![]() # Annual Report 2025 ![]() Strategic report 02 Who we are and what we do 04 Group Chair’s statement 06 Group Chief Executive’s statement 09 Our strategy 10 Our business model 12 Key performance indicators 14 Market environment 17 Group Chief Financial Officer's review 20 Client segment reviews 32 Our people and culture 37 Stakeholder engagement 42 Group Chief Risk Officer's review 50 Non-financial and sustainability information statement 51 Viability statement Financial review 54 Financial summary 62 Underlying versus reported results reconciliations 65 Alternative performance measures Sustainability review 68 Chief Sustainability Officer's review 75 Our approach to sustainability 83 Sustainable finance 90 Climate 111 Nature 113 Social impact 116 Managing Environmental and Social Risk 118 Integrity, conduct and ethics 122 Sustainability governance ## Contents Directors’ report 130 Board of Directors 135 Management Team 138 Corporate governance 155 Committee reports 180 Directors’ remuneration report 207 Other statutory and regulatory disclosures 217 Statement of directors’ responsibilities Risk review and Capital review 220 Enterprise Risk Management Framework 226 Principal risks 233 Credit Risk 277 Traded Risk 281 Liquidity and Funding Risk 286 Operational and Technology Risk 287 Environmental, Social and Governance andReputational Risk 303 Capital review Financial statements 310 Independent Auditor’s report 322 Financial statements 329 Notes to the financial statements Supplementary information 436 Supplementary financial information 444 Supplementary people information 450 Supplementary sustainability information 458 Climate reporting index 466 Shareholder information 470 Glossary #### Discover more #### in our suite of reports #### Learn more about our #### clientsegments This Annual Report is part of a wider suite ofcorporate reportsanddisclosures. For our full suite of 2025 disclosures visit sc.com/financial-results and sc.com/sustainabilitylibrary Financial reporting • Annual Report • Bank Report • Pillar 3 Report Sustainability reporting • Sustainable Finance Impact Report • Transition Plan • Nature Report • DE&I Impact Report • Modern Slavery Statement Read more in our Client segment review on pages 20 to 31 For more information regarding reporting measures andterms specific to this Annual Report, seepage478 ![]() We’re a global bank connecting clients to our differentiated network, offering growth opportunities intheworld’s most dynamic markets. Our strategy, which combines cross-border capabilities and leading wealth management expertise, helps usdeliver ourpurpose – to drive commerce and prosperity through our unique diversity. 1 Reconciliations from underlying to reported and definitions of alternative performance measures can be found on pages 62 to 65. 2 Read more about our culture of inclusion on page 36, and about our Sustainability Aspirations on page 76. 3 Year-on-year growth in operating income and profit before tax is on a constant currency basis. 4 Senior leadership is defined as Managing Directors and Band 4 roles (including the Group Management Team). #### 2025 performance highlights Return on tangible equity (RoTE) Underlying basis 14.7% #### 300bps Reported basis 11.9% #### 220bps Common Equity Tier 1 ratio (CET1) 14.1% #### -12bps Above our 13-14% targetrange Total shareholder return 89.0% #### 35.5pptFinancial KPIs 1 Diversity and inclusion: women insenior roles 4 33.0% #### -0.3ppt Mobilising sustainable finance $157bn #### $34bnNon-financial KPIs 2 Operating income Underlying basis $20,894m 6% Reported basis $20,942m 7% Profit before tax Underlying basis $7,900m 18% Reported basis $6,963m 18% Earnings per share Underlying basis 229.7 cents #### 61.6 cents Reported basis 195.4 #### cents #### 54.1 centsOther financial measures 1,3 Tangible net asset value per ordinary share 1,730 #### cents #### 189 cents Employee net promoter score (eNPS) 17.56 #### -3.9 points Annual Report 2025 | Standard Chartered 1 Strategic report ![]() Who we are and what we do Total operating income $20,894m Underlying basis $20,942m Reported basis How we serve clients We connect corporate, institutional and affluent clients to growth opportunities across our network. We serve three client segments We’ve been supporting clients since opening our doors in Mumbai, Kolkata and Shanghai in 1858 and we remain the ambitious, network-driven bank we set out to be more than 170 years ago. Corporate & Investment Banking Supports large corporations, development organisations, governments, and financial institutions with risk management, advisory and financing solutions. Operating income Underlying basis $12,394m Reported basis $12,349m Operating income Underlying basis $8,464m Reported basis $8,465m Wealth & Retail Banking Serves the local and international banking needs of our clients across the wealth continuum with a focus on the affluent segment, while supporting small and medium-sized enterprises. Central and other items Operating income Underlying basis: $(379)m Reported basis $(287)m Operating income Underlying basis $415m Reported basis $415m Ventures Promotes a culture of innovation across the Group, investing in disruptive financial technology and creating alternative financial service business models, as well as growing our digital banks – Mox and Trust. Read more on our client segments on pages 20 to 31 Standard Chartered | Annual Report 20252 ![]() What makes us different Our strength lies in the connectivity of our markets, the diversity of our people and the depth of our client relationships. Where we operate We operate in the world’s most dynamic markets, which set the pace for global growth and prosperity. Our purpose and culture Our distinctive culture has been developed in pursuit of our purpose – to drive commerce and prosperity through our unique diversity. We’re committed to promoting equality and inclusion, as it’s our diversity that sets us apart and helps us drive business growth. We are guided by our valued behaviours, and our brand promise, here for good. Our distinctive strengths, such as our expertise in managing generational wealth, our commitment to mobilising sustainable finance, and our innovative approach, are just some of the qualities that set us apart. Our strengths Our footprint and network We help clients do business across borders through our network of high-growth and established markets. Our wealth management expertise We help generations grow and protect their wealth, offering local and global expertise. Our commitment to sustainable finance We mobilise capital to deliver sustainable and inclusive growth for our clients and the communities we call home. Our emphasis on innovation We scale fintechs and invest in ventures supporting digital transformation and product development. Read more in our business model on page 10 Our unique geographic footprint connects high-growth and emerging markets in Asia, Africa and the Middle East with more established economies in Europe and the Americas, allowing us to channel capital to where it’s needed most. We serve clients across 54 global locations Read more on our people and culture on pages 32 to 36 Read more in our client segments on page 20 to 31 Do the right thing Never settle Better together #### Our purpose To drive commerce and prosperity through ourunique diversity. Valued behaviours Annual Report 2025 | Standard Chartered 3 Strategic report ![]() ## Group Chair’s statement image TBC Power continues to be projected less through formal institutions and established norms and more through economic leverage, technological capability and control of strategic resources. Assuch, the ability to sustain growth is increasingly determined by access – to capital, to data, to energy, to supply chains, andtoreliable networks. While many factors are reshaping theglobal landscape, we must cut through the noise and identify those trends that are most relevant to our clients, markets andcommunities, and that play to our distinctive competitive advantages. Bill explains some of these trends in his review; Iwillhighlight the following: • First is the promise of technology, much of which is materialising in the form of enhanced productivity. Technological advancement has radically changed the industrial landscape and with it the business models, investment decisions and competitive strengths of both incumbents and new entrants alike. Many of the largest corporates today are themselves technology companies orotherwise heavily reliant on it as an enabler. • Second, a broad digital transformation of finance, and the banking system in particular, is underway. Adoption isaccelerating, integration is deepening, and the boundary between financial services and technology continues to blur.Digital assets, tokenisation and the future of money arenolonger theoretical. They are becoming embedded inreal-world use cases – in trade, in payments and in capital markets – demanding both innovation and rigorous risk management from global banks. Our strategy has never been clearer. We combine our differentiated cross-border capabilities and leading wealthmanagement expertise to connect clients to growth opportunities across Asia, Africa and the Middle East. Across thebusiness we are aligned to our strategic direction, having simplified our structure to ensure we meet the needs of our globally-minded clients, whether they are corporates, financial institutions, individuals or families. Our capital position and liquidity are robust, our risk discipline is well-embedded, and we have proven our renewed ability to generate sustainable returns, as evidenced by 2025 being the strongest year of financial performance since the financial crisis. Those achievements form a solid foundation on which we nowbuild. But as we move forward, we do so in the knowledge that the world is transforming. We must ensure our approach continues to reflect our environment, by evaluating and balancing the risks and opportunities presented by an ever-changing landscape. The friction and fracturing of our operatingcontext Our ability to remain agile and proactive is of paramount importance. This is what our clients seek when partnering withus, and it is what our people seek in working for Standard Chartered. We helped our clients navigate the shifting geopolitical and geoeconomic sands of 2025 to deliver a robust performance. And, while worldwide growth and business pragmatism have thus far prevailed, we remain acutely aware that ongoing disruption is altering both clients’ needs and our consideration of risk. 2025 marked my first year as Chair ofStandard Chartered, and I am acutely aware of the responsibility this entails. AsIstepped into this role, I did so with aprofound respect for my predecessor, JoséViñals, who during his tenure, provided steady, principled leadership through aperiod of exceptional change for the global banking system and the Group. Maria Ramos Group Chair Standard Chartered | Annual Report 20254 ![]() • Third, and related to the first two factors, is the contest for strategic resources that underpin the adoption of AI and data-intensive technologies. This is driving unprecedented demand for data centres, reliable energy and critical minerals, further reshaping geopolitics, supply chains and investment priorities, and reinforcing the strategic value of resilience, access and partnership. It offers significant advantage to those markets that can responsibly capitalise on their natural resources. Such an endowment, if well-stewarded, can present significant opportunity for economic and social development, so we must endeavour to play a role that facilitates suchoutcomes. Against this backdrop, global governance is in focus. Financial regulators are shifting from policy consultation and design towards implementation and enforcement – while still recognising their role in stimulating further economic growth. Asregulatory convergence and coordination is sought, even ifchallenging to achieve, as a Group we must retain the ability toact decisively, particularly if we wish to capitalise on our leadership position in digital assets and in our advocacy foramodel of banking that is more transparent, secure andimmediate. In engaging in these trends, our conduct at Standard Chartered must be underpinned by trust, discipline and accountability, enabling clear decisions in complex markets. Good conduct provides certainty to clients, supports prudent risk-taking, and strengthens confidence across our markets, directly contributing to sustainable growth and long-term success globally. Maintaining strategic discipline and focus The Group Management Team, under Bill’s leadership, continues to show that our distinctive strategy is effective, agile and resilient to the external environment. And the strong financial performance outlined in the financial review later in this report reflects our sharper focus and our improved discipline in execution. Therole of the Board is to maintain this momentum and to translate our clear strategic intent into sustained outcomes. The Board’s confidence in management is grounded in consistent delivery, sound judgement and their understanding ofthe risks inherent in operating across our markets. The Board remains rigorous in its oversight, challenging assumptions and decisions and ensuring that performance is sustainable and within our risk appetite. This balance – between trust and scrutiny – is essential to good governance, particularly in avolatile globalenvironment. I believe resilience matters as much as ambition. A central priority for the Board will therefore remain safeguarding the Group’s financial strength, risk discipline and regulatory standing, ensuring that the extraordinary growth opportunities we face are pursued with care and that trade-offs are made transparently. Relevance – to clients and to society – will also be central to our approach. Standard Chartered operates in markets that are critical to global growth and development, and we play an important role in facilitating trade, investment and financial inclusion. Our commitment to sustainability and responsible finance is integral to our franchise and long-term value creation. This is not about pursuing objectives in isolation but about recognising that strong financial performance and positive social impact are mutually reinforcing when approached with discipline and integrity. Such an approach is deeply valued by our clients, and it is often cited as their reason for both choosing and remaining with us. And, over the last year in particular, this has been highlighted asan example of true differentiation from our global peers. Culture as a strategic asset In a global institution spanning diverse markets and regulatory regimes, culture is not an abstract concept; it is a strategic asset. As Chair, I experienced this firsthand during market visits in 2025 to Malaysia, Hong Kong, Singapore, the UAE, Mainland China, and the US. While our footprint is diverse it is our inclusive, collaborative, client-centric culture that sets us apart from our peers and serves as a valuable anchor of continuity. Standard Chartered’s valued behaviours – do the right thing, never settle and better together – are central to how wemanage risk, serve clients and build trust. The Board will continue to focus on how these behaviours are reinforced through leadership, incentives and everyday decision-making, and on ensuring that the tone from the top is consistently reflected throughout the organisation. In fulfilling its responsibilities, the Board must maintain a balanceand diversity of perspectives, skills and experience and remain engaged, informed and forward-looking in its oversight. During the year, Phil Rivett succeeded me as Senior Independent Director when I took the role of Chair in May. Phil also became Chair of the Board Risk Committee in August, with Jackie Hunt taking over as Chair of the Audit Committee in September. Pete Burrill was appointed as interim Group Chief Financial Officer in February, succeeding Diego De Giorgi, who stepped down as Executive Director and GCFO. The Board thanks Diego for his contribution and wishes him well for the future. The Board, as part of its core governance mandate, continues tofocus on long term succession planning for the Board and itsCommittees and provides oversight of detailed executive andsenior management succession plans, ensuring the Groupremains well positioned to deliver the strategy and long-termobjectives. Looking ahead with confidence As Chair, I intend to act as a steward of this remarkable institution – to preserve its strengths, to support its continued improvement, and to help ensure that Standard Chartered remains relevant and trusted for the long term. Reflecting the Board’s confidence in the Group’s future prospects, we are pleased to recommend an increased full-year dividend of61 cents per share (a 65 per cent increase) and are announcing afurther share buyback of $1.5 billion, in addition to the $2.8 billion already announced over the course of 2025. I would like to thank our clients for their trust, our colleagues for their extraordinary commitment, and our shareholders for their continued support. Together, we are building a stronger, more resilient and even more distinctive Standard Chartered – one that will continue to deliver sustainable performance and value creation in the years ahead. Maria Ramos Group Chair, Standard Chartered PLC 24 February 2026 Annual Report 2025 | Standard Chartered 5 Strategic report ![]() ## Group Chief Executive’s statement We built additional momentum in 2025,leveraging our distinct competitive advantages, and intend to capitalise onthis in the years to come, having exceeded our 13 per cent Return onTangible Equity (RoTE) milestone ayearearlier thanguided. Navigating a period of extraordinary change We recognise that short-term results alone are not sufficient in banking; lasting success comes from building long-term resilience –for our clients, our communities and our own organisation. Sustainable performance comes from adapting to structural change and turning thatintodistinctive clientvalue. We continually assess the structural shifts shaping the futureof finance – some of which I explore below – and refine our strategic response to ensure that our current momentum translates into long-term value. The strengths that have fuelled our recent progress will continue to support our success and adaptability as a financial services company, even asmarkets evolve. 1. The emergence of a multipolar and multi-alignedworld The global marketplace is rapidly changing, with growth, capital and innovation more widely distributed and geopolitical alignment more fluid. As alliances form around specific trade, security and investment priorities, this creates new opportunities but also increased complexity in financing, supply chains, procurement, and logistics for clients operatinginternationally. • We help our clients navigate change by using our strong local presence across Asia, Africa and the Middle East tofacilitate secure and compliant trade, investment andwealth flows. • Our investment over decades to develop these capabilitiesgives us a structural competitive advantage. • In relation to China, for example – which is neither converging with other financial systems nor isolating itself,but developing its own capital markets, payment rails and international linkages – we have built a leading RMB franchise in many of the markets in which we operate. 2. Digital transformation and evolving clientexpectations Money is becoming digital, programmable and increasingly interoperable across systems. Distributed ledger technology, tokenisation and new settlement models are already reshaping payments, securities issuance and settlement, custody and liquidity management. These changes raise fundamental questions about where trust and value will ultimately reside. History suggests that financial innovation does not eliminate clients’ need for banks; it changes the form that banking takes. Our performance in recent years has been strong in both absolute terms and relative to many of our peers. This is reflected in keymetrics such asthe value of our client franchise, financial results, and share price. We have taken advantage of agenerally supportive business environment. Shifts in trade and investment driven by geopolitical changes have worked in our favour, and growth remains strong in our keymarkets. Bill Winters Group Chief Executive Standard Chartered | Annual Report 20256 ![]() • We have built market-leading digital asset capabilities, supporting clients across trading, custody, settlement andtokenisation in a compliant and scalable way. • Our approach is pragmatic, applying distributed ledger technology where it solves real problems – particularly incross-border payments, liquidity management and market infrastructure – rather than pursuing novelty foritsown sake. • We are modernising our financial plumbing while preserving the trust on which the system depends, partnering where necessary with those that share thisvision. Digital-first banking models have reshaped client expectations across all segments, with clients increasingly prioritising convenience and consistency over physical interaction. Such models are cheaper to run and easier to scale, raising industry benchmarks for simplicity and speed. • Through our uniquely diversified digital banking portfolio across our markets, we serve distinct customer segments while enhancing offerings in our core businesses. Theseexperiences have improved customer satisfaction and productivity across our Wealth & Retail Banking (WRB)business. • We are equally committed to advancing digital engagement with our Corporate & Investment Banking (CIB) clients, investing in new platforms, portals and digital channels, making it easier for them to access services, manage transactions and engage with us securely andefficiently. 3. The changing role of banks in serving the realeconomy Banks are increasingly acting as service providers, credit originators and intermediaries, connecting borrowers and investors rather than holding risk alone. The post-financial crisis capital rules strengthened the systembut made bank capital more expensive for some activities and changed the critical role of banks in serving thereal economy. The role of non-bank financial institutions in the provision of credit, pricing and liquidity, significantly outpacing that of banks. This is not cyclical –itreflects alasting reallocation of risk and capital that comes along with banks having governments aslenders of lastresort. • These trends play directly to our strengths. We provide value to borrowers and investors through credit origination, warehousing, structuring and distribution, rather than balance-sheet accumulation alone. • This is driving greater demand for cross-border hedging and liquidity solutions, which we capture as valuable ‘flow’ business in our Global Markets franchise. • Our experience across our unique geographic footprint allows us to originate assets in markets, sectors and corridors where others cannot. That origination capability sits at the intersection of our corporate, institutional andwealth businesses, allowing us to connect borrowers, sponsors and investors in ways that are difficult to replicate. 4. Rising wealth participation is reshaping capitalmarkets Affluent individuals and corporates are moving beyond deposits into equities, bonds and funds, while governments and regulators promote infrastructure and private sector growth. Capital markets across our footprint are transforming rapidly. Economies that once relied on bank lending and physical assets are shifting towards more accessible and sophisticated financial systems. This is not cyclical yield-chasing, but astructural change in how wealth is built, preserved andtransferred. Technology is an accelerator, enabling broader participation and making capital markets integral to everyday economic life – unlocking new channels for savings, generational wealth transfer, investment and risk management. • As capital markets expand, our ability to provide trusted advice and innovative solutions becomes a critical differentiator, ensuring we capture growth while helping clients navigate complexity. • Wealth continues to grow rapidly across our footprint with the largest opportunities concentrated in our top markets, and this expansion is becoming increasingly international. Our affluent business is both large and high returning, driven by clients’ growing need to manage and grow their assets, and by our position as a top wealth manager in Asia. We differentiate ourselves by combining deep local market capabilities with global wealth and capital markets products and services, allowing our clients to improve returns and funding costs. 