matters described below, the Group currently considers

none of the ongoing claims, invest

igat

ions or proceedings to be ind

iv

idually material. However, in light of the uncertaint

ies

involved in such matters there can be no assurance that the outcome of a particular matter or matters currently not

considered to be material may not ultimately be material to the Group’s results in a particular reporting period depending on,

among other things, the amount of the loss resulting from the matter(s) and the results otherwise reported for such period.

Since 2014, the PLC Group has been named as a defendant in a series of lawsuits that have been filed in the United States

Distr

ict Courts for the Southern and Eastern D

istr

icts of New York aga

inst a number of banks (includ

ing Standard Chartered

or its affil

iates) on behalf of pla

int

iffs who are, or are relat

ives of, vict

ims of attacks

in Iraq, Afghanistan and Israel. The

plaint

iffs

in each of these lawsuits have alleged that the defendant banks aided and abetted the unlawful conduct of parties

with connections to terrorist organisat

ions

in breach of the United States Anti-Terrorism Act. None of these lawsuits specify

the amount of damages claimed. The PLC Group continues to defend these lawsuits.

In January 2020, a shareholder derivat

ive compla

int was filed by the City of Philadelph

ia

in New York State Court against

45 current and former directors and senior officers of the PLC Group. It is alleged that the ind

iv

iduals breached their duties

to the PLC Group and caused a waste of corporate assets by permitt

ing the conduct that gave r

ise to the costs and losses to

the PLC Group related to legacy conduct and control issues. In February 2022, the New York State Court ruled in favour of

Standard Chartered PLC’s motion to dism

iss the compla

int. The plaint

iffs are pursu

ing an appeal against the February 2022

ruling. A hearing date for the plaint

iffs' appeal

is awaited.

Bernard Madoff’s 2008 confession to running a Ponzi scheme through Bernard L. Madoff Investment Securit

ies LLC (BMIS)

gave rise to a number of lawsuits against the PLC Group. BMIS and the Fairf

ield funds (wh

ich invested in BMIS) are in

bankruptcy and liqu

idat

ion, respectively. Between 2010 and 2012, five lawsuits were brought against the PLC Group by the

BMIS bankruptcy trustee and the Fairf

ield funds’ l

iqu

idators,

in each case seeking to recover funds paid to the PLC Group’s

clients pursuant to redemption requests made prior to BMIS’ bankruptcy fil

ing. The total amount sought

in these cases

exceeds USD 300 mill

ion, exclud

ing any pre-judgment interest that may be awarded. Three of the four lawsuits commenced

by the Fairf

ield funds’ l

iqu

idators have been d

ism

issed and the appeals of those d

ism

issals by the funds’ l

iqu

idators are

ongoing. The fourth lawsuit has been dism

issed and

is not the subject of any further appeal. The PLC Group continues to

defend the lawsuit brought by the BMIS bankruptcy trustee.

The Group has concluded that the threshold for recording provis

ions pursuant to IAS 37 Prov

is

ions, Cont

ingent Liab

il

it

ies and

Contingent Assets is not met with respect to the above matters; however, the outcomes of these lawsuits are inherently

uncertain and diff

icult to pred

ict.

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

210

Directors’ Report and Financ

ial Statements 2024

26. Subordinated liab

il

it

ies and other borrowed funds

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Subordinated loan capital – issued by subsid  iary undertak  ings |  |  |
| NPR 2.4 bill  ion fixed sub debt rate 10.3 percent  2 | 18 | 18 |
| $540 mill  ion float  ing rate subordinated notes due 2030 (callable 2025)  1 | 540 | 540 |
|  | 558 | 558 |
| Subordinated loan capital – issued by the Company |  |  |
| $700 mill  ion 8.0 per cent subord  inated notes due 2031 | 326 | 342 |
| $500 mill  ion 4.96 per cent fixed rate subord  inated notes due 2043 | 410 | 414 |
| $2 bill  ion 4.57 per cent fixed rate subord  inated notes due 2044 (callable 2039) | 1,849 | 1,856 |
| $250 mill  ion 4.82 per cent fixed rate subord  inated notes due 2048 (callable 2043) | 250 | 250 |
| $1 bill  ion 2.94 per cent fixed rate subord  inated notes due 2029 (callable 2024) | – | 999 |
| $1.25 bill  ion float  ing rate subordinated notes due 2032 (callable 2027) | 1,250 | 1,250 |
| $1 bill  ion 3.516 per cent fixed rate reset subord  inated debt due 2030 (callable 2025) | 996 | 965 |
| £504 mill  ion 6.1368 per cent fixed rate subord  inated notes due 2043 (callable 2038) | 624 | 689 |
| $2 bill  ion 5.3 per cent fixed rate reset subord  inated notes due 2035 (callable 2030) | 1,782 | 1,764 |
| £527 mill  ion float  ing rate subordinated notes due 2039 (callable 2034) | 660 | 671 |
| €1 bill  ion 2.5 per cent fixed rate reset subord  inated notes due 2030 (callable 2025) | 1,020 | 1,048 |
| $750 mill  ion 3.603 per cent fixed rate reset subord  inated notes due 2033 (callable 2032) | 634 | 648 |
|  | 9,801 | 10,896 |
| Total for Group | 10,359 | 11,454 |

1

Issued by Standard Chartered Bank Singapore Lim

ited

2

Issued by Standard Chartered Bank Nepal Lim

ited. NPR refers to Nepalese Rupee

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| USD | 8,037 | 9,028 |
| GBP | 1,284 | 1,360 |
| EUR | 1,020 | 1,048 |
| NPR | 18 | 18 |
| Total | 10,359 | 11,454 |

Redemptions and repurchases during the year

Standard Chartered Bank exercised its right to redeem USD 1 bill

ion 2.94 per cent fixed rate subord

inated notes 2029.

Issuances during the year

There was no issuance during the period.

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

211

Directors’ Report and Financ

ial Statements 2024

27. Share capital, other equity instruments and reserves

Accounting policy

Securit

ies wh

ich carry a discret

ionary coupon and have no fixed matur

ity or redemption date are classif

ied as other equ

ity

instruments. Interest payments on these securit

ies are recogn

ised, net of tax, as distr

ibut

ions from equity in the period in

which they are paid.

Where the Company or other members of the consolidated Group purchase the Company’s equity share capital, the

considerat

ion pa

id is deducted from the total shareholders’ equity of the Group and/or of the Company as treasury shares

until they are cancelled. Where such shares are subsequently sold or reissued, any considerat

ion rece

ived is included in

shareholders’ equity of the Group and/or the Company.

Group and Company

|  |  |
| --- | --- |
|  |  |
|  |  |  |  |  | Total share |  |
|  | Number of |  | Ordinary | Preference | capital and |  |
|  | ordinary | Ordinary | share | share | share | Other equity |
|  | shares | share capital  1 | premium | premium | premium | instruments |
|  | mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 1 January 2023 | 20,597 | 20,597 | 296 | 1,500 | 22,393 | 4,750 |
| Cancellation of shares includ  ing share buy-back | – | – | – | (750) | (750) | – |
| Addit  ional T  ier 1 equity issuance | – | – | – | – | – | 992 |
| Addit  ional T  ier 1 redemption | – | – | – | – | – | (1,000) |
| At 31 December 2023 | 20,597 | 20,597 | 296 | 750² | 21,643 | 4,742 |
| Addit  ional T  ier 1 equity issuance | – | – | – | – | – | 980 |
| At 31 December 2024 | 20,597 | 20,597 | 296 | 750² | 21,643 | 5,722 |

1

Issued and fully paid ordinary shares of $1 each

2

Includes preference share capital of $37,500

Ordinary share capital

The authorised share capital of the Company at 31 December 2024 was $ 26,789 mill

ion and TWD 1,225 m

ill

ion

(31 December 2023: $ 26,789 mill

ion and TWD 1,225 m

ill

ion) made up of 26,782 m

ill

ion ord

inary shares of $1 each,

2.4 mill

ion non-cumulat

ive irredeemable preference shares of $0.01 each, 1 mill

ion non-cumulat

ive preference shares of

$5 each, 15,000 non-cumulative redeemable preference shares of $5 each, 462,500 non-cumulative redeemable 8.125%

preference shares of $5 each and 50 mill

ion non-cumulat

ive redeemable preference shares of TWD24.50 each.

The issued share capital of the Company at 31 December 2024 was $20,597 mill

ion (31 December 2023: $20,597 m

ill

ion)

made up of: 20,597 mill

ion ord

inary shares of $1 each.

There was no new issue of shares during the year. The Company has one class of ordinary shares, which carries no rights

to fixed income. Subject to any special rights or restrict

ions as to vot

ing attached to any shares in accordance with the

Company’s Royal Charter Bye-Laws and Rules, on a show of hands every member present at a general meeting by a

representative or proxy shall have one vote. On a poll, every member holding shares or stock of less than the nominal amount

of US$25 shall not have any vote, but every other member who is present in person or by proxy shall have votes in accordance

with the following scale:

|  |  |
| --- | --- |
|  |  |
|  | Number of |
| Nominal amount of Shares or Stock held | Votes |
| US$25 or more but less than US$50 | 1 vote |
| US$50 or more but less than US$100 | 2 votes |
| US$100 or more but less than US$250 | 3 votes |
| US$250 or more but less than US$375 | 4 votes |
| US$375 or more but less than US$500 | 5 votes |
| US$500 or more but less than US$750 | 6 votes |
| US$750 or more but less than US$1,000 | 7 votes |
| US$1,000 or more but less than US$1,250 | 8 votes |
| US$1,250 or more but less than US$1,500 | 9 votes |
| US$1,500 or more | 10 votes |

![](data:image/svg+xml;base64,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)

27. Share capital, other equity instruments and reserves continued

Notes to the financial statements cont

inued

Standard Chartered Bank

212

Directors’ Report and Financ

ial Statements 2024

Preference share capital

7,500 non-cumulative redeemable preference shares issued on 8 December 2006 with a nominal value of $5 each and a

premium of $99,995, making a paid-up amount per preference share of $100,000. The preference shares are redeemable

at the option of the company in whole or in part on 31 Jan 2027 and on any quarterly div

idend payment date fall

ing on or

around ten-year intervals thereafter. The amount payable on redemption will be the paid-up amount of $100,000 per

preference share to be redeemed, plus an amount equal to the accrued but unpaid div

idend thereon up to but exclud

ing

the redemption date.

Other equity instruments

The table provides details of outstanding Fixed Rate Resetting Perpetual Subordinated Contingent Convertible AT1 securit

ies

issued by Standard Chartered Bank. All issuances are made for general business purposes and to increase the regulatory

capital base of the Group.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Proceeds net of issue |  |  |  |
| Issuance date | Nominal value | costs | Interest rate  1 | Coupon payment dates  2 | First reset dates  3 |
| 14 January 2021 | USD 1,250 mill  ion | USD 1,250 mill  ion | 4.75% | 14 January, 14 July each year | 14 July 2031 |
| 19 August 2021 | USD 1,500 mill  ion | USD 1,500 mill  ion | 4.30% | 19 February, 19 August each year | 19 August 2028 |
| 15 August 2022 | USD 1,000 mill  ion | USD 1,000 mill  ion | 7.75% | 15 February, 15 August each year | 15 February 2028 |
| 31 March 2023 | USD 750 mill  ion | USD 750 mill  ion | 7.75% | 30 January, 30 July each year | 30 July 3037 |
| 31 March 2023 | GBP 96 mill  ion | USD 120 mill  ion | 7.90% | 4 April, 4 October each year | 4 April 2028 |
| 31 March 2023 | GBP 99 mill  ion | USD 122 mill  ion | 7.90% | 4 April, 4 October each year | 4 April 2028 |
| 27 March 2024 | USD400 mill  ion | USD 400 mill  ion | 7.875% | 8 March, 8 September each year | 8 September 2030 |
| 19 Sep 2024 | SGD750 mill  ion | USD 580 mill  ion | 5.30% | 19 March, 19 September each year | 19 March 2030 |
|  | Total | USD 5,722 mill  ion |  |  |  |

1

Interest rates for the period from (and includ

ing) the

issue date to (but excluding) the first reset date

2

Interest payable semi-annually in arrears

3

Securit

ies are resettable each date fall

ing five years, or an integral multiple of five years, after the first reset date

The princ

ipal terms of the AT1 secur

it

ies are descr

ibed below:

•

The securit

ies are perpetual and redeemable, at the opt

ion of the Company in whole but not in part, on the first call date

or on any fifth anniversary after the first call date

•

The securit

ies are also redeemable for certa

in regulatory or tax reasons on any date at 100 per cent of their princ

ipal

amount together with any accrued but unpaid interest up to (but excluding) the date fixed for redemption. Any

redemption is subject to the Company giv

ing not

ice to the relevant regulator and the regulator granting permiss

ion

to redeem interest payments on these securit

ies w

ill be accounted for as a div

idend

•

Interest on the securit

ies

is due and payable only at the sole and absolute discret

ion of the Company, subject to certa

in

addit

ional restr

ict

ions set out

in the terms and condit

ions. Accord

ingly, the Company may at any time elect to cancel

any interest payment (or part thereof) which would otherwise be payable on any interest payment date

•

The securit

ies w

ill be written down in full should the fully loaded Common Equity Tier 1 ratio of the issuer fall below

7.0 per cent (a Loss Absorption Event).

The securit

ies rank beh

ind the claims against the Company of: (a) unsubordinated creditors; (b) claims which are expressed

to be subordinated to the claims of unsubordinated creditors of the Company but not further or otherwise; or (c) claims which

are, or are expressed to be, junior to the cla

ims of other creditors of the Company, whether subordinated or unsubordinated,

other than claims which rank, or are expressed to rank, pari passu with, or jun

ior to, the cla

ims of holders of the AT1 securit

ies

in a wind

ing-up occurr

ing prior to the Loss Absorption Event.

![](data:image/svg+xml;base64,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)

27. Share capital, other equity instruments and reserves continued

Notes to the financial statements cont

inued

Standard Chartered Bank

213

Directors’ Report and Financ

ial Statements 2024

Reserves

The constituents of the reserves are summarised as follows:

The capital reserve represents the exchange difference on redenominat

ion of share cap

ital and share premium from sterling

to US dollars in 2001. The capital redemption reserve represents the nominal value of preference shares redeemed.

•

Own credit adjustment reserve represents the cumulative gains and losses on financ

ial l

iab

il

it

ies des

ignated at fair

value through profit or loss relating to own credit. Gains and losses on financ

ial l

iab

il

it

ies des

ignated at fair value through

profit or loss relating to own credit in the year have been taken through other comprehensive income into this reserve.

On derecognit

ion of appl

icable instruments, the balance of any OCA will not be recycled to the income statement,

but will be transferred with

in equ

ity to retained earnings

•

Fair value through other comprehensive income (FVOCI) debt reserve represents the unrealised fair value gains and losses

in respect of financ

ial assets class

if

ied as FVOCI, net of expected cred

it losses. Gains and losses are deferred in this reserve

and are reclassif

ied to the

income statement when the underlying asset is sold, matures or becomes impa

ired.

•

FVOCI equity reserve represents unrealised fair value gains and losses in respect of financ

ial assets class

if

ied as FVOCI.

Gains and losses are recorded in this reserve and never recycled to the income statement

•

Cash flow hedge reserve represents the effective portion of the gains and losses on derivat

ives that meet the cr

iter

ia for

these types of hedges. Gains and losses are deferred in this reserve and are reclassif

ied to the

income statement when the

underlying hedged item affects profit and loss or when a forecast transaction is no longer expected to occur.

•

Translation reserve represents the cumulative foreign exchange gains and losses on translation of the net investment of the

Group in foreign operations. Since 1 January 2004, gains and losses are deferred to this reserve and are reclassif

ied to the

income statement when the underlying foreign operation is disposed. Gains and losses aris

ing from der

ivat

ives used as

hedges of net investments are netted against the foreign exchange gains and losses on translation of the net investment

of the foreign operations.

•

Retained earnings represents profits and other comprehensive income earned by the Group and Company in the current

and prior periods, together with the after tax increase relating to equity-settled share options, less div

idend d

istr

ibut

ions

and own shares held (treasury shares).

A substantial part of the Group’s reserves is held in overseas subsid

iary undertak

ings and branches, princ

ipally to support

local operations or to comply with local regulations. The maintenance of local regulatory capital ratios could potentially

restrict the amount of reserves which can be remitted. In addit

ion,

if these overseas reserves were to be remitted, further

unprovided taxation liab

il

it

ies m

ight arise.

As at 31 December 2024, the distr

ibutable reserves of Standard Chartered Bank (the Company) were $2.2 b

ill

ion

(31 December 2023: $2.7 bill

ion). These compr

ised of retained earnings. Distr

ibut

ion of reserves is subject to mainta

in

ing

min

imum cap

ital requirements.

28. Non-controlling interests

Non-controlling interests are measured at the non-controlling interest’s proportionate share of the acquiree’s ident

ifiable

net assets.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| At 1 January | 1,080 | 1,164 |
| Comprehensive income/(loss) for the year | 22 | (2) |
| Loss in equity attributable to non-controlling interests | (17) | (31) |
| Other profits attributable to non-controlling interests | 39 | 29 |
| Distr  ibut  ions | (125) | (103) |
| Other (decrease) / increases  1 | (513) | 21 |
| At 31 December | 464 | 1,080 |

1

Movement in 2024 is primar

ily from Standard Chartered Bank S

ingapore Lim

ited $562 m

ill

ion perta

in

ing to redempt

ion of preference shares and disposal of Standard

Chartered Bank Angola S.A. ($6 mill

ion) partly offset by non-controll

ing interest in Trust Bank Singapore Lim

ited ($55 m

ill

ion). Net Cash Flow from Non Controll

ing

interest is $506 mill

ion (2023: Cash rece

ived $21 mill

ion). Movements

in 2023 driven by addit

ional

investment by minor

ity shareholders ($28 m

ill

ion) majorly

in Trust Bank

Singapore Lim

ited offset by release of

interest on account of change in ownership ($7 mill

ion).

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8yMTYiPjxwYXRoIGQ9Ik01OC45LDEyNDkuM3YtNDFIMTY0LjR2NDFaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzIxNnsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMV8yMTZ7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzAwMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Ci5nMl8yMTZ7CmZpbGw6ICNFNkU3RTg7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNjUsMTE5OS44SDg0NC41IiBjbGFzcz0iZzBfMjE2Ii8+CjxpbWFnZSBjbGlwLXBhdGg9InVybCgjYzBfMjE2KSIgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTkiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQWxqZ0FDVjdJdnRRQUlJZ0FBTTI5SlNVc0FJMHNEY3VvN096dzMwd0FBQnc5QlFrTUJJMGdQbGdBNU9qd0JWckk3UEQwQkhUeFFVVk1DUzVrRWNPUW1KeWdiWVFBTkRRMERjK3AzZDNjYUpTVTMwZ0E1T1RvNHpnQXJMQzBpSWlKSlNrd0FOR3dyTkRSS1ZGVk9VRklBSHA4Q2F0Z0RDZ0FBYk45TFRWQVlYZ0JYVjFJVkZob3h2UUF3TURGV1dGcEtVMDRURXhSUlVsSURkdkFBUnBFeXdBQVJRQUE1MkFCS1NrczlQajlVVkZabVoyZFhXRWNBRlNwUFVGRWxKaWtDYXR0cGFRTlNWRlZTVkZVOFBGMEdHQUFBUVl4V1dGazlEeEFCWmRKUlVsTlJVbFJNVFVORFEwUXJMQ3dkY0FBNTFRQVJFUkZTVkZVa0pDVUNZOHRVVkZZYkd4eFZWbGhWVmxnQlRKbzFPajVSVWxRZUhob0VkdkJjWFY4eU1nQWloQUFxSmhvenZ3QlVWVlpTVkZZRWVQSlpXbHhBUVVNQVJNTllXRnBBUWtaaFlXTTFOemdiYUFBRGRmQlJVVk5VVmxoQ1EwVTEwZ0FoSVNGU1VsVTczUUFVRkJRSUNBQXZNVElCUFg0WUdSa0NjdWtFYyt3OVNrdFJVRkVoSXlRenhRQURkTzBZR0JsSVNFcFVWRllFYyt0VVZGUlVVbFErUGtCUlVsVlVWVmd0TFMwQURoMEJiK3BEUlVaWVdWc1NTd0FhR2h4TFRFNERkZkJSVWxVZGJRQk5UazhnZ3dBbEpTVTUyUUFBQWdZQ2MrMUVSa2hEUTB3RGMrMVJVVlVBR3pZM056aFJWMWdDWU1jb0tTcFdWbFpEUlVaQ1JFUTFOVFZOVUZGV1VsaEZSa2dFZE8wNDBnQkx5UUJUVkZWWVdWdFFVbEphWEY0aUl5UlRXVnNCUEh0QVFFRW9LQzAzMGdCRVJVVTQxUUFBUW5rNDBnQW5tZ0E3T3o4QVVhTkQzUUFCTFZ3aWdnQTMyQUJPVGxGRlJrb29LQ2dDY2VvNDFRQURkTzRWVUFBRWRPMFJFUlFGQlFZbUhoNDVRRUFYRndCS1NrdzFOalpGUmtoSVNrc0FVS0VKQ1FrZkh5RXVSMGNBWWNVT0R4QkdSa2NZR1JsVFZFNCtRRUFkSFI0QUxGb0VlUFEzMVFCSFNFZ3JwQUJTVWxRQlFZRk1UVkJTVWxRZGNRQUVkZkU5UFQ4L1AwRTF5UUF3TURFQlVxa2pKQ1E0MVFBQ2MrYzF6QUFDZU9NbFd3QkRTVWs0MFFBQUVTTUJTcFlFZVBRMjBnQUFHRVVCTVdVTk5BRG1JODlhQUFBQkFIUlNUbE1BYjJabUJ3ek1DczROM2dLaUtSNkxOVXNvNldhOVJnb0YvaEFHK0QyMll5MlVLd3RjclJ4MUFTeHNKOGtHTXlmdk1DV0w2U1dMRFBVU1pldHFzdzdLRElnRmtjMUtCaG5YSlZmUnphUTVXVWI3Q3JBMGNOSTc3dEZERGZBTDl2b0JWd3RLcmU3MzczMFJqVVZMT0RxNXJwV0VpQTJNOWdnQVVVVkd0ZjlGY3hkdTB3K3dsS3BMdlZXeXJ3WUdXRmZ2R1EyODAyOGxqUXNNM0FDVVZUS3ZDd3B1eG9neExHWWFEMUZtaXYzUktHM1VWTzBudFQ5T0U3ZEt6Z3orTkNJUGdqSXB0NVE2QzI2d3J3dlVCQUlNRUFDclRLaURJUVlVQ0IwTWNpbGFXQXdUMHB1ZVNWUXNyVG91MUN1S2tCTmFLSTJFTldFVUlLOEhOZmR4QkNVU3RZQnlMd0FBQnpOSlJFRlVlTnExbDM5WVU5Y1p4OTlhV2tYWkxHYlRzTllwNjJncExpWktiQ20zbGJyYzJWT2wwQUJHVWlQWjZuMkVtU2tFaWM3V0xHazFjTDFDSjFKMGdQZ29NYUxRV0I2QkRrdXAzU1kvcG5Kci9iSFlJdFJxcGloT1ZtMW5MYTdiT2ZjbTNLdkYrZytjUDNMdk9mZmMrM20rNS91Kzd6a0JrTnE0MlY4ZHpiaitmQVdNZUh2NXNOY2U0VDM4L0VoekhwaVQ0WTNBemRzeHNweWRmODNHZ2dSUzlraHlLaDZibzdXTG9BanYycEVrUFhFdUlHaUVWKy9pOVl4QmtEMGovOE1SQS8wald5Wkl1MkRudUx0TjlJWHkzL3VoUldmdjhtQnZwM0I1ZjR3a2FPbVBud0NZTzMzbDE3ZUtoM2loTk5iM2ZhRGxCdlhRRDJxWWRVSzZqaG9JZ3J4OUhhTWhldHFUNVhwOVhQTzAyeWEzbCtFZnp1WHpLZkdWZjI1UVczdTdlT1dmYTRjcU15R3AycFhCaHcrckFEcmJDNkhWTFpCbTUzc0Rncno1UDdzSnNLUTVyZ1UzL1U4blNaekNQN0swUDBuSnVXNzRJL2VxMms3UzY5c3FUeFkrNnY5REplYysxVVRrK0duT0VxTlJnOCtTUXgvZmJua2JHaUtUTEkwbjRMM2VST1pLa0pRZGtIUjAxUHNBUjY3cDlTMUNpOXNpa2RaaytyTllhd3JuY3RSVFQ5ZWsweSt5S05IVWY4eGtRTDBsbWN4bXZrZGpQQjZGV0xOYVdVdlJZU1ZVZ2dFODlWRkdZM2lXeHUxbmFaWVZTV05FVGZic1diajNuNy9FQlVoakpaS3lWYkVJeWhwOG5PdWp0TFIrZzg3NWNkNGFoV252TVJQeXFGYkhvSVg5QnBlemMvRUpnMGw5SlgyOEUxWlBwR2p3VUlZVHpnTHFsSlAvS041Y0lwSU9Cek5XT3crN0ZQMWxzNERTSDVCV1QvVk1adFFNMFNlQUM2Z2IzM2EybXRUSFRGdXhKVThyWGl1Z1pwSnA0ODNxWE9vTGNxZkRwRTMvQXJBWkJFTVR4TlVyMnJVMEdCQUQyMzZBalNxK1dxNXYwVGYvVFJZUGVWazB4U3puQlpMRFNEN3J5eUthbnNIUnUwUHhXcTFiSUZWcDFHSElTZTRjWlBYaUFheU53dXNCbitDaWRqREl2ZWNXekFaNGFzVzE4N2UyM0I2bzNYOTJzek5UQ2FrSGtjK3FyTVFua1dTcFFTOFFtWkVhZFphb3lVVklueEZOb2JoM05rSDBDV0RlMHNIRXhYdkdwOS9kbnBRM2ZCWDhKVFNUWVh3OHY0T3k4VHgvaVpJMEZmeUUwdUdoYm1SU0oybHNTcDZmUVJsRjBxODBaL0NETmVZZ0NmNzlscFM3M3I1Um45OUpTbkV4cFRGdWExY1BaYlZ4TytLcFJwdkxZQ0ErQlVoOFBNWGFkRFNOODhsQk1UWXJtajlmSktWRXBqT3hWanJSSFNTTm03VXRZeEFWa2JIMjRoMGtYdTFJVFMyOXdTK3VaWmhTbFM5Sngxa3Q0YnBGbitnbVk4TkRIYnNyZkVrMnpob2V2cXdmVnAvUWNhNjJnbEpvV3BhRTMrd3FjSEUyei82NnpjSjNRdWJpWFdQZVVWbnR5K2k0T1hSWjRidnVVdGZ5ZlBjcXJyNHVDRG4vOVlvUWdHKzNhYjBTNnZDN1JVTk5UODRadW9ZMk1KWjdnUGdlRnFiSDZjdGZKOUgrYXAva2xsMzcrSkFremNHaFNTajNYcVE2QlZ6RGlhci8rd2ZSVVBIaHJzRjlGMGZHNDNKVktUVXUxcm8vSmRsMHFZNWxMcVRnZ1EwTVo5dmRVd3RxNjVYUG1FdklwbXRNNG1lV2Nsd2R6b0hhMm9iWXVyS3BOcGJwd2N2TlQxN0dXZHVtSU5nblZJU3g5K0dTVVBTUXRGUFp0ZTlLb00ydENNZVFZWHV5eWMzRk1wUkRWZWhDVmh4amlJTTE1aHphV29Cc0c2bHFqNUcyeFJwWkozQUdOMXY3TzlUb3NGSlI2MkNEQXNjcVNsVEFJMktaVzdVUGJ4TVY0em9HZ201NXIwdGhrV3l1NG9IZnN5ZlpuSE8yNHVFb3Fxa3k4K2M0VVdvMHFaaVUyTTEvZ1hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8cGF0aCBkPSJNNjUsNTU1LjhIMTk0LjltMCwwSDg0NC41TTY1LDYxOS4zSDE5NC45bTAsMEg4NDQuNU02NSw2OTcuMkgxOTQuOW0wLDBIODQ0LjVNNjUsNzMxLjdIMTk0LjltMCwwSDg0NC41TTY1LDc4MC42SDE5NC45bTAsMEg4NDQuNSIgY2xhc3M9ImcxXzIxNiIvPgo8cGF0aCBkPSJNNTMyLjcsOTAxLjJoNzcuOXYyMEg1MzIuN3YtMjBabTE1NS45LDBoNzcuOXYyMEg2ODguNnYtMjBabS0xNTUuOSwyMGg3Ny45djE5LjlINTMyLjdWOTIxLjJabTE1NS45LDBoNzcuOXYxOS45SDY4OC42VjkyMS4yWk01MzIuNyw5NDEuMWg3Ny45Vjk2MUg1MzIuN1Y5NDEuMVptMTU1LjksMGg3Ny45Vjk2MUg2ODguNlY5NDEuMVoiIGNsYXNzPSJnMl8yMTYiLz4KPHBhdGggZD0iTTUzMi43LDg3MC41aDc3LjltMCwwaDc4bTAsMGg3Ny45bTAsMGg3OE02NSw5MDEuMkg1MzIuN20wLDBoNzcuOW0wLDBoNzhtMCwwaDc3LjltMCwwaDc4TTY1LDk0MS4xSDUzMi43bTAsMGg3Ny45bTAsMGg3OG0wLDBoNzcuOW0wLDBoNzhNNjUsOTYxSDUzMi43bTAsMGg3Ny45bTAsMGg3OG0wLDBoNzcuOW0wLDBoNzgiIGNsYXNzPSJnMV8yMTYiLz4KPC9zdmc+)

Notes to the financial statements cont

inued

Standard Chartered Bank

214

Directors’ Report and Financ

ial Statements 2024

29. Retirement benefit obligat

ions

Accounting policy

The Group operates pension and other post-retirement benefit plans around the world, which can be categorised into

defined contribut

ion

plans and

defined benefit

plans.

• For

defined contribut

ion

plans, the Group pays contribut

ions to publ

icly or privately admin

istered pens

ion plans on

a statutory or contractual basis, and such amounts are charged to operating expenses. The Group has no further

payment obligat

ions once the contr

ibut

ions have been pa

id.

• For

defined benefit

plans, which promise levels of payments where the future cost is not known with certainty:

–

the accounting obligat

ion

is calculated annually by independent actuaries using the projected unit method.

–

Actuarial gains and losses that arise are recognised in shareholders’ equity and presented in the statement of other

comprehensive income in the period they arise.

–

The Group determines the net interest expense on the net defined benefit liab

il

ity for the year by applying the

discount rate used to measure the defined benefit obligat

ion at the beg

inn

ing of the annual per

iod to the net defined

benefit liab

il

ity, taking into account any changes in the net defined benefit liab

il

ity during the year as a result of

contribut

ions and benefit payments. Net

interest expense, the cost of the accrual of new benefits, benefit enhancements

(or reductions) and admin

istrat

ion expenses met directly from plan assets are recognised in the income statement

in the period in which they were incurred.