5. The transition economy and sustainable finance The global transition to a lower-carbon economy will significantly affect capital allocation for decades. But, as wesaw in 2025, it will not follow a straight path. What has changed is the pace and pattern of the transition itself – more urgent because of accelerating climate impacts, more volatile because of geopolitical and energy-market shocks, and more centred on emerging markets where capital is scarcest and where credible transition pathways, not just green solutions, are now essential. Asia, Africa and the Middle East will account for most of thefuture global population growth, energy demand and infrastructure investment. For these regions, the challenge isnot whether to grow, but how to grow – balancing development, affordability and sustainability. • We have built one of the leading sustainable finance franchises across our footprint, precisely because we operate where the transition is most dynamic and mostconsequential. • Our role extends beyond financing renewable energy tosupporting modernised grids, electrified transport, emerging industries, sustainable trade and adaptation – often in markets where capital is scarce andrisk is misunderstood. Sustainable finance, in this context, is not an overlay. Itisa growth opportunity andcore capability that combines local knowledge, cross-border capabilities, structuring expertise and long-termclient relationships. Annual Report 2025 | Standard Chartered 7 Strategic report ![]() Taking the trends above together, they reinforce the logic ofour strategy. We focus on areas where cross-border connectivity matters, where clients value insight, access andtrust. Whenwe describe Standard Chartered as a super-connector, we mean something specific. We sit at thecentre of the world’s most important trade and capital corridors andhelp clients move money, manage risk, exchange ideas and deploy capital across borders that others cannot serveeffectively. Further progress executing our distinctivestrategy Our robust performance in 2025 reflected the disciplined execution of our strategy to maximise our areas of strongest competitive advantage: • Serving our international corporate, institutional and individual clients with our differentiated cross-border products and services. • Helping our affluent customers manage their wealth inourmarkets across Asia, Africa and the Middle East. We specialise in providing creative solutions to complex issues for these sophisticated and internationally oriented clients. As Pete, our interim Group Chief Financial Officer, willexplain in more detail, we made good progress in both respects in 2025. I would like to take this opportunity to thank Diego for his valuable contribution during his tenure. Pete brings extensive sectoral experience and provides valuable continuity to the leadership of our finance function. Our distinctive model relies on the quality and resilience ofour people. Our achievements in 2025 are a direct result oftheir extraordinary commitment and ingenuity, and I want to thank them for their dedication and for embracing the challenges and opportunities of a rapidly changing world. Iam most proud that people who are the best at what they do choose to work at Standard Chartered, bringing their expertise and insights to help us deliver an increasingly distinctive client proposition. As we strive for excellence and deepen our role as a super-connector, it is the collective spirit and drive of our people that will define our next chapter. Our ongoing focus on serving our clients in the most productive way – through continuous transformation of our technology, adoption of advanced data skills (including AI), simplification of our processes, and disciplined expense management – has served us well. Initiatives such as Fit for Growth and other ongoing transformation programmes are enabling us to grow income at a faster rate than expenses while simultaneously enhancing the resilience of our functions. Our transformation is not limited to operational improvements; it is also underpinning a profound cultural shift. We are building a bank that is agile, seamless and trulyclient-centric, where collaboration and innovation are not just aspirations but embedded in our daily practice. Continuity of strategy under our new Chair This year marks an important transition in our leadership, asMaria Ramos succeeded José Viñals as Chair. We are grateful to José for his steady guidance and commitment, which have been instrumental in steering the bank through adynamic period. Maria’s appointment brings both continuity and freshperspective; she is exceptionally well placed toguide usthrough the next chapter. For further detailonhervision and priorities, I encourage you to read Maria’s statement, where she sets out her objectives. Looking ahead: this is (still) our time This year, we and our clients confronted a global economy and international system at what felt like an inflection point. Trends previously considered medium-term have accelerated. Trust and incrementalism – a belief that tomorrow will be aslightly modified version of today – have given way to amoresubstantial re-think. In response, markets and key actorsare re-wiring their financial systems’ connectivity, security alliances, trading routes and infrastructure, and technological dependencies. Our unique business model with its trusted network of deeply-rooted local franchises has always thrived in febrile environments, and we expect the prevailing conditions to continue for the foreseeable future. Our strategy is designed to enable us to endure change, to support clients asthe world becomes more complex and as their own needs evolve, and toensure that we remain relevant, resilient and trusted over the long term. We allocate capital, talent and technology accordingly – and we are equally deliberate about what wechoose not to do. We remain committed to sharing our success with our shareholders and will continue to actively manage our capitalposition with this objective in mind. We are therefore announcing a further share buyback programme of$1.5 billion, to commence imminently. This bank has been transformed in the last ten years, from atraditional, broad-based commercial bank into a focused, structurally more profitable, and distinctly positioned international institution. But what got us here will not get usto where we want to be over the next decade. We will explain more about our plans at our capital markets event inMay of this year, where we will describe our next phase ofgrowth and the expected financial effects of our plans. Bill Winters Group Chief Executive 24 February 2026 #### Group Chief Executive’s statement Standard Chartered | Annual Report 20258 ![]() ## Our strategy Our strategy is designed to deliver our purpose: to drive commerce and prosperity throughour unique diversity. This is underpinned by our brand promise, here for good. We are a global bank connecting corporate, institutional and affluent clients to a network that offers unique access tosustainable growth opportunities across Asia, Africa and the Middle East. We specialise in solving complex cross-border challenges for sophisticated clients. • Help our clients seamlessly connect with growth opportunities across high-growth corridors, utilising ourunique footprint. • Offer increasingly innovative solutions for complex clientneeds by growing our capabilities in advisory, riskmanagement and financing across capital markets, securities services, trade and payments. • Address evolving client demand and drive client satisfaction with investments in digitisation, product innovation and AI capabilities. • Enhance our ability to serve sophisticated financial institutions in fast-growing client segments such as Sponsors and Fintech. • Support our clients’ transition journeys across our markets by continuing to build market-leading sustainable financecapabilities. Cross-border Affluent • Continue to differentiate through our international affluent client value proposition, solidifying our position as a leading wealth manager in Asia, Africa and the Middle East. • Strengthen our competitive advantages in serving affluent clients’ needs, with investment of $1.5 billion over five yearsin our wealth and digital platforms, client centres, people and brand. • Deliver personalised and trusted advisory and differentiated solutions to clients, leveraging AI and digital tools to grow client engagement and wealth penetration. • Build a robust pipeline of future affluent clients as we continue to reshape our mass retail business. • Connect clients to sustainability capabilities across the bank by embedding sustainable investments into our Wealth Solutions propositions. #### Strategic priorities #### Sustainability #### Cross-border Combining differentiated cross-border capabilities… #### Affluent …with leading wealth management expertise Network income ~70% of CIB income inmediumterm Income from financial institution clients ~60% of CIB income inmediumterm Wealth Solutions income Double-digit CAGR from 2025to 2029 Affluent income 75% of WRB income Net new money $200bn from 2025 to 2029 Annual Report 2025 | Standard Chartered 9 Strategic report ![]() Our business model reflects our strategy of combining differentiated cross-border banking capabilities with leading wealth management expertise for affluent clients, supported by leadership in sustainability. ## Our business model #### Our resources Our resources provide the strong foundation that helps us deliver our strategy. #### Our businesses We bring together three interconnected client segments, delivering a range of products and services, supported by our leading Sustainability business. Human capital Diversity differentiates us; it is in our purpose statement. Delivering our strategy rests on how wecontinue to invest in our people, the employee experience and culture. Brand recognition We are a leading international banking group with 170 years of history. In many of our markets, we are ahousehold name. International network Our network is our unique competitive advantage and connects corporates, financial institutions, individuals and small and medium-sized enterprises across some of the world’s fastest-growing and most dynamic markets. Financial strength With our solid balance sheet and prudent financial management, we are a strong and trusted partner for our clients. Local expertise We are deeply rooted in the markets where we operate, offering us insights that help our clients achieve their ambitions locally and across borders. Technology Our foundations in technology and data act as key enablers in providing world-class client services. Sustainability Sustainability is integral to the Group and our client offering across all our business segments. Responsible business practices We strive to be a responsible business by operationalising our net zerotargets, managing environmental and social risks, and acting transparently. #### Our client segments Read more on our client segments on pages 24 to 31 Corporate & Investment Banking Supports large corporations, development organisations, governments, and financial institutions with risk management, advisory and financing solutions. Wealth & Retail Banking Serves the local and international banking needs of our clients across the wealth continuum with afocus on the affluent segment, while also supporting small and medium-sized enterprises. Ventures Promotes a culture of innovation across the Group, investing in disruptive financial technology and creating alternative financial service business models, as well as growing our digital banks – Mox and Trust. Standard Chartered | Annual Report 202510 ![]() #### Our value creation We create long-term value for a broad rangeof stakeholders. Clients We deliver banking solutions for our clients across our network, both digitally and in person. We help individuals grow and protect their wealth while connecting corporates and financial institutions toopportunities across our network. Employees We believe that employee experience drives clientexperience. We want all our people to pursue their ambitions, deliver with purpose and have a rewarding career enabled by great people leaders. Suppliers We partner with diverse suppliers, locally and globally, to provide efficient and sustainable 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 functioning of the financial system and the broadereconomy by proactively engaging with public authorities. Society We strive to operate as a sustainable and responsible company, working with local partners topromote social and economic development. Read more in our Sustainability review onpages 67 to 128 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 inclusion. #### Our key products and services Global Markets • Macro Trading • Credit Trading Global Banking • Lending &Financial Solutions • Capital Markets & Advisory Transaction Services • Payments &Liquidity • Trade & Working Capital • Securities & Prime Services Wealth Solutions • Investments • Bancassurance • Wealth advice • Portfolio management Retail Products • Deposits • Mortgages • Credit cards • Personal loans Annual Report 2025 | Standard Chartered 11 Strategic report ![]() ## Key performance indicators We measure our progress against Group key performance indicators (KPIs), as detailed below, as well as client KPIs, which can be found onpages 24 to 31. Our Group KPIs include non-financial measures, reflecting our commitment to build an engaged, diverse and inclusive culture and support social and environmental outcomes. #### Financial KPIs #### Underlying return on tangible equity (RoTE) 1,2 % +300 ### bps Aim Deliver sustainable equity improvement in the Group’s profitability as a percentage of the value of shareholders’ tangible equity. Progress in 2025 Consistent execution of our strategic priorities has translated into materially higher returns, with underlying RoTE of 14.7 per cent in 2025, exceeding our 13 per cent target a year earlier than planned. 1 The underlying profit attributable to ordinary shareholders expressed as a percentage of average ordinary shareholders’ tangible equity. 2 2021–2022 was restated to reflect market and business exits announced in Q1’23. 3 Combines simple share price appreciation with dividends paid to show the total return to the shareholder and is expressed as a percentage total return toshareholders. The outcomes for 2024 and 2023 have been restated due to an adjustment to the 2023 TSR input data, reflecting a change in adjustment factorbythe data provider. #### Total shareholder return (TSR) 3 % 89.0% Aim Deliver a positive return on shareholders’ investment through share price appreciation and dividends paid. Progress in 2025 Our total shareholder return for the full year was 89.0 per cent, reflecting the significantly improved share price during2025. 2025 2024 2023 2022 2021 89.0% 53.5% 5.1% 41.4% (2.0)% -12 ### bps #### Common Equity Tier ratio (CET1) 1 % Aim Maintain a strong capital base and CET1 ratio. Progress in 2025 The Group remains well capitalised and highly liquid, with aCET1 ratio of 14.1 per cent above our target range. The Board has announced a full-year dividend of 61 cents per share anda further share buyback programme of $1.5 billion commencing imminently. 2025 2024 2023 2022 2021 14.1% 14.2% 14.1% 14.0% 14.1% 2025 2024 2023 2022 2021 14.7% 11.7% 10.1% 7.7% 6.5% Standard Chartered | Annual Report 202512 ![]() 4 Subject to local legal requirements. 5 Senior level refers to roles that are at least at the level of Executive Director (Band 4) and Managing Director (Band 3) as at 31 December of each reporting year. 6 We define mobilisation of sustainable finance as our share of any investment or financial service provided to clients that supports: (i) the preservation and/or improvement of biodiversity, nature or the environment; (ii) the long-term avoidance/decrease of greenhouse gas emissions, including the alignment of a client’s business andoperations with a 1.5°C trajectory or national net zero pathway (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value committed on facilities provided to clients. Mobilisation is the provision of capital that, as per the legal contractual documents, meet the sustainable finance verification criteria, or SLL eligibility, as of the date of execution of the trade. 7 Figures reflect cumulative sustainable finance mobilised since January 2021 up to September of each year. 8 The 2024 balance has been restated from $121 billion to $123 billion. See page 83 for details. 9 eNPS ranges from -100 to +100 and is based on a single question that measures whether colleagues would recommend working for the Bank. It is calculated bydeducting the percentage of detractors from the percentage of promoters. #### Non-financial KPIs #### Women in senior roles 4,5 % -0.3% Aim Increase representation 4 of women in senior leadership roles 5 globally to 35 per cent by the end of 2025. Progress in 2025 The slight decrease reflects growth in the overall senior leadership population, which impacted the proportional representation of women. 2025 2024 2023 2022 2021 33.0% 33.1% 32.5% 32.1% 30.7% #### Employee net promoter score (eNPS) 9 -2.9 ### points Aim Improve the overall employee experience across the Group bycreating a better work environment for our colleagues thatshould translate into an improved client experience. Progress in 2025 eNPS reflects wider engagement trends and the organisational changes underway. 2025 2024 2023 2022 2021 17.56% 20.44% 25.86% 17.55% 12.94% #### Mobilisation of sustainable finance 6,7,8 $bn +$34bn Aim Cumulative progress towards our commitment to mobilise $300 billion between 2021 and 2030. Progress in 2025 We are tracking well against our commitment, having now mobilised over half of our target amount. 2025 2024 2023 2022 2021 $157bn The group announced this target in Q4 2021 $123bn 8 $87bn $57bn Alignment to remuneration Reward for all Group employees, including executive directors, continues to be aligned to the Group’s strategic priorities, through our annual and long-term incentive scorecards. Our approach to remuneration is consistent for allemployees and is designed to create alignment with our Fair Pay Charter, which applies globally. However, our pay structures may vary according to location (to comply with local requirements). Variable remuneration falls into two categories: annual incentive and a long-term incentive plan(LTIP), which are aligned to the KPIs indicated. Annual incentive is based on measurable performance criteria linked to the Group’s strategy and assessed over a period of one year. LTIP awards are granted to senior executives who havethe ability to influence the long-term performance of theGroup. Awards are performance dependent based on measurable, long-term criteria. Read more in our Directors’ remuneration report on pages 180-206 Annual Report 2025 | Standard Chartered 13 Strategic report ![]() ## Market environment Trends in 2025 • Global GDP growth was 3.4 per cent in 2025, slightly higher than 3.3 per cent in 2024, and better than expected as exporters front-loaded exports to the US and consumers remained resilient amid ongoing easing by central banks. • Asia’s growth was 5.3 per cent in 2025 as itsexport- oriented economies held up much better than expected thanks tostrong front-loading of exports. Growth in China was stable at 5.0 per cent in 2025, the same as in 2024, although momentum eased over the course of the year. Growth inIndia was stronger in 2025 owing to a domestic policy stimulus of tax cuts and interest rate reductions, which more than countered higher US tariffs. • Sub-Saharan Africa (SSA) likely saw growth of 4.0 per centin 2025, supported by easing global financial conditions, sustained capital inflows and country-specific reforms. Weaker global integration of SSA economies has provided a buffer against risks stemming from US tariffs. • Among the major markets, the US showed resilience, but growth still slowed from 2.7 per cent in 2024 to 2.0 per cent in 2025 amid government spending cuts, tariff disruptions and prolonged government shutdown. Growth was stronger in 2025 in the Euro area and the UK, largely owing to front-loading of exports to the US ahead of tariffs. Monetary easing will continue to filter through, but external trade pressures have shown signs of weighing ongrowth. In most major markets, there are early signs oflabour market softening. • Many central banks continued to loosen monetary policy over the course of 2025 as inflation showed clearer signs ofreturning totarget levels. Outlook for 2026 • We expect global growth to be 3.4 per cent in 2026, unchanged from 2025. For many economies, 2026 is likely to be a year of transition from monetary to fiscal policy, and from export-led to increasingly domestic (particularly investment-led) growth. • On the geopolitical front, markets will be eager to see progress to end ongoing conflicts and will be focused onthe US mid-term elections. Risks to the outlook remain high amid persistent trade policy uncertainty, geopolitical flash points, and fears of financial-market corrections –allof which point to potentially higher probabilities ofextreme outcomes. • We expect the US to grow by 2.3 per cent in 2026, on theback of strong business investment and spending, supported by corporate tax cuts and the race for AI adoption. We expect euro area growth to be more muted at 1.1 per cent given trade pressures – from US tariffs, increasing competition from China and the uneven pictureacross euro-area economies. • China is likely to grow by 4.6 per cent in 2026, driven primarily by tech-led investment and productivity gains,along with an increasing policy focus on boosting domesticconsumption. Asian economies are likely toseeaslowdown in export growth. However, resilient consumer spending and stronger investment should support growth across most economies. • The US continues to diverge from other major economies – inflationary pressures are building in the US, while they remain largely absent elsewhere. We expect no further cuts from the US Federal Reserve (Fed); as this is less than what the market is currently pricing in, it should mean that global yield curves steepen and should also be supportive for the US dollar. Medium-term and long-term view Focus on fiscal concerns • Global central banks have delivered over 150 rate cuts inthe past 12 months and are now nearing the end of theirmonetary easing cycles. Fiscal policy is set to take centre stage in 2026, with an increased focus on defence and infrastructure spending in major economies, includingtheEU. • Global debt outstanding has reached new record levels. Fiscal challenges across both developed and emerging market economies have not been resolved; H1 2025 saw $21 trillion added to the global debt tally, taking debt outstanding to nearly $340 trillion. • Under pressure to support growth, governments across both developed and emerging markets are likely to rely increasingly on fiscal stimulus. The extra borrowing required is likely to put renewed upward pressure onbondyields, barring a global recession. • We expect yield curve steepening to emerge as the dominant trend for global curves asmore corporate borrowers are tapping the markets atthe same time thatsovereigns are ramping up debt issuance to fund fiscal stimulus. • With the Fed likely to keep interest rates well above pre-pandemic lows, and with the return of the ‘steeper- for-longer’ theme for yield curves globally, economies with external funding needs could face greater scrutiny than those more reliant on domestic funding. Broader global trends • Long-term growth in the developed world is constrained by ageing populations and high levels of debt. • Rising nationalism, anti-globalisation and protectionism are threats to long-term growth prospects in emergingmarkets. • However, there are potential offsets. Higher capex to meet sustainability targets and moves towards digitalisation could boost productivity growth, providing an antidote toeconomic scarring concerns. Within emerging markets, countries in Asia are best placed to take advantage ofdigitalisation, including generative AI (GenAI). • Relatively younger populations, and the adoption ofdigital technology, will allow emerging markets tobecome increasingly important to global growth. • In order to meet net zero targets, energy-related spending will have to increase significantly; headwinds include insufficient funds across emerging markets, labour shortages and supply chain constraints. #### Macroeconomic factors affecting the global landscape Standard Chartered | Annual Report 202514 ![]() #### Regional outlook Greater China and North Asia Actual and projected growth by market in 2025 and 2026 ASEAN and South Asia Actual and projected growth by market in 2025 and 2026 2026 2025 4.6% 5.0% 2026 2025 3.2% 3.5% 2026 2025 2.0% 1.0% China Hong Kong Korea 2026 2025 6.6% 7.5% 2026 2025 5.2% 5.0% 2026 2025 3.2% 4.8% India Indonesia Singapore The latest US–China trade agreement has eased tariff uncertainty somewhat for 2026. Our baseline now assumes tariffs to stay around current levels throughout 2026. Weexpect China’s exports to stay resilient and policy to continue to support domestic demand, especially consumption, amid the prolonged housing-market correction. China’s total factor productivity gains should continue to fuel growth, aided by rapid AI adoption. The 15 th Five Year Plan (FYP) continues to push for consumption-based and technology-driven growth, underlining China’s structural transition. We expect China’s macro policies to remain supportive tocushion growth, but policymakers may avoid ultra-loose measures to safeguard financial stability and balance short-term economic relief with the long-term structuralagenda. We expect China’s fiscal policy to remain supportive of theeconomy in the near-term to avoid a fiscal cliff, but the budget deficit is likely to be moderately smaller compared to2025. The People’s Bank of China is likely to maintain accommodative monetary policy, but with measured easing to manage financial stability concerns. We expect China’s economy to grow 4.6 per cent in2026. Hong Kong’s household spending may continue to recover in 2026. Business investment and hiring intentions are expected to recover in 2026 thanks to relatively steady domestic growth and reduced tariff uncertainty, providing relief to thelabour market. Meanwhile, merchandise export growth islikely to decelerate in 2026 on unfavourable base effects and fading front-loading activity. We expect Hong Kong’s role as a global offshore Renminbi (RMB) business hub to strengthen. China’s 15 th FYP proposes advancing RMB internationalisation. We expect South Korea’s GDP growth to accelerate in 2026.The composition of growth may turn more balanced asconstruction investment turns positive, facility investment stays stable and private consumption strengthens. Whileweexpect exports to slow versus 2025 due to base effects, they remain the key source of support for Korea’s economy. We expect the Bank of Korea to keep rates on hold for a prolonged period. In India, a GDP growth forecast of 7.5 per cent for FY26 (ending March 2026) and 6.6 per cent next year amid well-contained inflation puts it on a solid footing. Policy-push viatax and interest rate cuts, continued focus on capital expenditure and good weather islikely to lead to more even distribution of growth. Downside surprises to inflation have led to easier monetary policy, although rate cuts have likely come to an end. Apolicy change to allow theIndian rupee tobe the shock absorber amid weak capital inflows ensures macroeconomic stability from a medium-term perspective. Focus remains on the government’s measures toimprove theease of doing business, which will be critical inattracting larger capital inflows into India. We expect growth in ASEAN to remain stable in 2026. Exporting economies including Singapore, Malaysia, Thailandand Vietnam, had performed better than expected in 2025, despite tariff-related uncertainty on the back of anextended period of tariff-reprieve and the front-loading ofexports to the US. However, normalisation of exports may be a growth drag in2026. Meanwhile, AI-related activity may continue tosupport growth, either via manufacturing or investment. Moredomestically driven economies, including those ofIndonesia andthe Philippines, may benefit from a more efficient utilisation of their fiscal budgets in 2026. Issues, including logistical challenges and increased fiscal scrutiny, affected their growth in 2025 but we expect these economies toperform better in 2026 once these issues are resolved. Asian central banks may be close to the end of their easing cycles. While inflation is likely to remain manageable, it could pick up in 2026. We expect only further modest easing in Indonesia, the Philippines and Thailand inH1 2026. Having said that, foreign exchange stability remains a focal point forsome of these central banks, which may affect their interest ratedecisions. Meanwhile, the Monetary Authority ofSingapore may be the first central bank in the region totighten monetary policy in April, unwinding some of the pre-emptive easing in H1 2025, amid stronger-than-expected economic performance. Annual Report 2025 | Standard Chartered 15 Strategic report ![]() #### Market trends and outlook: Regional outlook Americas Actual and projected growth by market in 2025 and 2026 2026 2025 2.3% 2.0% US We expect a gradual acceleration of US growth in 2026, underpinned by strong investment growth amid corporate tax cuts and the race for AI build out. Despite softer employment growth, which partly reflects supply-side factors such as lower immigration, we expect high productivity growth to sustain the resilience in the US economy. Business hiring is likely to pick up later in 2026, aided by loose financial conditions and resilient domestic demand. Tariff-induced price pressure has started to gradually filter through the economy. Concerns over the inflation trajectory may limit the room for Fed easing in 2026. Legal challenges against the tariffs still pose significant uncertainty over the US fiscal trajectory and long-term interest rates. Upcoming mid-term elections could put the administration on the defensive, limiting the room for more radical changes. In Latin America, growth is likely to pick up for most countries inan environment of more supportive monetary policy and sustained commodity tailwinds. A busy election calendar could increase market volatility, although potential swings tothe rightcould boost investment sentiment in anticipation of more market-friendly legislative environments. Fiscal risks are likely toremain elevated, with high borrowing costs and increasing spending rigidity challenging fiscal consolidation. Africa Actual and projected growth by market in 2025 and 2026 2026 2025 4.0% 3.8% 2026 2025 2.0% 1.2% 2026 2025 5.3% 4.9% Nigeria South Africa Kenya We expect continued robust growth in Sub-Saharan Africa (SSA), which is less exposed than other regions to escalating trade tensions. Inlarger economies such as Nigeria and South Africa, reform momentum is the main driver of the turnaround. Favourable commodity prices and still-supportive portfolio investor flows should also continue to provide support. Most SSA economies have seen a marked improvement ingross reserve accumulation, helped by gold valuation gains in the case of the West African Economic and Monetary Union region, Ghana, South Africa, Zambia and Uganda. Thistrend should persist in 2026, boosting external liquidity. Although the ability of Senegal and Kenya to secure IMF-funded programmes will be closely watched, this is unlikely todetract from broader investor appetite for SSA assets. 2026 should see continued portfolio inflows to the region, with FX stability allowing for significant monetary easing inGhana, Nigeria and Zambia. We forecast a pick-up in private-sector credit across most SSA markets. This will besupported by banking-sector consolidation in Nigeria, wherenew minimum capital requirements are taking effect, and stepped-up efforts in Kenya and Ghana to address delayedgovernment payments, should reduce non-performingloans. Middle East Actual and projected growth by market in 2025 and 2026 2026 2025 5.0% 5.0% UAE Despite relatively low oil prices, we expect the Gulf Cooperation Council (GCC) to remain a bright spot for global growth in 2026,with the region’s non-oil growth exceeding overall global economic growth. With the exceptions of Saudi Arabia, Kuwait 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 activity in 2026, while lower interest rates, favourable demographics and labour market dynamics should benefit consumption growth and sectors such as housing in Saudi Arabia, the UAE and Qatar. Cautious central bank policies should keep FX and inflation risksin check in Türkiye, Egypt and Pakistan. On the trade front, the GCC, and theUAE in particular, will continue to benefit from rising South–South trade as global trade is re-routed in a more fragmented world. In parallel, policymakers’ focus on AI should add impetus to the US–GCC investment corridor. Europe Actual and projected growth by market in 2025 and 2026 2026 2025 1.2% 1.4% 2026 2025 1.1% 1.4% UK Euro area European growth is likely to be weak in the first half of theyearas trade pressures weigh on exporters. However, European consumers remain in a relatively healthy position and consumer spending should support overall economic growth. German fiscal stimulus should also provide more ofatailwind togrowth as the yearprogresses. The UK growth outlook will be weighed down by a weaker labour market and fiscal tightening. However, reforms to the UK’s planning system and efforts to improve trade – particularly with the EU – should yield growth benefits over time. The European Central Bank has almost finished its interest-rate cutting cycleas inflation is close to target, but the Bank of England likely has further room to cut owing to labour market weakness and slowing inflation. Standard Chartered | Annual Report 202516 ![]() Summary of financial performance All commentary that follows is on an underlying basis andcomparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FX positions in Egypt andahyperinflationary accounting adjustment in Ghana (thenotable items). Our operating income grew by 6 per cent to $20.9 billion or8per cent excluding the notable items, driven by record performance in Wealth Solutions and Global Markets and strong double-digit growth in Global Banking. Operating expenses grew by 4 per cent, disciplined cost management enabled us to generate positive income-to-cost jaws of 2percent, or 4 per cent excluding the impact of notable items. Credit impairment charges were $676 million, equivalent toan annualised loan-loss rate of 19 basis points,with asset quality remaining resilient in the face ofavolatile global environment. Underlying profit before tax of$7.9 billion was up 18 per cent, and underlying earnings per share of 229.7 cents, increased 37 per cent benefitting from a reduction inshare count as well as the increase in profitability. The Group remains well capitalised and highly liquid with astrong and diverse deposit base. The liquidity coverage ratio of 155 per cent reflects disciplined asset and liability management. The Common Equity Tier 1 (CET1) ratio of 14.1per cent is above the Group’s target range of 13percent to 14per cent, enabling the Board to announce afurther $1.5 billion share buyback programme to commenceimminently. Net interest income (NII) of $11.2 billion was up 1 per cent, asthe benefit from higher volumes and improved balance sheet mix was partly offset by the impact of lower interest rates leading to margin compression, albeit pass-through rates remain robustly managed. Non NII of $9.7 billion increased 13 per cent or 17 per cent excluding the notable items. This was driven by record performance in Wealth Solutions from continued momentum in new clients onboarding and growth in net new money, strong performance in Global Banking from higher origination and distribution volumes and robust growth in Global Markets from client flow income. Ventures realised a $238 million gain from the Solv India transaction. ## Group Chief Financial Officer’s review We delivered strong performance in 2025 reflecting sustained successful execution ofour cross-border and affluent banking strategy which helped our clients navigate an uncertain external environment. The continued strategic focus on areas of our distinctive competitive advantage helped us deliver an underlying return on tangible equity of 14.7 per cent in 2025, surpassing our 13 per cent underlying return on tangible equity target a year earlier than planned. Pete Burrill Interim Group Chief Financial Officer Annual Report 2025 | Standard Chartered 17 Strategic report ![]() #### GCFO’s review Operating expenses of $12.3 billion increased 4 per cent. Thiswas largely driven by continued investments into business growth initiatives, including strategic hiring of Relationship Managers in Wealth & Retail Banking (WRB) and coverage bankers in Corporate & Investment Banking (CIB) and higher performance related compensation reflecting a combination of strong profitability, share price increases and a change inregulation which enabled the acceleration of deferred bonuses. This was partly offset by efficiency saves, primarily linked to the Fit for Growth programme. The cost-to-income ratio improved by 1 percentage point to 59 per cent. Credit impairment charge of $676 million represents a loan loss rate of 19 basis points, in line with the prior year. WRB impairment of $595 million was down $28 million, reflecting portfolio optimisation actions. The $59 million charge in Ventures was down $14 million year-on-year as delinquency rates improved in Mox. CIB impairment was a net charge of$4 million, up $124 million from the non-repeat of prior yearreleases. Other impairment of $42 million decreased by $546 million year-on-year primarily due to lower software asset write-offs. Profit from associates and joint ventures was up 42 per cent to $71 million mainly reflecting higher profits at China BohaiBank. Restructuring, FFG, Debit Valuation Adjustment (DVA) and other items totalled $937 million (2024: $797 million). Restructuring of $320 million reflects the impact of actions tosimplify technology platforms and business exits (2024: $285 million). Charges to structurally improve productivity through the Fit for Growth programme totalled $531 million (2024: $156 million). Movements in DVA were a negative $31 million (2024: negative $24 million) while Other Items were a $55 million charge (2024: $332 million). Taxation was $1.9 billion on reported basis, with an underlying effective tax rate of 25.3 per cent down 5.3 per cent year-on- year reflecting a favourable change in the geographic mix ofprofits, reduced impact of deferred tax not recognised for UK losses and beneficial adjustments for prior period items. Underlying RoTE increased by 300 basis points to 14.7 per cent reflecting increased profits, a lower underlying effective tax rate, and gains on SC Ventures equity investments recognised through fair value movements in other comprehensive income. Reported RoTE increased 220 basis points to 11.9 per cent from an 18 per cent increase in profit before tax and 6 per cent drop-in tax rate. Underlying basic earnings per share (EPS) increased 61.6cents or 37 per cent to 229.7 cents and reported EPS increased 54.1 cents or 38 per cent to 195.4 cents. A final ordinary dividend per share of 49 cents has been proposed taking the full-year dividend to 61 cents per share, a65 per cent increase year-on-year. The Group completed a$1.5 billion share buyback programme during the first half ofthe year and the $1.3 billion share buyback programme announced on 31 July 2025 was completed on 26 January 2026. The increased dividend, along with a new share buyback programme of $1.5 billion to be commenced imminently, takes the total shareholder distributions announced since thefull-year 2023 results to $9.1 billion. Guidance In 2026, the Group’s reporting will move from an underlying toa reported basis, and our 2026 guidance below is set onthis basis: • Reported operating income growth year-on-year tobearound the bottom end of 5-7 per cent range atconstant currency. – Within which, net interest income 1 expected tobe broadly flat year-on-year at constant currency. • Reported cost to be broadly flat in constant currency including the final year of Fit for Growth charges. • Statutory RoTE to be greater than 12 per cent. Pete Burrill Interim Group Chief Financial Officer 24 February 2026 1 Net interest income is adjusted for trading book funding cost, treasury currency management activities, and financial guarantee fees oninterestearningassets. Standard Chartered | Annual Report 202518 ![]() #### Summary of financial performance 2025 $million 2024 $million Change % Constant currency change 1 % Underlying net interest income 2 11,185 11,096 1 1 Underlying non NII 2 9,709 8,600 13 13 Underlying operating income 20,894 19,696 6 6 Underlying operating expenses (12,347) (11,790) (5) (4) Underlying operating profit before impairment and taxation 8,547 7,906 8 9 Credit impairment (676) (557) (21) (21) Other impairment (42) (588) 93 93 Profit from associates and joint ventures 71 50 42 42 Underlying profit before taxation 7,900 6,811 16 18 Restructuring 5 (320) (285) (12) (13) FFG 5 (531) (156) nm nm DVA (31) (24) (29) (29) Other items (55) (332) 83 83 Reported profit before taxation 6,963 6,014 16 18 Taxation (1,866) (1,972) 5 6 Profit for the year 5,097 4,042 26 29 Net interest margin (%) 3,4 2.03 2.06 (3) Underlying return on tangible equity (%) 4 14.7 11.7 300 Underlying basic earnings per share (cents) 229.7 168.1 37 1 Comparisons presented on the basis of the current period’s transactional currency rate, ensuring like-for-like currency rates between the two periods. 2 Underlying Net Interest Income (NII) has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect thereclassification of funding cost mismatches to underlying non NII. 3 Net interest margin has been restated due to the revision of underlying net interest income as outlined in footnote 2. 4 Change is the basis points (bps) difference between the two periods rather than the percentage change. 5 FFG (Fit for Growth) charge previously reported within Restructuring has been re-presented as a separate item. #### Reported financial performance summary 2025 $million 2024 $million Change % Constant currency change 1 % Net interest income 5,955 6,366 (6) (6) Non NII 14,987 13,177 14 14 Reported operating income 20,942 19,543 7 7 Reported operating expenses (13,304) (12,502) (6) (6) Reported operating profit before impairment and taxation 7,638 7,041 8 10 Credit impairment (672) (547) (23) (22) Other impairment (65) (588) 89 89 Profit from associates and joint ventures 62 108 (43) (43) Reported profit before taxation 6,963 6,014 16 18 Taxation (1,866) (1,972) 5 6 Profit for the year 5,097 4,042 26 29 Reported return on tangible equity (%) 2 11.9 9.7 220 Reported basic earnings per share (cents) 195.4 141.3 38 1 Comparisons presented on the basis of the current period’s transactional currency rate, ensuring like-for-like currency rates between the two periods. 2 Change is the basis points (bps) difference between the two periods rather than the percentage change. Annual Report 2025 | Standard Chartered 19 Strategic report ![]() As a super-connector, we bring cross-border capabilities to ourclients, linking Asia, the Middle East and Africa to Europe and the Americas. With our expertise in sustainable finance, we help our clients make progress on their climate objectives while unlocking sustainable investment opportunities across our footprint. We also help clients transact and tokenise digital products andprovide custody services through Group and SC Venturebusinesses. #### The super-connector bank helping clients #### do business across borders. ## Corporate & Investment Banking Total network income #### from 2019 to 2025 CAGR 1 +10% #### Now is your time to lead across borders $7.6bn 2025$7.3bn 2024 $6.8bn 2023 $5.1bn 2022 $4.0bn 2021 $3.9bn 2020 $4.3bn 2019 1 Compound Annual Growth Rate. Standard Chartered | Annual Report 202520 ![]() Learn about Corporate & Investment Banking online Visit sc.com/crossborder Annual Report 2025 | Standard Chartered 21 Strategic report ![]() 2025 2024 2023 54% 51% 49% 2025 2024 2023 61.5% 61% 61% #### Corporate & Investment Banking Client segment reviews CIB supports local and large corporations, governments, banks and investors with their transaction services, banking and financial markets’ needs. Weprovide differentiated cross-border capabilities to over 17,000 clients in some of the world’s fastest-growing economies andmost active trade corridors. Segment overview Our strong and deep local presence enables us to co-createbespoke financing solutions 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. CIBisat the heart of the Group’s shared purpose to drive commerce and prosperity through our unique diversity. We are also committed to promoting sustainable finance inour markets and channelling capital to where the impact will be greatest. We are delivering on our ambition to supportsustainable economic growth, increasing support and funding for financial offerings that have a positive impact on our communities and environment. #### Performance highlights Underlying basis $5,875m 9% Reported basis $5,350m 4% Profit before taxation $175.9bn $6.5bn Risk-weighted assets Underlying basis 15.8% #### 90bps Reported basis 14.1% #### Flat Return on tangible equity Contributions of Financial Institutions segment 54% Aim: Drive growth in high-returning Financial Institutionssegment. Analysis: Share of Financial Institutions income increased to54 per cent in2025, reflecting sustained focus on the segment to drive income growth and returns. Network as % of total income 61.5% Aim: Drive cross-border income by focusing on strategic corridors with growth potential. Analysis: Network income increased to 61.5 per cent in 2025 from 61 per cent in 2024, reflecting continued execution against our cross-border strategy for large global corporate and Financial Institutionclients. Standard Chartered | Annual Report 202522 ![]() Performance highlights • Underlying profit before tax of $5,875 million increased by 9per cent at constant currency driven by higher income, and lower impairment charge partially offset by higher operating expenses. • Underlying operating income of $12,394 million increased by 4 per cent at constant currency primarily driven by strongperformance in Global Markets and Global Banking. GlobalMarkets increased 12 per cent driven by continued strong growth inflow income (up 15 per cent) and growth in episodic income (3 per cent). Global Banking increased 15 per cent due to higher origination and distribution volumes from strong pipeline execution, coupled with increased Capital Markets activities. Transaction Services income decreased 7 per cent as growth in Securities & Prime Services was offset by lower Payments & Liquidity and Trade & WorkingCapital incomes. • Underlying operating expenses were up by 2 per cent atconstant currency largely due to strategic business investments and higher performance-related pay. • Credit impairment was a net charge of $4 million asthegross impairments were offset by recoveries. Otherimpairment decreased by $284 million year-on year duetonon-repeat of software asset write-offs. • RWAs of $175.9 billion were up $6.5 billion, mainly driven by higher operational and market RWA. Credit RWA increase from asset growth was offset by RWA optimisation actions. Business focus • Deliver sustainable growth for clients by leveraging ourunique network to facilitate trade, capital and investment flows across our footprint markets. • Generate high-quality returns by improving income mix, growing capital-lite income, expanding our wallet share, and driving balance sheet velocity, while maintaining disciplined risk management. • Be a digital-first and data-driven bank that delivers enhanced client experiences. • Accelerate our sustainable finance offering to our clients through product innovation and enabling transition toalow-carbon future. Progress • Our underlying income performance was driven by our diversified product suite, expanded client solutions and optimised resource allocation by focusing on clients whosecross-border needs played directly to our strengths. Our cross-border income was 61.5 per cent of total CIB income with growth across strategic corridors. • We increased the share of income from our financial institution income as a percentage of total CIB income,from 51 per cent in 2024 to 54 per cent in 2025. Client Digital Transaction Initiation stood at 72.1 per cent (2024: 68.3 percent) largely in Cash, Trade and FX. Clientexperience remained at the centre of our digital transformation, with our Customer Satisfaction Score improving to 76.5 per cent (2024: 71.6 per cent). • We have delivered $1.07 billion sustainable finance income, achieving our target of $1 billion income by 2025, and have mobilised $157 billion against our commitment to mobilise $300 billion of sustainable finance by 2030. Annual Report 2025 | Standard Chartered 23 Strategic report ![]() With our wealth insights, tailored advice and global network, weconnect our clients to investment opportunities across Asia, Africaand the Middle East, meeting their wealth needs domestically and internationally. Our products and services, supported by views from our Chief Investment Office, help our clients grow, protect and pass on their wealth to future generations. As we look to accelerate our affluent business, we are backed bya$1.5 billion investment commitment and are targeting $200 billion inaffluent net new money from 2025 to 2029. #### Helping clients grow and protect #### theirwealthwhile ensuring family values #### arepreserved across generations. ## Wealth & Retail Banking 2017 199 2018 201 2019 223 2020 240 2021 255 2022 258 2023 272 2024 367 $447bn 2025 #### Now is your time to grow with purpose 1 Assets under management. 2 Compound Annual Growth Rate. Affluent AUM 1 ($bn) #### from 2017 to 2025 CAGR 2 +11% Standard Chartered | Annual Report 202524 ![]() Affluent metrics Net new money in 2025 $51.5bn New to bank clients in2025 275k International clients 386k International client AUM 1 $243bn Learn about Wealth & Retail Banking online Visit sc.com/wealth Annual Report 2025 | Standard Chartered 25 Strategic report ![]() #### Wealth & Retail Banking Client segment reviews WRB continues to build on strong momentum, reinforcing our position as a leading international wealth manager across Asia, Africa and the Middle East. Our trusted brand, deep local presence andexpansive global network are our core differentiators. Clients choose us for our expertise, personalised solutions and stability, enabling us to capture strong structural tailwinds driving cross-border wealth flows. Segment overview We serve individuals and small and medium businesses bydirectly addressing their international and wealth needs. We focus on the affluent spectrum, encompassing Private, Priority Private, Priority and Premium Banking clients, offering them a comprehensive product suite spanning: deposits, payments, financing, advisory, investments and bancassurance. In particular, our open architecture allows usto collaborate with partners to bring best-in-class and first-to-market wealth solutions to our clients. In Personal Banking, we focus on engaging emerging affluentclients early in their wealth journey. By partnering with them as their first or primary wealth advisor, we grow with them asthey progress along the affluent continuum, cultivating astrong pipeline of our future affluent clients. For our small and medium business clients, we provide an integrated offering through the Small and Medium Enterprise (SME) segment that covers both their business operations and personal wealth needs. Many of these fast-growing companies particularly value our international network for their cross-border needs. WRB is closely integrated with the Group’s other client segments. We support entrepreneurs from our Private Bank with one-stop solutions for their corporate banking needs, offer employee banking services to CIB clients and serve asasource of high-quality liquidity for the Group. #### Performance highlights Underlying basis $2,883m 14% Reported basis $2,427m 10% Profit before taxation $56.8bn $0.5bn Risk-weighted assets Underlying basis 25.5% #### 480bps Reported basis 20.9% #### 310bps Return on tangible equity Affluent net new money (NNM) $51.5bn Aim: Achieve NNM from new and existing affluent clients, viainnovation and advisory-led and digital-first wealthpropositions. Analysis: Affluent NNM continued to grow in 2025, nearly doubling from 2023 levels, and registered 14 per cent growthonAUM,supported by strong NTB client acquisition momentum and deeper engagement with internationalclients. 2025 2024 2023 $51.5bn $43.9bn $27.1bn International affluent clients in wealth hubs 386k Aim: Solidify our position as a leading international wealth manager by leveraging our client continuum, global network and expertise in wealth solutions. Analysis: International affluent clients increased 18 per cent year-on-year in 2025, achieving three-year growth target of375k setin2023, one year ahead of schedule. 2025 2024 2023 386k 325k 274k Standard Chartered | Annual Report 202526 ![]() • Continued to invest in the hiring of affluent relationship managers and wealth specialists, uplift digital capabilities and build new client centres; opened seven new client centres in 2025, taking the total to 18. • Continued to digitise and enhance the wealth client journeys with new self-service capabilities, streamline processes, and build more comprehensive portfolio advisory capabilities for both clients and frontline teams. • Launched three funds managed by SC Variable Capital Company and expanded our differentiated wealth solutions, such as our exclusive Signature Select and Signature CIO funds, with the combined AUM from Standard Chartered exclusive funds crossing $8 billion. • Recognised for excellence in private banking, digital wealth and other capabilities, with 40 industry awards received in 2025. Performance highlights • Underlying profit before tax of $2,883 million, increased by14 per cent at constant currency driven by higher income, lower credit and other impairment charges, partially offset by higher operating expenses. • Underlying operating income of $8,464 million grew 6percent at constant currency primarily driven by a 24 percent increase inWealth Solutions, with broad-based growth across markets and products. This growth was supported by sustained momentum in affluent NTB clients and NNM inflows. Deposits & Mortgages decreased 2 per cent atconstant currency,reflecting rate-driven pressures from lower benchmark interest rates, partially offset by volume growth and proactive pricing actions. CCPL & Other Unsecured Lending remained flat, with strategic portfoliooptimisation in selective markets offsetting benefits from improved margins. • Underlying operating expenses increased by 5 per cent inconstant currency with continued investment in affluent business growth initiatives, including the strategic hiring ofaffluent relationship managers and uplifting digital capabilities. Cost growth was managed through efficiency initiatives on branches, as well as off-strategy products and client segments. Productivity measures also increased efficiency of relationship managers and improved clientservicing. • The credit impairment charge decreased by $28 million to$595 million, primarily driven by optimisation actions intheunsecured lending portfolio. Other impairment charges decreased by $108 million due to the non-repeat of software asset write-offs. • RWAs reduced by $0.5 billion to $56.8 billion, mainly due tooptimisation of our unsecured lending portfolio and the transfer of an unsecured lending portfolio to Mox Bank in Ventures, allowing growth in the affluent segment through the Wealth Lending and Secured Lending portfolios. Totalliabilities increased by 14 per cent at constant currency, underpinned by NTB acquisition and growth inaffluent NNM. Business focus • Lead in international wealth management – We will capitalise on our position as a leading international wealth manager, by capturing wealth flows across key global corridors, particularly for Global Chinese and Global Indian clients, in Asia, Africa and the Middle East. We will leverage our unique advantages: our client continuum, global network and deep expertise in wealth solutions. • Deliver hyper-personalised, advisory-led wealth solutions – We will provide a differentiated client experience through hyper-personalised advisory-led propositions. This will be powered by a best-in-class open architecture solutions platform, enhanced by data and AI. • Accelerate investment in our growth engines – To drive growth and market share, we will accelerate investment in our core enablers: our affluent frontline teams, our wealth and digital platforms, our client centres, and our brand and marketing initiatives. • Serve entrepreneurial and SME owner clients – We will comprehensively serve SME business owners and international entrepreneurs whose personal and business finances are deeply interconnected. Our proposition for them will be anchored in integrated solutions for cash, trade, cross-border connectivity and wealth management. • Continue reshaping our mass retail business – Building on our progress, we will continue to reshape our mass retail business. Our focus remains on building a strong pipeline of future affluent and international banking clients, whileactively optimising low returning, single-product relationships and geographies. Progress • Ranked #3 wealth manager in Asia based on Asian PrivateBanker rankings for 2024. 1 Affluent AUM stood at$447 billion as of 31 December 2025. • Strong momentum in client growth with 275,000 NTB affluent clients and affluent NNM 2 reaching $52 billion, representing 14 per cent of AUM. • Up-tiered 307,000 individual clients through our wealth continuum across and within the personal and affluent segments, by tailoring our propositions and service models to the needs of our clients. 1 Source: Asian Private Banker. This ranking combines Asia Private Banker Wealth Continuum & Private Banking rankings for 2024; using Wealth Continuum AUM balances for those banks which provide both. 2 Net new money is shown at YTD constant currency FX rates. Annual Report 2025 | Standard Chartered 27 Strategic report ![]() ## Ventures #### Now is your time to build what comes next #### Building and investing in breakthrough ventures #### thatinformthe future of finance. 23% 27% 31% 19% 3 high-conviction themesand our enablers D i g i t a l A s s e t s D i g i t a l B a n k i n g & L i f e s t y l e T r a d e & S u p p l y C h a i n s N e x t H o r i z o n SC Ventures’ role is focused on exploring alternative business models, investing in frontiertechnology and promoting innovation. We bring expertise and perspectives from theworld’s most dynamic markets, to turn concepts into new business models at scale. Since launching in 2018, we have invested in more than 30 ventures including Trust Bank, Singapore’s first digitally native bank, created in partnership with FairPrice Group, and small business B2B marketplace Solv – which operates in Kenya. We currently invest in 26 ventures across three high-conviction themes: Digital Banking & Lifestyle, Trade & Supply Chains and Digital Assets, enabled by AI, Web3/Blockchain, ESG and Quantum (Next Horizon ventures) Standard Chartered | Annual Report 202528 ![]() 26 Ventures Digital Assets • Libeara • Project 37C • SWIAT • Zodia Custody • Zodia Markets Digital Banking &Lifestyle • Appro • audax • Furaha • myZoi • Vault22 • Zai Next Horizon • Akashaverse • FourTwoThree • letsbloom • Lexarius • RegWise • Qatalyst • Qubitra Trade & Supply Chains • Hal • Jumbotail • Labamu • NusaVest • Olea • Solv Ghana • Solv Kenya • TASConnect Learn about SC Ventures online Visit sc.com/ventures Annual Report 2025 | Standard Chartered 29 Strategic report ![]() Formed in 2022, the Ventures client segment is a consolidation of SCVenturesand its related entities as well as the Group’s twomajority-owned digital banks – Mox in Hong Kong and TrustinSingapore. Segment overview SC Ventures builds and invests in breakthrough ventures, in and beyond banking. It provides a platform for organisations to drive innovation and transformation. The SC Ventures platform currently represents a diverse portfolio of almost 30ventures and more than 30 investments. Mox, a cloud-native, mobile-only digital bank, was launched in Hong Kong as a joint venture with HKT, PCCW and Trip.com in September 2020. It penetrated over 10 per cent ofHong Kong’s total bankable population, and Mox Credit Card is ranked as the seventh-largest credit card portfolio among all Hong Kong retail banks. 