Other accounting estimates and judgements

There are many factors that affect the measurement of the retirement benefit obligat

ions. Th

is measurement requires

the use of estimates, such as discount rates, inflat

ion, pens

ion increases, salary increases, and life expectancies which are

inherently uncertain. The table below summarises how these assumptions are set:

|  |  |
| --- | --- |
|  |  |
| Assumption | Detail |
| Discount rate | Determined by reference to market yields at the end of the reporting period on high-quality corporate bonds |
|  | (or, in countries where there is no deep market in such bonds, government bonds) of a currency and term |
|  | consistent with the currency and term of the post-employment benefit obligat  ions. Th  is is the approach |
|  | adopted across all our geographies. |
| Inflation | Where there are inflat  ion-l  inked bonds available (e.g. United Kingdom and the eurozone), the Group derives |
|  | inflat  ion based on the market on those bonds, w  ith the market yield adjusted in respect of the United Kingdom to |
|  | take account of the fact that liab  il  it  ies are l  inked to Consumer Price Index inflat  ion, whereas the reference bonds |
|  | are linked to Retail Price Index inflat  ion. Where no  inflat  ion-l  inked bonds exist, we determine inflat  ion assumpt  ions |
|  | based on a combinat  ion of long-term forecasts and short-term  inflat  ion data. |
| Salary growth | Salary growth assumptions reflect the Group’s long-term expectations, taking into account future business plans |
|  | and macroeconomic data (primar  ily expected future long-term  inflat  ion). |
| Demographic | Demographic assumptions, includ  ing mortal  ity and turnover rates, are typically set based on the assumptions |
| assumptions | used in the most recent actuarial funding valuation, and will generally use industry standard tables, adjusted |
|  | where appropriate to reflect recent histor  ic exper  ience and/or future expectations. |

The sensit

iv

ity of the liab

il

it

ies to changes

in these assumptions is shown in the Note below.

Bank Group

Net Retirement benefit obligat

ion and charge compr

ise:

|  |  |
| --- | --- |
|  |  |
|  | Net Obligat  ion | | Charge  1 | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Defined benefit plans obligat  ion | 118 | 161 | 37 | 41 |
| Defined contribut  ion plans obl  igat  ion | 13 | 16 | 295 | 271 |
| Total | 131 | 177 | 332 | 312 |

1

Refer note 7: Operating expenses

The Group operates over 50 defined benefit plans across its geographies, many of which are closed to new entrants who

now join defined contr

ibut

ion arrangements. The a

im of all these plans is, as part of the Group’s commitment to financ

ial

wellbeing for employees, to give employees the opportunity to save appropriately for retirement in a way that is consistent

with local regulations, taxation requirements and market condit

ions. The defined benefit plans expose the Group to currency

risk, interest rate risk, investment risk and actuarial risks such as longevity risk.

![](data:image/svg+xml;base64,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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

215

Directors’ Report and Financ

ial Statements 2024

The material holdings of government and corporate bonds shown on page 270 partially hedge movements in the liab

il

it

ies

resulting from interest rate and inflat

ion changes. Sett

ing aside movements from other drivers such as currency fluctuation,

increases in discount rates in most countries with material pension liab

il

it

ies over 2024 has led to lower l

iab

il

it

ies. Th

is has been

partly offset by decreases in the value of bonds held, however growth assets such as equit

ies performed well over 2024,

leading to an increase in the pension defic

it reported. These movements are shown as actuar

ial gains and losses in the table

below. Contribut

ions

into a number of plans in excess of the amounts required to fund benefits accruing have also partially

offset the increase in the net defic

it over the year.

The disclosures required under IAS 19 have been calculated by independent qualif

ied actuar

ies based on the most recent

full actuarial valuations updated, where necessary, to 31 December 2024.

UK Fund

The Standard Chartered Pension Fund (the ‘UK Fund’) is the Bank Group’s largest pension plan, representing 56 per cent

(31 December 2023: 67 per cent) of total pension liab

il

it

ies. The UK Fund

is set up under a trust that is legally separate

from the Bank (its formal sponsor) and, as required by UK legislat

ion, at least one-th

ird of the trustee directors are nominated

by members; the remainder are appointed by the Bank. The trustee directors have a fiduc

iary duty to members and are

responsible for governing the UK Fund in accordance with its Trust Deed and Rules.

The UK Fund was closed to new entrants from 1 July 1998 and closed to the accrual of new benefits from 1 April 2018.

All employees are now offered membership of a defined contribut

ion plan.

The financial pos

it

ion of the UK Fund

is regularly assessed by an independent qualif

ied actuary. The fund

ing valuation as at

31 December 2023 was completed in December 2024 by the Scheme Actuary, T Kripps of WTW, using assumptions different

from those on page 286, and agreed with the UK Fund trustee. It showed that the UK Fund was 96% funded at that date,

revealing a past service defic

it of $48m

ill

ion (£38 m

ill

ion).

To repair the defic

it, three annual cash payments of $13 m

ill

ion (£10 m

ill

ion) were agreed, w

ith the first of these paid in

December 2024, and two further instalments to be paid in December 2025 and December 2026. However, the agreement

allows that the payments due in 2025 and 2026 may be varied depending on the funding posit

ion at the preced

ing 30 June.

As part of the 2023 valuation agreement, it was agreed that gilts with a nominal value of $200 mill

ion (£160 m

ill

ion) would

remain in escrow to provide addit

ional secur

ity to the Trustee.

The Bank Group has not recognised any addit

ional l

iab

il

ity under IFRIC 14 as the Bank has control of any pension surplus

under the Trust Deed and Rules.

Overseas plans

The princ

ipal overseas defined benefit arrangements operated by the Bank Group are

in Germany, India, Jersey,

United Arab Emirates (UAE) and the United States of America (US). Plans in Germany, India and UAE remain open

for accrual of future benefits.

Key assumptions

The princ

ipal financial assumpt

ions used at 31 December 2024 were:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  | Overseas | Unfunded |  | Overseas | Unfunded |
|  | UK Fund | Plans  1 | Plans  2 | UK Funded | Plans  1 | Plans  2 |
|  | % | % | % | % | % | % |
| Discount rate | 5.5 | 3.4 - 6.9 | 2.5 – 6.9 | 4.6 | 3.3-7.4 | 3.1-7.4 |
| Price inflat  ion | 2.5 | 2.0 – 5.0 | 2.0 – 5.0 | 2.5 | 2.2-5.0 | 2.0-5.0 |
| Salary increases | n/a | 3.5 – 8.5 | 4.0 – 8.5 | n/a | 3.7-8.5 | 4.0-8.5 |
| Pension increases | 2.3 | 0.0 – 2.9 | 0.0 – 2.3 | 2.3 | 0.0-2.9 | 0.0-2.3 |
| Post-retirement medical rate | n/a |  | n/a  8% in 2024 reducing |  |  | 8% in 2023 reducing |
|  |  |  | by 0.5% per annum |  |  | by 0.5% per annum |
|  |  |  | to 5% in 2030 |  |  | to 5% in 2029 |

1

The range of assumptions shown is for the main funded defined benefit overseas plans in Germany, India, Jersey, and the US. These comprise around 85 per cent of the

total liab

il

it

ies of funded overseas defined benefit plans

2

The range of assumptions shown is for the main unfunded plans in, India, Thailand, UAE, UK and the US. They comprise around 90 per cent of the total liab

il

it

ies of

unfunded plans

The princ

ipal non-financial assumpt

ions are those made for UK life expectancy. The UK mortality tables are S4PMA for

males and S4PFA for females, projected by year of birth with the CMI 2023 improvement model with a 1.25% annual trend

and in

it

ial addit

ion parameter of 0.25%. Scal

ing factors of 81% for male pensioners, 93% for female pensioners, 81% for male

dependants and 81% for female dependants have been applied.

The assumptions for life expectancy for the UK Fund are that a male member currently aged 60 will live for 28 years

(31 December 2023: 27 years) and a female member for 29 years (31 December 2023: 30 years) and a male member currently

aged 40 will live for 29 years (31 December 2023: 29 years) and a female member for 31 years (31 December 2023: 32 years)

after their 60th birthdays.

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

216

Directors’ Report and Financ

ial Statements 2024

Both financial and non-financial assumpt

ions can be expected to change in the future, which would affect the value placed

on the liab

il

it

ies. For example, changes at the report

ing date to one of the relevant actuarial assumptions, holding other

assumptions constant, would have affected the defined benefit obligat

ion by the amounts shown below:

•

If the discount rate increased by 25 basis points, the liab

il

ity would reduce by approximately $25 mill

ion for the UK Fund

(31 December 2023: $35 mill

ion) and $15 m

ill

ion for the other plans (31 December 2023: $20 m

ill

ion)

•

If the rate of inflat

ion

increased by 25 basis points, the liab

il

ity allowing for the consequent impact on pension and salary

increases, would increase by approximately $15 mill

ion for the UK Fund (31 December 2023: $20 m

ill

ion) and $10 m

ill

ion for

the other plans (31 December 2023: $10 mill

ion)

•

If the rate of salary growth relative to inflat

ion

increased by 25 basis points, the liab

il

ity would increase by nil for the UK

Fund (31 December 2023: nil) and approximately $5 mill

ion for the other plans (31 December 2023: $5 m

ill

ion)

•

If longevity expectations increased by one year, the liab

il

ity would increase by approximately $35 mill

ion for the UK Fund

(31 December 2023: $35 mill

ion) and $10 m

ill

ion for the other plans (31 December 2023: $10 m

ill

ion)

Although this analysis does not take account of the full distr

ibut

ion of cash flows expected under the UK Fund, it does provide

an approximat

ion of the sens

it

iv

ity to the main assumptions. While changes in other assumptions would also have an

impact, the effect would not be as sign

ificant.

Profile of plan obligat

ions

|  |  |  |  |
| --- | --- | --- | --- |
|  | Funded plans | | Unfunded |
|  | UK Fund | Overseas | plans |
| Duration of the defined benefit obligat  ion (  in years) | 10 | 9 | 8 |
| Duration of the defined benefit obligat  ion – 2023 | 11 | 11 | 9 |
| Benefits expected to be paid from plans |  |  |  |
| Benefits expected to be paid during 2025 | 83 | 47 | 19 |
| Benefits expected to be paid during 2026 | 85 | 47 | 17 |
| Benefits expected to be paid during 2027 | 88 | 48 | 16 |
| Benefits expected to be paid during 2028 | 90 | 51 | 17 |
| Benefits expected to be paid during 2029 | 92 | 57 | 16 |
| Benefits expected to be paid during 2030 to 2034 | 495 | 320 | 78 |

Fund values:

The fair value of assets and present value of liab

il

it

ies of the defined benefit plans were:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | |  | 2023 | | | | |
|  | UK Fund | | | Overseas plans | | | UK Fund | | | Overseas plans | | |
|  | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total |
|  | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 31 December |  |  |  |  |  |  |  |  |  |  |  |  |
| Equit  ies | 2 | – | 2 | 43 | – | 43 | 2 | – | 2 | 44 | – | 44 |
| Government bonds | 342 | – | 342 | 204 | – | 204 | 443 | – | 443 | 119 | – | 119 |
| Corporate bonds | 357 | 126 | 483 | 253 | – | 253 | 360 | 113 | 473 | 148 | – | 148 |
| Hedge funds | – | 5 | 5 | – | – | – | – | 9 | 9 | – | – | – |
| Infrastructure | – | 170 | 170 | – | – | – | – | 166 | 166 | – | – | – |
| Property | – | 81 | 81 | – | 16 | 16 | – | 84 | 84 | – | – | – |
| Derivat  ives | 22 | (1) | 21 | – | – | – | 2 | 5 | 7 | – | – | – |
| Cash and equivalents | 35 | – | 35 | 29 | – | 29 | 66 | – | 66 | 20 | – | 20 |
| Others | 7 | 2 | 9 | – | 88 | 88 | 7 | 2 | 9 | – | 78 | 78 |
| Total fair value of |  |  |  |  |  |  |  |  |  |  |  |  |
| assets  1 | 765 | 383 | 1,148 | 529 | 104 | 633 | 880 | 379 | 1259 | 331 | 78 | 409 |

1

Self-investment is monitored closely and is less than $1 mill

ion of Standard Chartered equ

it

ies and bonds for 2024 (2023: <$1 m

ill

ion). Self-

investment is only

allowed where it is not practical to exclude it – for example through investment in index-tracking funds where the Standard Chartered Group is a constituent of

the relevant index

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

217

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Funded plans | |  | Funded plans | | Unfunded |
|  |  | Overseas | Unfunded |  | Overseas | Plans |
|  | UK Fund | Plans | Plans | UK Fund | Plans | $mill  ion |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |  |
| Total fair value of assets | 1,148 | 633 | n/a | 1259 | 409 | n/a |
| Present value of liab  il  it  ies | (1,070) | (655) | (174) | (1219) | (429) | (181) |
| Net pension plan asset / (obligat  ion) | 78 | (22) | (174) | 40 | (20) | (181) |
| Of which: Total pension assets in respect of plans |  |  |  |  |  |  |
| in surplus | 78 | 41 | – | 40 | 35 |  |
| Of which: Total pension obligat  ions  in respect of plans |  |  |  |  |  |  |
| in defic  it | – | (63) | (174) |  | (55) | (181) |

The pension cost for defined benefit plans was:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Funded plans | | |  | Funded plans | | |  |
|  |  | Overseas | Unfunded |  |  | Overseas | Unfunded |  |
|  | UK Fund | Plans | Plans | Total | UK Fund | plans | plans | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Current service cost  1 | – | 19 | 7 | 26 | – | 15 | 9 | 24 |
| Past service cost and |  |  |  |  |  |  |  |  |
| curtailments  2 | – | 2 | (1) | 1 | 8 | – | – | 8 |
| Settlement cost  3 | – | 3 | – | 3 | – | 2 | – | 2 |
| Interest income on |  |  |  |  |  |  |  |  |
| pension plan assets | (56) | (26) | – | (82) | (57) | (25) | – | (82) |
| Interest on pension |  |  |  |  |  |  |  |  |
| plan liab  il  it  ies | 54 | 27 | 8 | 89 | 56 | 25 | 8 | 89 |
| Total charge to profit |  |  |  |  |  |  |  |  |
| before deduction of tax | (2) | 25 | 14 | 37 | 7 | 17 | 17 | 41 |
| Net (gain) / losses on |  |  |  |  |  |  |  |  |
| plan assets  4 | 78 | (3) |  | 75 | (18) | (50) |  | (68) |
| (Gains) / losses |  |  |  |  |  |  |  |  |
| on liab  il  it  ies | (103) | 3 | (1) | (101) | 30 | 57 | 8 | 95 |
| Total (gains)/losses |  |  |  |  |  |  |  |  |
| recognised directly |  |  |  |  |  |  |  |  |
| in statement of |  |  |  |  |  |  |  |  |
| comprehensive income |  |  |  |  |  |  |  |  |
| before tax | (25) | – | (1) | (26) | 12 | 7 | 8 | 27 |
| Deferred taxation | 5 | 3 | – | 8 | (1) | (6) | – | (7) |
| Total (gains) /losses after |  |  |  |  |  |  |  |  |
| tax | (20) | 3 | (1) | (18) | 11 | 1 | 8 | 20 |

1

Includes admin

istrat

ive expenses paid out of plan assets of $1 mill

ion (2023: $1 m

ill

ion)

2

Includes plan amendments in India

3

Terminat

ion benefits pa

id in Indonesia

4

The actual return on the UK Fund assets was a loss of $22 mill

ion (2023: $75 m

ill

ion ga

in) and on overseas plan assets was a gain of $29 mill

ion (2023: $75 m

ill

ion ga

in)

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

218

Directors’ Report and Financ

ial Statements 2024

Movement in the defined benefit pension defic

it dur

ing the year comprise:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Funded plans | | |  | Funded plans | | |  |
|  |  | Overseas | Unfunded |  |  | Overseas | Unfunded |  |
|  | UK Fund | plans | plans | Total | UK Fund | plans | plans | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Surplus/(deficit) at |  |  |  |  |  |  |  |  |
| 1 January | 40 | (20) | (181) | (161) | 48 | (28) | (167) | (147) |
| Contribut  ions | 13 | 18 | 17 | 48 | 8 | 38 | 14 | 60 |
| Current service cost  1 | – | (19) | (7) | (26) | – | (15) | (9) | (24) |
| Past service cost and |  |  |  |  |  |  |  |  |
| curtailments | – | (2) | 1 | (1) | (8) | – | – | (8) |
| Settlement costs and |  |  |  |  |  |  |  |  |
| transfers impact | – | (3) | – | (3) | – | (2) | – | (2) |
| Net interest on the |  |  |  |  |  |  |  |  |
| net defined benefit |  |  |  |  |  |  |  |  |
| asset/liab  il  ity | 2 | (1) | (8) | (7) | 1 | – | (8) | (7) |
| Actuarial gains/(losses) | 25 | – | 1 | 26 | (12) | (7) | (8) | (27) |
| Assets held for sale  2 | – | – | – | – | – | (7) | 6 | (1) |
| Other Movement  3 | – | (1) | – | (1) |  |  |  |  |
| Exchange rate adjustment | (2) | 6 | 3 | 7 | 3 | 1 | (9) | (5) |
| Surplus/(deficit) at |  |  |  |  |  |  |  |  |
| 31 December¹ | 78 | (22) | (174) | (118) | 40 | (20) | (181) | (161) |

1

Includes admin

istrat

ive expenses paid out of plan assets of $1 mill

ion (2023: $1 m

ill

ion)

2

For 2023 this included the impact of plans in Cameroon, Cote D’Ivoire, Jordan and Zimbabwe being excluded from the closing balances and classif

ied separately under

Assets held for Sale.

3

This relates to the Standard Chartered India Provident Fund, which has previously been treated as a defined contribut

ion plan. However, w

ith effect from November

2024, a min

imum rate of return

is applicable to the plan, and so going forward it will be treated as a defined benefit plan as required by IAS 19.

The Bank Group’s expected contribut

ion to

its defined benefit pension plans in 2025 is $48 mill

ion.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  | Assets | Obligat  ions | Total | Assets | Obligat  ions | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 1 January | 1,668 | (1,829) | (161) | 1,552 | (1,699) | (147) |
| Contribut  ions  1 | 49 | (1) | 48 | 61 | (1) | 60 |
| Current service cost  2 | – | (26) | (26) | – | (24) | (24) |
| Past service cost and curtailments | – | (1) | (1) | – | (8) | (8) |
| Settlement costs  3 | – | (3) | (3) | – | (2) | (2) |
| Interest cost on pension plan liab  il  it  ies | – | (89) | (89) | – | (89) | (89) |
| Interest income on pension plan assets | 82 | – | 82 | 82 | – | 82 |
| Benefits paid out | (131) | 131 | – | (120) | 120 | – |
| Actuarial gains/(losses)  4 | (75) | 101 | 26 | 68 | (95) | (27) |
| Asset held for Sale | – | – | – | (7) | 6 | (1) |
| Other Movement  5 | 212 | (213) | (1) | – | – | – |
| Exchange rate adjustment | (24) | 31 | 7 | 32 | (37) | (5) |
| At 31 December | 1,781 | (1,899) | (118) | 1,668 | (1,829) | (161) |

1

Includes employee contribut

ions of $1 m

ill

ion (2023: $1 m

ill

ion)

2

Includes admin

istrat

ive expenses paid out of plan assets of $1 mill

ion (2023: $1 m

ill

ion)

3

Impact of settlements relates to terminat

ion benefits pa

id in Indonesia.

4

Actuarial gain on obligat

ion compr

ises of $133 mill

ion ga

in (2023: $28 mill

ion loss) from financial assumpt

ion changes, $1 mill

ion ga

in (2023: $1 mill

ion loss) from

demographic assumption changes and $33 mill

ion loss (2023: $34 m

ill

ion loss) from exper

ience.

5

These are assets and liab

il

it

ies of the Standard Chartered Ind

ia Provident Fund, which has previously been treated as a defined contribut

ion plan. However, w

ith effect

from November 2024, a min

imum rate of return

is applicable to the plan, and so going forward it will be treated as a defined benefit plan as required by IAS 19

![](data:image/svg+xml;base64,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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

219

Directors’ Report and Financ

ial Statements 2024

Company

Retirement benefit obligat

ions compr

ise:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Obligat  ion | | Charge | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Defined benefit plans obligat  ion | 81 | 128 | 22 | 29 |
| Defined contribut  ion plans obl  igat  ion | 1 | 5 | 147 | 135 |
| Net | 82 | 133 | 169 | 164 |

Retirement benefit charge comprises:

UK Fund

See the Bank Group section on the UK Fund in this note (page 215). There are no differences between Bank Group and

Company in respect of the Fund

Overseas Plans

The princ

ipal overseas defined benefit arrangements operated by the Company are

in Germany, Jersey, India,

United Arab Emirates (UAE) and the United States of Americas (US).

All Plans

The disclosures required under IAS 19 have been calculated by qualif

ied

independent actuaries based on the most

recent full actuarial valuations updated, where necessary, to 31 December 2024.

The financial assumpt

ions used at 31 December 2024 as shown below. Sensit

iv

it

ies are recorded on page 216 of the Bank

Group accounts and those for non-UK Fund plans are applicable in proportion to the lower liab

il

it

ies of the Company.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | 2023 | | |
|  |  | Overseas | Unfunded |  | Overseas | Unfunded |
|  | UK Fund | Plans  1 | Plans  2 | UK Funded | Plans  1 | Plans  2 |
|  | % | % | % | % | % | % |
| Discount rate | 5.5 | 3.4 – 12.5 | 4.5 – 6.9 | 4.6 | 3.3-7.4 | 4.6-7.4 |
| Price inflat  ion | 2.5 | 2.0 – 6.0 | 2.5 – 6.9 | 2.5 | 2.2-5.0 | 2.5-5.0 |
| Salary increases | n/a | 3.5 – 8.5 | 4.5 – 8.5 | n/a | 3.7-8.5 | 4.5 -8.5 |
| Pension increases | 2.3 | 0.0 – 2.9 | 0.0 – 2.3 | 2.3 | 0.0-2.9 | 0.0-2.3 |
| Post-retirement medical rate | n/a | n/a | 8% in 2024 reducing | n/a | n/a | 8% in 2023 reducing |
|  |  |  | by 0.5% per annum |  |  | by 0.5% per annum to |
|  |  |  | to 5% in 2030 |  |  | 5% in 2029 |

1

The range of assumptions shown is for the main funded defined benefit overseas plans in Germany, Bangladesh, India, Jersey and the US. These comprise around

90 per cent of the total liab

il

it

ies of funded overseas plans

2

The range of assumptions shown is for the main unfunded defined benefit plans in India, UAE, UK and the US. These comprise around 90 per cent of the total liab

il

it

ies

of unfunded plans

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

220

Directors’ Report and Financ

ial Statements 2024

Fund values:

The fair value of assets and present value of liab

il

it

ies of the defined benefit plans were:

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | | | 2023 | | | | | |
|  | UK Fund | | | Overseas plans | | | UK Fund | | | Overseas plans | | |
|  | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total |
|  | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets | assets |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 31 December |  |  |  |  |  |  |  |  |  |  |  |  |
| Equit  ies | 2 | – | 2 | 35 | – | 35 | 2 | – | 2 | 39 | – | 39 |
| Government bonds | 342 | – | 342 | 195 | – | 195 | 443 | – | 443 | 111 | – | 111 |
| Corporate bonds | 357 | 126 | 483 | 250 | – | 250 | 360 | 113 | 473 | 146 | – | 146 |
| Hedge funds | – | 5 | 5 | – | – | – | – | 9 | 9 | – | – | – |
| Infrastructure | – | 170 | 170 | – | – | – | – | 166 | 166 | – | – | – |
| Property | – | 81 | 81 | – | 15 | 15 | – | 84 | 84 | – | – | – |
| Derivat  ives | 22 | (1) | 21 | – | – | – | 2 | 5 | 7 | – | – | – |
| Cash and equivalents | 35 | – | 35 | 22 | – | 22 | 66 | - | 66 | 12 | – | 12 |
| Others | 7 | 2 | 9 | – | 37 | 37 | 7 | 2 | 9 | – | 32 | 32 |
| Total fair value |  |  |  |  |  |  |  |  |  |  |  |  |
| of assets  1 | 765 | 383 | 1,148 | 502 | 52 | 554 | 880 | 379 | 1259 | 308 | 32 | 340 |

1

Self investment is monitored closely and is less than $1 mill

ion of Standard Chartered equ

it

ies and bonds for 2024 (2023: <$1 m

ill

ion). Self-

investment is only allowed

where it is not practical to exclude it – for example through investment in index-tracking funds where the Bank is a constituent of the relevant index

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | At 31 December 2024 | | | At 31 December 2023 | | |
|  | Funded plans | | Unfunded | Funded plans | | Unfunded |
|  |  | Overseas | Plans |  | Overseas | Plans |
|  | UK Fund | Plans | $mill  ion | UK Fund | Plans | $mill  ion |
|  | $mill  ion | $mill  ion |  | $mill  ion | $mill  ion |  |
| Total fair value of assets | 1,148 | 554 | n/a | 1259 | 340 | n/a |
| Present value of liab  il  it  ies | (1,070) | (553) | (160) | (1219) | (338) | (170) |
| Net pension plan asset / (obligat  ion) | 78 | 1 | (160) | 40 | 2 | (170) |
| Of which: Total pension assets in respect of plans |  |  |  |  |  |  |
| in surplus | 78 | 40 | – | 40 | 34 | – |
| Of which: Total pension obligat  ions  in respect of |  |  |  |  |  |  |
| plans in defic  it | – | (39) | (160) | – | (32) | (170) |

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

221

Directors’ Report and Financ

ial Statements 2024

The pension cost for defined benefit plans was:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Funded plans | |  |  | Funded plans | |  |  |
|  |  | Overseas | Unfunded |  |  | Overseas | Unfunded |  |
|  | UK Fund | plans | plans | Total | UK Fund | plans | plans | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Current service cost  1 | – | 9 | 4 | 13 | – | 7 | 6 | 13 |
| Past service cost and |  |  |  |  |  |  |  |  |
| curtailments  2 | – | 2 | (1) | 1 | 8 | – | – | 8 |
| Settlement cost  3 | – | 3 | – | 3 | – | 2 | – | 2 |
| Interest income on |  |  |  |  |  |  |  |  |
| pension plan assets | (56) | (19) | – | (75) | (57) | (18) | – | (75) |
| Interest on pension |  |  |  |  |  |  |  |  |
| plan liab  il  it  ies | 54 | 18 | 8 | 80 | 56 | 18 | 7 | 81 |
| Total charge to profit |  |  |  |  |  |  |  |  |
| before deduction of tax | (2) | 13 | 11 | 22 | 7 | 9 | 13 | 29 |
| Net gain / losses on |  |  |  |  |  |  |  |  |
| plan assets  4 | 78 | (2) |  | 76 | (18) | (13) | – | (31) |
| Gains / losses on liab  il  it  ies | (103) | (1) | (1) | (105) | 30 | 18 | 8 | 56 |
| Total (gains)/losses |  |  |  |  |  |  |  |  |
| recognised directly |  |  |  |  |  |  |  |  |
| in statement of |  |  |  |  |  |  |  |  |
| comprehensive income |  |  |  |  |  |  |  |  |
| before tax | (25) | (3) | (1) | (29) | 12 | 5 | 8 | 25 |
| Deferred taxation | 5 | 1 | – | 6 | (1) | (3) | – | (4) |
| Total (gains) /losses |  |  |  |  |  |  |  |  |
| after tax | (20) | (2) | (1) | (23) | 11 | 2 | 8 | 21 |

1

Includes admin

istrat

ive expenses paid out of plan assets of $1 mill

ion (31 December 2023: $1 m

ill

ion)

2

Relates to plan amendments in India

3

Terminat

ion benefits pa

id from the pension fund in Indonesia

4

The actual return on the UK Fund assets was a loss of $22 mill

ion (31 December 2023: $75 m

ill

ion ga

in) and on overseas plan assets was a gain of $21 mill

ion (31

December 2023: $31 mill

ion ga

in)

Movement in the defined benefit pension plans and post-retirement medical defic

it dur

ing the year comprise:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Funded plans | | |  | Funded plans | | |  |
|  |  | Overseas | Unfunded |  |  | Overseas | Unfunded |  |
|  | UK Fund | plans | plans | Total | UK Fund | plans | plans | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Surplus/(Deficit) at |  |  |  |  |  |  |  |  |
| 1 January | 40 | 2 | (170) | (128) | 48 | (10) | (158) | (120) |
| Contribut  ions | 13 | 10 | 16 | 39 | 8 | 26 | 12 | 46 |
| Current service cost | – | (9) | (4) | (13) | – | (7) | (6) | (13) |
| Past service cost |  |  |  |  |  |  |  |  |
| and curtailments | – | (2) | 1 | (1) | (8) | – | – | (8) |
| Settlement costs and |  |  |  |  |  |  |  |  |
| transfers impact | – | (3) | – | (3) | – | (2) | – | (2) |
| Net interest on the |  |  |  |  |  |  |  |  |
| net defined benefit |  |  |  |  |  |  |  |  |
| asset/liab  il  ity | 2 | 1 | (8) | (5) | 1 | – | (7) | (6) |
| Actuarial (losses)/gains | 25 | 3 | 1 | 29 | (12) | (5) | (8) | (25) |
| Asset held for Sale  1 | – | – | – | – | – | – | (1) | (1) |
|  |  |  |  |  |  |  |  |  |
| Other Movement  2 | – | (1) | – | (1) | – | – | – | – |
| Exchange rate adjustment | (2) | – | 4 | 2 | 3 | – | (2) | 1 |
| Surplus/(Deficit) at |  |  |  |  |  |  |  |  |
| 31 December | 78 | 1 | (160) | (81) | 40 | 2 | (170) | (128) |

1 This reflects the sale of the business in Jordan.

2 This relates to the Standard Chartered India Provident Fund, which has previously been treated as a defined contribut

ion plan. However, w

ith effect from November

2024, a min

imum rate of return

is applicable to the plan, and so going forward it will be treated as a defined benefit plan as required by IAS 19.

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29. Retirement benefit obligat

ions cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

222

Directors’ Report and Financ

ial Statements 2024

The Company’s expected contribut

ion to

its defined benefit pension plans in 2025 is $44 mill

ion

|  |  |
| --- | --- |
|  |  |
|  | 2024 | | | 2023 | | |
|  | Assets | Obligat  ions | Total | Assets | Obligat  ions | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| At 1 January | 1,599 | (1,727) | (128) | 1,491 | (1,611) | (120) |
| Contribut  ions | 39 | – | 39 | 46 | – | 46 |
| Current service cost  1 | – | (13) | (13) | – | (13) | (13) |
| Past service cost and curtailments | – | (1) | (1) | – | (8) | (8) |
| Settlement costs | – | (3) | (3) | – | (2) | (2) |
| Interest cost on pension plan liab  il  it  ies | – | (80) | (80) | – | (81) | (81) |
| Interest income on pension plan assets | 75 | – | 75 | 75 | – | 75 |
| Benefits paid out | (123) | 123 | – | (114) | 114 | – |
| Actuarial (losses)/gains  2 | (76) | 105 | 29 | 31 | (56) | (25) |
| Asset held for Sale | – | – | – | – | (1) | (1) |
| Other Movement  3 | 212 | (213) | (1) | – | – | – |
| Exchange rate adjustment | (24) | 26 | 2 | 70 | (69) | 1 |
| At 31 December | 1,702 | (1,783) | (81) | 1,599 | (1,727) | (128) |

1

Includes admin

istrat

ive expenses paid out of plan assets of $1 mill

ion (31 December 2023: $1 m

ill

ion)

2

Actuarial gain on obligat

ion compr

ises of $135 mill

ion ga

in (31 December 2023: $25 mill

ion loss) from financial assumpt

ion changes, $1 mill

ion ga

in (31 December 2023: $1

mill

ion loss) from demograph

ic assumption changes and $31 mill

ion loss (31 December 2023: $30 m

ill

ion loss) from exper

ience

3

These are assets and liab

il

it

ies of the Standard Chartered Ind

ia Provident Fund, which has previously been treated as a defined contribut

ion plan. However, w

ith effect

from November 2024, a min

imum rate of return

is applicable to the plan, and so going forward it will be treated as a defined benefit plan as required by IAS 19.