1 Trust Bank is a digital retail bank, launched in Singapore in2022 in partnership with FairPrice Group. It has over one million customers, making it the fourth largest retail bank inSingapore. #### Ventures #### Client segment reviewsPerformance highlights Underlying basis $(167)m 57% Reported basis $(171)m 56% Loss before taxation $4.9bn $2.5bn Risk-weighted assets (RWA) $42.5m 29% External funds raised Customers 2 2.9m 2025 2024 2023 2.9m 2.3m 1.5m 1 According to TransUnion’s Market Insights and Intelligence Dashboard (MIID) for the period from January to December 2025. 2 Restated to capture subsidiaries only. Standard Chartered | Annual Report 202530 ![]() Business focus • SC Ventures’ focus is on building and scaling new business models across three high-conviction themes of Digital Banking & Lifestyle, Trade & Supply Chains and Digital Assets, enabled by AI, Web3/Blockchain, ESG and Quantum. We do this by connecting ecosystems, partners and clients to create value and new sources of revenues, providing optionality for the Bank. In addition, SC Ventures identifies partners, and makes minority investments in companies that provide technology capabilities, which can then be integrated into the Bank and Ventures. • Mox aims to become a leading digital bank, focusing oncards, digital lending, deposits, wealth management and insurance. Mox plans to enhance its offering with abroader range of digital financial solutions to cater tocustomer needs in a competitive market. • Trust Bank aims to establish itself as one of the main retailbanks in Singapore, and gain wallet share by capitalising on its market-leading customer experience. Key near-term priorities are to continue to innovate in core banking products including savings and lending, deepen engagement with existing customers and to broaden itswealth management proposition. Progress • In 2025, SC Ventures maintained positive momentum, further enhancing its business performance. It launched four new ventures, raised funds amid a challenging environment, and expanded its geographical reach. Across SC Ventures subsidiaries, the customer base grew by 57 per cent year-on-year to reach nearly 1.1 million. SC Ventures completed the sale of Solv India to Jumbotail, one of India’s leading B2B marketplaces. The combined business is now one of the largest B2B e-commerce platforms in India. As a result of the transaction, SC Ventures reported again of $0.2 billion in its second quarter 2025 results. SC Venture’s portfolio of compliant and bank-grade digitalasset platforms continues to prove our commitment tobuilding infrastructure that will enable institutional adoption.During the year, Zodia Markets successfully raised $18.3 million 1 in a Series A funding round, in addition to significantly expanding its client base. • In 2025, Mox continued its strong growth trajectory, achieving a robust 15 per cent year-on-year increase incustomer base and reaching approximately 750,000customers. Mox continued to achieve strong performance, supported byan engaged customer base, delivering 21 per cent year-on-year growth in deposits. Unsecured loan balances grew 115 per cent year-on-year, benefitting from client acquisition and deepening, and including the impact of anacquisition ofunsecured loans from Standard Chartered Hong Kong. Mox Card has been used in nearly 157 million transactions to date and has rewarded a total of 1.8 billion Asia Miles to date. By the firsthalf of 2025, Mox’s market share had reached 24 per cent (was ranked number 1) and 25per cent (was ranked number 2) inlending and deposits respectively, among all Hong Kong digital banks. Mox was recognised for its excellence by various global named agencies, such as the Top 100 Digital Banks and was rated number one in Hong Kong in Neobank Ranking 2025 byTheBanker, Best Digital Bank in Hong Kong by the Asian Banker and Digital Bank of the Year – Hong Kong by Asian Banking and Finance. Mox has established a strong connection with Hong Kong customers since its launch – the bank’s app is currently the highest-rated digital banking app in Hong Kong, achieving ascore of 4.8 out of 5 in the Apple App Store. In 2025, Mox launched Mox Insure, offering personal accident and travel insurance products. Mox also expanded offerings such as personalised portfolio investment under its digital wealth platform, Mox Invest, creating a strong foundation forrevenue diversification. • Trust Bank continued its strong growth in 2025, with customer numbers up 15 per cent year-on-year reaching more than one million customers, taking its share of the adult population in Singapore beyond 20 per cent. The bank delivered robust financial performance with creditcard spend growing 39 per cent and unsecured loanbalances rising 67 per cent year-on-year, driven by newcapabilities introduced over the past year. The bank continued to strengthen the quality of its funding base, with about one-third of total balances coming from customers who credit their salary to their Trust savings account. During 2025, Trust Bank was named Singapore’s Best Digital Bank for Consumers by Euromoney and the top mobile banking app for a digital bank globally by The Digital Banker. The bank made strong progress on AI adoption, driving productivity gains and enhanced customer experience. In Q1 2025, Trust Bank launched its digital wealth platform, TrustInvest, initially with a fund proposition. This was followed by a US stocks and ETFs trading platform in Q4 2025 and creates a strong foundation for revenue diversification. Performance highlights • Underlying loss before tax decreased by $218 million to$167 million, primarily driven by higher income. Incomerose by $232 million to $415 million, driven primarily bya$238 million gain from the Solv India transaction. • Operating expenses were flat as business growth was offset by Solv India deconsolidation and efficiencies related tostaff, marketing and vendor costs. • Credit impairment decreased by $14 million to $59 million, reflecting a reduction in delinquencies in Mox, driven bycontinuous improvement in both contractual and bankruptcy write-offs, partially offset by an increase inTrust in line with the growth in the asset book. • Ventures equity investments recognised $269 million gains, net of tax, in the year, through fair value movements in other comprehensive income. 1 Includes SC Ventures investment in Series A of $1.4 million. Annual Report 2025 | Standard Chartered 31 Strategic report ![]() ## Our people and culture Our people help deliver our strategy, unlock value for our clients andmake us theBank we are today. By building a high performance, supportive workplace, our people can continue to thrive. We have a unique culture, developed over 170 years of pursuing a purpose – to drive commerce and prosperity through our unique diversity – that hasn’t changed since our founding. Our ambition is to deliver innovative solutions that create long-term value for our clients and communities. Our valued behaviours Our valued behaviours are how we manifest our culture consistently – they’re our guiding principles for how we work together and the way we do business every single day. It’s easy to talk about culture but its more than rhetoric. It’sabout embedding these behaviours into daily actions anddecisions. In addition to reinforcing our valued behaviours consistently through communications and sharing stories, we: • Model them visibly: Setting out behavioural expectations of all our people leaders in our Leadership Agreement soall leaders must model the behaviours (no exceptions). • Measure them consistently: Embedding behaviours into core people processes like recruitment and onboarding and performance management. • Reward them genuinely: Publicly recognising people who live our valued behaviours. • Enforce them fairly: Acting decisively when behaviours arenot met. #### Creating a unique employment #### proposition that welcomes talent #### whilebuilding future-ready #### capabilities is essential for driving #### sustainable highperformance. Will Brown, Group Head of HR Never settle Better together Do the right thing Our valued behaviours in action Continuously improve and innovate, so we lead rather than react tochange. Simplify to make things easier, faster and better across everythingwe do. Learn from our successes and failures, because the pace ofchange demands learn-it-alls notknow-it-alls. See more in others, taking time tolisten to diverse viewpoints andovercome bias. Ask how can I help? when people need a hand. We only succeed collectively. Build for the long term, because performance comes from harnessing our diverse talents. Live with integrity, even when noone is watching. Think client, always considering the outcomes in whatever we are doing. Be brave, be the change, because the standards we walk past are thestandards we accept. Read more on embedding and monitoring culture on page 148 Standard Chartered | Annual Report 202532 ![]() The colleague experience Our Employee Value Proposition (EVP) helps us build amotivated workforce that’s able to deliver our strategy; weaspire to provide clarity on the contribution we expect from our colleagues, and what they can expect in return. This year we launched our global EVP film series Stand for More, recognised by three leading employer brand-focused bodies. Read more online at sc.com/standformore Each pillar of our EVP enables us to deliver a market-leading position aligned with our corporate strategy, our brand promise, here for good, and our purpose. Investing in colleague growth and wellbeing We offer the opportunity and investment needed for ajob to grow into a rewarding career, as well as access to innovative learning solutions, exposure to different markets and cultures, flexible working practices, fair, fixedand performance-related pay and the opportunity to lead with purpose. Colleagues bring expertise, skills, ambition and a desire to grow. Prosperity through diversity We offer the opportunity to be part of a diverse family ofcolleagues, where voices are respected and heard, inan environment where we challenge the status quo. Colleagues bring curiosity, ideas and an open mind. Here for good We offer work that you can be proud of, a safe environment built on belonging and trust, connection tothe world’s most dynamic markets and access to volunteering days for our global impact programmes. Colleagues bring integrity, values and a desire to create a future of which we can all be proud. Listening to employees Regular feedback through employee surveys helps us identifyand close gaps between colleague expectations andexperience. Colleague sentiment is captured through ourannual My Voice survey, as well as weekly surveys and atkey moments – when employees join us, leave, or return towork after parental leave. In addition, the Board and Group Management Team engage with and listen to the views ofcolleagues through interactive sessions. In 2025, our annual My Voice survey was conducted during May and June. 85per cent of our employees responded (2024: 87 per cent). Overall, our employee experience remains positive and stablewith 83 per cent saying the Bank meets or exceeds their expectations as an employer (2024: 83 per cent). Colleagueshave boughtin to our refreshed strategy andtherationale fortransformation isviewed positively. Thereare high levels of understanding ofour purpose (87percent) and how the strategy supports it(86 per cent). Most (82 per cent) are clearabout the desired outcomes ofour transformation, areinformed about its progress (73percent), and are enthusiastic about it (74 per cent). Insights from interviews and My Voice highlight that our people have pride, excitement and deep care for our clients, our business and the people within it. {8}{5} % {8}{3} % {8}{7} % {8}{2} % of our employees responded (2024: 87%) say the Bank meets orexceeds their expectations as an employer (2024: 83%) understand ourpurpose are clear about the desiredoutcomes of our transformation My Voice 2025 results Our purpose should guide everything we do. Having a strong culture embedded in our underlying purpose is critical in making theBank great. Bill Winters, Group Chief Executive Find out what major accolades we’ve won this year sc.com/awards Annual Report 2025 | Standard Chartered 33 Strategic report ![]() Flexible working Some 82 per cent of colleagues across 44 markets can workflexibly – with nearly 50,000 employees currently working flexibly across the Bank. In 2025, we reaffirmed our commitment to flexible working, including the rollout in India. Among the 5,400 additional eligible colleagues, 64 per cent are now working flexibly and80 percent of all colleagues in India believe that flexible work has apositive impact on their ability to get work done. Globally, people leaders continue tomaintain arrangements thatbalance client and business needs with individual preferences. We recognise the need forcollaboration andapprenticeship, and we will continue toencourage flexibility with guardrails in place on work location, pattern and role eligibility to ensure flexibility withina framework. Developing skills for future strategic value andenabling careers At the Bank, we have made strong progress in leveraging skills to enable us to deploy critical capabilities faster, strengthen our workforce resilience and accelerate execution of our strategic priorities We are continuing to embed skills into the operating model for how work gets done and how talent flows across the organisation. We have strengthened the foundations required to support this shift, including enhancing our skills architecture, defining skills profiles to set enterprise standards for role expectations, and embedding skills data more consistently into core talent processes. This has improved comparability across businesses and markets, allowing skills tobe recognised, portable and deployable across our network. Our approach focuses on complementing core business skills with human skills in resilience, adaptability, problem-solving, leadership and human/AI collaboration. In September 2024, we launched a dedicated AI Academy designed to empower colleagues through continuous learning and enhanced adaptability. More than 33,000 colleagues have taken part in the learning so far. The AI landscape continues to evolve rapidly, and we remain committed to expanding our AI learning agenda under a wider AI talent strategy. The focus is on equipping colleagues with tailored, role-specific solutions that move beyond awareness towards applied capability, empowering colleagues to use AI confidently and responsibly. Our internal skills-building activities are creating career opportunities and saving costs. In 2025, internal deployment increased to 47.4 per cent (+1.7 per cent year-on-year and over a 15 per cent increase from 2023). Of these moves, 43 per cent were skills-adjacent, where colleagues transition to roles with related, rather than exact, skillsets to learn on the job. #### Our people and culture Critically, 94 per cent of people leaders report high satisfaction with deployed talent after six months. This has saved $1.88 million in 2025 and unlocked $1.75 million inproductivity through our internal Talent Marketplace. Responsible use of AI The Bank’s AI strategy is to ensure AI is scaled safely and effectively and centred on building the human capability that powers transformation. Our colleague focus ison AI talent and literacy – building theworkforce capability that enables colleagues to work confidently, safely and effectively with AI. Being AI-ready means understanding what skills the future ofwork demands and giving people clear, practical ways tobuild them. We’re defining the skills needed for our workforce to thrive – human, technical and domain skills – and embedding them into how we hire, develop and enable ourteams. Success for us in this work is that every colleague understands what AI-ready means for their role and has aclear path to get there. We build the skills and mindsets required for colleagues towork effectively with AI by helping our colleagues integrate human judgement so they can make better decisions, solve problems in new ways and redesign work to deliver greater value. We have enabled colleagues to engage with AI in low-risk, beneficial scenarios, such as our AI-powered coaching tool, CAISY, which allows them to practice business and human skills in a simulated environment before applying it in real situations. Building leadership capabilities We have invested significantly in leadership identity, development and measurement. To improve organisational health (with fewer layers and wider spans of control) and enhance the colleague experience, we are transitioning to fewer but better-equipped people leaders. People leaders now have access to greater support in critical moments through the launch of a new HR advisory (HRA) service. This ranges from helping new people leaders into their roles, guiding on employee relations issues or helping drive high performance to engagement. The introduction ofHRAnow provides a platform for HR to get closer to our people leaders to proactively shift areas of organisational health directly with the business. In addition, we have a series of people leader programmes, with over 5,400 people leaders attending our leadership programmes in 2025. Wehave also introduced a First Time People Leader programme and a refreshed Senior Leader Onboarding programme, Fast Start. In 2025, over 97 per cent of our people leaders received feedback, either through our always-on Feedback 365 tool, available toall colleagues, or through the structured annual 360-degree feedback tool available to people leaders. Leaders are also provided 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. The dashboard brings even greater transparency to performance and development conversations, highlighting the importance we place on leadership. 49,000 colleagues have completed skills-based learning, which exceeded our FY 2025 target of40,300 Standard Chartered | Annual Report 202534 ![]() In 2025, the Group sharpened its focus on three strategic D&Ipriorities: 1 Applicable where legally permitted. 2 The Performance & Pay survey was conducted in Q2 2025 capturing sentiment on 2024 year end performance and pay cycle. Unlocking client value through conduct andhighperformance We aim to nurture high performance through differentiation of reward, continuous feedback, and in-the-moment recognition. Our framework supports people leaders in driving performance and we are taking steps to improve awareness of the levers available. We have enhanced the process ofcalibrating colleagues’ performance, especially at a senior level, ensuring we positively differentiate outcomes, creating opportunities for high-potential colleagues. Recent insights highlight good progress in key performance habits such as goal setting, exchanging feedback, and having regular performance check-ins. We are seeing greater differentiation of pay outcomes for colleagues, aligned to performance, with greater variations (upwards and downwards) in total compensation year-on-year. • In 2025, 86 per cent of colleagues set goals by the February deadline compared to 75 per cent in 2024. • More than 378,000 pieces of feedback were exchanged through Leadership Feedback and Feedback365 in 2025, with an increase of 4.6 per cent in Leadership Feedback compared to 2024. • Since Appreciate, our colleague recognition platform, launched in 2024, over one million people have been recognised. In the 2024 Performance and Pay survey, 68per cent of colleagues reported having check-ins at least quarterly (+3ppt), with a further 16 per cent having them once in six months. 2 • Overall sentiment around driving high-performance was positive (people leaders: 82 per cent; all colleagues 84 per cent), as was sentiment around feedback and recognition (74 per cent of people leaders and 78 per cent of all colleagues said they are comfortable providing feedback to their people leader, an increase of +2ppt from 2024). We have strengthened our focus on reinforcing good conduct standards from the top down. In 2025, all MDs attended sessions outlining their businesses expectations. We have also extended our ‘It Matters’ programme and all senior leaders attended in 2025. ‘It Matters’ emphasises the role ofconduct in building a high-performance environment andprotecting the business. Embedding an inclusive workplace Inclusion is a key enabler for executing our business strategy, anchored in our purpose. We strive for a dynamic workforce that reflects our client base across the markets we operate in. Our approach supports attracting and retaining top talent alongside better understanding and serving our clients’ needs. This is not only good for business, but also the right thing to do. 19.1% of our CEOs are women 33.0% global senior women leadership representation Female representation Board (%) 54.5% 58.3% 45.5% 41.7% 2025 2024 Management Team (%) 50.0% 57.1% 50.0% 42.9% 2025 2024 Management Team and their direct reports (%) 67.0% 65.9% 33.0% 34.1% 2025 2024 Senior leadership (%) 67.0% 66.9% 33.0% 33.1% 2025 2024 All employees (%) 54.9% 55.0% 45.1% 45.0% 2025 2024 Female Male Read more on our Board gender diversity onpage141 Refreshing the colleague community approach Employee-led networks that drive engagement, belonging and business-aligned impact Developing a diverse talent pipeline mindset Wideningthe funnel and developing diverse talent tobuild the leadership pipeline Building sponsorship muscle Equipping leaders to advocate fairly for diverse talent Our inclusion index measures six key elements including thebelief that colleagues are advocates for inclusion and that the Bank clearly communicates how feedback shapes inclusion initiatives. Our inclusion levels remain high and arereflected in the 82.1percent of colleagues who shared positive sentiments inthe 2025 annual My Voice survey. Thelaunch of six refreshed Global Colleague Communities has also resulted higher levelsof colleague inclusion sentiments and engagement. Colleague Community members have ahigher eNPS (+11.92) and intent toremain with the Bank (+5ppt) than other colleagues. Annual Report 2025 | Standard Chartered 35 Strategic report ![]() #### Our people and culture #### Award-winning AI and data improvements We have a firm belief that in order to deliver optimised value and impact asabusiness, we need to enable a working environment that delivers performance excellence. In November 2024, we introduced the first Bank-wide GenAI application within our goal-setting and performance practices, combining human-centred AI with leading technologies. The launch of these applications was closely monitored, and analysis shows positive colleague sentiment inoverall experience, efficiency and quality of impact. Asaresult ofthis implementation, we won two SAP Innovation Awards. Evolving technology offers great opportunities to enhancethe colleague experience. Notably, in our 2025 MyVoice survey, 82 per cent of colleagues view AIpositively, withonly 13 per cent expressing concerns aboutdisruption orbeing unprepared. We are committed toinvolving colleagues in the benefits AI brings and are identifying ways for colleagues to engage withAI inlow-risk, beneficial scenarios, such as our AI-powered coaching tool, CAISY. CAISY allows colleagues topractice business and human skillsin a simulated environment before applying these skills in real situations. Embedding an inclusive workplace (continued) We are committed to further strengthening our inclusive culture, so all colleagues feel that their identity is understood and recognised for its uniqueness andanyone with the capability to excel can do so. We have reviewed and updated the Group’s employee privacy notices, so it’s clear how identity data will and will not be used. Wecontinue to focus on increasing self-declaration (including socioeconomic status in the UK) so that we can further improve colleague experience by introducing policies and interventions representative of the needs of our diverseworkforce. We are focused on building a workforce that is representative of our client base and footprint. 19.1 per cent of our CEOs arewomen and as at 31 December 2025, our global senior women leadership representation remains at 33.0 per cent, reflecting a significant increase of 8.0ppt since 2016 (when the Group first signed up to the Women in Finance Charter). We aim to have 35 per cent representation of women at a global senior level by end of 2028. As of 2025, 36.4 per cent ofour Group Management Team identified as Asian or ethnic minority. In the UK, Black representation in senior leadership is1.5 per cent and ethnic minority in senior leadership is 19.3per cent. To further build the leadership pipeline, we are supporting diverse talent bystrengthening our sponsorship efforts, including piloting aprogramme for Black and African accelerated talent in the UAE, Africa and UK. Wellbeing as an enabler for sustainable highperformance As we raise performance standards, we continue to invest inthe essentials of our wellbeing agenda, which operates atan individual, team and organisational level. In January 2025, we introduced an upgraded version of wellbeing platform, Unmind. More than 24 per cent of our colleagues globally have registered for an account (seven per cent higher than the expected average and over 10 per cent more than 2024). The wellbeing platform focuses on four coreareas of support: • Therapy and coaching – Colleagues can access up to 12virtual sessions a year of coaching, counselling or clinical psychotherapy, booking a specialist that suits their needs. Since launching, more than 6,051 sessions have been booked. • 24/7 helpline – Colleagues can speak to someone on thephone, wherever they are in the world, 24/7, 365 days ayear, and can also access basic financial and legal support. The Unmind Helpline is also available to anyone in their household, as well as their dependants. • Wellbeing tools – Colleagues have access to a wide range of bite-sized courses and short videos on topics such assleep, overcoming burnout, building resilience and managing stress – as well as in-the-moment support tools such as breathing exercises, plus a wellbeing tracker. • People leader training – This includes practical insightstoequip people leaders with the knowledge andskills needed to develop effective and sustainably high-performing teams, with bite-sized learning. There are also in-depth courses promoting learning that supports teams’ psychological safety and identifies the signs someone might be struggling. Standard Chartered | Annual Report 202536 ![]() ## Stakeholder engagement Listening and responding to stakeholder priorities and concerns iscritical toachieving our purpose and delivering on our brand promise, here for good. Westrive to maintain open and constructive relationships with a wide rangeofstakeholders including: Section 172 Statement Each director of Standard Chartered PLC confirms that, while performing their duties during the year, they have acted in the waythey consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members asa whole and, in doing so, had regard to the factors set out in Section 172(1)(a) to (f) of the Companies Act 2006. You can read more on how the Board had regard to each Section 172 principle during the year: Section 172 principles Disclosure Page A. The likely consequences of any decision in the long term • Our strategy • Sustainability review 9 66 – 128 B. The interests of the Company’s employees • Whistleblowing • Diversity • Sustainability review 118 32 – 36 66 – 128 C. The need to foster the Company’s business relationships with suppliers, customers and others • Stakeholder engagement 37 – 41 D. The impact of the Company’s operations on the community and the environment • Board activities • Sustainability review 141 – 145 66 – 128 E. The desirability of the Company maintaining a reputation for high standards of business conduct • Whistleblowing • Integrity, conduct and ethics 118 118 – 121 F. The need to act fairly between members of the Company • Our strategy • Stakeholder engagement • Annual General Meeting • Dividend policy • Sustainability review 9 37 – 41 466 210 66 – 128 Read more on the Board’s key activities and principal decisions during 2025 on pages 143 to 147 Stakeholder feedback, where appropriate, is communicated internally to senior management through the relevant forums and governing committees such as the Sustainability Forum to the Board’s Culture and Sustainability Committee, which oversees the Group’s approach to its main relationships withstakeholders. Employees Clients Investors Society Suppliers Regulators and governments We communicate progress regularly with external stakeholders through channels such as sc.com, established social media platforms and this report. Read more on how we engage with our stakeholders andthe initiatives that we are members of at sc.com/sustainabilitystakeholders Annual Report 2025 | Standard Chartered 37 Strategic report ![]() Clients Why we engage We engage with our clients to understand how they live andwork across our markets so we can design services and solutions that help them navigate an increasingly complex financial environment. Our clients span individuals, entrepreneurs and families in ourWealth & Retail Banking (WRB) business, and large corporations, financial institutions, fintechs, governments and development organisations in our Corporate & Investment Banking (CIB) business. We engage with our clients regularly so we can respond to their evolving priorities, strengthen long-term relationships and continue to enhance the value we create for them. Theseinteractions shape how we innovate, how we tailor our solutions and how we ensure our products and services meet the specific needs of clients across our global footprint. Their interests • Differentiated product and service offering • Digital products and strong user experience • Sustainable finance • Access to international markets How the Group engages Corporate & Investment Banking In CIB, our engagement in 2025 centred on providing advisory-led, relationship-driven support to clients navigating a period of economic uncertainty, supply chain realignment and evolving regulatory requirements. Rather than focusing on isolated transactions, we developed deeper, continuous dialogue with corporate and institutional clients to help them manage risks, identify growth opportunities and adapt to shifting market dynamics. Our relationship-led model ensures clients are supported, notonly in today’s environment, but in planning for the opportunities and challenges ahead. Our cross-border network allows us to support clients as tradeflows have shifted and new corridors of commerce have opened. Our relationship teams worked closely with clients tounderstand their liquidity, risk management and financing needs, ensuring the solutions we provide are highly tailored and respond to their strategies. In 2025, our CIB business continued to deliver sophisticated, cross-border solutions for clients. An example is our partnership with the Government of the Bahamas, The Nature Conservancy and the Inter-American Development Bank to structure an innovative debt conversion initiative thatreduced sovereign debt servicing costs while supporting climate and nature outcomes. We also announced an agreement to sell high- integrity forest protection carbon credits in Brazil over the next five years. These partnerships reflect our role in bringing together public and private capital,technical expertise and global connectivity to support clients’financing, sustainability and growth objectives across ourkeymarkets. As digital assets continued to evolve, we deepened engagement with clients seeking to develop new forms ofvalue transfer. Bybeing among the first banks to offer spot crypto trading forinstitutional clients and expanding ourregulated digital assets custody services, we opened conversations about how tokenised assets and digital markets infrastructure will shape the future offinancial flows. Anexample is our joint announcement with Capital A Bhd. to explore the development and testing ofaringgit-denominated stablecoin through Bank Negara, Malaysia’s Digital Asset Innovation Hub. Wealth & Retail Banking In 2025, our WRB business deepened client engagement byfocusing on more personalised, insight-led interactions. We enhanced day-to-day engagement by using tools that offer timely, actionable market intelligence, including our AI-powered FX Insights, giving clients real-time information ina simple, intuitive format. This has improved the quality ofconversations between clients and relationship managers and enabled more informed decision making. We also extended our engagement, providing opportunities totheir next generation through initiatives such as our Young Entrepreneurs Programme, which supported the children of our clients with a curated programme focused on financial skills, leadership confidence and mentorship, strengthening relationships across families. For ultra-high-net-worth (UHNW) clients, our bespoke programmes connected them to hard-to-access opportunities: • The Private Markets Co-Investment Club opened the doors for clients to explore private market opportunities in a structured and transparent way. • Our Global Families Network forum enabled UHNW clients and their families to participate in intimate forums designed to support deeper dialogue on topics including succession planning, philanthropy and long-term investment themes. In 2025, we launched our new marketing campaign, Now isyour time for Wealth, aimed at the affluent segment. This signals our commitment to executing a more data-driven and personalised approach for holistic client engagement, reinforcing our position as an international wealth manager. The campaign was featured in a mix of out-of-home advertising across airports and in-city sites, print advertising, film and content partnership with leading international, regional and local media across seven markets – Singapore, Hong Kong, Mainland China, Korea, Taiwan, the UAE and India. Across our initiatives, our focus remains on strengthening the personal connection with clients by offering relevant insights, personalised guidance and opportunities that support theirambitions. How the Board engages In 2025, while attending Board and committee meetings inMalaysia and Singapore, the directors also met with clientsand their representatives including chairs, C-suite and business leaders from corporates, financial institutions, SMEs, and Private and Priority Banking clients to understand their current and future needs. A presentation on transition finance from a client perspective was delivered during the Subsidiary Governance Conference inMalaysia, providing useful insights to the Board and its subsidiary boards. #### Our stakeholders Standard Chartered | Annual Report 202538 ![]() In addition to face-to-face interactions, the directors also participated in industry events and seminars and received presentations at Board meetings to stay abreast of market trends and innovations. This ensured the Board remained responsive and proactive in addressing client requirements. Outcomes of engagement CIB • We achieved strong income growth in Sustainable Finance, outpacing growth in global renewables investment. Our client engagement helped drive the issuance of our first social bond, for €1 billion, which increased lending toSMEs, particularly women-owned businesses, helping them create jobs and expand their impact. • Client surveys published in 2025 such as the Bank’s Future ofTrade report and two Islamic Banking reports (one for corporates and one for financial institutions) provided insights into how the Group can improve outcomes for clients. WRB • We were the most recommended bank among affluent clients in eight of our top markets, based on independent market research conducted by RFI Global in the second halfof 2025. 1 • In our Private Banking client survey, global NPS, global relationship manager and global net easy scores improved from the year before. 93 per cent of clients scored usfour and above (out of five) on overall satisfaction withourservice. Employees Why we engage Our employees are key to driving our performance and productivity and the diversity of our people, culture and network sets us apart. Ensuring we have optimal talent and cultural experience toenable sustained high-performance from colleagues isvital in delivering our strategy. By engaging employees and fostering a positive experience forthem, we can better serve our clients and deliver our purpose. Our inclusive and high performing culture enables us to unlock innovation, make better decisions, deliver our strategy, live our valued behaviours and embody our brand promise, here for good. We proactively assess and manage people-related risks, such ascapacity, capability and culture, as part of our Group Risk Management Framework. Our people strategy, approved by the Board, is future-focused, with external events accelerating many of the future of work trends that continue to inform our approach. Their interests • Day-to-day experience • Health and wellbeing • Reskilling and upskilling initiatives • Career progression • Reward and remuneration • Positive work/life balance How the Group engages Frequent feedback, from employee surveys, helps us identify andclose gaps between colleague expectations and experience. Colleague sentiment is captured through an annual survey, known as My Voice, as well as regularly through a weekly survey and at key moments, such as when employees join us, leave, orreturn to work after parental leave. In addition to leveraging inputs from these surveys, there are regular colleague communications through various channels including regular people leader calls, townhalls ata global, functional and market level held by our Group Management Team, leadership teams and CEOs, in addition to opportunities for in-person connections. Read more on our people and culture on pages 32 to 36 How the Board engages The Board implements an alternative employee engagement approach to that recommended by the UK Code. We host BoardWorkforce Engagement (BWE) events facilitated byINEDs whogather and convey insights from colleagues across diverse sectors of the organisation, utilising this information to enhance and corroborate data collected through employee surveys andother feedback channels that is presented to the Board and its committees throughout the year. In 2025, Board members engaged directly with employees inSingapore and Malaysia. Prior to these meetings, directors received briefings on the individual market, which included analysis of local trends from the annual My Voice survey, along with pertinent data provided by local and regional management teams. Insights gathered from these sessions were subsequently communicated to the Culture and Sustainability Committee andother relevant stakeholders The BWE events found that employees value the Bank’s culture and leadership, and areas of opportunity included technology, communication and strategic clarity. The feedback also highlighted the importance of ongoing, open engagement between employees and senior leaders. Thisengagement enables directors to gain a comprehensive understanding ofthe challenges, achievements, concerns, and opportunities, allowing the Board to ensure the voice ofemployees is reflected in decision-making and its oversight of our people strategy. Outcomes from engagement In response to employee feedback, modifications to the BWE framework are planned for 2026 to increase the frequency and improve the structure of the BWE events. Investors Why we engage The Group’s investors include institutional shareholders, private and non-institutional shareholders. We rely on capital from both equity and debt investors toexecute our business model. We recognise the importance of maintaining open, transparentand constructive engagement with investors tosupport sustainable long-term value creation and maintain market confidence. 1 The survey was conducted among ~1000 Affluent banking clients per market byindependent market research firm, RFI Global. Annual Report 2025 | Standard Chartered 39 Strategic report ![]() #### Our stakeholders Their interests • Strong and sustainable financial performance • Execution of the Group’s long-term strategy • Robust governance practices • Progress on ESG matters, including advancing our net zeroagenda How the Group engages The Group engages with investors through results presentations, one-on-one and group meetings, analyst briefings, conferences, roadshows, investor days, regulatory announcements and the Group’s website. How the Board engages Board-level engagement is an essential element of the Group’s approach and takes place through a variety ofchannels. During the year, the Group Chair met with majorinstitutional investors to discuss governance andstrategy. The Group Chief Executive and Group Chief Financial Officer also held meetings with potential and existing shareholders to discuss business performance and strategic priorities. The Remuneration Committee Chair led an investor consultation on proposals for the new directors’ remuneration policy, which was put to shareholders at the 2025 AGM. In addition, selected investors were invited to present their views directly to the Board, and the Group Chair also hosted astewardship focused event in November 2025. The AGM is our principal engagement event with our retail investors, providing them with the opportunity to ask the Board questions pertaining to the business of the meeting. The Board also receives regular updates from Investor Relations and Group Secretariat on investor perceptions and market developments, ensuring these views are considered during Board discussions and decisions. Outcomes from engagement Feedback received from investors during the year focused onthe Group’s network strategy and affluent franchise, the underlying drivers of performance, capital management, efficiency and cost control, as well as governance matters. The Board noted the views expressed and will continue to take such feedback into account, where appropriate, when formulating and reviewing the Group’s strategic priorities. All resolutions proposed at the 2025 AGM were passed and we remain grateful for the continued support of our shareholders. Read more on the Board’s engagement with shareholders on page 146 Society Why we engage We partner with global and local NGOs to help the Groupand the Standard Chartered Foundation, formerly Futuremakers, economically empower under-served young people, especially women and those with disabilities. Youth unemployment is a key issue in many of our markets. The involvement of key external stakeholders that are partofthe employment and entrepreneurship ecosystem, including local businesses and governments, is critical to ensuring our programmes provide participants with theskills, capabilities and networks that help them secure employment and business growth opportunities. Their interests With our partners, our programmes are designed and delivered in collaboration with relevant local stakeholders toaddress key barriers to youth employment and entrepreneurship. Focus areas include: • access to decent jobs • financial access for microbusinesses • gender equality • disability inclusion • skills and businesses that address environmental andsocial challenges • provision of mentoring and training support How the Group engages Partners With the Standard Chartered Foundation, we advanced strategic partnerships in 2025 with NGOs in support of our goal to empower under-served young people. Newemployability programmes to help young people secure decent jobs were implemented in countries across Asia, aswell as Kenya andNigeria. We also continued to engage ourpartners to adaptprogrammes to continue supporting asmany young peopleaspossible. Convening and ecosystem building In 2025, we convened NGOs, multilateral stakeholders, employers and young people at a high-level hybrid event during the UN General Assembly, focused on how best to break down barriers to decent employment for young people in Africa. To help shape the discussion, Standard Chartered Foundation collaborated with Business Fights Poverty to develop a report highlighting new ways of working for corporate foundations in light of the significant reduction indevelopment financing in 2025. We also convened NGOs and other stakeholders as part ofan effort to design a new ecosystem programme to enabledecent jobs for young people centred on the blue economy in ASEAN. Employee volunteering We offer our employees three days of paid volunteering leave annually, enabling them to contribute their time, energy and professional skills where it matters most. In 2025, we strengthened our employee volunteering programme by enhancing access to skills-based opportunities, such as mentoring and training, creating pathways for employees to apply their professional expertise to positive social impact. This supports community outcomes across priority areas including youth employment, financial education, inclusion and gender equality. How the Board engages While in Malaysia, Board members shared their expertise on leadership with young women from a programme delivered by the Standard Chartered Foundation and its partner Women Win. As well as gaining career insights, sharing such expertise helps develop young peoples’ confidence and professional communication. Standard Chartered | Annual Report 202540 ![]() To enhance sustainable procurement initiatives and contribute positively to our communities, in 2025 we partnered with Business in the Community, a leading UK NGO dedicated toresponsible business practices. As part of the partnership, we’ve participated in a sustainable procurement working group to deliver best practice outcomes to support diverse business opportunities. How the Board engages Progress is tracked, on an annual basis, by the Culture and Sustainability Board Committee and the Group Diversity andInclusion Council. This supports alignment with our wider sustainability goals and embeds accountability for progress. Outcomes from engagement We remain committed to a diverse and inclusive supply chain in 2026. To broaden our impact, we aim to incorporate our larger suppliers into our inclusion programmes, encouraging them to engage and report on their own diverse spending and activities. Read more on the principles of supplier diversity and inclusion in our Supplier Diversity and Inclusion Standard at sc.com/supplier-standard Regulators and governments Why we engage We engage with public authorities to play our part in supporting the effective functioning of the financial system and the broader economy. Their interests • Strong capital base and liquidity position appropriate toaglobal systemically important bank • Robust standards for financial conduct and financial crime • Competitive economies and markets • Digital innovation and use of AI in financial services • Operational resilience • Sustainable finance and net zero transition • Market integrity and customer protection • International and digital trade • Financial stability How the Group engages We engage with government, regulators and policymakers at the global, regional and national level as well as trade associations to share insights and support the development of best practices and adoption of consistent approaches across our markets. How the Board engages The Board, either collectively or individually, engaged with relevant policymakers and regulators in several jurisdictions across our global footprint. Topics of discussion included changes in the regulatory landscape for financial services, developments in new regulation in such areas as digital assets, and sustainable finance, and the issue of fragmenting rule sets across the global context. Outcomes from engagement The Group seeks to engage openly and strengthen relationships with the regulators in the markets in which itoperates. Outcomes from engagement • Enabled 16,305 jobs for young people in 2025, impacting over145,000 lives in society 1 • We aim to enable 250,000 jobs by 2030 2 • We also aim to convene and collaborate for ecosystem building to make a bigger impact in enabling jobs beyond ASEAN and to our other regions, through our youth programmes. Suppliers Why we engage We are committed to fostering an inclusive and sustainable supply chain that reflects the diversity of the communities we serve. By engaging with diverse suppliers – small and medium- sized businesses, businesses owned by women, ethnic minorities, persons with disabilities, and social enterprises we help create equitable economic opportunities and drive innovation across our value chain. Our partnerships enable diverse suppliers to access new markets, build capacity and strengthen their business resilience, while providing us with fresh perspectives, agile solutions, and stronger community connections. Through these relationships, we continue to advance shared growth, inclusion and long-term value creation for all stakeholders. We continue our focus on decarbonising our supply chain. We work with our suppliers to calculate emissions and set reduction targets where appropriate. Read more on supply chain management and engagement onpage 96 Their interests • Open and transparent tendering process • Simple and consistent onboarding requirements • Accurate and on-time payments • Willingness to adopt supplier-driven innovation • Guidance on implementation of sustainability matters How the Group engages We aim to identify and work with a more diverse range ofsuppliers. We focus on growing these relationships and increasing spend with existing and new diverse suppliers, while committing to supporting suppliers through coaching, mentoring and outreach programmes. In 2025, in partnership with WEConnect International –aglobal network supporting women-owned businesses –we hosted three virtual and three face-to-face events across our markets. By partnering with WEConnect International directly, we have continued to identify and expand our diverse supplier base. Through our events, we provide a platform for our suppliers tocollaborate, share knowledge and exchange best practices. The events foster transparency, supports capability building, promotes recognition and ensures our suppliers are aligned with our sustainability standards and decarbonisation goals. 1 Lives impacted estimates are drawn from our social return on investment model. 2 This target has been revised upwards from 140,000 to 250,000 jobs enabled by 2030, due to a) a revision of the employability KPI to account for under-served male participants and b) moving the baseline from 2024 to 2019 to show progress since the start of programming. Annual Report 2025 | Standard Chartered 41 Strategic report ![]() Managing risk 2025 saw the emergence of a multipolar global economy, with recent geopolitical shocks, industrial policy, and protectionist measures accelerating fragmentation in trade, technology, and capital flows. Heightened trade tensions from US tariffs were a focal point during the year, and although this tapered in the second half, uncertainties remain. Constant fluctuations in policy changes and escalating conflicts led to increased economic uncertainty, market volatility and elevating refinancing risks across emerging markets, among other factors. Throughout the year, we maintained a proactive approach to risk management and remained anticipatory in addressing emerging risks. Wemonitored thebusiness through our well-established risk frameworks and practices, such as stress tests and portfolio reviews, highlighting any potential concentrations to be acted upon. We conducted thorough assessments of trade linkages and identified vulnerable countries and sectors. Beyond trade tensions, we closely monitored secondary impacts and categorised country risks through our ## Group Chief Risk Officer’s review Country Risk Early Warning System. We strengthened ourstress-testing capabilities by increasing the number of management stresstests conducted. The Group continues tomonitor direct exposures to countries involved in conflicts and the resultant secondary effects. Wealso remain vigilant in managing risks from escalating conflicts by continuously monitoring sovereign risks and scanning for topical and emerging threats. We are seeing an evolution in the exchange of value throughnew forms of digital money via decentralised systems usingdistributed ledger technology that offer an alternative to traditional payments. Financial institutions such as digital-native banks as well as corporates are increasingly looking to innovations such as stablecoins to take advantage of their potential benefits, which include faster settlement, programmability and more efficient cross-border payments. The Group’s strong performance in2025 isunderpinned by our commitment to effective risk management and a strong track record of managing risks during periods of volatile macroeconomic and geopolitical conditions. We proactively manage risk inachangingworld. Jason Forrester Group Chief Risk Officer Standard Chartered | Annual Report 202542 ![]() Digital assets such as stablecoins bring about new risk vectors. As we increase our digital assets activity across the Group, we remain focused on understanding how these risks may materialise, and evolving our relevant risk frameworks accordingly, and in compliance with relevant legislative and regulatory regimes. Banks are increasingly shifting from balance-sheet lenders tocredit intermediaries as private credit expands, reflecting regulatory constraints and the growing role of non-bank capital. This evolution redistributes risks beyond the banking sector, requiring enhanced oversight and underscoring thevalue of disciplined credit underwriting. Read more on ‘Topical and Emerging Risks’and howwearemitigating them on pages 45 to 49 Corporate & Investment Banking (CIB) Our CIB credit portfolio remained resilient amid volatile market conditions, with overall good asset quality as evidenced by our largely investment-grade corporate portfolio (31 December 2025: 74 per cent; 31 December 2024: 74 per cent). In consideration of the macroeconomic challenges, we have been pre-emptive in assessing potential impacts of a potential trade war escalation by conducting extensive stress tests and portfolio reviews across vulnerable countries, sectors and clients. While the risk of re-escalation inglobal tariffs has moderated, we continue to update ourassessments based on latest developments and take timely risk mitigating actions as appropriate. Outside tariffs, we remain vigilant in monitoring geopolitical risks, including conflicts in Ukraine and the Middle East, and various US policy risks, and their impact across geographies, commodity prices and clients, as well as sovereign risks across our globalfootprint. The Group’s exposure to data centres and private credit is subject to defined portfolio limits, stringent underwriting standards, concentration sub-caps and regular portfolio reviews. We continued to de-risk in China and Hong Kong commercial real estate, and have limited exposures toUS regional banks and insurance companies. Our CIB Traded Risk increased during 2025, as evidenced bythe higher average Value at Risk (VaR) (31 December 2025: trading $25.4 million and non-trading $47.0 million; 31 December 2024: trading $21.1 million and non-trading $34.2 million). The higher non-trading VaR was driven by market volatility combined with a VaR model enhancement to make the model more responsive to market volatility and larger US agency bonds inventory in the CIB non-trading portfolio. While elevated, the increased risk remained within risk appetite (RA) during the period. Stress tests were used extensively to detect any emerging issue in terms of Market Risk or Counterparty Credit Risk, with mitigating actions taken where required. There were no margin call issues with our collateralised counterparties, including hedge funds. Concentration Risk is monitored tightly and contained by limits. Velocity of assets in the trading book is enforced via tight ageing limits. We remain vigilant and are continuously enhancing our modelling and stress-testing capabilities inanticipation of further market volatility. Wealth & Retail Banking (WRB) The WRB credit portfolio continued to demonstrate resilienceamid the economic uncertainties and geopolitical challenges. Portfolio management actions have continued tobe dynamically adjusted in the last 18 months in response tothechallenging and rapidly changing macroeconomic andoperating conditions, with scenario testing being utilised tomanage the uncertainties. As a result of credit portfolio actions taken, we are seeing signs of credit performance improvement. We remain focused on proactive risk management across credit origination, portfolio management and collections to manage the risks of a challenging and uncertain economic environment and associated market volatility on the WRB portfolios. We are also refining our portfolio strategy in our consumer unsecured lending and digital partnerships portfolios to selectively reduce exposure and to drive better profitability. Ourend-to-end Credit Risk management actions are aligned for the successful execution of the pivot to the ‘affluent’ segment. While the WRB strategy leverages on the market-wide global growth in demand for wealth management services, an essential component of ourcompetitiveness will be our risk management approach, which remains grounded in core principles and our long-held market expertise while also adapting to new risks presented by the dynamic global landscape. Treasury Risk Liquidity remained resilient across the Group and major legalentities (31 December 2025 liquidity coverage ratio (LCR): 155per cent; 31 December 2024: 138 per cent) with asurplus toboth RA and regulatory requirements. We are focused onproactively managing our capital, Interest Rate Risk in the Banking Book (IRRBB) and liquidity risks, including increasing our access to contingent funding sources as appropriate, andenhancing our framework for managing Treasury Risksinvolatile marketscenarios. The Group remains well capitalised with CET1 ratio at 14.1 per cent (31 December 2024: 14.2 per cent) while the Leverage ratio was 4.7 per cent (31 December 2024: 4.8 per cent). Read more on managing Liquidity and Funding Risk andIRRBB on pages 281 to 285 Annual Report 2025 | Standard Chartered 43 Strategic report ![]() The ERMF is complemented by frameworks, policies and standards that are mainly aligned to the principal risk types (PRTs) and is embedded across the Group, including its branches and subsidiaries. 