30. Share-based payments

Accounting policy

The Group operates equity-settled and cash-settled share-based compensation plans. The fair value of the employee

services (measured by the fair value of the awards granted) received in exchange for the grant of the shares and awards

is recognised as an expense. For deferred share awards granted as part of an annual performance award, the expense is

recognised over the period from the start of the performance period to the vesting date. For example, the expense for

three-year awards granted in 2024 in respect of 2023 performance, which vest in 2025-2027, is recognised as an expense over

the period from 1 January 2023 to the vesting dates in 2025-2027. For all other awards, the expense is recognised over the

period from the date of grant to the vesting date.

For equity-settled awards, the total amount to be expensed over the vesting period is determined by reference to the fair

value of the shares and awards at the date of grant, which excludes the impact of any non-market vesting condit

ions

(for example, profitabil

ity and growth targets). The fair value of equity instruments granted is based on market prices,

if available, at the date of grant. In the absence of market prices, the fair value of the instruments is estimated using an

appropriate valuation technique, such as a binom

ial opt

ion pric

ing model. Non-market vest

ing condit

ions are

included in

assumptions for the number of shares and awards that are expected to vest.

At each balance sheet date, the Group revises its estimates of the number of shares and awards that are expected to vest.

It recognises the impact of the revis

ion of or

ig

inal est

imates, if any, in the income statement and a corresponding adjustment

to equity over the remain

ing vest

ing period. Forfeitures prior to vesting attributable to factors other than the failure to satisfy

service condit

ions and non-market vest

ing condit

ions are treated as a cancellat

ion and the remain

ing unamort

ised charge

is debited to the income statement at the time of cancellation. The proceeds received net of any directly attributable

transaction costs are credited to share capital (nominal value) and share premium when awards in the form of options

are exercised.

Cash-settled awards are revalued at each balance sheet date and a liab

il

ity recognised on the balance sheet for all unpaid

amounts, with any changes in fair value charged or credited to staff costs in the income statement until the awards are

exercised. Where forfeitures occur prior to vesting that are attributable to factors other than a failure to satisfy service

condit

ions or market-based performance cond

it

ions, the cumulat

ive charge incurred up to the date of forfeiture is credited

to the income statement.

![](data:image/svg+xml;base64,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30. Share-based payments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

223

Directors’ Report and Financ

ial Statements 2024

Other accounting estimates and judgements

Share-based payments involve judgement and estimat

ion uncerta

inty exists when determin

ing the expenses and carry

ing

values of share awards at the balance sheet date.

•

LTIP awards are determined using an estimat

ion of the probab

il

ity of meet

ing certain metrics over a three-year

performance period using the Monte Carlo simulat

ion model.

•

Deferred shares are determined using an estimat

ion of expected d

iv

idends.

•

Sharesave Plan valuations are determined using a binom

ial opt

ion-pric

ing model.

The Group operates a number of share-based arrangements for its executive directors and employees. Details of the

share-based payment charge are set out below.

|  |  |
| --- | --- |
|  |  |
|  | 2024¹ | 2023¹ |
|  | Total | Total |
|  | $mill  ion | $mill  ion |
| Deferred share awards | 125 | 99 |
| Other share awards | 96 | 75 |
| Total share-based payments  1,2 | 221 | 174 |

1

No forfeiture assumed

2

Includes $2 mill

ion (2023: $1 m

ill

ion) of share-based payments reported

in ‘other staff costs’. This reflects Bank Group’s requirement under IFRS 2 to account for

cash-settled awards made to employees of Bank Group settled by Standard Chartered PLC with payments linked to PLC’s share price as equity-settled awards

Discret

ionary share plans

The 2021 Standard Chartered Share Plan (the ‘2021 Plan’) was approved by shareholders in May 2021 and is the Group’s main

share plan, replacing the 2011 Standard Chartered Share Plan (the ‘2011 Plan’) for new awards from June 2021. It is used to

deliver various types of share awards to employees and former employees of the Group, includ

ing d

irectors and former

executive directors:

|  |  |
| --- | --- |
|  |  |
| Award type | Descript  ion and performance measures | Valuation |
| Long Term | The vesting of awards granted in 2024, 2023 and 2022 are | The fair value of the relative TSR component is calculated |
| Incentive Plan | subject to the following performance measures: | using the probabil  ity of meet  ing the measures over a |
| (LTIP) awards | •  relative total shareholder return (TSR); | three-year performance period, using a Monte Carlo |
|  | •  return on tangible equity (RoTE) (with a Common Equity | simulat  ion model. |
|  | Tier 1 (CET1) underpin); and | The value of the remain  ing components  is based on the |
|  | •  strategic measures (includ  ing targets set for susta  inab  il  ity  expected performance against the RoTE and strategic |  |
|  | linked to business strategy) | measures in the scorecard and the resulting estimated |
|  | Each measure is assessed independently over a three-year | number of shares expected to vest at each reporting date. |
|  | period. LTIP awards have an ind  iv  idual conduct gateway | These combined values are used to determine the |
|  | requirement that results in the award lapsing if not met. | accounting charge. |
|  |  | No div  idend equ  ivalents accrue for the LTIP awards made in |
|  |  | 2024, 2023 or 2022 and the fair value takes this into account, |
|  |  | calculated by reference to market consensus div  idend y  ield. |
| Deferred | Used to deliver: | The fair value for deferred shares, which are granted to |
| shares | •  the deferred portion of year-end variable remuneration, | employees who are not categorised as material risk takers, |
|  | in line with both market practice and regulatory | is based on 100 per cent of the face value of the shares at |
|  | requirements. These awards vest in instalments on | the date of grant as the share price will reflect expectations |
|  | anniversar  ies of the award date spec  if  ied at the t  ime | of all future div  idends. |
|  | of grant. This enables the Group to meet regulatory | For awards granted to material risk takers in 2024, the fair |
|  | requirements relating to deferral levels, and is in line with | value of awards takes into account the lack of div  idend |
|  | market practice. | equivalents, calculated by reference to market consensus |
|  | •  replacement buy-out awards to new joiners who forfe  it | div  idend y  ield. |
|  | awards on leaving their previous employers. These vest in |  |
|  | the quarter most closely following the date when the |  |
|  | award would have vested at the previous employer. |  |
|  | This enables the Group to meet regulatory requirements |  |
|  | relating to buy-outs, and is in line with market practice. |  |
|  | Deferred share awards are not subject to any |  |
|  | performance measures. |  |

The remain

ing l

ife of the 2021 Standard Chartered Share Plan during which new awards can be made is seven years.

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30. Share-based payments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

224

Directors’ Report and Financ

ial Statements 2024

LTIP awards

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Grant date | 12-March | 13-March |
| Share price at grant date (£) | 6.60 | 7.40 |
| Vesting period (years) | 3-7 | 3-7 |
| Expected div  ided y  ield (%) | 4.2 | 3.1 |
| Fair value (RoTE) (£) | 1.55,1.61,1.68 | 1.91, 1.85 |
| Fair value (TSR) (£) | 0.95,1.01,1.06 | 1.08, 1.04 |
| Fair value (Strategic) (£) | 2.06,2.15,2.24 | 2.54, 2.46 |

Deferred shares – year-end

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | |
| Grant date | 17 June |  |  | 11 March |  |
| Share price at grant date (£) | 7.24 |  |  | 6.56 |  |
| Vesting period (years) | Expected div  idend | Fair value (£) | Expected div | idend | Fair value (£) |
|  | yield (%) |  |  | yield (%) |  |
| 1-3 years | N/A |  | 9.17 | 4.2, 4.2 | 7.65, 8.30 |
| 1-5 years | 3.8, 3.8, 3.8 | 8.05, 8.20, 8.35 |  | 4.2, 4.2, NA | 7.19, 7.49, 8.30 |
| 3-7 years |  |  |  | 4.2, 4.2 | 6.49, 6.76 |

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2023 | | |
| Grant date | 18 September | 19 June | 13 March |
| Share price at grant date |  |  |  |
| (£) | 7.43 | 6.75 | 7.40 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Expected div  idend | Fair value | Expected div  idend | Fair value | Expected div  idend |  |
| Vesting period (years) | yield (%) | (£) | yield (%) | (£) | yield (%) | Fair value (£) |
| 1-3 years | N/A | 7.43 | 3.3 | 6.75 | 3.1 | 7.40 |
| 1-5 years | 3.0 | 6.51 | 3.3, 3.3 | 5.83, 6.23 | 3.1, 3.1 | 6.85, 6.65 |
| 3-7 years |  |  |  |  | 3.1,3.1,3.1,3.1 | 6.65, 6.75, 6.35, 6.16 |

Deferred shares – buy-outs

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | | |
| Grant date | 18-Nov | 23-Sep | 17-Jun | 11-Mar |
| Share price at grant date (£) | 9.43 | 7.59 | 7.24 | 6.56 |

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Expected |  | Expected |  | Expected |  | Expected |  |
|  | div  idend y  ield |  | div  idend y  ield |  | div  idend y  ield |  | div  idend y  ield |  |
| Vesting period (years) | (%) | Fair value (£) | (%) | Fair value (£) | (%) | Fair value (£) | (%) | Fair value (£) |
| 3 months |  |  | 4.2 | 9.59 | 3.8 | 9.07 | 4.2 | 8.22 |
| 4 months | 4.2 | 11.83 |  |  |  |  |  |  |
| 6 months |  |  | 4.2 | 9.49 | 3.8 | 8.99 | 4.2 | 8.14 |
| 7 months | 4.2 | 11.69 |  |  |  |  |  |  |
| 9 months |  |  | 4.2 | 9.4 | 3.8 | 8.90 | 4.2 | 8.06 |
| 10 months |  |  |  |  |  |  |  |  |
| 1 year | 4.2 | 11.22, 11.36 | 4.2 | 9.02, 9.11, | 3.8 | 8.58, 8.66, | 4.2 | 7.73, 7.81, |
|  |  |  |  | 9.21, 9.30 |  | 8.74 |  | 7.89, 7.97 |
| 1.4 years |  |  |  |  |  |  |  |  |
| 2 years | 4.2 | 10.77, 10.90 | 4.2 | 8.65, 8.74, | 3.8 | 8.26, 8.34 | 4.2 | 7.42, 7.50, |
|  |  |  |  | 8.83, 8.93 |  |  |  | 7.57, 7.65 |
| 2.4 years |  |  |  |  |  |  |  |  |
| 3 years | 4.2 | 10.46 | 4.2 | 8.39 |  |  | 4.2 | 7.20, 7.34 |
| 4 years | 4.2 | 10.04 |  |  |  |  | 4.2 | 7.05 |

5 years

![](data:image/svg+xml;base64,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30. Share-based payments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

225

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2023 | | | |
| Grant date | 20-Nov | 18-Sep | 19-Jun | 13-Mar |
| Share price at grant date (£) | 6.60 | 7.43 | 6.75 | 7.40 |

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Expected |  | Expected |  | Expected |  | Expected |  |
|  | div  idend y  ield | Fair value | div  idend y  ield | Fair value | div  idend y  ield | Fair value | div  idend y  ield |  |
| Vesting period (years) | (%) | (£) | (%) | (£) | (%) | (£) | (%) | Fair value (£) |
| 3 months |  |  | 3.0 | 7.38 | 3.3 | 6.7 | 3.1 | 7.34 |
| 4 months | 3.0 | 6.54 |  |  |  |  |  |  |
| 6 months |  |  | 3.0 | 7.32 | 3.3 | 6.64 |  |  |
| 7 months | 3.0 | 6.49 |  |  |  |  |  |  |
| 9 months |  |  | 3.0 | 7.27 | 3.3 | 6.48, |  |  |
|  |  |  |  |  |  | 6.59 |  |  |
| 10 months | 3.0 | 6.44 |  |  |  |  |  |  |
| 1 year | 3.0 | 6.25, | 3.0 | 7.06, 7.11, | 3.3 | 6.18, | 3.1 | 7.12, 7.18 |
|  |  | 6.30, |  | 7.16, 7.22 |  | 6.38, |  |  |
|  |  | 6.35, 6.39 |  |  |  | 6.43, |  |  |
|  |  |  |  |  |  | 6.54 |  |  |
| 2 years | 3.0 | 6.12, 6.16, | 3.0 | 6.85, 6.9, | 3.3 | 5.98, | 3.1 | 6.91, 6.96 |
|  |  | 6.21 |  | 6.95, 7.01 |  | 6.18, 6.33 |  |  |
| 3 years | 3.0 | 5.94, | 3.0 | 6.65, 6.7, | 3.3 | 5.79, | 3.1 | 6.70, 6.75 |
|  |  | 5.98, 6.03 |  | 6.8 |  | 5.98, 6.13 |  |  |
| 4 years | 3.0 | 5.76 |  |  |  |  | 3.1 | 6.50, 6.55 |
| 5 years |  |  |  |  |  |  | 3.1 | 6.35 |

All Employee Sharesave Plans

Under the 2023 Sharesave Plan, employees may open a savings contract and save up to £500 (increased from £250 since

2024) per month over three years to purchase ordinary shares in the Company at a discount of up to 20 per cent (the ‘option

exercise price’). The discount applies to the higher of the 5-day average share price prior to the inv

itat

ion or the closing share

price on the last trading day prior to the inv

itat

ion. At the end of the savings contract they have a period of six months to

exercise the option. There are no performance measures attached to Sharesave options and no exercise price is payable to

receive an option. In some countries in which the Group operates, it is not possible to operate equity-settled Sharesave,

typically due to securit

ies law and regulatory restr

ict

ions. In these countr

ies, where possible, the Group offers an equivalent

cash-based alternative to its employees.

The remain

ing l

ife of the 2023 Sharesave Plan during which new awards can be made is nine years.

Valuation – Sharesave:

Options under the Sharesave plans are valued using a binom

ial opt

ion-pric

ing model. The same fa

ir value is applied to all

employees includ

ing execut

ive directors. The fair value per option granted and the assumptions used in the calculation are

as follows:

All Employee Sharesave Plan (Sharesave)

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Grant date | 23 | 18 |
|  | September | September |
| Share price at grant date (£) | 7.59 | 7.35 |
| Exercise price (£) | 6.10 | 5.88 |
| Vesting period (years) | 3 | 3 |
| Expected volatil  ity (%) | 32.9 | 36.7 |
| Expected option life (years) | 3.5 | 3.5 |
| Risk-free rate (%) | 3.88 | 4.48 |
| Expected div  idend y  ield (%) | 4.2 | 3.0 |
| Fair value (£) | 2.73 | 3.05 |

The expected volatil

ity

is based on histor

ical volat

il

ity over the last three years, or the three years pr

ior to grant. The expected

life is the average expected period to exercise. The risk-free rate of return is the yield on zero-coupon UK Government bonds

of a term consistent with the assumed option life. The expected div

idend y

ield is calculated by reference to market consensus

div

idend y

ield.

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30. Share-based payments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

226

Directors’ Report and Financ

ial Statements 2024

Lim

its

An award shall not be granted under the 2021 Plan in any calendar year if, at the time of its proposed grant, it would cause

the number of Standard Chartered PLC ordinary shares allocated in the period of 10 calendar years, ending with that

calendar year, under the 2021 Plan and under any other discret

ionary share plan operated by Standard Chartered PLC to

exceed 5 per cent of the ordinary share capital of Standard Chartered PLC in issue at that time.

An award shall not be granted under the 2021 Plan or 2023 Sharesave Plan in any calendar year if, at the time of its proposed

grant, it would cause the number of Standard Chartered PLC ordinary shares allocated in the period of 10 calendar years

ending with that calendar year, under the 2021 Plan or 2023 Sharesave Plan and under any other employee share plan

operated by Standard Chartered PLC to exceed 10 per cent of the ordinary share capital of Standard Chartered PLC in issue

at that time.

An award shall not be granted under the 2021 Plan or 2023 Sharesave Plan in any calendar year if, at the time of its proposed

grant, it would cause the number of Standard Chartered PLC ordinary shares which may be issued or transferred pursuant

to awards then outstanding under the 2021 Plan or 2023 Sharesave Plan as relevant to exceed such number as represents

10 per cent of the ordinary share capital of Standard Chartered PLC in issue at that time.

The number of Standard Chartered PLC ordinary shares which may be issued pursuant to awards granted to an ind

iv

idual

under the 2021 or 2023 Plan in any 12-month period must not exceed 1 per cent of the ordinary share capital of Standard

Chartered PLC in issue at that time.

Standard Chartered PLC has been granted a waiver from strict compliance with Rules 17.03A, 17.03B(1), 17.03E and 17.03(18)

of the Rules Governing the List

ing of Secur

it

ies on the Stock Exchange of Hong Kong. Deta

ils are set out in the market

announcement made on 4 May 2023.

Reconcil

iat

ion of share award movements for the year to 31 December 2024

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Discret  ionary  1 | |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | Sharesave |
|  |  | Deferred |  | exercise price |
|  | LTIP | shares | Sharesave  4,5 | (£) |
| Outstanding at 1 January 2024 | 10,338,310 | 39,709,125 | 10,876,723 | 4.57 |
| Granted  2,3 | 2,058,432 | 21,439,877 | 6,550,317 | – |
| Lapsed  6 | (2,590,658) | (1,362,325) | (1,011,865) | 4.91 |
| Exercised | (877,142) | (16,687,307) | (2,618,370) | 3.44 |
| Outstanding at 31 December 2024 | 8,928,942 | 43,099,370 | 13,796,805 | 5.49 |
| Total number of securit  ies ava  ilable for issue under the plan | 8,928,942 | 43,099,370 | 13,796,805 |  |
| Percentage of the issued shares this represents as at 31 December 2024 | 0.37 | 1.78 | 0.57 | 5.49 |
| Exercisable as at 31 December 2024 | – | 245,006 | 738,353 | 3.82 |
| Range of exercise prices (£)  3 | – | – | 3.67 – 6.10 |  |
| Intrins  ic value of vested but not exerc  ised options ($ mill  ion) | 0.00 | 3.03 | 5.60 |  |
| Weighted average contractual remain  ing l  ife (years) | 7.28 | 8.19 | 2.59 |  |
| Weighted average share price for awards exercised during the period (£) | 6.60 | 6.68 | 8.25 |  |

1

Granted under the 2021 Plan and 2011 Plan. Employees do not contribute to the cost of these awards.

2

2,053,159 (LTIP) granted on 12 March 2024; 5,059 (LTIP) granted as a notional div

idend on 1 March 2024; 214 (LTIP) granted as a not

ional div

idend on 8 August 2024.

20,352,568 (Deferred shares) granted on 11 March 2024; 181,907 (Deferred shares) granted as a notional div

idend on 1 March 2024; 452,138 (Deferred shares) granted

on 17 June 2024; 69,815 (Deferred shares) granted as a notional div

idend on 8 August 2024; 184,526 (Deferred shares) granted on 23 September 2024; 198,923

(Deferred shares) granted on 18 November 2024. 6,550,317 (Sharesave) granted on 23 September 2024.

3

No discret

ionary awards (LTIP or deferred/buy-out awards) have been granted

in the form of options since June 2015. For histor

ic awards granted as opt

ions and

exercised in the period to 31 Dec 2024, the exercise price of deferred/ buy-out shares options was nil.

4

For Sharesave granted in 2024 the exercise price is £6.10 per share, a 20% discount from the closing share price on 16 August 2024 (£7.624). The average of the closing

prices over the five days to the inv

itat

ion date of 19 August 2024 was £7.421.

5

All Sharesave awards are in the form of options. The exercise price of Sharesave options exercised is £ 6.10 for options granted in 2024, £ 5.88 for options granted in 2023,

£4.23 for options granted in 2022, £3.67 for options granted in 2021, and £3.14 for options granted in 2020.

6

No options or share awards were cancelled in the period.

See page 234 and 237 to 238 for informat

ion spec

if

ic to D

irectors

![](data:image/svg+xml;base64,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)

30. Share-based payments continued

Notes to the financial statements cont

inued

Standard Chartered Bank

227

Directors’ Report and Financ

ial Statements 2024

Reconcil

iat

ion of share award movements for the year to 31 December 2023

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Discret  ionary  1 | |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | Sharesave |
|  |  | Deferred |  | exercise price |
|  | LTIP | shares | Sharesave | (£) |
| Outstanding at 1 January 2023 | 10,739,911 | 39,721,124 | 9,959,559 | 3.85 |
| Granted  2,3 | 2,019,504 | 18,097,855 | 3,994,289 | - |
| Lapsed | (1,815,215) | (1,067,731) | (1,021,483) | 4.17 |
| Exercised | (605,890) | (17,042,123) | (2,055,642) | 3.81 |
| Outstanding at 31 December 2023 | 10,338,310 | 39,709,125 | 10,876,723 | 4.57 |
| Total number of securit  ies ava  ilable for issue under the plan | 10,338,310 | 39,709,125 | 10,876,723 | 4.57 |
| Percentage of the issued shares this represents as at 31 December 2023 | 0.39 | 1.49 | 0.41 |  |
| Exercisable as at 31 December 2023 | - | 670,108 | 1,319,426 | 3.17 |
| Range of exercise prices (£)  3 | - | - | 3.14 - 5.88 |  |
| Intrins  ic value of vested but not exerc  ised options ($ mill  ion) | 0.00 | 5.69 | 5.88 |  |
| Weighted average contractual remain  ing l  ife (years) | 5.79 | 8.16 | 2.39 |  |
| Weighted average share price for awards exercised during the period (£) | 6.95 | 7.04 | 6.68 |  |

1

Granted under the 2021 Plan and 2011 Plan. Employees do not contribute to the cost of these awards

2

2,011,685 (LTIP) granted on 13 March 2023, 6,501 (LTIP) granted as a notional div

idend on 1 March 2023, 1318 (LTIP) granted as a not

ional div

idend on 1 September 2023,

17,360,108 (Deferred shares) granted on 13 March 2023, 96,805 (Deferred shares) granted as a notional div

idend on 1 March 2023, 288,238 (Deferred shares) granted on

19 June 2023, 218,497 (Deferred shares) granted on 18 September 2023, 41,298 (Deferred shares) granted as a notional div

idend on 1 September 2023, 92,909 (Deferred

shares) granted on 20 November 2023; 3,994,289 (Sharesave) granted on 18 September 2023 under the 2023 Sharesave Plan

3

For Sharesave granted in 2023 the exercise price is £5.88 per share, a 20% discount from the average of the closing prices over the five days to the inv

itat

ion date of

21 August 2023. The closing share price on 18 August 2013 was £7.214.

For informat

ion spec

if

ic to D

irectors, please look at 293 and 294 of the 2023 Standard Chartered Bank Directors’ Report and

Financ

ial Statements.

31. Investments in subsid

iary undertak

ings, jo

int ventures and assoc

iates

Accounting policy

Associates and jo

int arrangements

The Group did not have any contractual interest in jo

int operat

ions.

Investments in associates and jo

int ventures are accounted for by the equ

ity method of accounting and are in

it

ially

recognised at cost. The Group’s investment in associates and jo

int ventures

includes goodwill ident

ified on acqu

is

it

ion

(net of any accumulated impa

irment loss).

The Group’s share of its associates’ and jo

int ventures’ post-acqu

is

it

ion profits or losses is recognised in the income statement,

and its share of post-acquis

it

ion movements in other comprehensive income is recognised in reserves. The cumulative

post-acquis

it

ion movements are adjusted against the carrying amount of the investment. When the Group’s share of losses

in an associate or a jo

int venture equals or exceeds

its interest in the associate, includ

ing any other unsecured rece

ivables, the

Group does not recognise further losses, unless it has incurred obligat

ions or made payments on behalf of the assoc

iate or

joint venture.

Unrealised gains and losses on transactions between the Group and its associates and jo

int ventures are el

im

inated to the

extent of the Group’s interest in the associates and jo

int ventures. At each balance sheet date, the Group assesses whether

there is any object

ive ev

idence of impa

irment

in the investment in associates and jo

int ventures. Such ev

idence includes a

sign

ificant or prolonged decl

ine in the fair value of the Group’s investment in an associate or jo

int venture below

its cost,

among other factors.

Sign

ificant account

ing estimates and judgements

The Group applies judgement in determin

ing

if it has control, jo

int control or s

ign

ificant

influence over subsid

iar

ies, jo

int

ventures and associates respectively. These judgements are based upon ident

ify

ing the relevant activ

it

ies of counterparties,

being those activ

it

ies that sign

ificantly affect the ent

it

ies returns, and further mak

ing a decis

ion of

if the Group has control

over those entit

ies, joint control, or has s

ign

ificant

influence (being the power to partic

ipate

in the financ

ial and operat

ing

policy decis

ions but not control them).

These judgements are at times determined by equity holdings, and the voting rights associated with those holdings.

However, further considerat

ions

includ

ing but not l

im

ited to board seats, adv

isory committee members and special

ist

knowledge of some decis

ion-makers are also taken

into account. Further judgement is required when determin

ing

if the

Group has de-facto control over an entity even though it may hold less than 50% of the voting shares of that entity.

Judgement is required to determine the relative size of the Group’s shareholding when compared to the size and dispers

ion

of other shareholders.

![](data:image/svg+xml;base64,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)

31. Investments in subsid

iary undertak

ings, jo

int ventures and assoc

iates continued

Notes to the financial statements cont

inued

Standard Chartered Bank

228

Directors’ Report and Financ

ial Statements 2024

Impairment testing of investments in associates and jo

int ventures, and on a Company level

investments in subsid

iar

ies is

performed if there is a possible ind

icator of

impa

irment. Judgement

is used to determine if there is object

ive ev

idence of

impa

irment. Objective ev

idence may be observable data such as losses incurred on the investment when applying the equity

method, the granting of concessions as a result of financ

ial d

iff

iculty, or breaches of contracts/regulatory fines of the

associate or jo

int venture. Further judgement

is required when consider

ing broader

ind

icators of

impa

irment such as losses

of active markets or ratings downgrades across key markets in which the associate or jo

int venture operate

in.

Impairment testing is based on estimates includ

ing forecast

ing the expected cash flows from the investments, growth rates,

terminal values and the discount rate used in calculation of the present values of those cash flows. The estimat

ion of future

cash flows and the level to which they are discounted is inherently uncertain and requires sign

ificant judgement.

Business combinat

ions

The acquis

it

ion method of accounting is used to account for the acquis

it

ion of subsid

iar

ies by the Group.

In the Company’s financial statements,

investment in subsid

iar

ies, associates and jo

int ventures are held at cost less

impa

irment and d

iv

idends from pre-acqu

is

it

ion profits received prior to 1 January 2009, if any. Inter-company transactions,

balances and unrealised gains and losses on transactions between Group companies are elim

inated

in the Group accounts.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Investments in subsid  iary undertak  ings | $mill  ion | $mill  ion |
| As at 1 January | 10,066 | 10,300 |
| Addit  ions  1 | 601 | 529 |
| Disposal | (7) | (465)² |
| Impairment release/(charge) | 11 | (298)³ |
| As at 31 December | 10,671 | 10,066 |

1

Includes issuances of $580.4 mill

ion to Standard Chartered Bank (S

ingapore) Lim

ited (31 December 2023 Includes

issuances of $124 mill

ion to Standard Chartered Bank

AG, $299 mill

ion to Standard Chartered Bank (S

ingapore) Lim

ited), $47 m

ill

ion to SC Ventures Hold

ings Lim

ited, $40 m

ill

ion to Standard Chartered Cap

ital Ltd and $18

mill

ion to Standard Chartered Afr

ica Ltd)

2

Includes disposal of SC Ventures Holdings Lim

ited ($464 m

ill

ion)

3

Primar

ily relates to the net of

impa

irment charge of $388 m

ill

ion on account of decrease

in the valuation of SC Ventures Holdings Lim

ited and

impa

irment release of $78

mill

ion

in the valuation of Standard Chartered Bank AG

At 31 December 2024 the princ

ipal subs

id

iary undertak

ings, all ind

irectly held except for Standard Chartered Bank AG,

Standard Chartered Bank (Pakistan) Lim

ited, Standard Chartered Bank (Maur

it

ius) L

im

ited and 13.6 per cent of Standard

Chartered Bank (Singapore) Lim

ited, and pr

inc

ipally engaged

in the business of banking and provis

ion of other financial

services, were as follows:

|  |  |  |
| --- | --- | --- |
|  |  | Group interest in |
| Place of incorporation or registrat  ion | Main areas of operation | ordinary share capital % |
| Standard Chartered Bank (Singapore) Lim  ited, S  ingapore | Singapore | 100 |
| Standard Chartered Bank AG, Germany | Germany | 100 |
| Standard Chartered Bank Malaysia Berhad, Malaysia | Malaysia | 100 |
| Standard Chartered Bank Niger  ia L  im  ited, N  iger  ia | Niger  ia | 100 |
| Standard Chartered Bank (Vietnam) Lim  ited, V  ietnam | Vietnam | 100 |
| Standard Chartered Bank (Maurit  ius) L  im  ited, Maur  it  ius | Maurit  ius | 100 |
| Standard Chartered Bank (Thai) Public Company Lim  ited, Tha  iland | Thailand | 99.87 |
| Standard Chartered Bank (Pakistan) Lim  ited, Pak  istan | Pakistan | 98.99 |
| Standard Chartered Bank Zambia PLC, Zambia | Zambia | 90.00 |
| Standard Chartered Bank Botswana Lim  ited, Botswana | Botswana | 75.83 |
| Standard Chartered Bank Kenya Lim  ited, Kenya | Kenya | 74.32 |
| Standard Chartered Bank Nepal Lim  ited, Nepal | Nepal | 70.21 |
| Standard Chartered Bank Ghana PLC, Ghana | Ghana | 69.42 |

A complete list of subsid

iary undertak

ing is included in Note 39.

The Group does not have any material non-controlling interest except as listed above, which contribute $69 mill

ion

(31 December 2023: $58 mill

ion) of the profit attr

ibutable to non-controlling interest and $231 mill

ion (31 December 2023:

$172 mill

ion) of the equ

ity attributable to non-controlling interests.

During 2024 the Group disposed of its investments in subsid

iar

ies and the gain/loss on disposal was SCB Zimbabwe Lim

ited &

Africa Enterprise Network Trust (loss:$171.44 mill

ion

includ

ing translat

ion adjustment loss: $190.42 mill

ion), SCB Angola S.A.

(loss:$26.37 mill

ion

includ

ing translat

ion adjustment loss:$30.61 mill

ion) and SCB S

ierra Leone Lim

ited (loss: $18.90 m

ill

ion

includ

ing translat

ion adjustment loss:$25.08 mill

ion).

![](data:image/svg+xml;base64,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)

31. Investments in subsid

iary undertak

ings, jo

int ventures and assoc

iates continued

Notes to the financial statements cont

inued

Standard Chartered Bank

229

Directors’ Report and Financ

ial Statements 2024

While the Group’s subsid

iar

ies are subject to local statutory capital and liqu

id

ity requirements in relation to foreign exchange

remittance, these restrict

ions ar

ise in the normal course of business and do not sign

ificantly restr

ict the Group’s abil

ity to

access or use assets and settle liab

il

it

ies of the Group.

The Group does not have sign

ificant restr

ict

ions on

its abil

ity to access or use

its assets and settle its liab

il

it

ies other than

those resulting from the regulatory framework with

in wh

ich the banking subsid

iar

ies operate. These frameworks require

banking operations to keep certain levels of regulatory capital, liqu

id assets, exposure l

im

its and comply w

ith other required

ratios. These restrict

ions are summar

ised below:

Regulatory and liqu

id

ity requirements

The Group’s subsid

iar

ies are required to mainta

in m

in

imum cap

ital, leverage ratios, liqu

id

ity and exposure ratios which

therefore restrict the abil

ity of these subs

id

iar

ies to distr

ibute cash or other assets to the parent company.