1 The ERMF enables the Group to manage enterprise-wide risks, with the objective of maximising risk-adjusted returns while remaining within our RA. Principal risk types and risk appetite PRTs are those risks that are inherent in our strategy and business model and have been formally defined in the Group’s ERMF. These risks are managed through distinct risk type frameworks (RTFs) that are approved by the Group Chief Risk Officer (GCRO). The table below details the Group’s current PRTs, definitions and our RA statements. 1 The Group’s ERMF and system of internal control applies only to wholly controlled subsidiaries of the Group, and not to associates, joint ventures or structured entities of the Group. 2 Fraud forms part of the Financial Crime RA Statement but, in line with market practice, does not apply a zero-tolerance approach. ## Our risk management approach Principal risk types Definition Risk appetite statement Credit Risk Potential for loss due to failure of a counterparty to meet its agreed obligations to pay the Group. The Group manages its credit exposures following the principle of diversification across products, geographies, client segments and industry sectors. Traded Risk Potential for market or counterparty credit risk losses resulting from activities undertaken by the Group in fair valued financial market instruments. The Group should control its financial markets activities toensure that market and counterparty credit risk losses do not cause material damage to the Group’s franchise. Treasury Risk Potential for insufficient capital, liquidity, or funding to support our operations, the risk of reductions in earnings or value from movements in interest rates impacting banking book items and the potential for losses from a shortfall in the Group’s pension plans. The Group should maintain sufficient capital, liquidity andfunding to support its operations, and an interest rateprofile that ensures that the reductions in earnings or value from movements in interest rates impacting banking book items do not cause material damage totheGroup’s franchise. In addition, the Group should ensure that 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 (including legal risks). The Group aims to mitigate and control Operational and Technology risks, to seek to ensure that events, including any related to conduct of business matters, do not cause the Group material harm as a result of business disruption, financial loss or reputational damage. Information and Cyber Security (ICS) Risk Risk to the Group’s assets, operations, and individuals due to the potential for unauthorised access, use, disclosure, disruption, modification, ordestruction of information assets and/or information systems. The Group aims to mitigate and control ICS risks to ensure that incidents do not cause the Group material harm, business disruption, financial loss or reputational damage, recognising that while incidents are unwanted, they cannot be entirely avoided. Financial CrimeRisk 2 Potential for legal or regulatory penalties, material financial loss or reputational damage resulting from the failure to comply with applicable laws and regulations relating to international sanctions, anti-money laundering and anti-bribery and corruption, and fraud. The Group has no appetite for breaches of laws andregulations related to financial crime, recognising that while incidents 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 or stakeholders or to the integrity 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, recognising that while incidents 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 financial performance, operations, or the Group’s name, brand or standing, arising from environmental, social or governance factors, or as a result of the Group’s actual or perceived actions or inactions. The Group aims to measure and manage financial and non-financial risks arising from climate change, reduce emissions in line with our net zero strategy and protect the Group from material reputational damage by upholding responsible conduct and striving to do no significant environmental and social harm. Model Risk Potential loss that may occur because of decisions or the risk of misestimation that could be principally based on the output of models, due to errors in the development, implementation, oruse of such models. The Group has no appetite for material adverse implications arising from misuse of models or errors inthedevelopment or implementation of models, whileaccepting some model uncertainty. Read more on our risk management approach on pages 220 to 232 #### Our Enterprise Risk Management Framework (ERMF) sets out the principles and minimum #### requirements for risk management and governance across the Group. Standard Chartered | Annual Report 202544 ![]() As part of our risk identification process, we have updated ourTopical and Emerging Risks (TERs) from those disclosed inthe 2025 Half Year Report. Below is a summary of the TERs, and the actions we are taking to mitigate them based on our current knowledge and assumptions. The list of TERs is not exhaustive and there may be additional risks that could have an adverse effect on the Group. Ourmitigation approach for these risks may not eliminate them but demonstrates our awareness and attempts to mitigate or manage their impact. Macroeconomic and geopolitical considerations There is a complex interconnectedness between risks due to the direct influence of geopolitics on macroeconomics, as well as the global or concentrated nature of key supply chains. Amore complex, differently integrated and generally more volatile global landscape could challenge cross-border business models but also provide new business opportunities. The Group is exposed to these risks directly through investments, infrastructure and employees, and also indirectly through its clients. While the primary impact is financial, there may be other ramifications such as reputational, compliance or operational considerations. Expanding array of global tensions and transition oftheinternational order The global geopolitical landscape has shifted from a rules-based international order to a system driven by relative power dynamics. Fluid political and economic alliances are evolving, with the landscape further complicated by ongoing conflicts, e.g., in Ukraine and the Middle East. In the near term, geopolitical fragmentation is also hampering collaboration on key global challenges. Theerosion of international rules and the organisations thatunderpin them could undermine coordination efforts onstructural global issues, such as climate risk mitigation, or ad hoc emergencies. The dismantling of some international development organisations may also impact future cooperation efforts, including on combatting the potential spread of future pandemics. These trends are prompting reform at multinational institutions, albeit the pace is slow. National interests are returning more visibly, with national security or prosperity goals re-shaping engagement within and between countries. Domestic political volatility is increasing across numerous markets. Internationally, alliances are reorganising. Importantly, the US’s use of tariffs to achieve both economic and political goals, rollbacks of policy in areassuch as Environmental, Social, and Governance (ESG), and direct interventions in global conflicts have all changed themacroeconomic and geopolitical landscape. Some ofthese actions have caused fractures between the US andtraditional allies, leaving many long-standing bilateral relationships in a state of flux. The positioning of ‘middle powers’ is complex and evolving, with a rise in ‘mini-lateral’ groups of countries that are ideologically or geographically aligned. The negotiating power of these alliances is strengthened where they are instrategic areas or involve the control of key resources. The Group may be impacted by direct exposure to countries engaged in conflicts, as well as by second-order effects onitsclients and markets such as agricultural commodities, oiland gas. The sanctions landscape is also becoming increasingly complex, with potential divergence across regimes requiring heightened awareness in running acompliant, global operation. The malicious use of AI-enabled disinformation could furtherundermine trust in the political process. Terrorism and cyber warfare are also ongoing threats, with unpredictability exacerbated by the wider range of ideologies at play and enhanced capabilities to disrupt infrastructure in rival countries. Macroeconomic uncertainty including potential pricebubbles While many tariff deals have been struck between the US and the rest of the world, the average global tariff level has increased significantly relative to a year ago. The potential for change remains, with the US administration applying additional tariffs in response to non-economic issues or toachieve leverage in other areas. Despite this, global trade has broadly readjusted and financial markets have not been adversely impacted. Therelative alignment between the US and China is a major factor. However, dislocation risks persist, and headwinds arebrewing in export-reliant locations such as South East Asia. Friction has also been seen around the export of rare earthmetals from China. Potential uncertainty has driven a‘debasement trade’ shift to hard assets, with the price ofgoldincreasing by 65 per cent in 2025. Although the interest rate cut cycle has begun, the short-term trajectory remains uncertain. Tariffs, supply chain disruption, strong labour markets and higher deficits could be inflationary, leading to higher rates. In contrast, aggressive cuts could further fuel inflation. Developed markets have diminished fiscal flexibility to react due to their high debt levels and social burdens. There are growing concerns inEurope, wherefiscal weakness in France and government instability inGermany threaten to undermine the European Union’s strongest members and the integrity of the bloc. Volatile interest rates could also impact the Group’s net interest income outlook. ## Topical and Emerging Risks Topical Risks refer to themes that may have emerged but are still evolving rapidly andunpredictably. Emerging Risks refer to unpredictable and uncontrollable outcomes from certain events that may have the potential to adversely impact our business. Annual Report 2025 | Standard Chartered 45 Strategic report ![]() The global landscape remains challenging for businesses, with structural spending still a risk while volatility remains. Asother cost pressures such as the ESG transition or keeping up with technological advances build, companies may start to feel a squeeze, especially if interest rates do not fall asrapidly as expected. Tariff volatility, policy unpredictability and uncertainty overthe continued independence of the Fed could impact investor perceptions of risk-free assets across global markets, and encourage a gradual and steady diversification. In an extreme case, the rest of the world could reduce trade with the US, which could result in further weakening of the US dollar, challenging its status as the global reserve currency, orrisk premia on traditionally risk-free assets such as US Treasuries. However, these are unlikely to materialise intheshort term. One potential headwind for global markets could be a downturn caused by the bursting of the perceived AI bubble, with valuations of key players and significant investment from private credit players in the sector drawing some concern. A correction would have implications to the broadereconomy, with sectors such as energy, construction and commercial real estate all highly dependent on AI infrastructure growth, particularly data centres. Conversely, the AI race is fueling growth in demand for semiconductor chips, whose availability and price are becoming a concern. Concentration risk in sectors with an AI or semiconductor nexus needs to be monitored. The private credit sector is also under greater scrutiny, with concerns over default rates and increasing connectedness with traditional banks and the insurance industry. Lack of regulation or transparency, and lower underwriting standards all heighten inherent risks and make the segment more susceptible to downturns and other threats such as fraud. While idiosyncratic risks remain, emerging markets are generally seeing improved sentiment as debt restructurings have progressed and acute sovereign default risks have receded in certain markets. Multilateral support mechanisms, alongside bilateral funding, have helped to shore up external positions in several emerging markets. Trends such as de-dollarisation and disintermediation through alternative payment channels may have a larger impact in emerging markets, and how credit risk is managed in such centres. Supply chain issues and key material shortages Geopolitical volatility, shifts towards protectionism, and ongoing conflicts have complicated the operation of global supply chains. Countries are ‘de-risking’ through diversifying their supply chains. This includes tactics such as reducing reliance on rivals or concentrated suppliers, looking to either re-industrialise or make use of near-shoring and friend- shoring production, and forming entirely new relationships. The growing need for minerals and rare earth elements topower future technologies can be leveraged to achieve economic or political aims by restricting access. This can bolster the negotiating influence of refiners and producers such as China, Indonesia and some African markets. However, AI applications could provide additional supply chain robustness, as inefficiencies are reduced by predictive analytics around supply and demand, weather patterns andmaintenance requirements. ESG considerations Evolving ESG dynamics Stakeholder scrutiny on ESG commitments and practices continues. Regulators are implementing standards, reporting requirements and timelines that can vary significantly, leading to further complexity in ensuring compliance across different jurisdictions. Greenwashing risk remains heightened, with both regulator and non-governmental organisation scrutiny on market integrity. The Group maintains its external commitments to achieve net zero targets and mobilise sustainable financing amid shifting global attitudes. Economic pressures and geopolitical tensions such as increased tariffs may push companies to consider deprioritising their climate transition. In addition, the cost ofmanaging the climate impacts from more frequent extreme weather events is increasing, with the burden disproportionately borne by developing markets, which in turn lowers their ability to invest in transition infrastructure. Frontier technologies such as quantum computing and AI may also come with substantial energy and water demands. These need to be understood, particularly the impact on companies’ ability to deliver against sustainability targets. Environmental risks such as loss of biodiversity pose incremental challenges to food, health systems and energy security. Modern slavery and human rights concerns are increasingly in focus, expanding beyond direct operations toextended supply chains. How these risks are mitigated • We conduct portfolio reviews and stress tests at Group, country, business and asset class level, with regular reviews of vulnerable sectors. • We have a structural hedging programme to mitigate the impact of volatile interest rates. • We run daily market risk stress scenarios to assess theimpact of unlikely but plausible market shocks. • We run a suite of management scenarios with differing severities to assess their impact on key RAmetrics. • We have a dedicated country risk team that closely monitors sovereign risk. • We maintain a diversified portfolio across products and geographies, with specific RA metrics tomonitor concentrations. • Increased scrutiny is applied when onboarding clientsin sensitive industries and ensuring compliance with sanctions. • We maintain underwriting principles for specialised product and industry segments, detailing transaction- level origination standards and sub-segment caps supported by regular portfolio reviews. • We regularly review our supply chains and third-party arrangements to improve operational resilience. • We actively review and test our crisis management and business continuity plans. #### Topical and Emerging Risks (TERs) Standard Chartered | Annual Report 202546 ![]() New business structures, channels andcompetition Competitive disruption Sources of disruption and disintermediation to traditional finance are increasing, with more established fintech and private credit sectors being joined by increasing use cases for digital assets. Stablecoins could provide alternative payment and deposit channels, with adoption expected to be most prevalent in emerging markets where local currencies are highly volatile. This could lead to deposit outflows from traditional banking products. While there is increasing regulatory scrutiny on alternative financing providers, such as the Bank of England’s proposed stress test for the private credit market, there is still a governance gap that could put banks at a competitive disadvantage. Financiers that can harness technology can rapidly improve their market share, as the concept of a hyper-personalised ‘segment of one’ is increasing in prominence, and may change marketing, client service and distribution channels. The proactive management of the impact of AI and more nascent technologies such as quantum computing may lead to sunk costs into projects that are ultimately not required ordo not become part of daily operations. Rapid adoption of AI The expansion of AI capabilities is increasingly pervasive and pivotal to business operations across industries. Traditional finance faces adoption challenges in complying with existing regulation and governance standards. Cost pressures and lack of key skills in the industry could hamper a swift transition. The increased use of partnerships with specialist tech providers is operationally efficient, although it increases third-party and model risks and requires enhanced due diligence toensure secure adoption. 1 By suppliers we are referring to external third parties (vendors) that have a commercial arrangement with the Group for the provision of goods and/or services. Examples of suppliers include landlords, management consultants, and IT service providers. The integration of more sophisticated insights utilising big data and AI could enhance the services offered to clients. However, if such capabilities are widely available it may impact banks’ ability to differentiate. AI also has implications on broader considerations such as the ethical use of data andprotecting privacy and security, and the increase in ‘shadow AI’ or the use of unauthorised AI channels or tools. There has been a large increase in the use of AI in fraud, scams and spreading misinformation. AI powered deepfakes and autonomously generated malware are changing the nature of cyber threats, in particular increasing the speed of attack. However, the availability and maturity of security and controls continues to lag development of the technology itself. There are also potential societal and economic impacts from replacement of jobs, which may be concentrated in some sub-sectors and disproportionately impact junior positions and youth entering the workforce. Leveraging the benefits ofaugmented AI while managing these risks will be a core part of the Group’s business model. Cyber, data and operational resilience An expanding digital footprint and integration of smarter AIsystems increases inherent cyber and operational risk, with more opportunities for cybercriminals to gain entry or access to corporate assets, including infrastructure such as cloud andthird-party enabled services. These threats extend to ourclients, with the Group at risk of financial loss if they are materially affected. Reliance on third parties for critical processes is an increasingregulatory focus and can introduce significant risks if thesethird parties fail to deliver or face operational issues. Assupply chains become more complex and digital, security risksare shifting down to 4th and nth party. This increased interconnectedness is likely to further reduce the tolerance forerrors and outages. Ongoing geopolitical tensions increase the risk of conflict spilling into the cyber domain, including cyber risks from nation-state actors seeking to disrupt operations, access sensitive information, or gain strategic advantage. The scale and sophistication of threats continues to increase, with ransomware a persistent concern. The barriers to entry for attacks is reducing, and malicious actors are embracing new wave technology with increased potency, such as AI. In the longer term, advances inquantum computing could threaten encryption, one of the core aspects of security, which will necessitate a complex global transition to enhance data architecture. There are alsogrowing data sovereignty requirements to localise data, systems and operations, withdata increasingly recognised asbeing at the centre ofglobal trade. The adoption of new technologies, products or business models requires clear operating models and risk frameworks. Itis essential to upskill our people to develop in-house capabilities to manage associated risks. People, process andtechnology agendas must be viewed holistically to effectively implement new infrastructure and reduce the riskof obsolescence. How these risks are mitigated • Climate Risk considerations are embedded across relevant principal risk types. We perform client-level Climate Riskassessments and set adequate mitigants or controls where relevant. • We have delivered on our commitment to be net zero in our own operations (Scope 1 and 2 emissions) by the end of 2025 and intend to maintain this going forward. • We embed our values through our Position Statements and a list of prohibited activities. We also maintain ESGR standards to identify, assess and manage risks when providing services to clients. • Management of greenwashing risks is integrated intoour ESGR RTF, ESGR policies, Sustainable FinanceFrameworks, and relevant product and marketingstandards. • Detailed portfolio reviews and stress tests are conducted to assess the resilience of our clients and operations toclimate-related physical and transition risks. • Suppliers 1 that are identified as presenting higher risks of modern slavery are subject to a risk assessment. Read more on our Modern Slavery Statement at sc.com/modernslavery Annual Report 2025 | Standard Chartered 47 Strategic report ![]() Regulatory considerations Regulatory evolution and fragmentation Amid other changes in regulation, we are seeing a rise inconsultations relating to digital assets, with potential inconsistent standards across jurisdictions raising risks aroundlegal enforceability, ownership and capital treatment. There is also greater regulatory interest in the use of AI and itsethical application in decision-making. As technologies getmore complex, we also see increased focus on consumer protection, particularly with ageing populations and a rise inpopulist agendas. In many Western jurisdictions, competitiveness and growth are becoming more pressing issues for regulatory authorities. Such policymaking comes at a natural tension with resilience considerations, as seen in the divergence in timing and approach of Basel 3.1 adoption across the US, UK and some Asian markets. Other areas of divergence include ESG regulation, and extraterritorial and localisation requirements, including data sovereignty. While some deregulation can be beneficial, an uncoordinated global regime makes it challenging to manage cross-border activities, with additional complexity and cost. #### Topical and Emerging Risks (TERs) How these risks are mitigated • We continuously monitor and evaluate emerging technology trends, business models and opportunities. • We have enhanced governance for evolving areas, such as the Digital Asset Risk Committee. • We have instituted an AI Safety Council, which evaluates and assesses AI solutions prior to use. • We apply a tiered approach to evaluate AI systems, proportionate to the associated risks. • We are partnering with central banks and other stakeholders on digital currency and stablecoin projects around the world. • We manage data and information security risks through our Compliance and Information and Cyber Security (ICS) RTFs. We maintain aglobal Group Data Conduct Policy. • The Group continues to invest in its resilience capabilities, with a focus on regulatory compliance, aswell as ensuring the continued operational stability of the Bank. • The Group is focused on uplifting its global data centre footprint, enhancing technology to reduce obsolescence, assuring its use of third parties and building response and recovery capabilities. • We prioritise security and robust testing in the design of our products and services, including implementing encryption, phishing resistance and stringent access controls to safeguard user data. • The Group has implemented a ‘defence-in-depth’ ICScontrol environment strategy to protect, detect and respond to known and emerging ICS threats. • We upskill colleagues on the human aspect of ICS risk, underpinned by our colleague Code of Conduct and Ethics. We also assign mandatory ICS learning, phishing exercises and role-specific training. • The Group’s Incident Response processes include 24/7security event monitoring, triage and analysis. • New risks are identified through the New Initiatives Risk Assessment and Third-Party Risk Management policy and standards. • We identify security threats to third parties and deliver threat intelligence and briefings to strategic clients toenhance our service and relationships. • We have initiated a post quantum cryptography programme to manage the bank-wide transition topost-quantum encryption standards. • We test the effectiveness of our crisis management and continuity strategies through a series of severe but plausible disruption scenarios. • We have implemented pan-bank stress testing for our important business services to ensure vulnerabilities are effectively identified and remediated. • We have improved operational resilience monitoring capabilities to identify potential vulnerabilities quickly and put in place necessary remediations and controls. How these risks are mitigated • We actively monitor regulatory developments andrespond to consultations either bilaterally with regulators and external legal advisors or through well-established industry bodies. • We track evolving country-specific requirements andactively collaborate with regulators to support important initiatives. • We are leveraging new technology to identify andmap new regulations. • We remain focussed on protecting consumers byproactively identifying and mitigating risks such asscams, phishing and impersonation. Standard Chartered | Annual Report 202548 ![]() Demographic considerations Skills and the competition for talent Evolving client expectations and rapid technological development are transforming the workplace, accelerating changes to how people work, connect and collaborate. Thefuture workforce will continue to augment, with a focus on ensuring that human and technical skills intertwine effectively. Workforce expectations also continue to evolve, with health, wellbeing and purpose becoming top focuses for talent attraction. Maintaining an EVP that caters for multiple generations with differing priorities is a key challenge inbuilding a high-performing, integrated employee base. Flexible