The subsid

iar

ies are also required to mainta

in balances w

ith central banks and other regulatory authorit

ies

in the

countries in which they operate. At 31 December 2024, the total cash and balances with central banks was $56.7 bill

ion

(31 December 2023: $64.2 bill

ion) of wh

ich $2.9 bill

ion (31 December 2023: $3 b

ill

ion)

is restricted.

Statutory requirements

The Group’s subsid

iar

ies are subject to statutory requirements not to make distr

ibut

ions of capital and unrealised profits to

the parent company, generally to mainta

in solvency. These requ

irements restrict the abil

ity of subs

id

iar

ies to remit div

idends

to the Group. Certain subsid

iar

ies are also subject to local exchange control regulations which provide for restrict

ions on

exporting capital from the country other than through normal div

idends.

Contractual requirements

The encumbered assets in the balance sheet of the Group’s subsid

iar

ies are not available for transfer around the Group.

Share of profit from investment in associates and jo

int ventures compr

ises:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Loss from investment in jo  int ventures | – | (7) |
| Profit from investment in associates | 8 | 3 |
| Total | 8 | (4) |

Group

Interests in associates and jo

int ventures

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| As at 1 January | 81 | 143 |
| Exchange translation difference | 1 | – |
| Addit  ions  1 | 5 | 1 |
| Share of profits | 8 | (4) |
| Disposals | – | (55)  2 |
| Div  idend rece  ived | (6) | (4) |
| Share of FVOCI and Other reserves | (5) | – |
| Other Movements | (9) | – |
| As at 31 December | 75 | 81 |

1

Includes non-cash considerat

ion of $3.6 m

ill

ion (convert

ible notes) from Verif

ied Impacts Hold

ings Pte Ltd

2

Disposal of interest in associates due to change in ownership. Associates - CurrencyFair Lim

ited ($40 m

ill

ion), F

intech for International Development Ltd ($1 mill

ion),

Olea Global Pte. Ltd. ($14 mill

ion)

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Notes to the financial statements cont

inued

Standard Chartered Bank

230

Directors’ Report and Financ

ial Statements 2024

32. Structured entit

ies

Accounting policy

Structured entit

ies are consol

idated when the substance of the relationsh

ip between the Group and the structured ent

ity

ind

icates the Group has power over the contractual relevant act

iv

it

ies of the structured entity, is exposed to variable returns,

and can use that power to affect the variable return exposure.

In determin

ing whether to consol

idate a structured entity to which assets have been transferred, the Group takes into

account its abil

ity to d

irect the relevant activ

it

ies of the structured entity. These relevant activ

it

ies are generally evidenced

through a unilateral right to liqu

idate the structured ent

ity, investment in a substantial proportion of the securit

ies

issued by

the structured entity or where the Group holds specif

ic subord

inate securit

ies that embody certa

in controlling rights. The

Group may further consider relevant activ

it

ies embedded with

in contractual arrangements such as call opt

ions which give

the practical abil

ity to d

irect the entity, special relationsh

ips between the structured ent

ity and investors, and if a single

investor has a large exposure to variable returns of the structured entity.

Judgement is required in determin

ing control over structured ent

it

ies. The purpose and des

ign of the entity is considered,

along with a determinat

ion of what the relevant act

iv

it

ies are of the entity and who directs these. Further judgements are

made around which investor is exposed to and absorbs the variable returns of the structured entity. The Group will have to

weigh up all of these facts to consider whether the Group, or another involved party is acting as a princ

ipal

in its own right or

as an agent on behalf of others. Judgement is further required in the ongoing assessment of control over structured entit

ies,

specif

ically

if market condit

ions have an effect on the var

iable return exposure of different investors.

Interests in consolidated structured entit

ies:

A structured entity is consolidated into the Group’s financ

ial statements where

the Group controls the structured entity, as per the determinat

ion

in the accounting policy above. The following table

presents the Group’s interests in consolidated structured entit

ies.

The following table presents the Group's interests in consolidated structured entit

ies.

|  |  |
| --- | --- |
|  |  |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Princ  ipal and other structured finance | 239 | 116 |
| Total | 239 | 116 |

Interests in unconsolidated structured entit

ies:

Unconsolidated structured entit

ies are all structured ent

it

ies that are not controlled by the Group. The Group enters

into

transactions with unconsolidated structured entit

ies

in the normal course of business to facil

itate customer transact

ions and

for specif

ic

investment opportunit

ies. An

interest in a structured entity is contractual or non-contractual involvement which

creates variab

il

ity of the returns of the Group aris

ing from the performance of the structured ent

ity.

The table below presents the carrying amount of the assets recognised in the financ

ial statements relat

ing to variable

interests held in unconsolidated structured entit

ies, the max

imum exposure to loss relating to those interests and the total

assets of the structured entit

ies. Max

imum exposure to loss is primar

ily l

im

ited to the carry

ing amount of the Group’s on-

balance sheet exposure to the structured entity. For derivat

ives, the max

imum exposure to loss represents the on-balance

sheet valuation and not the notional amount. For commitments and guarantees, the maximum exposure to loss is the

notional amount of potential future losses.

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32. Structured entit

ies cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

231

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | |  | 2023 | | | | | |
|  | Asset- |  |  | Princ  ipal |  |  | Asset- |  |  | Princ  ipal |  |  |
|  | backed |  | Structured | Finance | Other |  | backed |  | Structured | Finance | Other |  |
|  | securit  ies | Lending | Finance | funds | activ  it  ies | Total | securit  ies | Lending | Finance | funds | activ  it  ies | Total |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Group's interest – assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Financ  ial assets held |  |  |  |  |  |  |  |  |  |  |  |  |
| at fair value through |  |  |  |  |  |  |  |  |  |  |  |  |
| profit or loss | 358 | 71 | 178 | 86 | – | 693 | 368 | 172 | 139 | 75 | – | 754 |
| Loans and advances/ |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |  |  |  |
| at amortised cost | 11,372 | 9,105 | 8,648 | – | 97 | 29,222 | 13,184 | 9,298 | 7,210 | – | 190 | 29,882 |
| Investment securit  ies |  |  |  |  |  |  |  |  |  |  |  |  |
| (fair value through |  |  |  |  |  |  |  |  |  |  |  |  |
| other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |
| income) | 1,421 | – | – | – | – | 1,421 | 1,977 | – | – | – | – | 1,977 |
| Other assets | – | – | – | – | – | – | – | – | 34 | – | – | 34 |
| Total assets | 13,151 | 9,176 | 8,826 | 86 | 97 | 31,336 | 15,529 | 9,470 | 7,383 | 75 | 190 | 32,647 |
| Off-balance sheet | – | 6,369 | 5,554 | 61 | 73 | 12,057 | – | 3,971 | 4,752 | – | 20 | 8,743 |
| Group's maximum |  |  |  |  |  |  |  |  |  |  |  |  |
| exposure to loss | 13,151 | 15,545 | 14,380 | 147 | 170 | 43,393 | 15,529 | 13,441 | 12,135 | 75 | 210 | 41,390 |
| Total assets of |  |  |  |  |  |  |  |  |  |  |  |  |
| structured entit  ies | 86,906 | 9,492 | 10,748 | 115 | - | 107,261 | 113,622 | 9,470 | 7,383 | 89 | 1,688 | 132,252 |

The main types of activ

it

ies for which the Group util

ises unconsol

idated structured entit

ies cover synthet

ic credit default

swaps for managed investment funds (includ

ing spec

ial

ised Pr

inc

ipal F

inance funds), portfolio management purposes,

structured finance and asset-backed securit

ies. These are deta

iled as follows:

•

Asset-backed securit

ies (ABS):

The Group also has investments in asset-backed securit

ies

issued by third-party sponsored

and managed structured entit

ies. For the purpose of market mak

ing and at the discret

ion of ABS trad

ing desk, the Group

may hold an immater

ial amount of debt secur

it

ies from structured ent

it

ies or

ig

inated by cred

it portfolio management.

This is disclosed in the ABS column above.

Portfolio management (Group sponsored entit

ies): For the purposes of portfol

io management, the Group purchased credit

protection via synthetic credit default swaps from note-issu

ing structured ent

it

ies. Th

is credit protection creates credit risk

which the structured entity and subsequently the end investor absorbs. The referenced assets remain on the Group’s

balance sheet as they are not assigned to these structured entit

ies. The Group cont

inues to own or hold all of the risks

and returns relating to these assets. The credit protection obtained from the regulatory-compliant securit

isat

ion only

serves to protect the Group against losses upon the occurrence of elig

ible cred

it events and the underlying assets are not

derecognised from the Group’s balance sheet. The Group does not hold any equity interests in the structured entit

ies but

may hold an ins

ign

if

icant amount of the

issued notes for market making purposes. This is disclosed in the ABS section

above. The proceeds of the notes’ issuance are typically held as cash collateral in the issuer’s account operated by a trustee

or invested in AAA-rated government-backed securit

ies to collateral

ise the structured entit

ies swap obl

igat

ions to the

Group, and to repay the princ

ipal to

investors at maturity. The structured entit

ies re

imburse the Group on actual losses

incurred, through the use of the cash collateral or realisat

ion of the collateral secur

ity. Correspondingly, the structured

entit

ies wr

ite down the notes issued by an equal amount of the losses incurred, in reverse order of senior

ity. All fund

ing is

committed for the life of these vehicles and the Group has no ind

irect exposure

in respect of the vehicles’ liqu

id

ity posit

ion.

The Group has reputational risk in respect of certain portfolio management vehicles and investment funds either because

the Group is the arranger and lead manager or because the structured entit

ies have Standard Chartered brand

ing.

•

Lending:

Lending comprises secured lending in the normal course of business to third parties through structured entit

ies

•

Structured Finance:

Structured finance comprises interests in transaction that the Group or, more usually, a customer has

structured, using one or more structured entit

ies, wh

ich provide benefic

ial arrangements for customers. The Group’s

exposure primar

ily represents the prov

is

ion of fund

ing to these structures as a financ

ial

intermed

iary, for wh

ich it receives a

lender’s return. The transactions largely relate to real estate financ

ing and the prov

is

ion of a

ircraft leasing and ship finance

•

Princ

ipal F

inance Fund:

The Group’s exposure to Princ

ipal F

inance Funds represents committed or invested capital in

unleveraged investment funds, primar

ily

invest

ing

in pan-Asian infrastructure, real estate and private equity.

•

Other activ

it

ies:

Other activ

it

ies include structured entit

ies created to support marg

in financ

ing transact

ions, the

refinancing of ex

ist

ing cred

it and debt facil

it

ies, as well as setting up of bankruptcy remote structured entit

ies.

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32. Structured entit

ies cont

inued

Notes to the financial statements cont

inued

Standard Chartered Bank

232

Directors’ Report and Financ

ial Statements 2024

In the above table, the Group determined the total assets of the structured entit

ies us

ing following bases:

•

Asset Backed Securit

ies, Pr

inc

ipal F

inance, and Other activ

it

ies are based on the published total assets of the

structured entit

ies

•

Lending and Structured Finance are estimated based on the Group's loan values to the structured entit

ies.

33. Cash flow statement

Adjustment for non-cash items and other adjustments included with

in

income statement

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Amortisat  ion of d  iscounts and premiums of investment securit  ies | (420) | (509) | (259) | (286) |
| Interest expense on subordinated liab  il  it  ies | 597 | 602 | 682 | 876 |
| Interest expense on senior debt securit  ies  in issue | 651 | 516 | 1,077 | 820 |
| Other non-cash items | (87) | 142 | (29) | (126) |
| Net loss/(gain) on sale of businesses¹ | 214 | (448) | (26) | (6) |
| Pension costs for defined benefit schemes | 37 | 41 | 22 | 25 |
| Share-based payment costs | 219 | 175 | 136 | 116 |
| Impairment losses/(releases) on loans and advances and other credit risk |  |  |  |  |
| provis  ions | 15 | (58) | (114) | (81) |
| Div  idend  income from subsid  iar  ies | – | – | (1,052) | (2,060) |
| Other impa  irment | 410 | 42 | 273 | 314 |
| Gain on disposal of property, plant and equipment | (3) | (12) | (3) | – |
| Loss on disposal of FVOCI & AMCST financ  ial assets | 190 | 178 | 154 | 114 |
| Depreciat  ion and amort  isat  ion | 656 | 647 | 403 | 399 |
| Fair value changes taken to Income statement | (1,418) | (1,531) | (1,226) | (940) |
| Foreign Currency revaluation | 54 | 104 | (39) | 45 |
| (Profit)/Loss from associates and jo  int ventures | (8) | 4 | – | – |
| Total | 1,107 | (107) | (1) | (790) |

1

refer note 6 on page 138.

Change in operating assets

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| (Increase)/decrease in derivat  ive financial  instruments | (25,886) | 9,954 | (24,384) | 8,873 |
| Increase in debt securit  ies, treasury b  ills and equity shares held at fair value |  |  |  |  |
| through profit or loss | (6,173) | (10,371) | (4,319) | (3,059) |
| (Increase)/decrease in loans and advances to banks and customers | (7,165) | (2,412) | (970) | 5,247 |
| Net (increase)/decrease in prepayments and accrued income | (153) | 75 | (167) | 209 |
| Net decrease in other assets | 4,587 | 7,160 | 3,679 | 11,834 |
| Total | (34,790) | 4,406 | (26,161) | 23,104 |

Change in operating liab

il

it

ies

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Increase/(decrease) in derivat  ive financial  instruments | 23,137 | (11,197) | 22,001 | (10,275) |
| Net increase/(decrease) in deposits from banks, customer accounts, |  |  |  |  |
| debt securit  ies  in issue and short posit  ions | 2,008 | 2,419 | (4,981) | (9,347) |
| Increase in accruals and deferred income | 58 | 431 | 25 | 315 |
| (Decrease)/ increase in amount due to parents/subsid  iar  ies/other related parties | (2,059) | 3,580 | (4,197) | 7,627 |
| Net increase /(decrease) in other liab  il  it  ies | 2,587 | 264 | 1,016 | (2,211) |
| Total | 25,731 | (4,503) | 13,864 | (13,891) |

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33. Cash flow statement continued

Notes to the financial statements cont

inued

Standard Chartered Bank

233

Directors’ Report and Financ

ial Statements 2024

Disclosures

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Subordinated debt (includ  ing accrued  interest): |  |  |  |  |
| Opening balance | 11,457 | 13,272 | 10,899 | 12,731 |
| Proceeds from the issue | – | 18 | – | – |
| Interest paid | (569) | (714) | (528) | (583) |
| Repayment | (1,000) | (2,160) | (1,000) | (2,160) |
| Foreign exchange movements | (102) | 113 | (92) | 113 |
| Fair value changes from hedge accounting | (4) | 215 | (4) | 215 |
| Accrued Interest and Others | 575 | 713 | 528 | 583 |
| Closing balance | 10,357 | 11,457 | 9,803 | 10,899 |

|  |  |
| --- | --- |
|  |  |
|  | Group | | Company | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Senior debt (includ  ing accrued  interest): |  |  |  |  |
| Opening balance | 7,860 | 5,154 | 7,827 | 4,777 |
| Proceeds from the issue | 3,134 | 5,597 | 3,114 | 4,820 |
| Interest paid | (282) | (235) | (282) | (235) |
| Repayment | (2,480) | (2,546) | (2,471) | (1,806) |
| Foreign exchange movements | (45) | 2 | (44) | 3 |
| Fair value changes from hedge accounting | – | (1) | – | – |
| Accrued Interest and Others | 282 | (111) | 269 | 268 |
| Closing balance | 8,469 | 7,860 | 8,413 | 7,827 |

34. Cash and cash equivalents

Accounting policy

Cash and cash equivalents includes:

•

Cash on hand and balances at central banks’ that are on demand or placements which are contractually due to mature

overnight only, except for restricted balances; and

•

Other balances listed in the table below, when they have less than three months’ maturity from the date of acquis

it

ion,

are not subject to contractual restrict

ions, are subject to

ins

ign

if

icant changes

in value, are highly liqu

id and are held for

the purpose of meeting short-term cash commitments. This includes products such as treasury bills and other elig

ible b

ills,

short-term government securit

ies, loans and advances to banks (

includ

ing reverse repos), and loans and advances to

customers (only non demand or non overnight placements at central banks), which are held for appropriate business

purposes. On demand accounts with non central banks are reported as part of ‘Loans & Advances to banks’.

The following balances have been ident

ified by the Group and Company as be

ing cash and cash equivalents based on the

criter

ia descr

ibed above.

|  |  |
| --- | --- |
|  |  |
|  | Group |  | Company |  |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Cash and balances at central banks | 56,665 | 64,198 | 45,233 | 52,758 |
| Less: restricted balances | (2,859) | (3,050) | (1,160) | (1,311) |
| Treasury bills and other elig  ible b  ills | 4,938 | 3,298 | 529 | 896 |
| Loans and advances to banks | 2,481 | 3,195 | 1,724 | 1,333 |
| Loans and advances to customers | 16,364 | 20,475 | 500 | 68 |
| Investments | 830 | 244 | 640 | 244 |
| Amounts due from fellow group undertakings | 530 | – | 635 | – |
| Total | 78,949 | 88,360 | 48,101 | 53,988 |

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Notes to the financial statements cont

inued

Standard Chartered Bank

234

Directors’ Report and Financ

ial Statements 2024

35. Related party transactions

Directors and officers

Details of directors’ remuneration and interests in shares are disclosed in the Note 37 Remuneration of Directors.

IAS 24 Related party disclosures requires the following addit

ional

informat

ion for key management compensat

ion.

Key management comprises non-executive directors, executive directors of Standard Chartered PLC, the Court

directors of Standard Chartered Bank and the persons discharg

ing manager

ial responsib

il

it

ies (PDMR) of Standard

Chartered PLC Group.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Salaries, allowances and benefits in kind | 40 | 41 |
| Share-based payments | 38 | 26 |
| Bonuses paid or receivable | 7 | 5 |
| Terminat  ion benefits | 2 | – |
| Total | 87 | 72 |

Transactions with directors and others

As at 31 December 2024, the total amounts to be disclosed under the Companies Act 2006 (the Act) and the List

ing Rules of

the Hong Kong Stock Exchange Lim

ited (HK L

ist

ing Rules) about loans to d

irectors were as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | 2023 | |
|  | Number | $mill  ion | Number | $mill  ion |
| Directors  1 | 3 | – | 4 | – |

1 Outstanding loan balances were below $50,000

The loan transactions provided to the directors of Standard Chartered PLC were a connected transaction under Chapter 14A

of the HK List

ing Rules. It was fully exempt as financial ass

istance under Rule 14A.87(1), as it was provided in our ordinary and

usual course of business and on normal commercial terms.

Other than as disclosed in these financ

ial statements, there were no other transact

ions, arrangements or agreements

outstanding for any director of the Company which have to be disclosed under the Act.

Group

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Due from/to |  |  |  |  |  |  |  |
|  | subsid  iary |  | Subordinated |  | Due from/to |  | Subordinated |  |
|  | undertakings |  | liab  il  it  ies and |  | subsid  iary |  | liab  il  it  ies and |  |
|  | and other | Derivat  ive | other |  | undertakings | Derivat  ive | other |  |
|  | related | financial | borrowed | Debt | and other | financial | borrowed | Debt |
|  | parties | instruments | funds | Securit  ies | related parties | instruments | funds | Securit  ies |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |
| Ultimate parent company | 51 | 1,111 | – | 14 | 26 | 1,127 | – | 20 |
| Fellow subsid  iar  ies of |  |  |  |  |  |  |  |  |
| SC PLC Group | 5,133 | 12,811 | – | 416 | 5,640 | 7,057 | – | 655 |
|  | 5,184 | 13,922 | – | 430 | 5,666 | 8,184 | – | 675 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |
| Ultimate parent company | 11,331 | 167 | 10,015 | 8,096 | 10,193 | 85 | 11,094 | 9,543 |
| Fellow subsid  iar  ies of |  |  |  |  |  |  |  |  |
| SC PLC Group | 16,915 | 11,153 | – | 966 | 20,974 | 6,748 | – | 18 |
|  | 28,246 | 11,320 | 10,015 | 9,062 | 31,167 | 6,833 | 11,094 | 9,561 |

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35. Related party transactions continued

Notes to the financial statements cont

inued

Standard Chartered Bank

235

Directors’ Report and Financ

ial Statements 2024

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | | |
|  | Fees and | Fees and |  |  |
|  | commiss  ion | commiss  ion | Interest | Interest |
|  | income | expense | income | expense |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Ultimate parent company | – | – | – | 1,604 |
| Fellow subsid  iar  ies of SC PLC Group | 288 | 270 | 160 | 736 |
|  | 288 | 270 | 160 | 2,340 |
|  | 2023 | | | |
|  | Fees and | Fees and |  |  |
|  | commiss  ion | commiss  ion | Interest | Interest |
|  | income | expense | income | expense |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Ultimate parent company | – | – | – | 1,296 |
| Fellow subsid  iar  ies of SC PLC Group | 225 | 151 | 129 | 819 |
|  | 225 | 151 | 130 | 2,116 |

The Group contributes to employee pension funds and provides banking services free of charge to the UK fund. For details of

the funds (see Note 29).

The Group’s employees partic

ipate

in the Standard Chartered PLC group’s share-based compensation plans (see Note 30).

The cost of the compensation is recharged from Standard Chartered PLC to the Group’s branches and subsid

iar

ies.

Associates and jo

int ventures

The following transactions with related parties are on an arm’s length basis:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | $mill  ion | $mill  ion |
|  | Assets |  |  |
|  | Financ  ial Assets held at FVTPL | – | 14 |
|  | Derivat  ive assets | 5 | 12 |
|  | Total assets | 5 | 26 |
|  | Liab  il  it  ies |  |  |
|  | Deposits | 30 | 38 |
|  | Derivat  ive l  iab  il  it  ies | 4 | – |
|  | Other liab  il  it  ies | – | 1 |
|  | Total liab  il  it  ies | 34 | 39 |
|  | Loan commitments and other guarantees¹ | 12 | 113 |

1

The maximum loan commitments and other guarantees during the year was $12 mill

ion (31 December 2023: $113 m

ill

ion)

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35. Related party transactions continued

Notes to the financial statements cont

inued

Standard Chartered Bank

236

Directors’ Report and Financ

ial Statements 2024

Company

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | 2023 | | | |
|  | Due from/to |  |  |  |  |  |  |  |
|  | subsid  iary |  | Subordinated |  | Due from/to |  | Subordinated |  |
|  | undertakings |  | liab  il  it  ies and |  | subsid  iary |  | liab  il  it  ies and |  |
|  | and other | Derivat  ive | other |  | undertakings | Derivat  ive | other |  |
|  | related | financial | borrowed | Debt | and other | financial | borrowed | Debt |
|  | parties | instruments | funds | Securit  ies | related parties | instruments | funds | Securit  ies |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Assets |  |  |  |  |  |  |  |  |
| Ultimate parent company | 51 | 1,111 | – | 11 | 26 | 1,127 | – | 20 |
| Subsid  iar  ies and |  |  |  |  |  |  |  |  |
| fellow subsid  iar  ies |  |  |  |  |  |  |  |  |
| of SC PLC Group | 9,980 | 17,546 | – | 4,283 | 10,028 | 10,365 | – | 4,436 |
|  | 10,031 | 18,657 | – | 4,294 | 10,053 | 11,492 | – | 4,456 |
| Liab  il  it  ies |  |  |  |  |  |  |  |  |
| Ultimate parent company | 11,323 | 167 | 9,475 | 8,096 | 10,184 | 85 | 10,554 | 9,543 |
| Subsid  iar  ies and |  |  |  |  |  |  |  |  |
| fellow subsid  iar  ies |  |  |  |  |  |  |  |  |
| of SC PLC Group | 30,990 | 15,518 | – | 16 | 37,133 | 10,281 | – | 18 |
|  | 42,313 | 15,685 | 9,475 | 8,112 | 47,317 | 10,366 | 10,554 | 9,561 |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2024 | | | | |
|  | Fees and | Fees and |  |  |  |
|  | commiss  ion | commiss  ion | Interest | Interest | Div  idend |
|  | income | expense | income | expense | income |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Ultimate parent company | – | – | – | 1,563 | – |
| Subsid  iar  ies and fellow subsid  iar  ies of SC PLC Group | 504 | 325 | 589 | 1,212 | 1,052 |
|  | 504 | 325 | 589 | 2,775 | 1,052 |
|  | 2023 | | | | |
|  | Fees and | Fees and |  |  |  |
|  | commiss  ion | commiss  ion | Interest | Interest | Div  idend |
|  | income | expense | income | expense | income |
|  | $mill  ion | $mill  ion | $mill  ion | $mill  ion | $mill  ion |
| Ultimate parent company | – | – | – | 1,257 | – |
| Subsid  iar  ies and fellow subsid  iar  ies of SC PLC Group | 349 | 59 | 459 | 1,378 | 2,060 |
|  | 349 | 59 | 459 | 2,635 | 2,060 |

As at 31 December 2024, Standard Chartered Bank had in place a charge over $68 mill

ion (31 December 2023: $68 m

ill

ion)

of cash assets in favour of the non-consolidated independent trustee of its employer financed retirement benefit scheme.

The Company contributes to employee pension funds and provides banking services free of charge to the UK fund.

For details of the funds see note 29.

The Company’s employees partic

ipate

in the Standard Chartered PLC group’s share-based compensation plans (see note 30).

The Company has an agreement with Standard Chartered PLC that in the event of the Company defaulting on its debt

coupon interest payments, where the terms of such debt requires it, Standard Chartered PLC shall issue shares as settlement

for non-payment of the coupon interest.

![](data:image/svg+xml;base64,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)

Notes to the financial statements cont

inued

Standard Chartered Bank

237

Directors’ Report and Financ

ial Statements 2024

36. Auditor’s remuneration

Auditor’s remuneration is included with

in other general adm

in

istrat

ion expenses. The amounts paid by the Group to their

princ

ipal aud

itor, Ernst & Young LLP (EY LLP) and its associates (together EY LLP), are set out below. All services are approved

by the Group Audit Committee and are subject to controls to ensure the external auditor’s independence is unaffected by the

provis

ion of other serv

ices.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $mill  ion | $mill  ion |
| Audit fees for the Standard Chartered PLC Group statutory audit | 31.3 | 27.8 |
| Of which fees for the statutory audit of Standard Chartered Bank Group | 23.2 | 20.6 |
| Fees payable to EY for other services provided to the Standard Chartered Bank Group: |  |  |
| Audit of Standard Chartered Bank subsid  iar  ies | 8.1 | 8.8 |
| Total Audit fees | 39.4 | 36.6 |
| Audit -related assurance services | 4.1 | 3.4 |
| Other assurance services | 4.8 | 6.2 |
| Other non-audit services | 0.4 | 0.8 |
| Transaction related services | 0.6 | – |
| Total fees payable | 49.3 | 47.0 |

The following is a descript

ion of the type of serv

ices included with

in the categor

ies listed above:

•

Audit fees for the Group statutory audit are in respect of fees payable to EY LLP for the statutory audit of the consolidated

financial statements of the Group and the separate financial statements of Standard Chartered PLC

•

Audit-related fees consist of fees such as those for services required by law or regulation to be provided by the auditor,

reviews of inter

im financial

informat

ion, report

ing on regulatory returns, reporting to a regulator on client assets and

extended work performed over financial

informat

ion and controls author

ised by those charged with governance

•

Other assurance services include agreed-upon-procedures in relation to statutory and regulatory fil

ings

•

Transaction related services are fees payable to EY LLP for issu

ing comfort letters

Expenses incurred in respect of their role as auditor, were reimbursed to EY LLP $1 mill

ion (2023:$0.9 m

ill

ion).

37. Remuneration of Directors

This table sets out salary (includ

ing salary shares), pens

ion and benefits received in 2024 and variable remuneration awards

received in respect of 2024.

|  |  |  |
| --- | --- | --- |
|  | 2024  1 | 2023  2 |
|  | £000 | £000 |
| Salaries and fees | 8,707 | 8,299 |
| Pension | 457 | 421 |
| Benefits | 539 | 638 |
| Annual incent  ive | 4,418 | 3,399 |
| Vesting of LTIP awards | 6,126 | 5,475 |
| Buy-out award  3 | - | 862 |
| Total fees payable | 20,247 | 19,094 |

1

Diane Jurgens and Lincoln Leong jo

ined the Court on 1 March 2024 and 2 November 2024 respect

ively.

2

The values of vesting 2021-23 LTIP awards have been restated based on the final vesting outcome of 57 per cent and actual share price of £6.59 when the awards vested

in March 2024.

3

S Ricke received a buy-out award in respect of shares forfeited upon leaving her former role to jo

in the Group. The buy-out award takes the form of upfront shares,

deferred shares, and deferred cash, and has been calculated in line with PRA and FCA remuneration regulations. The buy-out will be delivered over the period of March

2023 – 2027.

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)

37. Remuneration of Directors continued

Notes to the financial statements cont

inued

Standard Chartered Bank

238

Directors’ Report and Financ

ial Statements 2024

Addit

ional

informat

ion on the remunerat

ion elements in the above single total figure table

Salaries and fees

The total salaries of the three directors as at 1 January 2024 (or the date of appointment, if later) was £5,117,000. For two of

the directors, salary is paid part in cash and part in shares which are subject to a retention period and released pro rata over

five years. The number of salary shares allocated is determined based on the monetary value and the prevail

ing market pr

ice

of the Group’s shares on the date of allocation. The emoluments, includ

ing share-based payments and other benefits, of the

highest paid director during 2024 were £10,655,707 (2024: £7,836,987). There were employer pension contribut

ions for the

highest paid director during 2024 of £251,700 (2023: £250,625).

The total annualised fees of the Chairman and directors as at 1 January 2024 (or the date of appointment, if later) were

£3,590,499

There is no apportionment of remuneration between Standard Chartered Bank and Standard Chartered PLC.

Share awards

No directors exercised share awards over Standard Chartered PLC during the year.

Pension and benefits

An explanation of pension and benefits for those directors who are also executive directors of the SC PLC Group can be found

in the SC PLC Group’s 2024 Directors’ remuneration report on pages 143 to 174. The directors who are also employees of the SC

PLC Group received a flexible benefits allowance in alignment with the UK workforce to include a mixture of core pension and

benefits provis

ion,

includ

ing pr

ivate medical cover, life assurance and permanent health insurance. Some directors

occasionally use a Group car service for traveling and, in some circumstances, were accompanied by their spouses to attend

events.

For those directors who are also employees of the SC PLC Group, annual incent

ives

in respect of 2024 are delivered upfront

with at least 50 per cent paid in shares subject to a min

imum twelve-month retent

ion period..

Vesting of LTIP awards

The long-term incent

ive plan (LTIP) awards granted

in March 2021 vested in March 2024, based on performance over the

years 2021 to 2023. 57 per cent of these awards vested.The LTIP awards granted in March 2022 are due to vest in March 2025,

based on performance over the years 2022 to 2024. Following an assessment of the performance measures (RoTE with CET1

underpin, relative TSR, sustainab

il

ity and strategic measures), the projected outcome of these awards is 88 per cent. The final

assessment of the relative TSR performance will be conducted in March 2025, the end of the three-year performance period.

Based on a share price of £9.197, the three-month average to 31 December 2024, the projected value to be delivered to the

directors is £6,125,761.

The highest paid director has not exercised any share options during the year.

An LTIP award of 616,378 shares was made in March 2024 to the highest paid director, at a share price of £6.60 (adjusted for

loss of div

idend), wh

ich are subject to the satisfact

ion of stretch

ing RoTE, relative TSR, sustainab

il

ity and strategic

performance measures over three years (2024 to 2026).

Other disclosures

The remuneration policy and practices applying to the Material Risk Taker employees of the Bank are the same as those

applied by the SC PLC Group which are set out in the SC Pillar 3 report on pages 132 to 137.

Further informat

ion on the remunerat

ion for those directors who are also executive directors of the SC PLC Group can be

found in the SC PLC Group’s 2024 Directors’ remuneration report on pages 143 to 181.

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Notes to the financial statements cont

inued

Standard Chartered Bank

239

Directors’ Report and Financ

ial Statements 2024

38. Related undertakings of the Group

As at 31 December 2024, the Group’s interests in related undertakings in accordance with Section 409 of the Companies Act

2006 are disclosed below. Unless otherwise stated, the share capital disclosed comprises ordinary or common shares which

are held by subsid

iar

ies of the Group. Unless otherwise ind

icated, all related undertak

ings are held ind

irectly.

Name

|  |  |  |
| --- | --- | --- |
|  | Proportion of |  |
|  | shares held |  |
|  | (%) | Footnotes |
| Subsid  iary Undertak  ings |  |  |
| SC (Secretaries) Lim  ited  vi  i  i | 100 | 1 |
| SC Transport Leasing 1 Ltd  iv | 100 | 1 , 86 , 87 |
| SC Transport Leasing 2 Lim  ited  iv | 100 | 1 , 86 , 87 |
| SCMB Overseas Lim  ited  i  i  i | 100 | 1 , 85 , 87 |
| Standard Chartered Africa Lim  ited  i  i  i | 100 | 1 , 85 , 87 |
| Standard Chartered Bank  i | 100; 100  I,K | 1 |
| Standard Chartered Foundation  vi  i | 100  V | 1 , 82 |
| Standard Chartered Health | 100 | 1 |
| Trustee (UK) Lim  ited  vi  i |  |  |
| Standard Chartered Leasing | 100 | 1 , 87 |
| (UK) Lim  ited  iv |  |  |
| Standard Chartered Nominees | 100 | 1 |
| (Private Clients UK) Lim  ited  i |  |  |
| Standard Chartered Securit  ies | 100 | 1 , 85 , 87 |
| (Africa) Holdings Lim  ited  i  i  i |  |  |
| Standard Chartered Trustees | 100 | 1 |
| (UK) Lim  ited  vi  i |  |  |
| The SC Transport Leasing Partnership 1  iv | 100  P | 1 , 87 |
| The SC Transport Leasing Partnership 2  iv | 100  P | 1 , 87 |
| The SC Transport Leasing Partnership 3  iv | 100  P | 1 , 87 |
| The SC Transport Leasing Partnership 4  iv | 100  P | 1 , 87 |
| Bricks (C&K) LP  vi  i | 100  P | 2 , 82 |
| Bricks (C) LP  vi  i | 100  P | 2 , 82 |
| Bricks (T) LP  vi  i | 100  P | 2 , 82 |
| Corrasi Covered Bonds LLP  vi  i | 75  R | 3 |
| Standard Chartered Grindlays | 100 | 4 |
| Pty Lim  ited  i  i  i |  |  |
| Standard Chartered Bank Insurance | 100 | 5 |
| Agency (Proprietary) Lim  ited  i |  |  |
| Standard Chartered Investment | 100 | 5 |
| Services (Proprietary) Lim  ited  i |  |  |
| Standard Chartered Bank | 75.827 | 5 |
| Botswana Lim  ited  i |  |  |
| Standard Chartered Botswana Nominees | 100 | 5 |
| (Proprietary) Lim  ited  i |  |  |
| Standard Chartered Botswana | 100  S | 5 |
| Education Trust  vi  i |  |  |
| Standard Chartered Representação e | 100 | 6 |
| Partic  ipações Ltda  i |  |  |
| Standard Chartered Securit  ies (B) | 100 | 55 |
| Sdn Bhd  i |  |  |
| Standard Chartered Bank Cameroon S.A.  i | 100 | 7 |
| SCB Investment Holding | 99.999  A | 60 |
| Company Lim  ited  i  i  i |  |  |
| Standard Chartered Global Business | 100 | 9 , 84 |
| Services Co., Ltd  v |  |  |
| Standard Chartered Global Business | 100 | 65 , 84 |
| Services (Guangzhou) Co., Ltd.  v |  |  |

|  |  |  |
| --- | --- | --- |
|  | Proportion of |  |
|  | shares held |  |
| Name | (%) | Footnotes |
| Standard Chartered Bank | 100 | 10 |
| Cote d'Ivoire SA  i |  |  |
| Standard Chartered Bank | 74.852 | 11 |
| Gambia Lim  ited  i |  |  |
| Standard Chartered Bank AG  i | 100 | 12 |
| Standard Chartered Bank Ghana PLC  i | 69.416; | 13 |
|  | 87.043  K |  |
| Standard Chartered Ghana | 100 | 13 |
| Nominees Lim  ited  i |  |  |
| Standard Chartered Wealth | 100 | 14 |
| Management Lim  ited Company  i |  |  |
| Standard Chartered PF Real Estate | 100 | 50 |
| (Hong Kong) Lim  ited  i  i  i |  |  |
| Standard Chartered Private | 100 | 15 |
| Equity Lim  ited  i  i  i |  |  |
| Standard Chartered Asia Lim  ited  i  i  i | 100; 100  U | 15 |
| Standard Chartered Global Business | 100 | 16 |
| Services Private Lim  ited  vi |  |  |
| Standard Chartered Finance | 98.675 | 17 |
| Private Lim  ited  vi |  |  |
| St Helen's Nominees India Private Lim  ited  i | 100 | 18 |
| Standard Chartered Private Equity | 100 | 18 |
| Advisory (India) Private Lim  ited  vi |  |  |
| Standard Chartered Capital Lim  ited  i | 100 | 76 |
| Standard Chartered Securit  ies | 100 | 52 |
| (India) Lim  ited  i |  |  |
| Standard Chartered (India) Modeling | 100 | 19 |
| and Analytics Centre Private Lim  ited  vi |  |  |
| Standard Chartered Assurance Lim  ited  i | 100; 100  E | 20 |
| Standard Chartered Isle of Man Lim  ited  i | 100 | 20 |
| Standard Chartered Securit  ies | 100 | 21 |
| (Japan) Lim  ited  i |  |  |
| SCB Nominees (CI) Lim  ited  vi  i | 100 | 22 |
| Standard Chartered Bancassurance | 100 | 23 |
| Intermediary Lim  ited  i |  |  |
| Standard Chartered Investment | 100 | 23 |
| Services Lim  ited  i  i  i |  |  |
| Standard Chartered Bank Kenya Lim  ited  i | 74.318; 100  D | 23 |
| Standard Chartered Securit  ies | 100 | 23 |
| (Kenya) Lim  ited  i |  |  |
| Standard Chartered Financ  ial | 100 | 23 |
| Services Lim  ited  i |  |  |
| Standard Chartered Kenya | 100 | 23 |
| Nominees Lim  ited  i |  |  |
| Standard Chartered Metropolitan | 99.9  A | 24 |
| Holdings SAL  i  i  i |  |  |
| Cartaban (Malaya) Nominees | 100 | 25 |
| Sdn Berhad  i |  |  |
| Cartaban Nominees (Asing) Sdn Bhd  i | 100 | 25 |
| Cartaban Nominees (Tempatan) Sdn | 100 | 25 |
| Bhd  i |  |  |

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38. Related undertakings of the Group continued

Notes to the financial statements cont

inued

Standard Chartered Bank

240

Directors’ Report and Financ

ial Statements 2024

|  |  |  |
| --- | --- | --- |
|  | Proportion of |  |
|  | shares held |  |
| Name | (%) | Footnotes |
| Golden Maestro Sdn Bhd  i  i  i | 100 | 25 |
| Price Solutions Sdn Bhd  i | 100 | 25 |
| SCBMB Trustee Berhad  vi  i | 100 | 25 |
| Standard Chartered Bank | 100; 100  J | 25 |
| Malaysia Berhad  i |  |  |
| Standard Chartered Saadiq Berhad  i | 100 | 25 |
| Resolution Alliance Sdn Bhd  i  i  i | 91 | 26 |
| Standard Chartered Global Business | 100 | 61 |
| Services Sdn Bhd  vi |  |  |
| Standard Chartered Bank | 100 | 27 |
| (Maurit  ius) L  im  ited  i |  |  |
| Standard Chartered Private Equity | 100 | 59 |
| (Maurit  ius) L  im  ited  i |  |  |
| Standard Chartered Private Equity | 100 | 59 |
| (Maurit  ius) II L  im  ited  i |  |  |
| Standard Chartered Private Equity | 100 | 59 |
| (Maurit  ius) lll L  im  ited  i |  |  |
| Subcontinental Equit  ies L  im  ited  i  i  i | 100 | 28 |
| Standard Chartered Bank Nepal Lim  ited  i | 70.21 | 29 |
| Standard Chartered Holdings | 100 | 1 , 85 |
| (Africa) B.V.  i  i  i |  |  |
| Standard Chartered Holdings | 100 | 1 , 85 |
| (Asia Pacif  ic) B.V.  i  i  i |  |  |
| Standard Chartered Holdings | 100 | 1 , 85 |
| (International) B.V  .i  i  i |  |  |
| Standard Chartered MB Holdings B.V.  i  i  i | 100 | 1 , 85 |
| Standard Chartered Bank Niger  ia L  im  ited  i | 100; 100  F,K | 30 |
| Standard Chartered Capital & Advisory | 100 | 30 |
| Niger  ia L  im  ited  i |  |  |
| Standard Chartered Nominees | 100 | 30 |
| (Niger  ia) L  im  ited  i |  |  |
| Standard Chartered Bank | 98.986 | 31 |
| (Pakistan) Lim  ited  i |  |  |
| Standard Chartered Group Services, | 100 | 32 |
| Manila Incorporated  vi |  |  |
| Standard Chartered Global Business | 100 | 33 |
| Services spółka z ograniczoną |  |  |
| odpowiedz  ialnośc  ią  vi |  |  |
| Standard Chartered Capital | 100 | 62 |
| (Saudi Arabia)  i |  |  |
| Standard Chartered Real Estate | 100 | 34 |
| Investment Holdings (Singapore) |  |  |
| Private Lim  ited  i  i  i |  |  |
| Raffles Nominees (Pte.) Lim  ited  i | 100 | 35 |
| SCTS Capital Pte. Ltd  i | 100 | 36 |
| SCTS Management Pte. Ltd.  i | 100  A,B,C,N | 36 |
| Standard Chartered Bank | 100 | 36 |
| (Singapore) Lim  ited  i |  |  |
| Standard Chartered Trust | 100 | 36 |
| (Singapore) Lim  ited  vi  i |  |  |
| Standard Chartered Holdings (Singapore) | 100 | 36 |
| Private Lim  ited  i  i  i |  |  |
| Standard Chartered Nominees | 100 | 36 |
| (Singapore) Pte Ltd  i |  |  |

|  |  |  |
| --- | --- | --- |
|  | Proportion of |  |
|  | shares held |  |
| Name | (%) | Footnotes |
| Trust Bank Singapore Lim  ited  i | 60 | 68 |
| Standard Chartered Nominees South | 100 | 38 |
| Africa Proprietary Lim  ited (RF)  i |  |  |
| Standard Chartered Bank | 100; 100  D | 39 |
| Tanzania Lim  ited  i |  |  |
| Standard Chartered Tanzania | 100 | 39 |
| Nominees Lim  ited  i |  |  |
| Standard Chartered Bank (Thai) | 99.871 | 40 |
| Public Company Lim  ited  i |  |  |
| Standard Chartered Yatir  im Bankas  i | 100 | 41 |
| Turk Anonim Sirket  i |  |  |
| Standard Chartered Bank | 100 | 42 |
| Uganda Lim  ited  i |  |  |
| Standard Chartered Bank | 100 | 58 |
| International (Americas) Lim  ited  i |  |  |
| Standard Chartered Holdings Inc.  i  i  i | 100 | 43 |
| Standard Chartered Securit  ies | 100  R | 43 |
| (North America) LLC  i |  |  |
| Standard Chartered Trade | 100 | 51 |
| Services Corporation  i |  |  |
| Standard Chartered Bank | 100O | 45 |
| (Vietnam) Lim  ited  i |  |  |
| Sky Harmony Holdings Lim  ited  i  i  i | 100 | 63 |
| Standard Chartered Bank Zambia Plc  i | 90 | 64 |
| Standard Chartered Zambia Securit  ies | 100 | 69 |
| Services Nominees Lim  ited  i |  |  |
| CMB Nominees (RF) Proprietary Lim  ited  vi  i | 100 | 38 |
| Standard Chartered Funds VCC  vi  i | 100 | 36 |
| Standard Chartered Luxembourg S.A.  i | 100 | 53 |
| Associates |  |  |
| Clifford Capital Holdings Pte. Ltd.  i  i  i | 9.9 | 56 |
| Verif  ied Impact Exchange Hold  ings | 13.421 | 57 |
| Pte. Ltd  i |  |  |
| Seychelles International Mercantile | 22 | 46 |
| Banking Corporation Lim  ited.  i |  |  |
| Sign  ificant  investment holdings and |  |  |
| other related undertakings |  |  |
| Corrasi Covered Bonds (LM) Lim  ited  i | 20 | 3 |
| ATSC Cayman Holdco Lim  ited  i  i  i | 5.272  A  ; 100  B | 77 |
| Actis Temple Stay Holdings (HK) Lim  ited  i  i  i | 39.689  ;  A | 70 |
|  | 39.689  B |  |
| Mikado Realtors Private Lim  ited  vi  i | 26 | 78 |
| Industrial Minerals and Chemical Co. Pvt. | 26 | 79 |
| Ltd  vi  i |  |  |
| Paxata, Inc.  vi  i | 40.74  G  ; | 64 |
|  | 8.908  H |  |

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38. Related undertakings of the Group continued

Notes to the financial statements cont

inued

Standard Chartered Bank

241

Directors’ Report and Financ

ial Statements 2024

|  |  |  |
| --- | --- | --- |
|  | Proportion of |  |
|  | shares held |  |
| Name | (%) | Footnotes |
| Subsid  iary Undertak  ings – In liqu  idat  ion |  |  |
| Standard Chartered Masterbrand | 100 | 66 |
| Licens  ing L  im  ited  vi  i |  |  |
| Standard Chartered Leasing | 100 | 66 |
| (UK) 3 Lim  ited  iv |  |  |
| Birdsong Lim  ited  vi  i | 100 | 47 |
| Nominees One Lim  ited  vi  i | 100 | 47 |
| Nominees Two Lim  ited  vi  i | 100 | 47 |
| Songbird Lim  ited  vi  i | 100 | 47 |
| Standard Chartered Secretaries | 100 | 47 |
| (Guernsey) Lim  ited  vi  i |  |  |
| Standard Chartered Trust | 100 | 47 |
| (Guernsey) Lim  ited  vi  i |  |  |
| Standard Chartered Financ  ial Serv  ices | 100 | 48 |
| (Luxembourg) S.A.  vi  i |  |  |
| Banco Standard Chartered | 100 | 67 |
| en Liqu  idac  ion  vi  i |  |  |
| Standard Chartered Uruguay | 100 | 49 |
| Representacion S.A.  vi  i |  |  |
| Standard Chartered IL&FS Management | 50 | 37 |
| (Singapore) Pte. Lim  ited  vi  i |  |  |
| Cerulean Investments LP  vi  i | 100  P | 8 |
| Subsid  iary/Assoc  iate undertakings – |  |  |
| Liqu  idated/d  issolved/sold |  |  |
| Assembly Payments, Inc  i | 100 | 71 |
| Assembly Escrow Inc  i | 100 | 72 , 82 |
| Shoal Lim  ited  i  i | 100 | 1 |
| Standard Chartered Bank | 100 | 73 |
| Zimbabwe Lim  ited  i |  |  |
| Africa Enterprise Network Trust  vi  i | 100  S | 73 , 83 |
| Standard Chartered Nominees Zimbabwe | 100 | 73 |
| (Private) Lim  ited  vi  i |  |  |
| Standard Chartered Bank Angola S.A.  i | 60 | 74 |
| Standard Chartered Bank | 80.656 | 75 |
| Sierra Leone Lim  ited  i |  |  |
| The BW Leasing Partnership 1 LP  iv | 100  P | 54 , 82 |
| The BW Leasing Partnership 2 LP  iv | 100  P | 54 , 82 |
| The BW Leasing Partnership 3 LP  iv | 100  P | 54 , 82 |
| The BW Leasing Partnership 4 LP  iv | 100  P | 54 , 82 |
| The BW Leasing Partnership 5 LP  iv | 100  P | 54 , 82 |
| Standard Chartered Overseas | 100 | 44 |
| Investment, Inc.  i  i  i |  |  |
| Actis Rivendell Holdings (HK) Lim  ited  i  i  i | 39.671  A  ; | 70 |
|  | 39.671  B |  |

|  |  |
| --- | --- |
|  | Descript  ion of shares |
| A | Class A Ordinary shares |
| B | Class B Ordinary shares |
| C | Class C Ordinary shares |
| D | Preference shares |
| E | Redeemable preference shares |
| F | Series B Redeemable preference shares |
| G | Series C2 preference shares |
| H | Series C3 preference shares |
| I | Redeemable non-cumulative preference shares |
| J | Irredeemable convertible preference shares |
| K | Irredeemable non-cumulative preference shares |
| L | Class B Non-cumulative preference shares |
| M | Class C Non-cumulative preference shares |
| N | Class D Non-cumulative preference shares |
| O | Charter capital |
| P | Lim  ited Partnersh  ip |
| Q | Partnership Interest |
| R | Membership interest |
| S | Trust |
| T | icated  Uncertif |
| U | Deferred shares |
| V | Guarantee |
|  | Activ  ity |
| i | Banking & Financ  ial Serv  ices |
| i  i | Dig  ital Venture |
| i  i  i | Investment holding company |
| iv | Leasing and Finance |
| v | Research & development |
| vi | Support Services |
| vi  i | Others |

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38. Related undertakings of the Group continued

Notes to the financial statements cont

inued

Standard Chartered Bank

242

Directors’ Report and Financ

ial Statements 2024

|  |  |
| --- | --- |
|  | Address in country of incorporation |
| 1 | 1 Basinghall Avenue, London, EC2V 5DD, United Kingdom |
| 2 | 2 More London Rivers  ide, London, SE1 2JT, Un  ited Kingdom |
| 3 | 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom |
| 4 | Level 5, 345 George St, Sydney NSW 2000, Australia |
| 5 | 5th Floor Standard House Bldg, The Mall, Queens Road, |
|  | O Box 496, Gaborone, Botswana |
| 6 | Avenida Brigade  iro Far  ia Lima, no 3.477, 6º andar, conjunto |
|  | 62 - Torre Norte, Condomin  io Pat  io Victor Malzoni, CEP |
|  | 04538-133, Sao Paulo, Brazil |
| 7 | 1155, Boulevard de la Liberté, Douala, B.P. 1784, Cameroon |
| 8 | Maples Corporate Services Lim  ited, PO Box 309, Ugland |
|  | House, Grand Cayman, KY1-1104 , Cayman Islands |
| 9 | No. 35, Xinhuanbe  i Road, TEDA, T  ianjin, 300457, China |
| 10 | 23 Boulevard de la République, Abidjan 17, 17 B.P. 1141, |
|  | Cote d'Ivoire |
| 11 | 8 Ecowas Avenue, Banjul, Gambia |
| 12 | Taunusanlage 16, 60325, Frankfurt am Main, Germany |
| 13 | Standard Chartered Bank Build  ing, No. 87, Independence |
|  | Avenue, P.O. Box 768, Accra, Ghana |
| 14 | 87, Independence Avenue, Post Office Box 678, |
|  | Accra, Ghana |
| 15 | 13/F Standard Chartered Bank Build  ing, 4-4A Des Voeux |
|  | Road Central, Hong Kong |
| 16 | 1st Floor, Europe Build  ing, No.1, Haddows Road, |
|  | Nungambakkam, Chennai, 600 006, India |
| 17 | 90 M.G.Road, II Floor, Fort, Mumbai, Maharashtra, |
|  | 400001, India |
| 18 | Ground Floor, Crescenzo Build  ing, G Block, C 38/39, |
|  | Bandra Kurla Complex, Bandra (East) , Mumbai, |
|  | Maharashtra , 400051, India |
| 19 | Vaishnav  i Seren  ity, First Floor, No. 112, Koramangala |
|  | Industrial Area, 5th Block, Koramangala, Bangalore, |
|  | Karnataka, 560095, India |
| 20 | 1st Floor, Goldie House, 1-4 Goldie Terrace, |
|  | Upper Church Street, Douglas, IM1 1EB, Isle of Man |
| 21 | 21/F, Sanno Park Tower, 2-11-1 Nagatacho, |
|  | Chiyoda-ku, Tokyo, 100-6155, Japan |
| 22 | 15 Castle Street, St Helier, JE4 8PT, Jersey |
| 23 | Standard Chartered@Chiromo, 48 Westlands Road, |
|  | P. O. Box 30003 - 00100, Nairob  i , Kenya |
| 24 | Atrium Build  ing, Maarad Street, 3rd Floor, P.O. Box 11-4081 |
|  | Raid El Solh, Beirut Central Distr  ict, Lebanon |
| 25 | Level 25, Equatorial Plaza, Jalan Sultan Ismail, |
|  | 50250 Kuala Lumpur, Malaysia |
| 26 | Suite 18-1, Level 18, Vertical Corporate Tower B, Avenue 10, |
|  | The Vertical, Bangsar South City , No. 8, Jalan Kerinch  i , |
|  | 59200 Kuala Lumpur, Wilayah Persekutuan, Malaysia |
| 27 | 6th Floor, Standard Chartered Tower , 19, Bank Street, |
|  | Cybercity, Ebene, 72201, Maurit  ius |
| 28 | Mondial Management Services Ltd, Unit 2L, 2nd Floor |
|  | Standard Chartered Tower, 19 Cybercity, Ebene, Maurit  ius |
| 29 | Madan Bhandari Marg. Ward No.31, Kathmandu |
|  | Metropolitan City, Kathmandu Distr  ict, Bagmat  i Province, |
|  | Kathmandu, 44600, Nepal |
| 30 | 142, Ahmadu Bello Way, Victor  ia Island, Lagos, |
|  | 101241, Niger  ia |

|  |  |
| --- | --- |
|  | Address in country of incorporation |
| 31 | P.O. Box No. 5556, I.I. Chundrigar Road , Karachi , |
|  | 74000, Pakistan |
| 32 | 8th Floor, Makati Sky Plaza Build  ing 6788, Ayala Avenue |
|  | San Lorenzo, City of Makati, Fourth Distr  ict, Nat  ional Capi, |
|  | 1223, Phil  ipp  ines |
| 33 | Rondo Ignacego Daszyńskiego 2B, 00-843, |
|  | Warsaw, Poland |
| 34 | 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore |
| 35 | 7 Changi Business Park Crescent, #03-00 Standard |
|  | Chartered @ Changi, 486028, Singapore |
| 36 | 8 Marina Boulevard, #27-01 Marina Bay Financ  ial Centre |
|  | Tower 1, 018981, Singapore |
| 37 | Abogado Pte Ltd, No. 8 Marina Boulevard, #05-02 MBFC |
|  | Tower 1, 018981, Singapore |
| 38 | 2nd Floor, 115 West Street, Sandton, Johannesburg, 2196, |
|  | South Africa |
| 39 | 1 Floor, International House, Shaaban Robert Street/ |
|  | Garden Avenue, PO Box 9011, Dar Es Salaam, Tanzania, |
|  | United Republic of |
| 40 | No. 140, 11th, 12th and 14th Floor, Wireless Road, Lumpin  i, |
|  | Patumwan, Bangkok, 10330, Thailand |
| 41 | Buyukdere Cad. Yapi Kredi Plaza C Blok, Kat 15, Levent, |
|  | Istanbul, 34330, Turkey |
| 42 | Standard Chartered Bank Bldg, 5 Speke Road, PO Box 7111, |
|  | Kampala, Uganda |
| 43 | Corporation Trust Center, 1209 Orange Street, Wilm  ington |
|  | DE 19801, United States |
| 44 | 50 Fremont Street, San Francisco CA 94105, United States |
| 45 | Level 3, #CP1.L01 and #CP2.L01, Capital Place, 29 |
|  | Lieu Gia  i Street, Ngoc Khanh Ward, Ba D  inh Distr  ict, |
|  | Ha Noi, 10000, Vietnam |
| 46 | Victor  ia House, State House Avenue, V  ictor  ia, |
|  | MAHE, Seychelles |
| 47 | Bucktrout House, Glategny Esplanade, St Peter Port, |
|  | GY1 3HQ, Guernsey |
| 48 | 30 Rue Schrobilgen, 2526, Luxembourg |
| 49 | Luis Alberto de Herrera 1248, Torre II, Piso 11, |
|  | Esc. 1111, Uruguay |
| 50 | 14th Floor, One Taikoo Place, 979 King's Road, |
|  | Quarry Bay, Hong Kong |
| 51 | C/O Corporation Service Company, 251 Little Falls Drive, |
|  | Wilm  ington DE 19808, Un  ited States |
| 52 | 2nd Floor, 23-25 M.G. Road, Fort, Mumbai 400 001, India |
| 53 | 53 Boulevard Royal, Grand Duchy of Luxembourg, |
|  | 2449, Luxembourg |
| 54 | 5th Floor, Holland House, 1-4 Bury Street, London, |
|  | EC3A 5AW, United Kingdom |
| 55 | G01-02, Wisma Haj  i Mohd Taha Bu  ild  ing, |
|  | Jalan Gadong, BE4119, Brunei Darussalam |
| 56 | 1 Raffles Quay , #23-01 , One Raffles Quay, |
|  | 048583 , Singapore |
| 57 | 10 Marina Boulevard #08-08, Marina Bay Financ  ial Centre, |
|  | 018983, Singapore |
| 58 | 1095 Avenue of Americas, New York City NY 10036, |
|  | United States |

![](data:image/svg+xml;base64,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)

38. Related undertakings of the Group continued

Notes to the financial statements cont

inued

Standard Chartered Bank

243

Directors’ Report and Financ

ial Statements 2024

|  |  |
| --- | --- |
|  | Address in country of incorporation |
| 59 | c/o Ocorian Corporate Services (Maurit  ius) Ltd, 6th Floor, |
|  | Tower A,1, Exchange Square, Wall Street, Ebene, Maurit  ius |
|  | – 72201, Maurit  ius |
| 60 | c/o Maples Finance Lim  ited, PO Box 1093 GT, Queensgate |
|  | House, Georgetown, Grand Cayman, Cayman Islands |
| 61 | Level 1, Wisma Standard Chartered, Jalan Teknologi 8, |
|  | Taman Teknologi Malaysia, Bukit Jalil, , 57000 Kuala |
|  | Lumpur, Wilayah Persekutuan, Malaysia |
| 62 | Al Faisal  iah Office Tower Floor No 7 (T07D) , K  ing Fahad |
|  | Highway, Olaya Distr  ict, P.O box 295522 , R  iyadh, 11351 , |
|  | Saudi Arabia |
| 63 | The Company's Registered Office, Vistra Corporate |
|  | Services Centre, Wickhams Cay II, Road Town, Tortola, |
|  | VG1110, Virg  in Islands, Br  it  ish |
| 64 | Standard Chartered House, Stand No. 4642, Corner of |
|  | Mwaimwene Road and Addis Ababa Drive, Lusaka, |
|  | Lusaka, 10101, Zambia |
| 65 | Unit 802B, 803, 1001A,1002B,1003-1005,1101-1105, 201- |
|  | 1205,1302C,1303, No. 235 Tianhe North Road, Tianhe |
|  | Distr  ict, Guangzhou C  ity, Guangdong Province, China |
| 66 | C/O Teneo Financ  ial Adv  isory Lim  ited, The Colmore |
|  | Build  ing, 20 Colmore C  ircus, Queensway, Birm  ingham, |
|  | B4 6AT, United Kingdom |
| 67 | Jiron Huascar 2055, Jesus Maria, Lima, 15072, Peru |
| 68 | 77 Robinson Road, #25-00 Robinson 77, 068896, Singapore |
| 69 | Stand No. 4642 , Corner of Mwaimwena Road and |
|  | Addis Ababa Drive, Lusaka, 10101, Zambia |
| 70 | Unit 605-07, 6/F Wing OnCentre, 111 Connaught Road, |
|  | Central,Sheung Wan, Hong Kong |
| 71 | 555 Washington Av, St Louis, MO, United States of |
|  | America, 63101 |
| 72 | 25 Taylor St, San Francisco CA 94102-3916, United States |
| 73 | Africa Unity Square Build  ing, 68 Nelson Mandela Avenue, |
|  | Harare, Zimbabwe |
| 74 | Edifíc  io K  ilamba, 8º Andar Avenida 4 de Fevereiro, Marginal, |
|  | Luanda, Angola |
| 75 | 9 & 11, Lightfoot Boston Street, Freetown, Sierra Leone |
| 76 | 12th Floor, Parinee Crescenzo Build  ing, Plot C-38 & 39, |
|  | G Block Bandra (E) Opp. MCA Ground, Mumbai, |
|  | 400051, India |
| 77 | Intertrust Corporate Services (Cayman) Lim  ited, 190 Elg  in |
|  | Avenue,George Town, Grand Cayman , KY1-9005, Cayman |
|  | Islands |
| 78 | 1221 A, Devika Tower, 12th Floor, 6 Nehru Place, New Delhi |
|  | 110019 |
| 79 | 4thFloor, 274, Chital  ia House, Dr. Cawasji Hormusji Road, |
|  | Dhobi Talao, Mumbai City, Maharashtra, India 400 002, |
|  | Mumbai, 400 002, India |
| 80 | IQEQ Corporate Services (Maurit  ius) Ltd, 33, Ed  ith Cavell |
|  | Street, Port Louis, 11324, Maurit  ius |
| 81 | 6 Battery Road #13-01, 049909, Singapore |

|  |  |
| --- | --- |
|  | Other notes |
| 82 | The Group has determined that these undertakings are |
|  | excluded from being consolidated into the Groups |
|  | accounts, and do not meet the definit  ion of a Subsid  iary |
|  | under IFRS. See note 32 for the consolidat  ion pol  icy and |
|  | disclosure of the undertaking. |
| 83 | No share capital by virtue of being a trust |
| 84 | Lim  ited l  iab  il  ity company |
| 85 | The Group has determined the princ  ipal place of |
|  | operation to be United Kingdom |
| 86 | The Group has determined the princ  ipal place of |
|  | operation to be Hong Kong |
| 87 | Company is exempt from the requirement for an audit of |
|  | its ind  iv  idual accounts by virtue of Section 479A of the |
|  | Companies Act 2006. Company names and associated |
|  | numbers of the qualify  ing subs  id  iar  ies taking an audit |
|  | exemption for the year ended 31 December 2024 are SCMB |
|  | Overseas Lim  ited 01764223, Standard Chartered Afr  ica |
|  | Lim  ited 00002877, Standard Chartered Secur  it  ies (Afr  ica) |
|  | Holdings Lim  ited 05843604, Standard Chartered Leas  ing |
|  | (UK) Lim  ited 05513184, SC Transport Leas  ing 2 Lim  ited |
|  | 06787090, SC Transport Leasing 1 Ltd. 06787116, The SC |
|  | Transport Leasing Partnership 1 LP13441, The SC Transport |
|  | Leasing Partnership 2 LP13440, The SC Transport Leasing |
|  | Partnership 3 LP13442, The SC Transport Leasing |
|  | Partnership 4 LP13443. In line with section 479C of the |
|  | Companies Act 2006, the Parent undertaking (Standard |
|  | Chartered Bank Company) guarantees all outstanding |
|  | liab  il  it  ies to wh  ich the subsid  iary company  is subject at the |
|  | end of the financial year  includ  ing external l  iab  il  it  ies of |
|  | SCMB Overseas Lim  ited ($5.9m  ill  ion) |

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Notes to the financial statements cont

inued

Standard Chartered Bank

244

Directors’ Report and Financ

ial Statements 2024

39. Group Reorganisat

ion

Nil

40. Post balance sheet events

On 23 January 2025, the Indian branch of Standard Charted Bank sold its Unsecured Personal Loan business to Kotak

Mahindra Bank Lim

ited for a purchase cons

iderat

ion of INR32 b

ill

ion ($375 m

ill

ion) aga

inst a book value of $389 mill

ion on

that date, giv

ing r

ise to a loss on disposal of $14 mill

ion.