working is an increasingly important factor for colleagues and an overall positive factor in workforce experience. However, there are risks around potential lack ofdevelopment opportunities from face-to-face interaction, especially for more junior employees. The role of people leaders will continue to evolve to enable the right balance forboth individuals and teams. Demographic and migration trends Developed markets’ budgets will be increasingly strained by ageing populations, and nationalistic policies on issues such as immigration could exacerbate the problem. Conversely, emerging markets are experiencing fast-growing, younger workforces. Population growth will put pressure on key resources to fully capitalise on the ‘demographic dividend’. Existing fiscal and social vulnerabilities may also hinder emerging markets’ ability to turbocharge their growth. Population displacement is rising, which may increase the fragility of societal structures in vulnerable centres. Large scale movement could cause social unrest and accelerate thespread of future pandemics. The ability to react to such external scenarios may be diminished due to broader declines in international institutions and reduced global cooperation. Societal unrest continues to increase, and the threat of terrorist activity and political violence has also heightened over the past 12 months. Net population growth for the 21 st century will be in less-developed countries. Proactively planning for these demographic shifts will be essential in maintaining an efficient global business model. Jason Forrester Group Chief Risk Officer 24 February 2026 How these risks are mitigated • Our People Strategy builds a future-ready, multi-generational workforce through structured re-skilling and mobility programmes; this enables prompt redeployment as roles evolve, and also mitigates the demographic risks of shrinking and ageing populations. • We have an internal Talent Marketplace which enables colleagues to sign up for projects to access diverse experiences and career opportunities. • We place an emphasis on skills and identifying talent to accelerate, and how to deploy them in areas with the highest impact for our clients and the business. • We emphasise frequent two-way feedback through performance and development conversations toembed a culture of continuous learning anddevelopment. • We provide support and resources to help balance productivity, collaboration and wellbeing, with more than 60 per cent of our employees working flexibly. • Our Human Rights Position Statement outlines our commitment to maintain a safe, supportive, diverse and inclusive workplace, and to support social andeconomic development in the communities inwhich we operate. Annual Report 2025 | Standard Chartered 49 Strategic report ![]() We have included non-financial sustainability-related information within this Annual Report, which we believe best meets theinterests of our key stakeholders as described on pages 37 to 41. This is based on external stakeholder engagement andtheresults of our materiality assessment on pages 72 to 73. The table below sets out where information can be found on key non-financial matters in this report, in compliance with the non-financial reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006. This comprises our non-financial and sustainability information statement for 2025. Climate-related information required under sections 414CA and 414CB of the Companies Act 2006, the UK Financial Conduct Authority’s (FCA) UK Listing Rule 6.6.6R (8) and Part D of the Environmental, Social and Governance Reporting Code (Appendix C2to The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited) is integrated throughout thisAnnual Report. Read more in our Climate reporting index on pages 458 to 465 ## Non-financial and sustainability ## information statement #### Section information and policies including risks, due diligence processes and outcomes Reporting requirement Page Environmental matters Our operations 93, 109, 110, 116 Our suppliers 96, 109, 110, 116 Our clients 97, 109, 110, 116 Employees Employees 39 Employee policies and engagement 213 Health, safety and wellbeing 215 Diversity 214 Human rights Suppliers 96 Respecting human rights 117 Social matters Commercial activities 113 Philanthropic activities 113 Anti-corruption and anti-bribery matters Code of conduct and ethics 118 Fighting financial crime 119 Political donations 216 Anti-money laundering 117 Speaking Up 118 Description of business model Who we are and what we do 2 Our strategy 9 Our business model 10 Principal risks and uncertainties Risk review and Capital review 218 Non-financial KPIs Supplementary people information 444 Supplementary sustainability information 450 Further disclosures, including our Group policies, are available at sc.com/sustainabilitylibrary Standard Chartered | Annual Report 202550 ![]() ## Viability statement The directors are required to issue a viability statement regarding the Group, explaining their assessment of the prospects of the Group over an appropriate period of time andstate whether they have reasonable expectation that theGroup will be able to continue in operation and meet itsliabilities as they fall due. The directors are also to disclose the period of time for which they have made the assessment and the reason they consider that period to be appropriate. In considering the viability of the Group, the directors haveassessed the key factors including, but not limited to; inflationary pressures, spikes in oil prices, disruption to global supply chains, rise in interest rates, depreciation in emerging market currencies, market volatility, economic recession, and geopolitical events likely to affect the Group’s business model and strategic plan, future performance, capital adequacy, solvency and liquidity taking into account the emerging risks aswell as the principal risks. The viability assessment has been made over a period ofthreeyears, which the directors consider appropriate as itiswithin both the Group’s strategic planning horizon and supports thebasis upon which its regulatory capital stress tests are undertaken and is representative of the continuous level ofregulatory change affecting the financial services industry. The directors will continue to monitor and consider the appropriateness of this period. The directors have reviewed the corporate plan, which is theoutput of the Group’s formalised budgeting and strategic planning process. The 2026 Corporate Plan reflects further refinement of the strategy pursued for the past several years, with continued focus on differentiated cross-border banking capabilities for Corporate and Institutional clients and leading Wealth Management expertise for Affluent clients, supported by ongoing leadership in Sustainability. Measures are being implemented to increase the Group’s resilience toongoing external environment uncertainties and to sharpen focus onareas of strength. The Corporate Plan is evaluated and approved annually bytheBoard, with confirmation from the Group Chief Risk Officer that it is aligned to the Enterprise Risk Management Framework andremains within the Group Risk Appetite Statement. Theplan incorporates future projections coveringprofitability, capital and liquidity requirements, keyregulatory ratios and resource needs over the planning horizon. It details the Group’s key performance measures including forecast of profit, CET1 capitalratio, return on tangible equity, cost to income ratio andcashinvestment projections. The Board monitors the Group’s performance bycomparing reported results to the budget andthe corporate plan. The Group performs enterprise-wide stress tests using arange of bespoke hypothetical scenarios that explore theresilience ofthe Group to shocks to its balance sheet andbusiness model. To assess the Group’s balance sheet vulnerabilities and capital and liquidity adequacy, severe butplausible macro-financial scenarios explore shocks that trigger one or more of: • Global slowdowns including recessions in China, Asian and Western economies that can be acute or more protracted, resulting in severe declines in property prices • Sharp falls in world trade volumes and disruption to global supply chains, including the severe worsening of trade tensions and rise of protectionism • Inflationary pressures in the global economy including volatility in commodity prices • Significant rises in interest rates and depreciation inemerging market currencies, resulting in heightened sovereign risk • Financial market volatility, including significant moves inasset prices driven by a combination of macroeconomic and geopolitical events. In 2025, the primary focus has been on: • The effect of increased global trade tensions leading tosevere economic downturns across Asia and other regions,coupled with interest rate reductions and lower commodity prices • The effect of high interest rates and persistent inflation, including spikes in the oil price, combined with severe marketvolatility and severe economic downturns inChinaand other economies • The impact of intensifying geopolitical tensions oneconomic and financial activity in our footprint marketsincluding anassessment of both financial andoperational risks • The successful completion of the Bank of England’s BankCapital Stress Test • Testing liquidity resilience through severe scenarios similar toSilicon Valley Bank or Credit Suisse and fully integrating them in the liquidity risk framework to inform the requirement for contingent collateral actions. In 2025, the Group undertook a number of Climate Risk stresstests, including those mandated by the Otoritas Jasa Keuangan (OJK), Central Bank of United Arab Emirates (CBUAE), Bank of Mauritius, and an internal management scenario analysis. The Group also submitted the Monetary Authority of Singapore’s (MAS) and Bank Negara Malaysia’s (BNM) Climate Risk stress tests, which started in 2024. For the internal management scenario analysis, we leveraged Phase 4 of the Network for Greening the Financial System (NGFS) scenarios that cover a wide range of transition andphysical risks. CIB stress testing focused on corporates, leveraging internally built and enhanced climate models along with quantitative methods that consider a range offactors including, but not limited to, the client’s financials, their emissions profile, transition plans and physical risk adaptation. WRB stress testing focused on our consumer mortgage portfolio by performing stranded asset analysis to identify properties that are expected to become uninhabitable and/or unusable due to increased frequency and intensity of physical risk events. This included examining exposure concentration 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. The expected credit losses across the climate scenarios are estimated to be within monitoring thresholds and considered to be marginal. We believe that the level of these losses can remain controlled by continuing to take necessary actions which the Group is already doing across sectors – engaging with our clients on just transition and supporting them inenhancing their climate transition plans and physical riskadaptation profiles. Annual Report 2025 | Standard Chartered 51 Strategic report ![]() In 2025, Climate Risk was also considered as part of ourformal annual corporate strategy and financial planningprocess. Under this range of scenarios, the results of these stress testsdemonstrate that the Group has sufficient capital and liquidity to continue as a going concern and meet regulatory minimum capital and liquidity requirements. To evaluate the vulnerabilities inherent in the Group’s businessmodel, we examine extreme scenarios that could potentially result in the firm reaching the point ofnon-viability. Theprobability of such events occurring isconsidered to be low.During the year, we analysed the resilience of our critical technology applications in the event of severe outages across multiple geographies, along with itsimplications for our operational model. The insights derived from these assessments can provide valuable guidance forstrategy formulation, risk management, operational resilience, as well ascapital and liquidity planning. The directors further considered the Group’s Internal LiquidityAdequacy Assessment Process (ILAAP), which considers the Group’s liquidity position, its framework and whether sufficient liquidity resources are being maintained tomeet liabilities as they fall due. The Board Risk Committee (BRC) is appointed by the Boardtoassist and advise the Board in fulfilling its oversight responsibilities in relation to the key risks of the Group and makes recommendations to the Board on the Group’s Risk Appetite Statement. Its specific responsibilities include review of theGroup’s Enterprise Risk Management Framework, assessment of emerging and existing principal risks, oversight of stress testing, approval of certain capital and liquidity regulatory submissions and review of material acquisitions anddisposals. The BRC receives regular reports on the Group’s key risks, aswell as updates on the macroeconomic environment, geopolitical and sovereign risks, market developments, andrelevant regulatory updates. In 2025, the BRC carefully monitored sovereign and geopolitical risks arising from US tariffs, global conflicts and market volatility and considered the potential impact of key emerging risks and opportunities on the Group, our clients, colleagues, markets and regulators. The Committee continued to focus on strengthening the Group’s approach to stress testing andchallenged the outcomes and key findings arising from stress tests including those arising as part of the Internal Capital Adequacy Assessment Process (ICAAP) submission and the 2025 Bank ofEngland (BoE) Bank Capital Stress Test. The Committee challenged management to consider the use of these stress tests to further enhance performance and accelerate the use ofstress testing tools. There were regular updates to the Committee on the Group’s recovery and resolution capabilities, and theCommittee provided feedback on the Group’s activities to improve recovery and resolution planning capabilities and arrangements. The Committee also reviewed and discussed updates on, and tracked progress of, key technology-related change programmes, holding management to account on deliverables and committed timelines. Information and Cyber Security (ICS) risk remained an important priority and progress made on ICS risk management was regularly reviewed. TheCommittee paid particular attention to the CIB and WRB credit portfolios to ensure they remain resilient, and considered portfolio deep dives including oil and gas, solar and electric vehicles in light of the evolving geopolitical landscape. Based on the information received, the directors considered theprincipal uncertainties as well as the principal risks in theirassessment of the Group’s viability, how these impact therisk profile, performance and viability of the Group and anyspecific mitigating or remedial actions necessary. For further details of information relevant to the directors, assessment can be found in the following sections of this Annual Report: • the Group’s Business model (pages 10 to 11) and Strategy (pages 9) • the Group’s current position and prospects including factorslikely to affect future results and development, together with a description of financial and funding positions are described in the client segment reviews (pages22 to 31). An update on the key risk themes of the Group is discussed inthe Group Chief Risk Officer’s review on pages 42 to 49, andthe following sections of this Annual Report: – The BRC section of the Directors’ report (pages 166 to171) – The Group’s Topical and Emerging Risks sets out thekeyexternal factors that could impact the Group inthecoming year (pages 45 to 49) – The Group’s Enterprise Risk Management Framework details how the Group identifies, manages and governs risk (pages 220 to 225) – The Group’s Risk profile provides an analysis of our risk exposures across all major risk types (page 226 to 232) – The capital position of the Group, regulatory development and the approach to management and allocation of capital are set out in the Capital review (pages 303 to 308). Having considered all the factors outlined above, thedirectors confirm that they have a reasonable expectation that the Group will be able to continue inoperation and meet its liabilities as they fall due over the period of the assessment upto 24 February 2029. Our Strategic report from pages 1 to 52 has been reviewed andapproved by the Board. Bill Winters, CBE Group Chief Executive 24 February 2026 #### Viability statement Standard Chartered | Annual Report 202552 ![]() In this section 54 Financial summary 62 Underlying versus reported results reconciliation 65 Alternative performance measures ## Financial ## review #### Case study ## Partnering on AI ## and cross-border ## services with ## Alibaba In July 2025, we signed a strategic partnership with Alibaba Group to increase the use of AI across our business. Under the agreement, the Bank will deploy Alibaba Cloud AI tech in client service, sales intelligence, risk management and compliance functions, while supporting workforce upskilling through training programmes. In turn, we will provide a comprehensive range of banking services to Alibaba Group, from supply chain financing support to cross-border fund management solutions. Read more: sc.com/alibaba Annual Report 2025 | Standard Chartered 53 Financial review ![]() ## Financial summary Statement of results 2025 $million 2024 $million Change 1 % Underlying performance Operating income 20,894 19,696 6 Operating expenses (12,347) (11,790) (5) Credit impairment (676) (557) (21) Other impairment (42) (588) 93 Profit from associates and joint ventures 71 50 42 Profit before taxation 7,900 6,811 16 Profit attributable to ordinary shareholders² 5,360 4,276 25 Return on ordinary shareholders’ tangible equity (%) 14.7 11.7 300bps Cost-to-income ratio (%) 59.1 59.9 80bps Reported performance 7 Operating income 20,942 19,543 7 Operating expenses (13,304) (12,502) (6) Credit impairment (672) (547) (23) Goodwill & other impairment (65) (588) 89 Profit from associates and joint ventures 62 108 (43) Profit before taxation 6,963 6,014 16 Taxation (1,866) (1,972) 5 Profit for the period 5,097 4,042 26 Profit attributable to parent company shareholders 5,085 4,050 26 Profit attributable to ordinary shareholders 2 4,558 3,593 27 Return on ordinary shareholders’ tangible equity (%) 11.9 9.7 220bps Cost-to-income ratio (%) 63.5 64.0 50bps Net interest margin (%) 6,9 2.03 2.06 (3)bps Balance sheet and capital Total assets 919,955 849,688 8 Total equity 54,586 51,284 6 Average tangible equity attributable to ordinary shareholders 2 38,242 36,876 4 Loans and advances to customers 286,788 281,032 2 Customer accounts 530,161 464,489 14 Risk-weighted assets 258,031 247,065 4 Total capital 53,227 53,091 – Total capital ratio (%) 20.6 21.5 (86)bps Common Equity Tier 1 36,440 35,190 4 Common Equity Tier 1 ratio (%) 14.1 14.2 (12)bps Advances-to-deposits ratio (%) 3 51.4 53.3 (190)bps Liquidity coverage ratio (%) 155.4 138.2 1720bps UK leverage ratio (%) 4.7 4.8 (11)bps Cents Cents Change¹ Information per ordinary share 8 Earnings per share 4 – underlying 229.7 168.1 61.6 – reported 195.4 141.3 54.1 Net asset value per share 5 2,007 1,781 226 Tangible net asset value per share 5 1,730 1,541 189 Number of ordinary shares at period end (millions) 2,247 2,408 (7) 1 Variance is better/(worse) other than assets, liabilities and risk-weighted assets. Change is percentage points difference between two points rather than percentage change for total capital ratio (%), Common Equity Tier 1 ratio (%), net interest margin (%), advances-to-deposits ratio (%), liquidity coverage ratio (%), leverage ratio (%), cost-to-income ratio (%) and return on ordinary shareholders’ tangible equity (%). 2 Profit/(loss) attributable to ordinary shareholders is after the deduction of dividends payable to the holders of non-cumulative redeemable preference shares and Additional Tier 1 securities classified as equity. 3 When calculating this ratio, total loans and advances to customers excludes reverse repurchase agreements and other similar secured lending, excludes approved balances held with central banks, confirmed as repayable at the point of stress and includes loans and advances to customers held at fair value through profit andloss. Total customer accounts include customer accounts held at fair value through profit or loss. 4 Represents the underlying or reported earnings divided by the basic weighted average number of shares. 5 Calculated on period end net asset value, tangible net asset value and number of shares. 6 Net interest margin is calculated as adjusted net interest income divided by average interest-earning assets, annualised. 7 Reported performance/results within this annual report means amounts reported under UK-adopted International Accounting Standards and International Financial Reporting Standards. 8 Change is cents difference between the two periods for earnings per share, net asset value per share and tangible net asset value per share. Number of ordinary shares at period end ispercentage difference between the two periods. 9 Net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification offunding cost mismatches to non NII. Standard Chartered | Annual Report 202554 ![]() Operating income by product 2025 $million 2024 1 $million Change % Constant currency change 2 % Transaction Services 6,005 6,434 (7) (7) Payments & Liquidity 4,155 4,605 (10) (10) Securities & Prime Services 648 611 6 7 Trade & Working Capital 1,202 1,218 (1) (1) Global Banking 2,229 1,935 15 15 Lending & Financial Solutions 1,905 1,677 14 13 Capital Markets & Advisory 324 258 26 26 Global Markets 3,863 3,450 12 12 Macro Trading 3,116 2,852 9 9 Credit Trading 753 644 17 17 Valuation & Other Adj (6) (46) 87 87 Wealth Solutions 3,086 2,490 24 24 Investment Products 2,347 1,827 28 28 Bancassurance 739 663 11 12 Deposits & Mortgages 4,080 4,170 (2) (2) CCPL & Other Unsecured Lending 1,080 1,081 – – Ventures 415 183 127 125 Digital Banks 195 142 37 36 SCV 220 41 nm nm Treasury & Other 136 (47) nm nm Total underlying operating income 20,894 19,696 6 6 1 Products have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 with no change in total income. 2 Comparisons presented on the basis of the current period’s transactional currency rate, ensuring like-for-like currency rates between the two periods. The operating income by product commentary that follows ison an underlying basis and comparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FXpositions in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable items). Transaction Services income decreased 7 per cent as growth in Securities & Prime Services was more than offset by lower Payments & Liquidity and Trade & Working Capital income. Payments & Liquidity income decreased 10 per cent, driven bythe impact of lower interest rates and margin compression, albeit passthrough rates continued to be tightly managed and there was strong growth in balances. Securities & Prime Services income grew 7 per cent due to higher fee from increase in custody balances. Trade & Working Capital income was down 1 per cent as growth in fees was offset bylower average volumes and margin compression. Global Banking income increased 15 per cent as Lending &Financial Solutions grew 13 per cent from strong pipeline execution which led to higher origination and distribution volumes and increased carry income. Capital Market & Advisory income was up 26 per cent on the back of increased bond fees and Mergers & Acquisitions transactions. Global Markets income increased 12 per cent driven by continued strong growth in flow income which grew 15 per cent primarily from Financial Institutions clients and increased Rates and Credit trading volumes. Episodic income grew 3percent from higher macro trading income. Wealth Solutions income was up 24 per cent, driven by a 28 per cent increase in Investment Products income and 12 per cent increase in Bancassurance. This was driven by continued momentum in affluent new-to-bank onboarding, with 275,000 clients onboarded in 2025, and $52 billion of affluent net new money, equivalent to 14 per cent growth of assets under management. Deposits & Mortgages income decreased 2 per cent. Thebenefit from higher deposit volumes and proactive pricing actions was more than offset by the impact of lower interest rates, while Mortgages income increased year-on year supported by margin expansion from lower funding costand higher volumes in a few select markets. CCPL & Other Unsecured Lending income remained flat as an increase in margins was partly offset by lower volumes resulting from portfolio optimisation actions. Ventures income more than doubled year-on year. Digital Banks income was up $53 million driven by higher Deposit volumes and fee income as they continue to grow their customer base. SCV income was up $179 million mainly froma$238 million gain from the Solv India transaction (seepage 340). Treasury & other performance improved by $183 million asthe benefit in Treasury from the repricing of longer datedassets was partly offset by the non-repeat of the notableitems. Annual Report 2025 | Standard Chartered 55 Financial review ![]() #### Financial summary Profit before tax by client segment 2025 $million 2024 1 $million Change % Constant currency change 2 % Corporate & Investment Banking 1 5,875 5,431 8 9 Wealth & Retail Banking 1 2,883 2,537 14 14 Ventures (167) (385) 57 57 Central & other items 1 (691) (772) 10 14 Underlying profit before taxation 7,900 6,811 16 18 1 Underlying profit before taxation has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect thereallocation of Treasury income and certain costs across segments. 2 Comparisons presented on the basis of the current period’s transactional currency rate, ensuring like-for-like currency rates between the two periods. The client segment commentary that follows is on an underlying basis and comparisons are made to the equivalent period in 2024 on a constant currency basis, unless otherwise stated. 2024 included items totalling $295 million (2025: $1 million loss) relating to gains on revaluation of FX positions in Egypt and a hyperinflationary accounting adjustment in Ghana (the notable items). Corporate & Investment Banking (CIB) profit before taxation increased 9 per cent. Income grew 4 per cent with a record performance in Global Markets and strong double-digit growth in Global Banking partly offset by lower Transaction Services. Expenses were 2 per cent higher, mainly from investments in business initiatives, while credit impairment was a net charge of $4 million compared to a $120 million net release in 2024. The other impairment decreased by $284 million year-on year due to non-repeat of software asset write-offs. Wealth & Retail Banking (WRB) profit before taxation increased 14 per cent. Income grew by 6 per cent, driven by a record performance in Wealth Solutions. Expenses increased 5 per cent, mainly from increased investment spend on business initiatives including strategic hiring of relationship managers. The credit impairment charge of $595 million was down $28 million from portfolio optimisation actions across in unsecured lending portfolios. The other impairment charge decreased $108 million compared to 2024 due to non-repeat of software asset write-offs. Ventures loss before tax decreased by $218 million to $167 million mainly from higher income of $232 million. Digital Banks income increased by $53 million driven by continued growth in customers and volumes. while SCV income increased by $179 million supported by a $238 million gain from the Solv India transaction. Expenses remained flat as costs were well controlled, while the $59 million credit impairment charge was down $14 million year-on-year as delinquency rates have improved in Mox. Central & other items (C&O) loss before tax improved by $81 million year-on year. Treasury benefited from the repricing of longer dated assets; this was in part offset by the non- repeat of the notable items. Other impairments were lower by $159 million reflecting non-repeat of prior year software asset write-offs. Adjusted net interest income and margin 2025 $million 2024 $million Change 1 % Adjusted net interest income 2 11,184 11,112 1 Average interest-earning assets 550,930 539,338 2 Average interest-bearing liabilities 581,911 539,787 8 Gross yield (%) 3 4.60 5.29 (69) Rate paid (%) 3 2.43 3.22 79 Net yield (%) 3 2.17 2.07 10 Net interest margin (%) 3,4 2.03 2.06 (3) 1 Variance is better/(worse), other than assets and liabilities which is increase/(decrease). 