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

245

Supplementary informat

ion

Contractual maturity of Loans, Investment securit

ies and Depos

its

2024

Loans and

advances to

banks

$mill

ion

Loans and

advances to

customers

$mill

ion

Investment

securit

ies

– Treasury and

other elig

ible

Bills

$mill

ion

Investment

securit

ies

– Debt

securit

ies

$mill

ion

Investment

securit

ies

– Equityshares

$mill

ion

Bank deposits

$mill

ion

Customer

accounts

$mill

ion

One year or less

41,096

128,508

29,750

15,066

–

26,070

273,937

Between one and five years

10,398

34,276

41

44,835

–

6,223

8,778

Between five and ten years

863

12,832

–

14,157

–

3

301

Between ten years and fifteen years

71

6,712

–

5,760

–

–

114

More than fifteen years and undated

238

17,814

–

17,204

1,629

2

11

Total

52,666

200,142

29,791

97,022

1,629

32,298

283,141

Total amortised cost and

FVOCI exposures

22,941

158,242

Fixed interest rate exposures

19,349

86,042

Floating interest rate exposures

3,592

72,200

2023

Loans and

advances to

banks

$mill

ion

Loans and

advances to

customers

$mill

ion

Investment

securit

ies

– Treasury and

other elig

ible

Bills

$mill

ion

Investment

securit

ies

– Debt

securit

ies

$mill

ion

Investment

securit

ies

– Equity shares

$mill

ion

Bank deposits

$mill

ion

Customer

accounts

$mill

ion

One year or less

46,411

137,816

21,695

22,486

–

25,813

285,976

Between one and five years

3,612

29,162

4

43,724

–

4,088

7,362

Between five and ten years

837

9,816

–

14,565

–

4

131

Between ten years and fifteen years

35

6,891

–

9,189

–

–

86

More than fifteen years and undated

226

17,742

–

12,434

1,875

–

10

Total

51,121

201,427

21,699

102,398

1,875

29,905

293,565

Total amortised cost and

FVOCI exposures

22,803

156,143

Fixed interest rate exposures

20,514

94,343

Floating interest rate exposures

2,289

61,800

Maturity and yield of Debt securit

ies, alternat

ive tier one and other elig

ible b

ills held at amortised cost

One year or less

Between one and five

years

Between five and ten

years

More than ten years

Total

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

Central and

other government agencies

• US

1,172

1.64

7,070

1.92

3,375

1.54

4,353

2.76

15,970

2.05

• UK

17

0.50

588

1.97

44

0.88

–

–

649

1.85

• Other

1,510

3.66

5,882

3.85

1,569

4.46

14

9.62

8,975

3.93

Other debt securit

ies

1,538

6.26

1,747

7.18

3,883

4.88

4,604

5.34

11,772

5.58

As at 31 December 2024

4,237

4.03

15,287

3.26

8,871

3.51

8,971

4.09

37,366

3.61

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

246

One year or less

Between one and five

years

Between five and ten

years

More than ten years

Total

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

$mill

ion

Yield %

Central and other

government agencies

• US

1,373

1.44

6,807

1.62

4,356

1.66

4,524

3.89

17,060

2.22

• UK

39

2.75

39

1.25

101

0.67

–

–

179

1.25

• Other

1,915

2.88

4,556

2.93

1,460

3.16

37

9.13

7,968

2.99

Other debt securit

ies

2,361

6.51

2,156

5.44

1,688

5.90

8,508

5.21

14,713

5.54

As at 31 December 2023

5,688

4.05

13,558

2.67

7,605

2.87

13,069

4.76

39,920

3.59

The maturity distr

ibut

ions are presented in the above table on the basis of contractual maturity dates. The weighted

average yield for each range of maturit

ies

is calculated by div

id

ing the annualised interest income for the year by the book

amount of debt securit

ies at that date.

Insured and uninsured deposits

SCB operates and provides services to customers across many countries and insured deposit is determined on the basis of

lim

its enacted w

ith

in local regulat

ions.

2024

2023

Insured deposits

Uninsured deposits

Total

$mill

ion

Insured deposits

Uninsured deposits

Total

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Current

accounts

8

6,104

17,356

118,803

142,271

9

7,932

17,790

112,752

138,483

Savings

deposits

–

6,161

–

17,224

23,385

–

5,359

–

15,063

20,422

Time deposits

–

5,646

5,900

93,675

105,221

1

5,072

6,643

99,876

111,592

Other deposits

–

104

9,030

35,426

44,560

–

93

5,462

47,418

52,973

Total

8

18,015

32,286

265,128

315,437

10

18,456

29,895

275,109

323,470

UK and non-UK deposits

The following table summarises the split of Bank and Customer deposits into UK and Non-UK deposits for respective account

lines based on the domic

ile or res

idence of the clients.

2024

2023

UK deposits

Non-UK deposits

Total

$mill

ion

UK deposits

Non-UK deposits

Total

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Bank

deposits

$mill

ion

Customer

accounts

$mill

ion

Current

accounts

478

5,751

16,886

119,156

142,271

888

5,695

16,911

114,989

138,483

Savings

deposits

–

40

–

23,345

23,385

–

31

–

20,391

20,422

Time deposits

315

7,473

5,585

91,848

105,221

310

5,237

6,334

99,711

111,592

Other deposits

2,317

12,795

6,713

22,735

44,560

1,683

16,513

3,779

30,998

52,973

Total

3,110

26,059

29,184

257,084

315,437

2,881

27,476

27,024

266,089

323,470

Supplementary informat

ion cont

inued

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

247

Supplementary informat

ion cont

inued

Average balance sheets and yields and volume and price variances

Average balance sheets and yields

The following tables set out the average balances for the SC Bank Group’s assets and liab

il

it

ies for the per

iods ended 31

December 2024 and 31 December 2023. For the purpose of these tables, average balances have been determined on the

basis of daily balances, except for certain categories, for which balances have been determined less frequently. The Group

does not believe that the informat

ion presented

in these tables would be sign

ificantly d

ifferent had such balances been

determined on a daily basis.

Average assets

2024

Average

non-interest

earning

balance

$mill

ion

Average

interest

earning

balance

$mill

ion

Interest

income

$mill

ion

Gross yield

%

Gross yield

total balance

%

Cash and balances at central banks

6,262

55,364

2,500

4.52

4.06

Gross loans and advances to banks

33,338

22,539

1,296

5.75

2.32

Gross loans and advances to customers

44,176

166,285

10,415

6.26

4.95

Impairment provis

ions aga

inst loans and advances to

banks and customers

–

(3,589)

–

–

–

Investment securit

ies – Treasury and Other El

ig

ible B

ills

11,204

18,502

1,244

6.72

4.19

Investment securit

ies – Debt Secur

it

ies

17,532

83,820

3,728

4.45

3.68

Investment securit

ies – Equ

ity Shares

2,201

–

–

–

–

Due from subsid

iary undertak

ings and other related parties

–

8,085

127

1.57

1.57

Property, plant and equipment and intang

ible assets

4,271

–

–

–

–

Prepayments, accrued income and other assets

80,414

–

–

–

–

Investment associates and jo

int ventures

145

–

–

–

–

Total average assets

199,543

351,006

19,310

5.50

3.51

Average assets

2023

Average

non-interest

earning

balance

$mill

ion

Average

interest

earning

balance

$mill

ion

Interest

income

$mill

ion

Gross yield

%

Gross yield

total balance

%

Cash and balances at central banks

6,849

65,375

2,813

4.30

3.89

Gross loans and advances to banks

30,042

24,619

1,175

4.77

2.15

Gross loans and advances to customers

48,839

160,448

9,408

5.86

4.50

Impairment provis

ions aga

inst loans and advances to

banks and customers

–

(4,330)

–

–

–

Investment securit

ies – Treasury and Other El

ig

ible B

ills

4,284

18,151

1,204

6.63

5.37

Investment securit

ies – Debt Secur

it

ies

13,372

87,099

3,650

4.19

3.63

Investment securit

ies – Equ

ity Shares

1,313

–

–

–

–

Due from subsid

iary undertak

ings and other related parties

–

5,088

130

2.56

2.56

Property, plant and equipment and intang

ible assets

4,202

–

–

–

–

Prepayments, accrued income and other assets

95,872

–

–

–

–

Investment associates and jo

int ventures

143

–

–

–

–

Total average assets

204,916

356,450

18,380

5.16

3.27

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

248

Average liab

il

it

ies

2024

Average

non-interest

bearing

balance

$mill

ion

Average

interest

bearing

balance

$mill

ion

Interest

expense

$mill

ion

Rate paid

%

Rate paid

total balance

%

Deposits by banks

12,443

20,302

728

3.59

2.22

Customer accounts:

Current accounts

29,308

106,029

1,290

1.22

0.95

Savings deposits

–

19,917

570

2.86

2.86

Time deposits

9,454

98,355

4,987

5.07

4.63

Other deposits

34,254

9,428

476

5.05

1.09

Debt securit

ies

in issue

11,633

27,857

1,653

5.93

4.19

Due to parent companies, subsid

iary undertak

ings

& other related parties

–

29,325

4,573

15.59

15.59

Accruals, deferred income and other liab

il

it

ies

94,604

572

36

6.29

0.04

Subordinated liab

il

it

ies and other borrowed funds

–

12,975

597

4.60

4.60

Non-controlling interests

1,041

–

–

-

-

Shareholders’ funds

33,052

–

–

-

-

225,789

324,760

14,910

4.59

2.71

Adjustment for trading book funding cost and others

(1,898)

Total average liab

il

it

ies and shareholders’ funds

225,789

324,760

13,012

4.01

2.36

Average liab

il

it

ies

2023

Average

non-interest

bearing

balance

$mill

ion

Average

interest

bearing

balance

$mill

ion

Interest

expense

$mill

ion

Rate paid

%

Rate paid

total balance

%

Deposits by banks

10,587

20,824

626

3.01

1.99

Customer accounts:

Current accounts

28,008

100,986

2,839

2.81

2.20

Savings deposits

–

18,922

512

2.71

2.71

Time deposits

8,310

105,927

5,099

4.81

4.46

Other deposits

44,163

5,008

173

3.45

0.35

Debt securit

ies

in issue

10,246

31,086

1,771

5.70

4.28

Due to parent companies, subsid

iary undertak

ings

& other related parties

–

26,744

2,116

7.91

7.91

Accruals, deferred income and other liab

il

it

ies

103,131

584

35

5.99

0.03

Subordinated liab

il

it

ies and other borrowed funds

–

12,341

602

4.88

4.88

Non-controlling interests

1,184

–

–

-

-

Shareholders’ funds

33,315

–

–

-

-

238,944

322,422

13,773

4.27

2.45

Adjustment for trading book funding cost and others

(1,087)

Total average liab

il

it

ies and shareholders’ funds

238,944

322,422

12,686

3.93

2.26

Supplementary informat

ion cont

inued

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Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

249

Net interest margin

For the purposes of calculating net interest margin the following adjustments are made:

Net interest income is adjusted for trading book funding cost, cash collateral and prime services on interest earning assets,

div

ided by average

interest-earning assets excluding financ

ial assets measured at fa

ir value through profit or loss.

2024

$mill

ion

2023

$mill

ion

Interest income

19,310

18,380

Average interest earning assets

351,006

356,450

Gross yield (%)

5.50

5.16

Interest expense

14,910

13,773

Adjustment for trading book funding cost and others

(1,898)

(1,087)

Interest expense adjusted for trading book funding cost and others

13,012

12,686

Average interest-bearing liab

il

it

ies

324,760

322,422

Rate paid (%)

4.01

3.93

Net yield (%)

1.49

1.23

Net interest income adjusted for trading book funding cost and others

6,298

5,694

Net interest margin (%)

1.79

1.60

Volume and price variances

The following table analyses the estimated change in the Group’s net interest income attributable to changes in the

average volume of interest-earning assets and interest-bearing liab

il

it

ies, and changes

in their respective interest rates

for the years presented. Volume and rate variances have been determined based on movements in average balances

and average exchange rates over the year and changes in interest rates on average interest-earning assets and average

interest- bearing liab

il

it

ies.

2024 versus 2023

2023 versus 2022

(Decrease)/increase in

interest due to:

Net increase/

(decrease) in

interest

$mill

ion

(Decrease)/increase in

interest due to:

Net increase/

(decrease) in

interest

$mill

ion

Volume

$mill

ion

Rate

$mill

ion

Volume

$mill

ion

Rate

$mill

ion

Interest earning assets

Cash and unrestricted balances at central banks

(452)

139

(313)

575

1,493

2,068

Loans and advances to banks

(121)

242

121

(189)

729

540

Loans and advances to customers

421

586

1,007

325

3,359

3,684

Investment securit

ies

(142)

260

118

(47)

2,346

2,299

Due from subsid

iary undertak

ings and other

related parties

47

(50)

(3)

(6)

30

24

Total interest earning assets

(247)

1,177

930

658

7,957

8,615

Interest bearing liab

il

it

ies

Subordinated liab

il

it

ies and other borrowed funds

29

(34)

(5)

(33)

73

40

Deposits by banks

(19)

121

102

(59)

327

268

Customer accounts:

Current accounts and savings deposits

90

(1,886)

(1,796)

(243)

3,025

2,782

Time and other deposits

(156)

654

498

612

2,975

3,587

Debt securit

ies

in issue

(192)

74

(118)

124

1,280

1,404

Due to parent companies, subsid

iary undertak

ings &

other related parties

403

2,053

2,456

(58)

436

378

Total interest bearing liab

il

it

ies

155

982

1,137

343

8,116

8,459

Supplementary informat

ion cont

inued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

250

Return on assets

2024

$mill

ion

2023

$mill

ion

Profit attributable to shareholders

2,943

3,208

Total assets

563,534

538,579

Return on assets

1

0.5%

0.6%

1

Represents profit attributable to shareholders div

ided by the total assets of the Group

The following table summarises the number of employees with

in the Group and Company:

Group

2024

2023

Business

Support

services

Total

Business

Support

services

Total

At 31 December

19,252

46,450

65,702

19,611

49,619

69,230

Average for the year

19,582

48,114

67,696

19,958

49,417

69,375

Company

2024

2023

Business

Support

services

Total

Business

Support

services

Total

At 31 December

7,880

12,307

20,187

8,245

13,493

21,738

Average for the year

8,162

12,927

21,089

8,479

13,483

21,962

Supplementary informat

ion cont

inued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

251

Important notices

Forward-looking statements

The informat

ion

included in this document may contain ‘forward-looking statements’ based upon current expectations or

beliefs as well as statements formulated with assumptions about future events. Forward-looking statements include, without

lim

itat

ion, project

ions, est

imates, commitments, plans, approaches, ambit

ions and targets (

includ

ing, w

ithout lim

itat

ion,

ESG commitments, ambit

ions and targets). Forward-look

ing statements often use words such as ‘may’, ‘could’, ‘will’, ‘expect’,

‘intend’, ‘estimate’, ‘antic

ipate’, ‘bel

ieve’, ‘plan’, ‘seek’, ‘aim’, ‘continue’ or other words of sim

ilar mean

ing to any of the foregoing.

Forward-looking statements may also (or addit

ionally) be

ident

ified by the fact that they do not relate only to h

istor

ical or

current facts.

By their very nature, forward-looking statements are subject to known and unknown risks and uncertaint

ies and other

factors that could cause actual results, and the Group’s plans and objectives, to d

iffer materially from those expressed or

impl

ied

in the forward-looking statements. Readers should not place reliance on, and are cautioned about relying on,

any forward-looking statements.

There are several factors which could cause the Group’s actual results and its plans and object

ives to d

iffer materially from

those expressed or impl

ied

in forward-looking statements. The factors include (but are not lim

ited to): changes

in global,

polit

ical, econom

ic, business, competit

ive and market forces or cond

it

ions, or

in future exchange and interest rates; changes in

environmental, geopolit

ical, soc

ial or physical risks; legal, regulatory and policy developments, includ

ing regulatory measures

addressing climate change and broader sustainab

il

ity-related issues; the development of standards and interpretat

ions,

includ

ing evolv

ing requirements and practices in ESG reporting; the abil

ity of the Group, together w

ith governments and

other stakeholders to measure, manage, and mit

igate the

impacts of climate change and broader sustainab

il

ity-related

issues effectively; risks aris

ing out of health cr

ises and pandemics; risks of cyber-attacks, data, informat

ion or secur

ity

breaches or technology failures involv

ing the Group; changes

in tax rates or policy; future business combinat

ions or

dispos

it

ions; and other factors specif

ic to the Group,

includ

ing those

ident

ified

in this document and financ

ial statements of

the Group. To the extent that any forward-looking statements contained in this document are based on past or current

trends and/or activ

it

ies of the Group, they should not be taken as a representation that such trends or activ

it

ies will continue

in the future.

No statement in this document is intended to be, nor should be interpreted as, a profit forecast or to imply that the earnings

of the Group for the current year or future years will necessarily match or exceed the histor

ical or publ

ished earnings of the

Group. Each forward-looking statement speaks only as of the date that it is made. Except as required by any applicable laws

or regulations, the Group expressly discla

ims any obl

igat

ion to rev

ise or update any forward-looking statement contained

with

in th

is document, regardless of whether those statements are affected as a result of new informat

ion, future events or

otherwise.

Please refer to this document and the financ

ial statements of the Group for a d

iscuss

ion of certa

in of the risks and factors

that could adversely impact the Group’s actual results, and cause its plans and object

ives, to d

iffer materially from those

expressed or impl

ied

in any forward-looking statements.

Financ

ial

instruments

Nothing in this document shall constitute, in any jur

isd

ict

ion, an offer or sol

ic

itat

ion to sell or purchase any securit

ies or other

financial

instruments, nor shall it constitute a recommendation or advice in respect of any securit

ies or other financial

instruments or any other matter.

Caution regarding climate and environment related informat

ion

Some of the climate and environment related informat

ion

in this document is subject to certain lim

itat

ions, and therefore

the reader should treat the informat

ion prov

ided, as well as conclusions, project

ions and assumpt

ions drawn from such

informat

ion, w

ith caution. The informat

ion may be l

im

ited due to a number of factors, wh

ich include (but are not lim

ited to):

a lack of reliable data; a lack of standardisat

ion of data; and future uncerta

inty. The informat

ion

includes externally sourced

data that may not have been verif

ied. Furthermore, some of the data, models and methodolog

ies used to create the

informat

ion

is subject to adjustment which is beyond our control, and the informat

ion

is subject to change without notice.

Supplementary informat

ion cont

inued

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

252

Glossary

AT1 or Addit

ional T

ier 1 capital

Addit

ional T

ier 1 capital consists of instruments other than Common Equity Tier 1 that meet the condit

ions set out

in

Article 52(1) of the Capital Requirements Regulation (as it forms part of UK domestic law), as well as the share premium

accounts related to those instruments..

Addit

ional value adjustment

See Prudent valuation adjustment.

Advanced Internal Rating Based (AIRB) approach

The AIRB approach under the Basel framework is used to calculate credit risk capital based on the Group’s own estimates

of prudential parameters.

Advances-to-deposits/customer advances-to-deposits (ADR) ratio

The ratio of total loans and advances tocustomers relative to total customer accounts, excluding approved balances held

with central banks, confirmed as repayable at the point of stress. A low advances-to-deposits ratio demonstrates that

customer accounts exceed customer loans resulting from emphasis placed on generating a high level of stable funding from

customers.

ASEAN

Associat

ion of South East As

ian Nations (ASEAN) which includes the Group’s operations in Brunei, Indonesia, Malaysia,

Phil

ipp

ines, Singapore, Thailand and Vietnam.

AUM or Assets under management

Total market value of assets such as deposits, securit

ies and funds held by the Group on behalf of the cl

ients.

Basel II

The capital adequacy framework issued by the Basel Committee on Banking Supervis

ion (BCBS)

in June 2006 in the form

of the International Convergence of Capital Measurement and Capital Standards.

Basel III

The global regulatory standards on bank capital adequacy and liqu

id

ity, orig

inally

issued in December 2010 and updated in

June 2011. In December 2017, the BCBS published a document setting out the final

isat

ion of the Basel III framework. The

requirements are expected to begin to be implemented in the UK from 2026.

BCBS or Basel Committee on Banking Supervis

ion

A forum on banking supervisory matters which develops global supervisory standards for the banking industry. Its members

are officials from 45 central banks or prudent

ial supervisors from 28 countries and territor

ies.

Basis point (bps)

One hundredth of a per cent (0.01 per cent); 100 basis points is 1 per cent.

CRD or Capital Requirements Direct

ive

An EU capital adequacy legislat

ive package largely

implemented or onshored into UK law. The package comprises the

Capital Requirements Direct

ive and the Cap

ital Requirements Regulation (CRR) and implements the Basel III framework

together with transit

ional arrangements for some of

its requirements. CRD IV came into force on 1 January 2014. The EU CRR II

and CRD V amending the exist

ing package came

into force in June 2019 with most changes starting to apply from 28 June

2021. Only those parts of the EU CRR II that applied on or before 31 December 2020, when the UK was a member of the EU,

have been implemented. The PRA has recently implemented the UK’s version of CRR II.

Capital-lite income

Income derived from products with low RWA consumption or products which are non-funding in nature.

Capital resources

Sum of Tier 1 and Tier 2 capital after regulatory adjustments.

CGU or Cash-generating unit

The smallest ident

ifiable group of assets that generates cash

inflows that are largely independent of the cash inflows from

other assets or groups of assets.

Cash shortfall

The difference between the cash flows that are due in accordance with the contractual terms of the instrument and the

cash flows that the Group expects to receive over the contractual life of the instrument.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzI1NXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzI1NSIvPgo8aW1hZ2UgcHJlc2VydmVBc3BlY3RSYXRpbz0ibm9uZSIgeD0iNTgiIHk9IjEyMDgiIHdpZHRoPSIxMDUiIGhlaWdodD0iNDEiIHhsaW5rOmhyZWY9ImRhdGE6aW1hZ2UvcG5nO2Jhc2U2NCxpVkJPUncwS0dnb0FBQUFOU1VoRVVnQUFBR2tBQUFBcENBTUFBQUFCQlBka0FBQURBRkJNVkVVQUFBQWxqZ0FDVjdJdnRRQUlJZ0FBTTI5SlNVc0FJMHNEY3VvN096dzMwd0FBQnc5QlFrTUJJMGdQbGdBNU9qd0JWckk3UEQwQkhUeFFVVk1DUzVrRWNPUW1KeWdiWVFBTkRRMERjK3AzZDNjYUpTVTMwZ0E1T1RvNHpnQXJMQzBpSWlKSlNrd0FOR3dyTkRSS1ZGVk9VRklBSHA4Q2F0Z0RDZ0FBYk45TFRWQVlYZ0JYVjFJVkZob3h2UUF3TURGV1dGcEtVMDRURXhSUlVsSURkdkFBUnBFeXdBQVJRQUE1MkFCS1NrczlQajlVVkZabVoyZFhXRWNBRlNwUFVGRWxKaWtDYXR0cGFRTlNWRlZTVkZVOFBGMEdHQUFBUVl4V1dGazlEeEFCWmRKUlVsTlJVbFJNVFVORFEwUXJMQ3dkY0FBNTFRQVJFUkZTVkZVa0pDVUNZOHRVVkZZYkd4eFZWbGhWVmxnQlRKbzFPajVSVWxRZUhob0VkdkJjWFY4eU1nQWloQUFxSmhvenZ3QlVWVlpTVkZZRWVQSlpXbHhBUVVNQVJNTllXRnBBUWtaaFlXTTFOemdiYUFBRGRmQlJVVk5VVmxoQ1EwVTEwZ0FoSVNGU1VsVTczUUFVRkJRSUNBQXZNVElCUFg0WUdSa0NjdWtFYyt3OVNrdFJVRkVoSXlRenhRQURkTzBZR0JsSVNFcFVWRllFYyt0VVZGUlVVbFErUGtCUlVsVlVWVmd0TFMwQURoMEJiK3BEUlVaWVdWc1NTd0FhR2h4TFRFNERkZkJSVWxVZGJRQk5UazhnZ3dBbEpTVTUyUUFBQWdZQ2MrMUVSa2hEUTB3RGMrMVJVVlVBR3pZM056aFJWMWdDWU1jb0tTcFdWbFpEUlVaQ1JFUTFOVFZOVUZGV1VsaEZSa2dFZE8wNDBnQkx5UUJUVkZWWVdWdFFVbEphWEY0aUl5UlRXVnNCUEh0QVFFRW9LQzAzMGdCRVJVVTQxUUFBUW5rNDBnQW5tZ0E3T3o4QVVhTkQzUUFCTFZ3aWdnQTMyQUJPVGxGRlJrb29LQ2dDY2VvNDFRQURkTzRWVUFBRWRPMFJFUlFGQlFZbUhoNDVRRUFYRndCS1NrdzFOalpGUmtoSVNrc0FVS0VKQ1FrZkh5RXVSMGNBWWNVT0R4QkdSa2NZR1JsVFZFNCtRRUFkSFI0QUxGb0VlUFEzMVFCSFNFZ3JwQUJTVWxRQlFZRk1UVkJTVWxRZGNRQUVkZkU5UFQ4L1AwRTF5UUF3TURFQlVxa2pKQ1E0MVFBQ2MrYzF6QUFDZU9NbFd3QkRTVWs0MFFBQUVTTUJTcFlFZVBRMjBnQUFHRVVCTVdVTk5BRG1JODlhQUFBQkFIUlNUbE1BYjJabUJ3ek1DczROM2dLaUtSNkxOVXNvNldhOVJnb0YvaEFHK0QyMll5MlVLd3RjclJ4MUFTeHNKOGtHTXlmdk1DV0w2U1dMRFBVU1pldHFzdzdLRElnRmtjMUtCaG5YSlZmUnphUTVXVWI3Q3JBMGNOSTc3dEZERGZBTDl2b0JWd3RLcmU3MzczMFJqVVZMT0RxNXJwV0VpQTJNOWdnQVVVVkd0ZjlGY3hkdTB3K3dsS3BMdlZXeXJ3WUdXRmZ2R1EyODAyOGxqUXNNM0FDVVZUS3ZDd3B1eG9neExHWWFEMUZtaXYzUktHM1VWTzBudFQ5T0U3ZEt6Z3orTkNJUGdqSXB0NVE2QzI2d3J3dlVCQUlNRUFDclRLaURJUVlVQ0IwTWNpbGFXQXdUMHB1ZVNWUXNyVG91MUN1S2tCTmFLSTJFTldFVUlLOEhOZmR4QkNVU3RZQnlMd0FBQnpOSlJFRlVlTnExbDM5WVU5Y1p4OTlhV2tYWkxHYlRzTllwNjJncExpWktiQ20zbGJyYzJWT2wwQUJHVWlQWjZuMkVtU2tFaWM3V0xHazFjTDFDSjFKMGdQZ29NYUxRV0I2QkRrdXAzU1kvcG5Kci9iSFlJdFJxcGloT1ZtMW5MYTdiT2ZjbTNLdkYrZytjUDNMdk9mZmMrM20rNS91Kzd6a0JrTnE0MlY4ZHpiaitmQVdNZUh2NXNOY2U0VDM4L0VoekhwaVQ0WTNBemRzeHNweWRmODNHZ2dSUzlraHlLaDZibzdXTG9BanYycEVrUFhFdUlHaUVWKy9pOVl4QmtEMGovOE1SQS8wald5Wkl1MkRudUx0TjlJWHkzL3VoUldmdjhtQnZwM0I1ZjR3a2FPbVBud0NZTzMzbDE3ZUtoM2loTk5iM2ZhRGxCdlhRRDJxWWRVSzZqaG9JZ3J4OUhhTWhldHFUNVhwOVhQTzAyeWEzbCtFZnp1WHpLZkdWZjI1UVczdTdlT1dmYTRjcU15R3AycFhCaHcrckFEcmJDNkhWTFpCbTUzc0Rncno1UDdzSnNLUTVyZ1UzL1U4blNaekNQN0swUDBuSnVXNzRJL2VxMms3UzY5c3FUeFkrNnY5REplYysxVVRrK0duT0VxTlJnOCtTUXgvZmJua2JHaUtUTEkwbjRMM2VST1pLa0pRZGtIUjAxUHNBUjY3cDlTMUNpOXNpa2RaaytyTllhd3JuY3RSVFQ5ZWsweSt5S05IVWY4eGtRTDBsbWN4bXZrZGpQQjZGV0xOYVdVdlJZU1ZVZ2dFODlWRkdZM2lXeHUxbmFaWVZTV05FVGZic1diajNuNy9FQlVoakpaS3lWYkVJeWhwOG5PdWp0TFIrZzg3NWNkNGFoV252TVJQeXFGYkhvSVg5QnBlemMvRUpnMGw5SlgyOEUxWlBwR2p3VUlZVHpnTHFsSlAvS041Y0lwSU9Cek5XT3crN0ZQMWxzNERTSDVCV1QvVk1adFFNMFNlQUM2Z2IzM2EybXRUSFRGdXhKVThyWGl1Z1pwSnA0ODNxWE9vTGNxZkRwRTMvQXJBWkJFTVR4TlVyMnJVMEdCQUQyMzZBalNxK1dxNXYwVGYvVFJZUGVWazB4U3puQlpMRFNEN3J5eUthbnNIUnUwUHhXcTFiSUZWcDFHSElTZTRjWlBYaUFheU53dXNCbitDaWRqREl2ZWNXekFaNGFzVzE4N2UyM0I2bzNYOTJzek5UQ2FrSGtjK3FyTVFua1dTcFFTOFFtWkVhZFphb3lVVklueEZOb2JoM05rSDBDV0RlMHNIRXhYdkdwOS9kbnBRM2ZCWDhKVFNUWVh3OHY0T3k4VHgvaVpJMEZmeUUwdUdoYm1SU0oybHNTcDZmUVJsRjBxODBaL0NETmVZZ0NmNzlscFM3M3I1Um45OUpTbkV4cFRGdWExY1BaYlZ4TytLcFJwdkxZQ0ErQlVoOFBNWGFkRFNOODhsQk1UWXJtajlmSktWRXBqT3hWanJSSFNTTm03VXRZeEFWa2JIMjRoMGtYdTFJVFMyOXdTK3VaWmhTbFM5Sngxa3Q0YnBGbitnbVk4TkRIYnNyZkVrMnpob2V2cXdmVnAvUWNhNjJnbEpvV3BhRTMrd3FjSEUyei82NnpjSjNRdWJpWFdQZVVWbnR5K2k0T1hSWjRidnVVdGZ5ZlBjcXJyNHVDRG4vOVlvUWdHKzNhYjBTNnZDN1JVTk5UODRadW9ZMk1KWjdnUGdlRnFiSDZjdGZKOUgrYXAva2xsMzcrSkFremNHaFNTajNYcVE2QlZ6RGlhci8rd2ZSVVBIaHJzRjlGMGZHNDNKVktUVXUxcm8vSmRsMHFZNWxMcVRnZ1EwTVo5dmRVd3RxNjVYUG1FdklwbXRNNG1lV2Nsd2R6b0hhMm9iWXVyS3BOcGJwd2N2TlQxN0dXZHVtSU5nblZJU3g5K0dTVVBTUXRGUFp0ZTlLb00ydENNZVFZWHV5eWMzRk1wUkRWZWhDVmh4amlJTTE1aHphV29Cc0c2bHFqNUcyeFJwWkozQUdOMXY3TzlUb3NGSlI2MkNEQXNjcVNsVEFJMktaVzdVUGJ4TVY0em9HZ201NXIwdGhrV3l1NG9IZnN5ZlpuSE8yNHVFb3Fxa3k4K2M0VVdvMHFaaVUyTTEvZ1hLYmRxZ1lTbDNCZXphTkI4WmN5amNoOWpUUGg1dW5oQ3BjT0J0M0l6T01GVWxZMXEzaWFOajVjbllnNE8zNU42VjhRbmtCbjhMeGIzeTlaejE5bXNRVHV4R1RxZ0krZGJ1akZ1TDJvSHR6RHE1T0V6TnpTVS9SdW45VEd2RXAxaVQ0RkdBZCtDY2UrN3hEREVLdlJPcGl1SUEyMHhXUjlHREpZa0t5a3RWYkhpUWhsSWliZ1R2TmJWd055ZWtHMGtPeERqU1ZrR0lVOEU1UUZHR3QvQk1lL1hRTUtVL2VPVEpOaWs4Q3BJTnlUVjJOcVhLU2NXdWdrS1ZpMGtSU0kwaXJyZzlxbW52L1dMMkVPdlRTRVh5eTJJVURmdUJWS1VRM2FIS2RvSng2ZWtxUVZFbFY1WDM4U293bVFIS2k0MTIvN25lbGh5LysvU3RwM1FLcHllM0dPM0JlMmpvbmNqbEJOZEZnSmdlVVpoa3E3bW94Q2NMOGdURVB5Qko4cTRZT1c0OHNVOHdCa3RLbVNYanhGd3BqWVBWOC9rMGx6NmJPY0ZOYzJMUDFrNEdzbm0rN0VaMDhtWUE4Y0tGK2ZsZ0ppVDNjL25kMWxZelYvQ1V1VDZNWFBIUmI1cjNYUy9kV2g2YjUrOG1oSWJJQlVpcDczWkY3cXMrQXgwK09LWHRQc1d6MXVsOVdjM1N2cFJET25NRVpCd2R6V2JlL3JSQ1VTZmpjWVZuNHR2Q2RwMVlja3N0NmNzdDNrMXpWcnJwelFDbXZBY0xoQ2NyYU8yV0RaY0VwOHFtVGJ1bGxySDFMUnVRSWUzUENoQWs3QVQ0NEZDZWhXcTVORzM1UTBZSnoycjc4YjRxaWkxOHZsN3YxbXlQRFRYb3pRNmh5YitMYkh4NVlKZVhXcXN2RFRSS1BlL2dBKzgxL1lkSjkrNlNLc1RKa21FbkI3VzhnKzdlNGQvbDhTNUIxZnJoSmI0aWFCdForSy9hWEJOelNyNXc3M0Q1cHZYYTc5NjBmQlV0QzlPV3I1TUNzTHg5Mm4wWi8xUmVoM1RaTDl2Y3NaRW56STNFSHBnKzNwUDhENFExL2VWUGxxUzRBQUFBQVNVVk9SSzVDWUlJPSIvPgo8L3N2Zz4=)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

253

Glossary continued

Clawback

An amount an ind

iv

idual is required to pay back to the Group, which has to be returned to the Group under

certain circumstances

Climate Risk Assessment (CRA)

The CRA is an internal assessment conducted on in-scope corporate clients to ident

ify cl

imate risks, across Physical and

Transit

ion r

isks, that may lead to addit

ional cred

it risks for the Group. The assessment is conducted across four sections, using

Group's in house methodology as well as client public disclosures. The CRA produces a BRAG score ind

icat

ing the level of

climate risk of an entity and is supported by long-form analysis of the drivers of this score.

Commercial real estate

Includes office build

ings,

industr

ial property, med

ical centres, hotels, malls, retail stores, shopping centres, farm land,

multi-family housing build

ings, warehouses, garages, and

industr

ial propert

ies. Commercial real estate loans are those

backed by a package of commercial real estate assets.

CET1 or Common Equity Tier 1 capital

Common Equity Tier 1 capital consists of the items, includ

ing the common shares

issued by the Group and related share

premium, retained earnings, accumulated other comprehensive income and other disclosed reserves, elig

ible noncontroll

ing

interests and regulatory adjustments required in the calculation of Common Equity Tier 1, set out in Article 26(1) of the of the

Capital Requirements Regulation (as it forms part of UK domestic law), capable of being available to the inst

itut

ion for

unrestricted and immed

iate use to absorb losses as soon as these occur.

CET1 ratio

A measure of the Group's CET1 capital as a percentage of risk-weighted assets.

Contractual maturity

Contractual maturity refers to the final payment date of a loan or other financ

ial

instrument, at which point all the remain

ing

outstanding princ

ipal and

interest is due to be paid.

Countercyclical capital buffer

The countercyclical capital buffer (CCyB) is part of a set of macroprudential instruments, designed to help counter

procyclical

ity

in the financ

ial system. CCyB as defined

in the Basel III standard provides for an addit

ional cap

ital requirement

of up to 2.5 per cent of risk-weighted assets in a given jur

isd

ict

ion. The Bank of England’s F

inanc

ial Pol

icy Committee has

the power to set the CCyB rate for the United Kingdom. Each bank must calculate its ‘inst

itut

ion-specif

ic’ CCyB rate,

defined as the weighted average of the CCyB rates in effect across the jur

isd

ict

ions

in which it has credit exposures.

The inst

itut

ion-specif

ic CCyB rate

is then applied to a bank’s total risk-weighted assets.

Court

The Court is the decis

ion mak

ing body of Standard Chartered Bank Group.

It is collectively responsible for: leading the Group

with

in a framework of prudent and effect

ive controls, the long-term success of the Group and the delivery of sustainable

value to all stakeholders.

The membership of the Court is comprised of all but two independent non-executive directors from

the PLC Board, executive directors from the PLC Board and directors who are appointed solely to the Court.

Cover ratio

The ratio of impa

irment prov

is

ions for each stage to the gross loan exposure for each stage.

Cover ratio after collateral/cover ratio includ

ing collateral

The ratio of impa

irment prov

is

ions for stage 3 loans and real

isable value of collateral held against these nonperforming loan

exposures to the gross loan exposure of stage 3 loans.

Counterparty credit risk

The ratio of impa

irment prov

is

ions for stage 3 loans and real

isable value of collateral held against these nonperforming loan

exposures to the gross loan exposure of stage 3 loans.

CCF or Credit conversion factor

An estimate of the amount the Group expects a customer to have drawn further on a facil

ity l

im

it at the po

int of default.

This is either prescribed by CRR or modelled by the bank.

CDS or Credit default swaps

A credit derivat

ive

is an arrangement whereby the credit risk of an asset (the reference asset) is transferred from the buyer to

the seller of protection. A credit default swap is a contract where the protection seller receives premium or interest-related

payments in return for contracting to make payments to the protection buyer upon a defined credit event. Credit events

normally include bankruptcy, payment default on a reference asset or assets, or downgrades by a rating agency.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

254

Glossary continued

Credit grade

A standard alphanumeric Credit Risk grade system is used for CIB Client Coverage. The numeric grades run from 1 to 14 and

some of the grades are further sub-classif

ied. Lower numer

ic credit grades are ind

icat

ive of a lower likel

ihood of default.

Credit grades 1 to 12 are assigned to performing customers, while credit grades 13 and 14 are assigned to nonperforming or

defaulted customers.

Credit inst

itut

ions

An inst

itut

ion whose business is to receive deposits or other repayable funds from the public and to grant credits for its

own account.

Credit risk mit

igat

ion

Credit risk mit

igat

ion is a process to mit

igate potent

ial credit losses from any given account, customer or portfolio by

using a range of tools such as collateral, netting agreements, credit insurance, credit derivat

ives and guarantees.

CVA or Credit valuation adjustments

An adjustment to the fair value of derivat

ive contracts that reflects the poss

ib

il

ity that the counterparty may default such

that the Group would not receive the full market value of the contracts.

Customer accounts

Money deposited by all ind

iv

iduals and companies which are not credit inst

itut

ions includ

ing secur

it

ies sold under

repurchase agreement (see repo/reverse repo). Such funds are recorded as liab

il

it

ies

in the Group’s balance sheet under

customer accounts.

Days past due

One or more days that interest and/or princ

ipal payments are overdue based on the contractual terms.

DVA or Debit valuation adjustment

An adjustment to the fair value of derivat

ive contracts that reflects the poss

ib

il

ity that the Group may default and not pay

the full market value of contracts.

Debt securit

ies

Debt securit

ies are assets on the Group’s balance sheet and represent cert

if

icates of

indebtedness of credit inst

itut

ions,

public bodies or other undertakings excluding those issued by central banks.

Debt securit

ies

in issue

Debt securit

ies

in issue are transferable certif

icates of

indebtedness of the Group to the bearer of the certif

icate. These are

liab

il

it

ies of the Group and

include certif

icates of depos

its.

Deferred tax asset

Income taxes recoverable in future periods in respect of deductible temporary differences between the accounting and tax

base of an asset or liab

il

ity that will result in tax deductible amounts in future periods, the carry-forward of tax losses or the

carry-forward of unused tax credits.

Deferred tax liab

il

ity

Income taxes payable in future periods in respect of taxable temporary differences between the accounting and tax base

of an asset or liab

il

ity that will result in taxable amounts in future periods.

Default

Financ

ial assets

in default represent those that are at least 90 days past due in respect of princ

ipal or

interest and/or where

the assets are otherwise considered to be unlikely to pay, includ

ing those that are cred

it-impa

ired.

Defined benefit obligat

ion

The present value of expected future payments required to settle the obligat

ions of a defined benefit scheme result

ing from

employee service.

Defined benefit scheme

Pension or other post-retirement benefit scheme other than a defined contribut

ion scheme.

Defined contribut

ion scheme

A pension or other post-retirement benefit scheme where the employer’s obligat

ion

is lim

ited to

its contribut

ions to the fund.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

255

Glossary continued

Delinquency

A debt or other financial obl

igat

ion

is considered to be in a state of delinquency when payments are overdue. Loans and

advances are considered to be delinquent when consecutive payments are missed. Also known as arrears.

Deposits by banks

Deposits by banks comprise amounts owed to other domestic or foreign credit inst

itut

ions by the Group includ

ing secur

it

ies

sold under repo.

Div

idend per share

Represents the entitlement of each shareholder in the share of the profits of the Company. Calculated in the lowest unit of

currency in which the shares are quoted.

Early alert, purely and non-purely precautionary

A borrower’s account which exhib

its r

isks or potential weaknesses of a material nature requir

ing closer mon

itor

ing,

supervis

ion, or attent

ion by management. Weaknesses in such a borrower’s account, if left uncorrected, could result in

deteriorat

ion of repayment prospects and the l

ikel

ihood of be

ing downgraded to credit grade 12 or worse. When an account

is on early alert, it is classif

ied as e

ither purely precautionary or non-purely precautionary. A purely precautionary account is

one that exhib

its early alert character

ist

ics, but these do not present any

imm

inent cred

it concern. If the symptoms present an

imm

inent cred

it concern, an account will be considered for classif

icat

ion as non-purely precautionary.

Effective tax rate

The tax on profit/ (losses) on ordinary activ

it

ies as a percentage of profit/ (loss) on ordinary activ

it

ies before taxation.

Encumbered assets

On-balance sheet assets pledged or used as collateral in respect of certain of the Group’s liab

il

it

ies.

ESG

Environmental, Social and Governance

EU or European Union

The European Union (EU) is a polit

ical and econom

ic union of 27 member states that are located primar

ily

in Europe.

Eurozone

Represents the 20 EU countries that have adopted the euro as their common currency.

ECL or Expected credit loss

Represents the present value of expected cash shortfalls over the residual term of a financ

ial asset, undrawn comm

itment or

financial guarantee.

Expected loss

The Group measure of antic

ipated loss for exposures captured under an

internal ratings-based credit risk approach for

capital adequacy calculations. It is measured as the Group-modelled view of antic

ipated loss based on probab

il

ity of default,

loss given default and exposure at default, with a one-year time horizon.

Exposures

Credit exposures represent the amount lent to a customer, together with any undrawn commitments.

EAD or Exposure at default

The estimat

ion of the extent to wh

ich the Group may be exposed to a customer or counterparty in the event of, and at the

time of, that counterparty’s default. At default, the customer may not have drawn the loan fully or may already have repaid

some of the princ

ipal, so that exposure

is typically less than the approved loan lim

it.

ECAI or External Credit Assessment Institut

ion

External credit ratings are used to assign risk-weights under the standardised approach for sovereigns, corporates and

inst

itut

ions. The external ratings are from credit rating agencies that are registered or certif

ied

in accordance with the credit

rating agencies regulation or from a central bank issu

ing cred

it ratings which is exempt from the applicat

ion of th

is

regulation.

Facil

itated Em

iss

ions

Facil

itated em

iss

ions refer to the greenhouse gas em

iss

ions that result from the fac

il

itat

ion of financ

ial transact

ions by

financial

inst

itut

ions.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

256

Glossary continued

FCA or Financ

ial Conduct Author

ity

The Financ

ial Conduct Author

ity regulates the conduct of financ

ial firms and, for certa

in firms, sets prudential standards in

the UK. It has a strategic object

ive to ensure that the relevant markets funct

ion well.

Financed Emiss

ions

Financed emiss

ions are the em

iss

ions attr

ibuted to a financ

ial

inst

itut

ion when financ

ing a cl

ient.

Forbearance

Forbearance takes place when a concession is made to the contractual terms of a loan in response to an obligor’s financ

ial

diff

icult

ies. The Group classif

ies such mod

if

ied loans as e

ither ‘Forborne – not impa

ired loans’ or ‘Loans subject to forbearance

– impa

ired’. Once a loan

is categorised as either of these, it will remain in one of these two categories until the loan matures or

satisf

ies the ‘cur

ing’ condit

ions descr

ibed in Note 8 to the financ

ial statements.

Forborne – not impa

ired loans

Loans where the contractual terms have been modif

ied due to financial d

iff

icult

ies of the borrower, but the loan is not

considered to be impa

ired. See ‘Forbearance’.

Funded/unfunded exposures

Exposures where the notional amount of the transaction is funded or unfunded. Represents exposures where a commitment

to provide future funding is made but funds have been released/ not released.

FVA or Funding valuation adjustments

FVA reflects an adjustment to fair value in respect of derivat

ive contracts that reflects the fund

ing costs that the market

partic

ipant would

incorporate when determin

ing an ex

it price.

G-SIBs or Global Systemically Important Banks

Global banking financ

ial

inst

itut

ions whose size, complexity and systemic interconnectedness mean that their distress or

failure would cause sign

ificant d

isrupt

ion to the w

ider financ

ial system and econom

ic activ

ity. The l

ist of G-SIBs is assessed

under a framework established by the FSB and the BCBS. In the UK, the G-SIB framework is implemented via the CRD and

G-SIBs are referred to as Global Systemically Important Institut

ions (G-SIIs).

G-SII buffer

A CET1 capital buffer which results from designat

ion as a G-SII. The G-SII buffer

is between 1 per cent and 3.5 per cent,

depending on the allocation to one of five buckets based on the annual scoring. In the EU, the G-SII buffer is implemented

via CRD IV as Global Systemically Important Institut

ions (G-SII) buffer requ

irement.

Hong Kong regional hub

Standard Chartered Bank (Hong Kong) Lim

ited and

its subsid

iar

ies includ

ing the pr

imary operating entit

ies

in China, Korea

and Taiwan. Standard Chartered PLC is the ultimate parent company of Standard Chartered Bank (Hong Kong) Lim

ited.

Interest rate risk

The risk of an adverse impact on the Group’s income statement due to changes in interest rates.

IRB or internal ratings-based approach

Risk-weight

ing methodology

in accordance with the Basel Capital Accord where capital requirements are based on a firm’s

own estimates of prudential parameters.

Internal model approach

The approach used to calculate market risk capital and RWA with an internal market risk model approved by the PRA under

the terms of CRD/CRR.

IAS or International Accounting Standard

A standard that forms part of the International Financ

ial Report

ing Standards framework.

IASB or International Accounting Standards Board

An independent standard-setting body responsible for the development and publicat

ion of IFRS, and approv

ing

interpretat

ions of IFRS standards that are recommended by the IFRS Interpretat

ions Committee (IFRIC).

IFRS or International Financ

ial Report

ing Standards

A set of internat

ional account

ing standards developed and issued by the International Accounting Standards Board,

consist

ing of pr

inc

iples-based gu

idance contained with

in IFRSs and IASs. All compan

ies that have issued publicly traded

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

257

Glossary continued

securit

ies

in the EU are required to prepare annual and inter

im reports under IFRS and IAS standards that have been

endorsed by the EU.

IFRIC

The IFRS Interpretations Committee supports the IASB in provid

ing author

itat

ive gu

idance on the accounting treatment of

issues not specif

ically dealt w

ith by exist

ing IFRSs and IASs.

Income Return on risk weighted assets (IRORWA)

Annualised income excluding Debit Valuation Adjustment as a percentage of Average RWA..

Investment grade

A debt security, treasury bill or sim

ilar

instrument with a credit rating measured by external agencies of AAA to BBB.

Leverage ratio

A ratio introduced under CRD IV that compares Tier 1 capital to total exposures, includ

ing certa

in exposures held off-balance

sheet as adjusted by stipulated credit conversion factors. Intended to be a simple, non-risk-based backstop measure.

Liqu

idat

ion portfolio

A portfolio of assets which is beyond our current risk appetite metrics and is held for liqu

idat

ion.

LCR or Liqu

id

ity coverage ratio

The ratio of the stock of high-quality liqu

id assets to expected net cash outflows under stressed cond

it

ions over the follow

ing

30 days. High-quality liqu

id assets should be unencumbered, l

iqu

id

in markets during a time of stress, and ideally, be central

bank elig

ible.

Loan exposure

Loans and advances to customers reported on the balance sheet held at amortised cost or FVOCI, non-cancellable credit

commitments and cancellable credit commitments for credit cards and overdraft facil

it

ies.

Loans and advances to customers

This represents lending made under bilateral agreements with customers entered into in the normal course of business and is

based on the legal form of the instrument.

Loans and advances to banks

Amounts loaned to credit inst

itut

ions includ

ing secur

it

ies bought under Reverse repo.

LTV or loan-to-value ratio

A calculation which expresses the amount of a first mortgage lien as a percentage of the total appraised value of real

property. The loan-to-value ratio is used in determin

ing the appropr

iate level of risk for the loan and therefore the correct

price of the loan to the borrower.

Loans past due

Loans on which payments have been due for up to a maximum of 90 days includ

ing those on wh

ich partial payments are

being made.

Loans subject to forbearance – impa

ired

Loans where the terms have been renegotiated on terms not consistent with current market levels due to financ

ial d

iff

icult

ies

of the borrower. Loans in this category are necessarily impa

ired. See ‘Forbearance’.

Loss rate

Uses an adjusted gross charge-off rate, developed using monthly write-off and recoveries over the preceding 12 months and

total outstanding balances.

LGD or Loss given default

The percentage of an exposure that a lender expects to lose in the event of obligor default.

Low returning clients

See ‘Perennial sub-optimal clients’.

Malus

An arrangement that permits the Group to prevent vesting of all or part of the amount of an unvested variable remuneration

award, due to a specif

ic crystall

ised risk, behaviour, conduct or adverse performance outcome.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8yNjAiPjxwYXRoIGQ9Ik01OC45LDEyNDkuM3YtNDFIMTY0LjR2NDFaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzI2MHsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzI2MCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzI2MCkiIHByZXNlcnZlQXNwZWN0UmF0aW89Im5vbmUiIHg9IjU5IiB5PSIxMjA4IiB3aWR0aD0iMTA1IiBoZWlnaHQ9IjQxIiB4bGluazpocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUdrQUFBQXBDQU1BQUFBQkJQZGtBQUFEQUZCTVZFVUFBQUFsamdBQ1Y3SXZ0UUFJSWdBQU0yOUpTVXNBSTBzRGN1bzdPenczMHdBQUJ3OUJRa01CSTBnUGxnQTVPandCVnJJN1BEMEJIVHhRVVZNQ1M1a0VjT1FtSnlnYllRQU5EUTBEYytwM2QzY2FKU1UzMGdBNU9UbzR6Z0FyTEMwaUlpSkpTa3dBTkd3ck5EUktWRlZPVUZJQUhwOENhdGdEQ2dBQWJOOUxUVkFZWGdCWFYxSVZGaG94dlFBd01ERldXRnBLVTA0VEV4UlJVbElEZHZBQVJwRXl3QUFSUUFBNTJBQktTa3M5UGo5VVZGWm1aMmRYV0VjQUZTcFBVRkVsSmlrQ2F0dHBhUU5TVkZWU1ZGVThQRjBHR0FBQVFZeFdXRms5RHhBQlpkSlJVbE5SVWxSTVRVTkRRMFFyTEN3ZGNBQTUxUUFSRVJGU1ZGVWtKQ1VDWTh0VVZGWWJHeHhWVmxoVlZsZ0JUSm8xT2o1UlVsUWVIaG9FZHZCY1hWOHlNZ0FpaEFBcUpob3p2d0JVVlZaU1ZGWUVlUEpaV2x4QVFVTUFSTU5ZV0ZwQVFrWmhZV00xTnpnYmFBQURkZkJSVVZOVVZsaENRMFUxMGdBaElTRlNVbFU3M1FBVUZCUUlDQUF2TVRJQlBYNFlHUmtDY3VrRWMrdzlTa3RSVUZFaEl5UXp4UUFEZE8wWUdCbElTRXBVVkZZRWMrdFVWRlJVVWxRK1BrQlJVbFZVVlZndExTMEFEaDBCYitwRFJVWllXVnNTU3dBYUdoeExURTREZGZCUlVsVWRiUUJOVGs4Z2d3QWxKU1U1MlFBQUFnWUNjKzFFUmtoRFEwd0RjKzFSVVZVQUd6WTNOemhSVjFnQ1lNY29LU3BXVmxaRFJVWkNSRVExTlRWTlVGRldVbGhGUmtnRWRPMDQwZ0JMeVFCVFZGVllXVnRRVWxKYVhGNGlJeVJUV1ZzQlBIdEFRRUVvS0MwMzBnQkVSVVU0MVFBQVFuazQwZ0FubWdBN096OEFVYU5EM1FBQkxWd2lnZ0EzMkFCT1RsRkZSa29vS0NnQ2NlbzQxUUFEZE80VlVBQUVkTzBSRVJRRkJRWW1IaDQ1UUVBWEZ3QktTa3cxTmpaRlJraElTa3NBVUtFSkNRa2ZIeUV1UjBjQVljVU9EeEJHUmtjWUdSbFRWRTQrUUVBZEhSNEFMRm9FZVBRMzFRQkhTRWdycEFCU1VsUUJRWUZNVFZCU1VsUWRjUUFFZGZFOVBUOC9QMEUxeVFBd01ERUJVcWtqSkNRNDFRQUNjK2MxekFBQ2VPTWxXd0JEU1VrNDBRQUFFU01CU3BZRWVQUTIwZ0FBR0VVQk1XVU5OQURtSTg5YUFBQUJBSFJTVGxNQWIyWm1Cd3pNQ3M0TjNnS2lLUjZMTlVzbzZXYTlSZ29GL2hBRytEMjJZeTJVS3d0Y3JSeDFBU3hzSjhrR015ZnZNQ1dMNlNXTERQVVNaZXRxc3c3S0RJZ0ZrYzFLQmhuWEpWZlJ6YVE1V1ViN0NyQTBjTkk3N3RGRERmQUw5dm9CVnd0S3JlNzM3MzBSalVWTE9EcTVycFdFaUEyTTlnZ0FVVVZHdGY5RmN4ZHUwdyt3bEtwTHZWV3lyd1lHV0ZmdkdRMjgwMjhsalFzTTNBQ1VWVEt2Q3dwdXhvZ3hMR1lhRDFGbWl2M1JLRzNVVk8wbnRUOU9FN2RLemd6K05DSVBnaklwdDVRNkMyNndyd3ZVQkFJTUVBQ3JUS2lESVFZVUNCME1jaWxhV0F3VDBwdWVTVlFzclRvdTFDdUtrQk5hS0kyRU5XRVVJSzhITmZkeEJDVVN0WUJ5THdBQUJ6TkpSRUZVZU5xMWwzOVlVOWNaeDk5YVdrWFpMR2JUc05ZcDYyZ3BMaVpLYkNtM2xicmMyVk9sMEFCR1VpUFo2bjJFbVNrRWljN1dMR2sxY0wxQ0oxSjBnUGdvTWFMUVdCNkJEa3VwM1NZL3BuSnIvYkhZSXRScXBpaE9WbTFuTGE3Yk9mY20zS3ZGK2crY1AzTHZPZmZjKzNtKzUvdSs3emtCa05xNDJWOGR6YmorZkFXTWVIdjVzTmNlNFQzOC9FaHpIcGlUNFkzQXpkc3hzcHlkZjgzR2dnUlM5a2h5S2g2Ym83V0xvQWp2MnBFa1BYRXVJR2lFVisvaTlZeEJrRDBqLzhNUkEvMGpXeVpJdTJEbnVMdE45SVh5My91aFJXZnY4bUJ2cDNCNWY0d2thT21QbndDWU8zM2wxN2VLaDNpaE5OYjNmYURsQnZYUUQycVlkVUs2amhvSWdyeDlIYU1oZXRxVDVYcDlYUE8wMnlhM2wrRWZ6dVh6S2ZHVmYyNVFXM3U3ZU9XZmE0Y3FNeUdwMnBYQmh3K3JBRHJiQzZIVkxaQm01M3NEZ3J6NVA3c0pzS1E1cmdVMy9VOG5TWnpDUDdLMFAwbkp1Vzc0SS9lcTJrN1M2OXNxVHhZKzZ2OURKZWMrMVVUaytHbk9FcU5SZzgrU1F4L2ZibmtiR2lLVExJMG40TDNlUk9aS2tKUWRrSFIwMVBzQVI2N3A5UzFDaTlzaWtkWmsrck5ZYXdybmN0UlRUOWVrMHkreUtOSFVmOHhrUUwwbG1jeG12a2RqUEI2RldMTmFXVXZSWVNWVWdnRTg5VkZHWTNpV3h1MW5hWllWU1dORVRmYnNXYmozbjcvRUJVaGpKWkt5VmJFSXlocDhuT3VqdExSK2c4NzVjZDRhaFdudk1SUHlxRmJIb0lYOUJwZXpjL0VKZzBsOUpYMjhFMVpQcEdqd1VJWVR6Z0xxbEpQL0tONWNJcElPQnpOV093KzdGUDFsczREU0g1QldUL1ZNWnRRTTBTZUFDNmdiMzNhMm10VEhURnV4SlU4clhpdWdacEpwNDgzcVhPb0xjcWZEcEUzL0FyQVpCRU1UeE5VcjJyVTBHQkFEMjM2QWpTcStXcTV2MFRmL1RSWVBlVmsweFN6bkJaTERTRDdyeXlLYW5zSFJ1MFB4V3ExYklGVnAxR0hJU2U0Y1pQWGlBYXlOd3VzQm4rQ2lkakRJdmVjV3pBWjRhc1cxODdlMjNCNm8zWDkyc3pOVENha0hrYytxck1RbmtXU3BRUzhRbVpFYWRaYW95VVZJbnhGTm9iaDNOa0gwQ1dEZTBzSEV4WHZHcDkvZG5wUTNmQlg4SlRTVFlYdzh2NE95OFR4L2laSTBGZnlFMHVHaGJtUlNKMmxzU3A2ZlFSbEYwcTgwWi9DRE5lWWdDZjc5bHBTNzNyNVJuOTlKU25FeHBURnVhMWNQWmJWeE8rS3BScHZMWUNBK0JVaDhQTVhhZERTTjg4bEJNVFlybWo5ZkpLVkVwak94VmpyUkhTU05tN1V0WXhBVmtiSDI0aDBrWHUxSVRTMjl3Uyt1WlpoU2xTOUp4MWt0NGJwRm4rZ21ZOE5ESGJzcmZFazJ6aG9ldnF3ZlZwL1FjYTYyZ2xKb1dwYUUzK3dxY0hFMnovNjZ6Y0ozUXViaVhXUGVVVm50eStpNE9YUlo0YnZ1VXRmeWZQY3FycjR1Q0RuLzlZb1FnRyszYWIwUzZ2QzdSVU5OVDg0WnVvWTJNSlo3Z1BnZUZxYkg2Y3RmSjlIK2FwL2tsbDM3K0pBa3pjR2hTU2ozWHFRNkJWekRpYXIvK3dmUlVQSGhyc0Y5RjBmRzQzSlZLVFV1MXJvL0pkbDBxWTVsTHFUZ2dRME1aOXZkVXd0cTY1WFBtRXZJcG10TTRtZVdjbHdkem9IYTJvYll1cktwTnBicHdjdk5UMTdHV2R1bUlOZ25WSVN4OStHU1VQU1F0RlBadGU5S29NMnRDTWVRWVh1eXljM0ZNcFJEVmVoQ1ZoeGppSU0xNWh6YVdvQnNHNmxxajVHMnhScFpKM0FHTjF2N085VG9zRkpSNjJDREFzY3FTbFRBSTJLWlc3VVBieE1WNHpvR2dtNTVyMHRoa1d5dTRvSGZzeWZabkhPMjR1RW9xcWt5OCtjNFVXbzBxWmlVMk0xL2dYS2JkcWdZU2wzQmV6YU5COFpjeWpjaDlqVFBoNXVuaENwY09CdDNJek9NRlVsWTFxM2lhTmo1Y25ZZzRPMzVONlY4UW5rQm44THhiM3k5WnoxOW1zUVR1eEdUcWdJK2RidWpGdUwyb0h0ekRxNU9Fek56U1UvUnVuOVRHdkVwMWlUNEZHQWQrQ2NlKzd4RERFS3ZST3BpdUlBMjB4V1I5R0RKWWtLeWt0VmJIaVFobElpYmdUdk5iVndOeWVrRzBrT3hEalNWa0dJVThFNVFGR0d0L0JNZS9YUU1LVS9lT1RKTmlrOENwSU55VFYyTnFYS1NjV3Vna0tWaTBrUlNJMGlycmc5cW1udi9XTDJFT3ZUU0VYeXkySVVEZnVCVktVUTNhSEtkb0p4NmVrcVFWRWxWNVgzOFNvd21RSEtpNDEyLzduZWxoeS8rL1N0cDNRS3B5ZTNHTzNCZTJqb25jamxCTmRGZ0pnZVVaaGtxN21veENjTDhnVEVQeUJKOHE0WU9XNDhzVTh3Qmt0S21TWGp4RndwallQVjgvazBsejZiT2NGTmMyTFAxazRHc25tKzdFWjA4bVlBOGNLRitmbGdKaVQzYy9uZDFsWXpWL0NVdVQ2TVhQSFJiNXIzWFMvZFdoNmI1KzhtaEliSUJVaXA3M1pGN3FzK0F4MCtPS1h0UHNXejF1bDlXYzNTdnBSRE9uTUVaQndkeldiZS9yUkNVU2ZqY1lWbjR0dkNkcDFZY2tzdDZjc3QzazF6VnJycHpRQ212QWNMaENjcmFPMldEWmNFcDhxbVRidWxsckgxTFJ1UUllM1BDaEFrN0FUNDRGQ2VoV3E1TkczNVEwWUp6MnI3OGI0cWlpMTh2bDd2MW15UERUWG96UTZoeWIrTGJIeDVZSmVYV3FzdkRUUktQZS9nQSs4MS9ZZEo5KzZTS3NUSmttRW5CN1c4Zys3ZTRkL2w4UzVCMWZyaEpiNGlhQnRaK0svYVhCTnpTcjV3NzNENXB2WGE3OTYwZkJVdEM5T1dyNU1Dc0x4OTJuMFovMVJlaDNUWkw5dmNzWkVuekkzRUhwZyszcFA4RDRRMS9lVlBscVM0QUFBQUFTVVZPUks1Q1lJST0iLz4KPC9zdmc+)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

258

Glossary continued

Master netting agreement

An agreement between two counterparties that have multiple derivat

ive contracts w

ith each other that provides for the

net settlement of all contracts through a single payment, in a single currency, in the event of default on, or terminat

ion of,

any one contract.

Mezzanine capital

Financ

ing that comb

ines debt and equity characterist

ics. For example, a loan that also confers some profit part

ic

ipat

ion to

the lender.

MREL or min

imum requ

irement for own funds and elig

ible l

iab

il

it

ies

A requirement under the Bank Recovery and Resolution Direct

ive for EU resolut

ion authorit

ies and the Bank of England

(as the UK resolution authority) to set a min

imum requ

irement for own funds and elig

ible l

iab

il

it

ies for bank

ing groups,

implement

ing the FSB’s Total Loss Absorb

ing Capacity (TLAC) standard. MREL is intended to ensure that there is suffic

ient

equity and specif

ic types of l

iab

il

it

ies to fac

il

itate an orderly resolut

ion that min

im

ises any impact on financ

ial stab

il

ity and

ensures the continu

ity of cr

it

ical funct

ions and avoids exposing taxpayers to loss.

Net asset value (NAV) per share

Ratio of net assets (total assets less total liab

il

it

ies) to the number of ord

inary shares outstanding at the end of

a reporting period.

Net exposure

The aggregate of loans and advances to customers/loans and advances to banks after impa

irment prov

is

ions, restr

icted

balances with central banks, derivat

ives (net of master nett

ing agreements), investment debt and equity securit

ies,

and letters of credit and guarantees.

NII or Net interest income

The difference between interest received on assets and interest paid on liab

il

it

ies.

NSFR or Net stable funding ratio

The ratio of available stable funding to required stable funding over a one-year time horizon, assuming a stressed scenario.

It is a longer-term liqu

id

ity measure designed to restrain the amount of wholesale borrowing and encourage stable funding

over a one-year time horizon.

Net Zero Roadmap

Net Zero refers to a condit

ion

in which human-caused residual greenhouse gas emiss

ions (GHG) are balanced by human-led

removals over a specif

ied per

iod and with

in spec

if

ied boundar

ies. Our Net Zero Roadmap refers to the short and medium-

term objectives and quant

if

iable targets the Group has set to ach

ieve net zero carbon emiss

ions

in our operations by 2025

and in our financed emiss

ions by 2050.

NPLs or non-performing loans

An NPL is any loan that is more than 90 days past due or is otherwise ind

iv

idually impa

ired. Th

is excludes Retail loans

renegotiated at or after 90 days past due, but on which there has been no default in interest or princ

ipal payments for

more than 180 days since renegotiat

ion, and aga

inst which no loss of princ

ipal

is expected.

Non-linear

ity

Non-linear

ity of expected cred

it loss occurs when the average of expected credit loss for a portfolio is higher than the base

case (median) due to the fact that bad economic environment could have a larger impact on ECL calculation than good

economic environment.

Non NII

The sum of net fees andcommiss

ion, net trad

ing income and other operating income.

Operating expenses

Staff and premises costs, general and admin

istrat

ive expenses, depreciat

ion and amort

isat

ion.

Operating income or operating profit

Net interest, net fee and net trading income, as well as other operating income.

OTC or Over-the-counter derivat

ives

A bilateral transaction (e.g. derivat

ives) that

is not exchange traded and that is valued using valuation models.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

259

Glossary continued

OCA or Own credit adjustment

An adjustment to the Group’s issued debt designated at fair value through profit or loss that reflects the possib

il

ity that

the Group may default and not pay the full market value of the contracts.

Perennial sub-optimal clients

Clients that have returned below 3% return on risk-weighted assets for the last three years

Physical risks

The risk of increased extreme weather events includ

ing flood, drought and sea level r

ise.

Pillar 1

The first pillar of the three pillars of the Basel framework which provides the approach to calculation of the min

imum

capital requirements for credit, market and operational risk. Min

imum cap

ital requirements are 8 per cent of the Group’s

risk-weighted assets.

Pillar 2

The second pillar of the three pillars of the Basel framework which requires banks to undertake a comprehensive assessment

of their risks and to determine the appropriate amounts of capital to be held against these risks where other suitable

mit

igants are not ava

ilable.

Pillar 3

The third pillar of the three pillars of the Basel framework which aims to provide a consistent and comprehensive disclosure

framework that enhances comparabil

ity between banks and further promotes

improvements in risk practices.

Prior

ity Bank

ing

Prior

ity Bank

ing customers are ind

iv

iduals who have met certain criter

ia for depos

its, AUM, mortgage loans or monthly

payroll. Criter

ia var

ies by country.

Private equity investments

Equity securit

ies

in operating companies generally not quoted on a public exchange. Investment in private equity often

involves the investment of capital in private companies. Capital for private equity investment is raised by retail or inst

itut

ional

investors and used to fund investment strategies such as leveraged buyouts, venture capital, growth capital, distressed

investments and mezzanine capital.

PD or Probabil

ity of default

PD is an internal estimate for each borrower grade of the likel

ihood that an obl

igor will default on an obligat

ion over a g

iven

time horizon.

Probabil

ity we

ighted

Obtained by consider

ing the values the metr

ic can assume, weighted by the probabil

ity of each value occurr

ing.

Profit (loss) attributable to ordinary shareholders

Profit (loss) for the year after non-controlling interests and div

idends declared

in respect of preference shares classif

ied

as equity.

PVA or Prudent valuation adjustment

An adjustment to CET1 capital to reflect the difference between fair value and prudent value posit

ions, where the appl

icat

ion

of prudence results in a lower absolute carrying value than recognised in the financ

ial statements.

PRA or Prudential Regulation Authority

The Prudential Regulation Authority is the statutory body responsible for the prudential supervis

ion of banks, bu

ild

ing

societ

ies, cred

it unions, insurers and a small number of sign

ificant

investment firms in the UK. The PRA is a part of the

Bank of England.

Rate paid

Interest expense adjusted for interest expense incurred on amortised cost liab

il

it

ies used to fund financial

instruments held at

fair value through profit or loss, div

ided by average

interest bearing liab

il

it

ies

Regulatory consolidat

ion

The regulatory consolidat

ion of Standard Chartered PLC d

iffers from the statutory consolidat

ion

in that it includes Ascenta IV,

Global Dig

ital Asset Hold

ings Lim

ited, Olea Global group, Part

ior Holdings Pte. Ltd., SBI Zodia Custody Co. Ltd, Seychelles

International Mercantile Banking Corporation Lim

ited., Vault22 Solut

ions Holdings Ltd, and all of the legal entit

ies

in the

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

260

Glossary continued

Currency Fair group on a proportionate consolidat

ion bas

is. These entit

ies are cons

idered associates for statutory accounting

purposes.

The regulatory consolidat

ion further excludes the follow

ing entit

ies, wh

ich are consolidated for statutory accounting

purposes; Audax Financ

ial Technology Pte. Ltd, Furaha F

inserve Uganda Lim

ited, Letsbloom Ind

ia Private Lim

ited, Letsbloom

Pte. Ltd., Pegasus Dealmaking Pte. Ltd., PointSource Technologies Pte. Ltd., PT Labamu Sejahtera Indonesia, Qatalyst Pte. Ltd.,

SCV Research and Development Pte. Ltd., SCV Research and Development Pvt. Ltd., Solv Vietnam Company Lim

ited, Solvezy

Technology Ghana Ltd, Solvezy Technology Kenya Lim

ited, Standard Chartered Assurance L

im

ited, Standard Chartered

Bancassurance Intermediary Lim

ited, Standard Chartered Bank Insurance Agency (Propr

ietary) Lim

ited, Standard Chartered

Botswana Education Trust, Standard Chartered Isle of Man Lim

ited, TASConnect (Hong Kong) Pr

ivate Lim

ited, TASConnect

(Malaysia) Sdn. Bhd., TASConnect (Shanghai) Financ

ial Technology Pte. Ltd and Taw

i Fresh Kenya Lim

ited.

Repo/reverse repo

A repurchase agreement or repo is a short-term funding agreement, which allows a borrower to sell a financ

ial asset,

such as asset-backed securit

ies or government bonds as collateral for cash. As part of the agreement the borrower agrees to

repurchase the security at some later date, usually less than 30 days, repaying the proceeds of the loan. For the party on the

other end of the transaction (buying the security and agreeing to sell in the future), it is a reverse repurchase agreement or

reverse repo.

Resident

ial mortgage

A loan to purchase a resident

ial property wh

ich is then used as collateral to guarantee repayment of the loan. The borrower

gives the lender a lien against the property, and the lender can foreclose on the property if the borrower does not repay the

loan per the agreed terms. Also known as a home loan.

RoRWA or Return on risk-weighted assets

Profit before tax for year as a percentage of RWA.

RoTE or Return on ordinary shareholders’ tangible equity

The ratio of the current year’s profit available for distr

ibut

ion to ordinary shareholders to the average tangible equity, being

ordinary shareholders’ equity less the average intang

ible assets for the report

ing period. Where a target RoTE is stated, this is

based on profit and equity expectations for future periods.

RWA or Risk-weighted assets

A measure of a bank’s assets adjusted for their associated risks, expressed as a percentage of an exposure value in

accordance with the applicable standardised or IRB approach provis

ions.

Risks-not-in-VaR (RNIV)

A framework for ident

ify

ing and quantify

ing marg

inal types of market risk that are not captured in the Value at Risk (VaR)

measure for any reason, such as being a far-tail risk or the necessary histor

ical market data not be

ing available.

Roll rate

Uses a matrix that gives average loan migrat

ion rate from del

inquency states from period to period. A matrix multipl

icat

ion is

then performed to generate the final PDs by delinquency bucket over different time horizons.

Scope 1 emiss

ions

Direct GHG emiss

ions that occur from sources owned or controlled by the Group -

i.e., emiss

ions from combust

ion in owned or

controlled boilers, furnaces, vehicles, as well as fugit

ive em

iss

ions from pressure conta

in

ing equ

ipment at Group locations.

Scope 2 emiss

ions

Indirect GHG emiss

ions from the generat

ion of purchased or acquired electric

ity, steam, heat

ing, or cooling consumed by the

Group.

Scope 3 emiss

ions

All ind

irect GHG em

iss

ions (not

included in Scope 2) that occur in the value chain of the Group, aris

ing from sources not

controlled by the Group. This comprises of both upstream and downstream value chain emiss

ions and

includes absolute

financed emiss

ions.

Secured (fully and partially)

A secured loan is a loan in which the borrower pledges an asset as collateral for a loan which, in the event that the borrower

defaults, the Group is able to take possession of. All secured loans are considered fully secured if the fair value of the collateral

is equal to or greater than the loan at the time of orig

inat

ion. All other secured loans are considered to be partly secured.

![](data:image/svg+xml;base64,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)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

261

Securit

isat

ion

Securit

isat

ion is a process by which credit exposures are aggregated into a pool, which is used to back new securit

ies. Under

tradit

ional secur

it

isat

ion transactions, assets are sold to a structured entity which then issues new securit

ies to

investors at

different levels of senior

ity (cred

it tranching). This allows the credit quality of the assets to be separated from the credit rating

of the orig

inat

ing inst

itut

ion and transfers risk to external investors in a way that meets their risk appetite. Under synthetic

securit

isat

ion transactions, the transfer of risk is achieved by the use of credit derivat

ives or guarantees, and the exposures

being securit

ised rema

in exposures of the orig

inat

ing inst

itut

ion.

Senior debt

Debt that takes prior

ity over other unsecured or otherw

ise more ‘ jun

ior’ debt owed by the

issuer. Senior debt has greater

senior

ity

in the issuer's capital structure than subordinated debt. In the event the issuer goes bankrupt, senior debt

theoretically must be repaid before other creditors receive any payment.

SICR or Sign

ificant

increase in credit risk

Assessed by comparing the risk of default of an exposure at the reporting date to the risk of default at orig

inat

ion (after

consider

ing the passage of t

ime).

Solo

The solo regulatory group as listed in the Prudential Regulation Authority written notice dated 16 September 2024 differs from

Standard Chartered Company in that it includes the full consolidat

ion of four subs

id

iar

ies, namely Standard Chartered

Holdings (International) B.V., Standard Chartered Grindlays PTY Lim

ited, SCMB Overseas L

im

ited, and Corras

i Covered Bonds

LLP.

Sovereign exposures

Exposures to central governments and central government departments, central banks and entit

ies owned or guaranteed

by the aforementioned. Sovereign exposures, as defined by the European Banking Authority, include only exposures to

central governments.

Stage 1

Assets have not experienced a sign

ificant

increase in credit risk since orig

inat

ion and impa

irment recogn

ised on the basis of

12 months expected credit losses.

Stage 2

Assets have experienced a sign

ificant

increase in credit risk since orig

inat

ion and impa

irment

is recognised on the basis of

lifet

ime expected cred

it losses.

Stage 3

Assets that are in default and considered credit-impa

ired (non-perform

ing loans).

Standardised approach

In relation to credit risk, a method for calculating credit risk capital requirements using External Credit Assessment

Institut

ions (ECAI) rat

ings and supervisory risk weights. In relation to operational risk, a method of calculating the operational

capital requirement by the applicat

ion of a superv

isory defined percentage charge to the gross income of eight specif

ied

business lines.

Structured note

An investment tool which pays a return linked to the value or level of a specif

ied asset or

index and sometimes offers

capital protection if the value declines. Structured notes can be linked to equit

ies,

interest rates, funds, commodit

ies and

foreign currency.

Subordinated liab

il

it

ies

Liab

il

it

ies wh

ich, in the event of insolvency or liqu

idat

ion of the issuer, are subordinated to the claims of depositors and other

creditors of the issuer.

Sustainab

il

ity Aspirat

ions

Our Sustainab

il

ity Aspirat

ions are consol

idated into four overarching long-term goals, each supported by key performance

ind

icators that we use to measure our progress and outcomes

in areas in which we can make a contribut

ion to the del

ivery of

the UN Sustainable Development Goals (SDGs).

Sustainable Finance income

Income generated from Sustainable Finance products and clients as listed in the Green and Sustainable Product Framework.

Addit

ional products may be approved throughout the year by the Susta

inable Finance Governance Committee.

Glossary continued

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF8yNjQiPjxwYXRoIGQ9Ik01OC45LDEyNDkuM3YtNDFIMTY0LjR2NDFaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzI2NHsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMDAwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDExOTkuOEg4NDQuNSIgY2xhc3M9ImcwXzI2NCIvPgo8aW1hZ2UgY2xpcC1wYXRoPSJ1cmwoI2MwXzI2NCkiIHByZXNlcnZlQXNwZWN0UmF0aW89Im5vbmUiIHg9IjU5IiB5PSIxMjA4IiB3aWR0aD0iMTA1IiBoZWlnaHQ9IjQxIiB4bGluazpocmVmPSJkYXRhOmltYWdlL3BuZztiYXNlNjQsaVZCT1J3MEtHZ29BQUFBTlNVaEVVZ0FBQUdrQUFBQXBDQU1BQUFBQkJQZGtBQUFEQUZCTVZFVUFBQUFsamdBQ1Y3SXZ0UUFJSWdBQU0yOUpTVXNBSTBzRGN1bzdPenczMHdBQUJ3OUJRa01CSTBnUGxnQTVPandCVnJJN1BEMEJIVHhRVVZNQ1M1a0VjT1FtSnlnYllRQU5EUTBEYytwM2QzY2FKU1UzMGdBNU9UbzR6Z0FyTEMwaUlpSkpTa3dBTkd3ck5EUktWRlZPVUZJQUhwOENhdGdEQ2dBQWJOOUxUVkFZWGdCWFYxSVZGaG94dlFBd01ERldXRnBLVTA0VEV4UlJVbElEZHZBQVJwRXl3QUFSUUFBNTJBQktTa3M5UGo5VVZGWm1aMmRYV0VjQUZTcFBVRkVsSmlrQ2F0dHBhUU5TVkZWU1ZGVThQRjBHR0FBQVFZeFdXRms5RHhBQlpkSlJVbE5SVWxSTVRVTkRRMFFyTEN3ZGNBQTUxUUFSRVJGU1ZGVWtKQ1VDWTh0VVZGWWJHeHhWVmxoVlZsZ0JUSm8xT2o1UlVsUWVIaG9FZHZCY1hWOHlNZ0FpaEFBcUpob3p2d0JVVlZaU1ZGWUVlUEpaV2x4QVFVTUFSTU5ZV0ZwQVFrWmhZV00xTnpnYmFBQURkZkJSVVZOVVZsaENRMFUxMGdBaElTRlNVbFU3M1FBVUZCUUlDQUF2TVRJQlBYNFlHUmtDY3VrRWMrdzlTa3RSVUZFaEl5UXp4UUFEZE8wWUdCbElTRXBVVkZZRWMrdFVWRlJVVWxRK1BrQlJVbFZVVlZndExTMEFEaDBCYitwRFJVWllXVnNTU3dBYUdoeExURTREZGZCUlVsVWRiUUJOVGs4Z2d3QWxKU1U1MlFBQUFnWUNjKzFFUmtoRFEwd0RjKzFSVVZVQUd6WTNOemhSVjFnQ1lNY29LU3BXVmxaRFJVWkNSRVExTlRWTlVGRldVbGhGUmtnRWRPMDQwZ0JMeVFCVFZGVllXVnRRVWxKYVhGNGlJeVJUV1ZzQlBIdEFRRUVvS0MwMzBnQkVSVVU0MVFBQVFuazQwZ0FubWdBN096OEFVYU5EM1FBQkxWd2lnZ0EzMkFCT1RsRkZSa29vS0NnQ2NlbzQxUUFEZE80VlVBQUVkTzBSRVJRRkJRWW1IaDQ1UUVBWEZ3QktTa3cxTmpaRlJraElTa3NBVUtFSkNRa2ZIeUV1UjBjQVljVU9EeEJHUmtjWUdSbFRWRTQrUUVBZEhSNEFMRm9FZVBRMzFRQkhTRWdycEFCU1VsUUJRWUZNVFZCU1VsUWRjUUFFZGZFOVBUOC9QMEUxeVFBd01ERUJVcWtqSkNRNDFRQUNjK2MxekFBQ2VPTWxXd0JEU1VrNDBRQUFFU01CU3BZRWVQUTIwZ0FBR0VVQk1XVU5OQURtSTg5YUFBQUJBSFJTVGxNQWIyWm1Cd3pNQ3M0TjNnS2lLUjZMTlVzbzZXYTlSZ29GL2hBRytEMjJZeTJVS3d0Y3JSeDFBU3hzSjhrR015ZnZNQ1dMNlNXTERQVVNaZXRxc3c3S0RJZ0ZrYzFLQmhuWEpWZlJ6YVE1V1ViN0NyQTBjTkk3N3RGRERmQUw5dm9CVnd0S3JlNzM3MzBSalVWTE9EcTVycFdFaUEyTTlnZ0FVVVZHdGY5RmN4ZHUwdyt3bEtwTHZWV3lyd1lHV0ZmdkdRMjgwMjhsalFzTTNBQ1VWVEt2Q3dwdXhvZ3hMR1lhRDFGbWl2M1JLRzNVVk8wbnRUOU9FN2RLemd6K05DSVBnaklwdDVRNkMyNndyd3ZVQkFJTUVBQ3JUS2lESVFZVUNCME1jaWxhV0F3VDBwdWVTVlFzclRvdTFDdUtrQk5hS0kyRU5XRVVJSzhITmZkeEJDVVN0WUJ5THdBQUJ6TkpSRUZVZU5xMWwzOVlVOWNaeDk5YVdrWFpMR2JUc05ZcDYyZ3BMaVpLYkNtM2xicmMyVk9sMEFCR1VpUFo2bjJFbVNrRWljN1dMR2sxY0wxQ0oxSjBnUGdvTWFMUVdCNkJEa3VwM1NZL3BuSnIvYkhZSXRScXBpaE9WbTFuTGE3Yk9mY20zS3ZGK2crY1AzTHZPZmZjKzNtKzUvdSs3emtCa05xNDJWOGR6YmorZkFXTWVIdjVzTmNlNFQzOC9FaHpIcGlUNFkzQXpkc3hzcHlkZjgzR2dnUlM5a2h5S2g2Ym83V0xvQWp2MnBFa1BYRXVJR2lFVisvaTlZeEJrRDBqLzhNUkEvMGpXeVpJdTJEbnVMdE45SVh5My91aFJXZnY4bUJ2cDNCNWY0d2thT21QbndDWU8zM2wxN2VLaDNpaE5OYjNmYURsQnZYUUQycVlkVUs2amhvSWdyeDlIYU1oZXRxVDVYcDlYUE8wMnlhM2wrRWZ6dVh6S2ZHVmYyNVFXM3U3ZU9XZmE0Y3FNeUdwMnBYQmh3K3JBRHJiQzZIVkxaQm01M3NEZ3J6NVA3c0pzS1E1cmdVMy9VOG5TWnpDUDdLMFAwbkp1Vzc0SS9lcTJrN1M2OXNxVHhZKzZ2OURKZWMrMVVUaytHbk9FcU5SZzgrU1F4L2ZibmtiR2lLVExJMG40TDNlUk9aS2tKUWRrSFIwMVBzQVI2N3A5UzFDaTlzaWtkWmsrck5ZYXdybmN0UlRUOWVrMHkreUtOSFVmOHhrUUwwbG1jeG12a2RqUEI2RldMTmFXVXZSWVNWVWdnRTg5VkZHWTNpV3h1MW5hWllWU1dORVRmYnNXYmozbjcvRUJVaGpKWkt5VmJFSXlocDhuT3VqdExSK2c4NzVjZDRhaFdudk1SUHlxRmJIb0lYOUJwZXpjL0VKZzBsOUpYMjhFMVpQcEdqd1VJWVR6Z0xxbEpQL0tONWNJcElPQnpOV093KzdGUDFsczREU0g1QldUL1ZNWnRRTTBTZUFDNmdiMzNhMm10VEhURnV4SlU4clhpdWdacEpwNDgzcVhPb0xjcWZEcEUzL0FyQVpCRU1UeE5VcjJyVTBHQkFEMjM2QWpTcStXcTV2MFRmL1RSWVBlVmsweFN6bkJaTERTRDdyeXlLYW5zSFJ1MFB4V3ExYklGVnAxR0hJU2U0Y1pQWGlBYXlOd3VzQm4rQ2lkakRJdmVjV3pBWjRhc1cxODdlMjNCNm8zWDkyc3pOVENha0hrYytxck1RbmtXU3BRUzhRbVpFYWRaYW95VVZJbnhGTm9iaDNOa0gwQ1dEZTBzSEV4WHZHcDkvZG5wUTNmQlg4SlRTVFlYdzh2NE95OFR4L2laSTBGZnlFMHVHaGJtUlNKMmxzU3A2ZlFSbEYwcTgwWi9DRE5lWWdDZjc5bHBTNzNyNVJuOTlKU25FeHBURnVhMWNQWmJWeE8rS3BScHZMWUNBK0JVaDhQTVhhZERTTjg4bEJNVFlybWo5ZkpLVkVwak94VmpyUkhTU05tN1V0WXhBVmtiSDI0aDBrWHUxSVRTMjl3Uyt1WlpoU2xTOUp4MWt0NGJwRm4rZ21ZOE5ESGJzcmZFazJ6aG9ldnF3ZlZwL1FjYTYyZ2xKb1dwYUUzK3dxY0hFMnovNjZ6Y0ozUXViaVhXUGVVVm50eStpNE9YUlo0YnZ1VXRmeWZQY3FycjR1Q0RuLzlZb1FnRyszYWIwUzZ2QzdSVU5OVDg0WnVvWTJNSlo3Z1BnZUZxYkg2Y3RmSjlIK2FwL2tsbDM3K0pBa3pjR2hTU2ozWHFRNkJWekRpYXIvK3dmUlVQSGhyc0Y5RjBmRzQzSlZLVFV1MXJvL0pkbDBxWTVsTHFUZ2dRME1aOXZkVXd0cTY1WFBtRXZJcG10TTRtZVdjbHdkem9IYTJvYll1cktwTnBicHdjdk5UMTdHV2R1bUlOZ25WSVN4OStHU1VQU1F0RlBadGU5S29NMnRDTWVRWVh1eXljM0ZNcFJEVmVoQ1ZoeGppSU0xNWh6YVdvQnNHNmxxajVHMnhScFpKM0FHTjF2N085VG9zRkpSNjJDREFzY3FTbFRBSTJLWlc3VVBieE1WNHpvR2dtNTVyMHRoa1d5dTRvSGZzeWZabkhPMjR1RW9xcWt5OCtjNFVXbzBxWmlVMk0xL2dYS2JkcWdZU2wzQmV6YU5COFpjeWpjaDlqVFBoNXVuaENwY09CdDNJek9NRlVsWTFxM2lhTmo1Y25ZZzRPMzVONlY4UW5rQm44THhiM3k5WnoxOW1zUVR1eEdUcWdJK2RidWpGdUwyb0h0ekRxNU9Fek56U1UvUnVuOVRHdkVwMWlUNEZHQWQrQ2NlKzd4RERFS3ZST3BpdUlBMjB4V1I5R0RKWWtLeWt0VmJIaVFobElpYmdUdk5iVndOeWVrRzBrT3hEalNWa0dJVThFNVFGR0d0L0JNZS9YUU1LVS9lT1RKTmlrOENwSU55VFYyTnFYS1NjV3Vna0tWaTBrUlNJMGlycmc5cW1udi9XTDJFT3ZUU0VYeXkySVVEZnVCVktVUTNhSEtkb0p4NmVrcVFWRWxWNVgzOFNvd21RSEtpNDEyLzduZWxoeS8rL1N0cDNRS3B5ZTNHTzNCZTJqb25jamxCTmRGZ0pnZVVaaGtxN21veENjTDhnVEVQeUJKOHE0WU9XNDhzVTh3Qmt0S21TWGp4RndwallQVjgvazBsejZiT2NGTmMyTFAxazRHc25tKzdFWjA4bVlBOGNLRitmbGdKaVQzYy9uZDFsWXpWL0NVdVQ2TVhQSFJiNXIzWFMvZFdoNmI1KzhtaEliSUJVaXA3M1pGN3FzK0F4MCtPS1h0UHNXejF1bDlXYzNTdnBSRE9uTUVaQndkeldiZS9yUkNVU2ZqY1lWbjR0dkNkcDFZY2tzdDZjc3QzazF6VnJycHpRQ212QWNMaENjcmFPMldEWmNFcDhxbVRidWxsckgxTFJ1UUllM1BDaEFrN0FUNDRGQ2VoV3E1TkczNVEwWUp6MnI3OGI0cWlpMTh2bDd2MW15UERUWG96UTZoeWIrTGJIeDVZSmVYV3FzdkRUUktQZS9nQSs4MS9ZZEo5KzZTS3NUSmttRW5CN1c4Zys3ZTRkL2w4UzVCMWZyaEpiNGlhQnRaK0svYVhCTnpTcjV3NzNENXB2WGE3OTYwZkJVdEM5T1dyNU1Dc0x4OTJuMFovMVJlaDNUWkw5dmNzWkVuekkzRUhwZyszcFA4RDRRMS9lVlBscVM0QUFBQUFTVVZPUks1Q1lJST0iLz4KPC9zdmc+)

Standard Chartered Bank

Directors’ Report and Financ

ial Statements 2024

262

Glossary continued

Tier 1 capital

The sum of Common Equity Tier 1 capital and Addit

ional T

ier 1 capital.

Tier 1 capital ratio

Tier 1 capital as a percentage of risk-weighted assets.

Tier 2 capital

Tier 2 capital comprises qualify

ing subord

inated liab

il

it

ies and related share prem

ium accounts.

TLAC or Total loss absorbing capacity

An internat

ional standard for TLAC

issued by the FSB, which requires G-SIBs to have suffic

ient loss-absorb

ing and

recapital

isat

ion capacity available in resolution, to min

im

ise impacts on financ

ial stab

il

ity, ma

inta

in the cont

inu

ity of

crit

ical funct

ions and avoid exposing public funds to loss.

Transit

ion r

isks

The risk of of financ

ial

impact due to changes in market dynamics or sectoral economics due to governments’ response to

climate change, as well as competitors and advancements in technology.

UK bank levy

A levy that applies to certain UK banks and the UK operations of foreign banks. The levy is payable each year based

on a percentage of the chargeable equit

ies and l

iab

il

it

ies on the Group’s UK tax res

ident entit

ies’ balance sheets.

Key exclusions from chargeable equit

ies and l

iab

il

it

ies

include Tier 1 capital, insured or guaranteed retail deposits, repos

secured on certain sovereign debt and liab

il

it

ies subject to nett

ing.

Unbiased

Not overly optim

ist

ic or pessim

ist

ic, represents informat

ion that

is not slanted, weighted, emphasised, de-emphasised or

otherwise manipulated to increase the probabil

ity that the financial

informat

ion w

ill be received favourably or unfavourably

by users.

Unlikely to pay

Indicat

ions of unl

ikel

iness to pay shall

include placing the credit obligat

ion on non-accrued status; the recogn

it

ion of a

specif

ic cred

it adjustment resulting from a sign

ificant perce

ived decline in credit quality subsequent to the Group taking on

the exposure; selling the credit obligat

ion at a mater

ial credit-related economic loss; the Group consenting to a distressed

restructuring of the credit obligat

ion where th

is is likely to result in a dim

in

ished financ

ial obl

igat

ion caused by the mater

ial

forgiveness, or postponement, of princ

ipal,

interest or, where relevant fees; fil

ing for the obl

igor's bankruptcy or a sim

ilar order

in respect of an obligor's credit obligat

ion to the Group; the obl

igor has sought or has been placed in bankruptcy or sim

ilar

protection where this would avoid or delay repayment of a credit obligat

ion to the Group.

VaR or Value at Risk

A quantitat

ive measure of market r

isk estimat

ing the potent

ial loss that will not be exceeded in a set time period at a set

statist

ical confidence level.

ViU or Value-in-Use

The present value of the future expected cash flows expected to be derived from an asset or CGU.

Write-downs

After an advance has been ident

ified as

impa

ired and

is subject to an impa

irment prov

is

ion, the stage may be reached

whereby it is concluded that there is no realist

ic prospect of further recovery. Wr

ite-downs will occur when, and to the extent

that, the whole or part of a debt is considered irrecoverable.

XVA

The term used to incorporate credit, debit and funding valuation adjustments to the fair value of derivat

ive financial

instruments. See ‘CVA’, ‘DVA’ and ‘FVA’.