2 Adjusted net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification of funding cost mismatches to non NII. Adjusted net interest income is reported net interest income less trading book funding cost, Treasury currency management activities, cash collateral and prime services. 3 Change is the basis points (bps) difference between the two periods rather than the percentage change. Net interest margin has been re-presented due to the revision to Adjusted net interest income as outlined in footnote 2. 4 Adjusted net interest income divided by average interest-earning assets, annualised. Standard Chartered | Annual Report 202556 ![]() #### Credit risk summary Income Statement (Underlying view) 2025 $million 2024 $million Change 1 % Total credit impairment charge 2 676 557 21 Of which stage 1 and 2 2 296 371 (20) Of which stage 3 2 380 186 104 1 Variance is increase/(decrease) comparing current reporting period to prior reporting period. 2 Refer to Credit Impairment charge table in the Risk review on page 254 for reconciliation from underlying to reported credit impairment. Balance sheet 2025 $million 2024 $million Change 1 % Gross loans and advances to customers 2 290,849 285,936 2 Of which stage 1 275,062 269,102 2 Of which stage 2 9,823 10,631 (8) Of which stage 3 5,964 6,203 (4) Expected credit loss provisions (4,061) (4,904) (17) Of which stage 1 (528) (483) 9 Of which stage 2 (446) (473) (6) Of which stage 3 (3,087) (3,948) (22) Net loans and advances to customers 286,788 281,032 2 Of which stage 1 274,534 268,619 2 Of which stage 2 9,377 10,158 (8) Of which stage 3 2,877 2,255 28 Cover ratio of stage 3 before/after collateral (%) 3 52 / 68 64 / 78 (12) / (10) Credit grade 12 accounts ($million) 1,111 969 15 Early alerts ($million) 5 4,303 5,559 (23) Investment grade corporate exposures (%) 3 74 74 – Aggregate top 20 corporate exposures as a percentage of Tier 1 capital 3,4 64 61 3 1 Variance is increase/(decrease) comparing current reporting period to prior reporting period. 2 Includes reverse repurchase agreements and other similar secured lending held at amortised cost of $8,242 million (31 December 2024: $9,660 million). 3 Change is the percentage points difference between the two points rather than the percentage change. 4 Excludes repurchase and reverse repurchase agreements. 5 Includes non-purely precautionary early alert balances. Adjusted net interest income was up 1 per cent compared to2024 as the benefit from higher volumes and improved balance sheet mix was partly offset by the impact of lower rates and margins. Net interest margin was 3 basis points lower as the impact of falling rates and margin compression was partially offset by better asset and deposit mix. Average interest-earning assets were up 2 per cent compared to 2024 driven by growth in Global Banking, Mortgages and Wealth Lending partially offset by reduction in Treasury assets and Trade and Working Capital. Gross yields decreased 69 basis points compared to the prior year due to the fall in benchmark interest rates. Average interest- bearing liabilities increased 8 per cent on the prior year from strong growth in customer accounts, primarily in WRB Term and CASA deposits. The rate paid on liabilities decreased 79basis points compared with the average in the prior year, reflecting the impact of interest rate movements and improved liability mix. Annual Report 2025 | Standard Chartered 57 Financial review ![]() #### Financial summary Asset quality remained resilient during the year, with an improvement in a number of underlying credit metrics. TheGroup continues to actively manage the credit portfolio while remaining alert to a volatile and challenging external environment including increased geopolitical tensions and evolving policy changes which may lead to idiosyncratic stress in a select number of geographies and industry sectors. The credit impairment charge of $676 million was up $119 million year-on-year, of which $95 million relates to debt securities which were a net release of $57 million in 2024 and a charge of $38 million in 2025. The loan loss rate of 19 basis points, which by definition excludes debt securities, remained flat year-on year. WRB charges of $595 million were $28 million lower reflecting the impact of portfolio optimisation actions. The $59 million charge in Ventures was down $14 million year-on-year asdelinquency rates improved in Mox following a change inunderlying credit criteria. There was net charge in CIB of$4 million, with a non-repeat of prior year net releases. Duringthe year the non-linearity impact increased by$70 million to $113 million. This reflects an increased probability weighting of the two downside scenarios from 32 per cent as at 31 December 2024 to 41 per cent while the base forecast probability weighting reduced from 68 per cent as at31 December 2024 to 59 per cent as at 31 December 2025. TheGroup retains a China commercial real estate (CRE) management overlay of $36 million and a $47 million overlay for clients who have exposure to the Hong Kong CRE sector. During 2025 the CRE overlays reduced by $11 million for Hong Kong and $34 million for China primarily driven by exposure movements and repayments. Gross stage 3 loans and advances to customers of $6 billion were 4 per cent lower year-on-year as repayments, client upgrades and write-offs more than offset new inflows. Credit-impaired loans represented 2.1 per cent of gross loansand advances, down from 2.2 per cent in the prior year. Thestage 3 cover ratio before collateral of 52 per cent decreased by 12percentage points mainly due to restructuring and lower provisions on inflows as they are covered by creditmitigants. The cover ratio post collateral at 68 per cent decreased 10 percentage points as some of the stage 3 inflows are now being covered by guarantees and credit insurance which arenot classified as tangible collateral. Early alert exposures at $4.3 billion reduced by $1.3 billion year-on-year primarily from migrations into credit grade 12, while credit grade 12 balances remained around $1 billion as new inflows were largely offset by sovereign client upgrades. The proportion of investment grade corporate exposures of74 per cent was broadly stable year-on-year. Restructuring, FFG, DVA and Other items 2025 2024 Restructuring $million FFG $million DVA $million Net loss on businesses disposed of/ held for sale $million Other items $million Restructuring 1 $million FFG 1 $million DVA $million Net loss on businesses disposed of/ held for sale 2 $million Other items 3 $million Operating income (24) – (31) (10) 113 103 – (24) (232) – Operating expenses (289) (510) – – (158) (456) (156) – – (100) Credit impairment 4 – – – – 10 – – – – Other impairment (2) (21) – – – – – – – – Profit from associates and joint ventures (9) – – – – 58 – – – – Profit/(loss) beforetaxation (320) (531) (31) (10) (45) (285) (156) (24) (232) (100) 1 FFG (Fit for Growth) charge previously reported within Restructuring has been re-presented as a separate item. 2 Net loss on businesses disposed of/ held for sale 2024 includes $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal. 3 Other items 2024 include $100 million charge relating to Korea equity-linked securities (ELS) portfolio. Standard Chartered | Annual Report 202558 ![]() The Group’s reported performance is adjusted for profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/ or exceptional transactions that are significant or material inthe context of the Group’s normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing underlying performance period-by period. Restructuring charges of $320 million, reflect the impact of actions to transform the organisation to improve productivity, primarily additional redundancy charges, simplifying technology platforms and business exits. During 2025 charges related to the Fit for Growth programme totalled $531 million. Movements in the Debit Valuation Adjustment (DVA) were a negative $31 million driven by thetightening of the Group’s asset swap spreads. Other items charge of $45 million reflect mainly a $113 million gains on the sale of property, charges booked for the participation in a compensation scheme recommended by the Korean Financial Supervisory Service and the settlement of a legal case relating to section 90A of the UK Financial Service Market Act. Balance sheet and liquidity 2025 $million 2024 $million Increase/ (Decrease) $million Increase/ (Decrease) % Assets Loans and advances to banks 43,901 43,593 308 1 Loans and advances to customers 286,788 281,032 5,756 2 Other assets 589,266 525,063 64,203 12 Total assets 919,955 849,688 70,267 8 Liabilities Deposits by banks 30,846 25,400 5,446 21 Customer accounts 530,161 464,489 65,672 14 Other liabilities 304,362 308,515 (4,153) (1) Total liabilities 865,369 798,404 66,965 8 Equity 54,586 51,284 3,302 6 Total equity and liabilities 919,955 849,688 70,267 8 Advances-to-deposits ratio (%) 1 51.4 53.3 Liquidity coverage ratio (%) 155 138 1 The Group excludes $8,474 million held with central banks (31 December 2024: $19,187 million) that has been confirmed as repayable at the point of stress. Advances exclude repurchase agreement and other similar secured lending of $8,243 million (31 December 2024: $9,660 million) and include loans and advances tocustomers held at fair value through profit or loss of $12,355 million (31 December 2024: $7,084 million). Deposits include customer accounts held at fair value through profit or loss of $19,414 million (31 December 2024: $21,772 million). Annual Report 2025 | Standard Chartered 59 Financial review ![]() Total risk-weighted assets (RWA) of $258 billion increased $11 billion or 4 per cent in comparison to 31 December 2024. Credit risk RWA increased by $2.8 billion to $192.1 billion. Thiswas driven by an increase of $6.4 billion in asset growth, quality and mix, a $1.0 billion increase in derivatives and a$3.9 billion increases from foreign currency translation. Theincrease was partly offset by a decrease of $7.4 billion from optimisation actions and $1.1 billion reduction from model changes. Operational risk RWA increased by $5.7 billion to $35.2 billion driven by an increase in average income as measured over arolling three-year time horizon. 2025 includes a $3.1 billion increases relating to average income for the years 2022 to2024 and a $2.6 billion increase relating to the average income for the years 2023 to 2025 as the Group is now performing the annual operational risk RWA computation inthe fourth quarter of the current year rather than the first quarter of the following year. Market risk RWA increased by $2.4 billion to $30.7 billion driven mainly by increase in specific interest rate risk from higher credit trading. #### Financial summary The Group’s balance sheet remains strong, liquid and welldiversified: Loans and advances (L&A) to customers increased 2 per cent, or $6 billion, to $287 billion as at 31 December 2025. Excluding a $7 billion increase from currency translation and the $14 billion reduction in Treasury and securities backed loans held to collect, the underlying growth was $13 billion or 5 per cent. The underlying growth is primarily driven by Global Banking in CIB and Wealth Lending and Mortgages in WRB. Customer accounts of $530 billion increased by $66 billion or14 per cent. Excluding a $8 billion increase from currency translation, customer accounts increased by $58 billion, or 12per cent. This was primarily driven by a $31 billion increase inWRB term and CASA deposits from targeted campaigns and a focus on attracting new to bank affluent clients and net new money. There was also a $13 billion increase in Transaction Services from CASA inflows and a $7 billion increase in corporate term deposits from Treasury management activities. Deposit from banks increased by 21per cent reflecting balance sheet management activities across a number of markets. Other assets increased by $64 billion from 31 December 2024, with a $14 billion increase in cash and balances with central banks, a $22 billion increase in investment securities primarily debt securities, a $22 billion increase in non-financial assets mainly an increase in precious metals inventory and price, and a $18 billion increase in financial assets held at fair value through profit or loss. The increases were partly offset by a$16 billion reduction in derivative financial instruments. Other liabilities decreased 1 per cent or $4 billion from 31 December 2024, with a $14 billion decrease in derivative balances partly offset by an increase of $4 billion in financial liabilities held at fair value through profit and loss and a $8 billion increase in debt securities in issue. The advances-to-deposits ratio dropped around 2 percentage points year-on-year to 51.4 per cent. The point-in-time LCR of155 per cent increased 17 percentage points year-on-year due to balance sheet growth and ongoing Treasury liquidity management actions. It remains well above the minimum regulatory requirement of 100 per cent. Risk-weighted assets 2025 $million 2024 1 $million Change 1 $million Change 1 % By risk type Credit risk 192,145 189,303 2,842 2 Operational risk 35,223 29,479 5,744 19 Market risk 30,663 28,283 2,380 8 Total RWAs 258,031 247,065 10,966 4 1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods. Standard Chartered | Annual Report 202560 ![]() Capital base and ratios 2025 $million 2024 $million Change 1 $million Change 1 % CET1 capital 36,440 35,190 1,250 4 Additional Tier 1 capital (AT1) 7,509 6,482 1,027 16 Tier 1 capital 43,949 41,672 2,277 5 Tier 2 capital 9,278 11,419 (2,141) (19) Total capital 53,227 53,091 136 – CET1 capital ratio (%) 2 14.1 14.2 (12) Total capital ratio (%) 2 20.6 21.5 (86) Leverage ratio (%) 2 4.7 4.8 (11) 1 Variance is increase/(decrease) comparing current reporting period to prior reporting periods. 2 Change is percentage points difference between two points rather than percentage change. The Group’s CET1 ratio of 14.1 per cent was 12 basis points lower year-on-year and is 3.9 percentage points above the Group’s latest regulatory minimum requirement. The Group’s Pillar 2A reduced in 2025 post a supervisory review resulting ina 22-basis points reduction in the Group’s CET1 requirement. There was 206 basis points of CET1 accretion from underlying profits, and a further 19 basis points uplift primarily from fair value gains on other comprehensive income, FX, software intangibles and regulatory capital adjustments. This was partly offset by 46 basis points drop from an increase in RWAs. The Group completed the $1.5 billion share buyback programme announced with the full year 2024 results on30 th July 2025, purchasing 98.2 million shares. The Group subsequently announced a $1.3 billion share buyback programme on 31 July 2025 concurrently with the half year 2025 results, and as of 31 December 2025, the Group had spent $1.1 billion purchasing 53.1 million ordinary shares. Whilst the $1.3 billion share buyback was completed on 26 January 2026 purchasing 62.2 million shares, the entire $1.3 billion is deducted from CET1 in the reporting period. The 2025 share buybacks reduced the CET1 ratio by 113 basis points. The Board has recommended a final dividend of 49 cents pershare or $1,092 million resulting in a total 2025 ordinary dividend of 61 cents a share or $1.38 billion. This, combined with the payments due to AT1 and preference shareholders cost approximately 78 basis points. The Board has announced a share buyback for up to amaximum consideration of $1.5 billion to further reduce thenumber of ordinary shares in issue by cancelling the repurchased shares. The terms of the buyback will be published, and the programme will start shortly and isexpected to reduce the Group’s CET1 ratio in the first quarterof 2026 by58basis points. The Group’s UK leverage ratio of 4.7 per cent remains significantly above its minimum requirement of 3.7 per cent. Annual Report 2025 | Standard Chartered 61 Financial review ![]() ## Underlying versus reported ## resultsreconciliations Reconciliations between underlying and reported results are set out in the tables below: Operating income by client segment Reconciliation of underlying versus reported operating income by client segment set out in note 2 Segmental information onpage 336. Net interest income and Non NII 2025 2024 Underlying $million Restructuring $million Adjustment for Trading book funding cost andOthers $million Reported $million Underlying 1 $million Restructuring $million Adjustment for Trading book funding cost andOthers 1 $million Reported $million Net interest income 11,185 (1) (5,229) 5,955 11,096 16 (4,746) 6,366 Non NII 9,709 49 5,229 14,987 8,600 (169) 4,746 13,177 Total income 20,894 48 – 20,942 19,696 (153) – 19,543 1 Underlying net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect thereclassification of funding cost mismatches to Underlying Non NII. Profit before taxation (PBT) Reconciliation of underlying versus reported Profit/(loss) before taxation is set out in note 2 Segmental information on page 335. Profit before taxation (PBT) by client segment Reconciliation of underlying versus reported Profit/(loss) before taxation by client segment set out in note 2 Segmental information on page 336. Return on tangible equity (RoTE) 2025 $million 2024 $million Average parent company shareholders’ equity 45,755 44,478 Less: Average preference share capital and share premium (1,494) (1,494) Less: Average intangible assets (6,019) (6,108) Average ordinary shareholders’ tangible equity 38,242 36,876 Profit for the year attributable to equity holders 5,097 4,042 Non-controlling interests (12) 8 Dividend payable on preference shares and AT1 classified as equity (527) (457) Profit for the year attributable to ordinary shareholders 4,558 3,593 Items normalised 1 : Restructuring 320 285 FFG 531 156 DVA 31 24 Ventures FVOCI unrealised gains net of tax 269 39 Net loss on sale of businesses 10 232 Other items 45 100 Tax on normalised items (135) (114) Underlying profit for the year attributable to ordinary shareholders 5,629 4,315 Underlying Return on Tangible Equity (%) 14.7 11.7 Reported Return on Tangible Equity (%) 11.9 9.7 1 Refer to note 2 Segmental information on page 335. Standard Chartered | Annual Report 202562 ![]() 2025 2024 Corporate & Investment Banking % Wealth & Retail Banking % Ventures % Central & other items % Total % Corporate & Investment Banking % Wealth & Retail Banking % Ventures % Central & other items % Total % Underlying RoTE 15.8 25.5 nm (17.3) 14.7 14.9 20.7 nm (15.7) 11.7 Restructuring 1 Of which: Income (0.1) – – (0.3) (0.1) 0.3 0.3 – 0.3 0.3 Of which: Expenses (1.8) (5.4) nm (0.9) (2.5) (1.5) (2.8) nm (0.4) (1.7) Of which: Credit impairment – – – 0.1 – – – – – – Of which: Other impairment – (0.1) – (0.3) (0.1) – – – (0.2) – Of which: Profit from associates and joint ventures – – – – – 0.2 – nm – 0.2 DVA 1 (0.1) – – – (0.1) (0.1) – – – (0.1) Net gain/(loss) onbusinesses disposed/held forsale 1 – – – (0.3) – – – – (5.4) (0.6) Other items 1 – – – 3.1 0.3 – (1.2) – – (0.3) Ventures FVOCI Unrealised gains/(losses) – – nm – (0.7) – – nm – (0.1) Tax on normaliseditems 0.3 0.9 nm (0.6) 0.4 0.3 0.8 nm 0.1 0.3 Reported RoTE 14.1 20.9 nm (16.5) 11.9 14.1 17.8 nm (21.3) 9.7 1 Refer to note 2 Segmental information on page 336. Net charge-off ratio 2025 2024 Credit impairment (charge)/ releasefor the year/period $million Net average exposure $million Net Charge-off Ratio % Credit impairment (charge)/ releasefor the year/ period $million Net average exposure $million Net Charge-off Ratio % Stage 1 41 314,590 (0.01) 22 314,092 (0.01) Stage 2 (310) 11,871 2.61 (368) 10,176 3.62 Stage 3 (383) 2,266 16.90 (244) 2,550 9.57 Total exposure (652) 328,727 0.20 (590) 326,818 0.18 Annual Report 2025 | Standard Chartered 63 Financial review ![]() Earnings per ordinary share (EPS) 2025 Underlying $ million Restructuring 1 $ million FFG 1 $ million DVA 1 $ million Net loss on sale of businesses 1 $ million Other items 1 $ million Tax on normalised items $ million Reported $ million Profit/(loss) for the yearattributable to ordinary shareholders 5,360 (320) (531) (31) (10) (45) 135 4,558 Basic – Weighted average number ofshares (millions) 2,333 2,333 Basic earnings per ordinary share (cents) 229.7 195.4 2024 Underlying $ million Restructuring 1 $ million FFG 1 $ million DVA 1 $ million Net loss on sale of businesses 1 $ million Other items 1 $ million Tax on normalised items $ million Reported $ million Profit/(loss) for the yearattributable to ordinary shareholders 4,276 (285) (156) (24) (232) (100) 114 3,593 Basic – Weighted average number ofshares (millions) 2,543 2,543 Basic earnings per ordinary share (cents) 168.1 141.3 1 Refer to note 2 Segmental information on page 336. #### Underlying versus reported resultsreconciliations Standard Chartered | Annual Report 202564 ![]() ## Alternative performance measures Advances-to-deposits/customer advances-to-deposits (ADR)ratio: The ratio of total loans and advances to customers 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. Average interest earning balance: Daily average of the interest earning assets and interest-bearing liabilities balances excluding the daily average cash collateral balances in other assets and other liabilities that are related to the Global Markets trading book. Constant currency basis: A performance measure on a constant currency basis is presented such that comparative periods are adjusted for the current year’s functional currency rate. The following balances are presented on a constant currency basis when described as such: 1. Operating income, 2.Operating expenses, 3. Profit before tax and 4. RWAs or risk-weighted assets. Cost-to-income ratio (CIR): The proportion of total operating expenses to total operating income. Cover ratio: The ratio of impairment provisions for each stage to the gross loan exposure for each stage. Cover ratio after collateral/cover ratio including collateral: The ratio of impairment provisions for stage 3 loans and realisable value of collateral held against these non-performing loan exposures to the gross loan exposure of stage 3 loans. Gross yield: Reported interest income divided by average interest earning assets. Income return on risk weighted assets (IRoRWA): Annualised Income excluding Debit Valuation Adjustment as a percentage of Average RWA. Jaws: The difference between the rates of change in revenue and operating expenses. Positive jaws occurs when the percentage change in revenue is higher than, or less negative than, the corresponding rate for operating expenses. Loan loss rate: Credit Impairment Profit & Loss on Loans &Advances to Banks & Customers over Gross Average Loans andAdvances to Banks and Customers excluding FVTPLloans. Net charge-off ratio: The ratio of net credit impairment charge or release to average outstanding net loans and advances. Net tangible asset value per share: Ratio of net tangible assets(total tangible assets less total liabilities) to the number of ordinary shares outstanding at the end of a reporting period. Net yield: Gross yield on average assets less rate paid onaverage liabilities. NIM or Net interest margin: Reported net interest income adjusted for trading book funding cost, cash collateral and prime services on interest earning assets, divided by average interest-earning assets excluding financial assets measured atfair value through profit or loss. Non NII: Reported Non NII is a sum of net fees and commission, net trading income and other operating income Rate paid: Reported interest expense adjusted for interest expense incurred on amortised cost liabilities used to fund financial instruments held at fair value through profit or loss, divided by average interest-bearing liabilities. RoTE or Return on ordinary shareholders’ tangible equity: Theratio of the current year’s profit available for distribution toordinary shareholders to the average tangible equity, being ordinary shareholders’ equity less the average intangible assets for the reporting period. Where a target RoTE is stated, this isbased on profit and equity expectations for future periods. TSR or Total shareholder return: The total return of the Group’s equity (share price growth and dividends) to investors. Underlying net interest income: Reported net interest incomenormalised to an underlying basis adjusted for trading book funding cost, treasury currency management activities, and financial guarantee fees oninterest earning assets. In prior periods, underlying net interest income included treasury currency management activities. Underlying/Normalised: A performance measure is described as underlying/normalised if the statutory result has been adjusted for restructuring and other items representing profits or losses of a capital nature; DVA; amounts consequent to investment transactions driven by strategic intent, excluding amounts consequent to Ventures transactions, as these are considered part of the Group’s ordinary course of business; andother infrequent and/or exceptional transactions that aresignificant or material in the context of the Group’s normal business earnings for the period, and items which management and investors would ordinarily identify separately when assessing performance period-by-period. Restructuring includes impacts to profit or loss from businesses that have been disclosed as no longer part of the Group’s ongoing business, redundancy costs, costs of closure or relocation of business locations, impairments of assets and other costs which are not related to the Group’s ongoing business. Restructuring in this context is not the same as a restructuring provision as defined in IAS 37. A reconciliation between underlying/normalised and statutory performance is contained in Note 2 to the financial statements. The following balances and measures are presented on an underlying basis when described as such: 1. Operating income, 2. Operating expenses, 3. Profit before tax and 4. Earnings per share (basic and diluted) 5. CIR 6. Jaws and 7. RoTE. Underlying Non NII: Reported Non NII normalised to an underlying basis adjusted for trading book funding cost, treasury currency management activities, and financial guarantee fees on interest earning assets. In prior periods, Underlying Non NII did not include treasury currency management activities. Underlying RoTE: The ratio of the current year’s underlying profit attributable to ordinary shareholders plus fair value onOCI equity movement relating to Ventures segment to the weighted average tangible equity, being ordinary shareholders’ equity less the intangible assets for the reporting period. An alternative performance measure is a financial measure ofhistorical or future financial performance, financial position, orcash flows, other than a financial measure defined or specified inthe applicable financial reporting framework. The following are key alternative performance measures used by the Group to assess financial performance and financial position. Annual Report 2025 | Standard Chartered 65 Financial review ![]() In this section 68 Chief Sustainability Officer’s review 75 Our approach to sustainability 83 Sustainable finance 90 Climate 111 Nature 113 Social impact 116 Managing Environmental and Social Risk 118 Integrity, conduct and ethics 122 Sustainability governance ## Sustainability ## review #### Case study ## Helping Ghana ## cook cleaner with ## the World Bank In December 2025, we closed a $200 million CleanCooking Outcome Bond issued by the World Bank, unlocking $30.5 million in climate finance forGhana. The bond, which will distribute415,000 stoves, aims to make cleaner cooking accessible to 1.3 million people and reduce greenhouse gas emissions bymore than 1.8 million tons ofcarbon dioxide equivalent. The transaction shows how carbon finance can bedeployed at scale to reduce carbon emissions inAfrica and other emerging markets. Read more: sc.com/cleancooking Standard Chartered | Annual Report 202566 ![]() The Sustainability review provides information on the Group’s approach to sustainability, related governancestructures, how we manage environmental, social and climate risk, and mobilise sustainable finance to help clients transition and support sustainable, inclusive growth in our markets. Sustainability is an area of strategic focus for us, and we aim to integrate it across our business. Asaresult,sustainability information can be found throughout this Annual Report and across the suite ofsustainability-related reports on our website at sc.com/sustainabilitylibrary. This section is designed to address the topics that could have a material (positive or negative) impact on society, nature or the climate. We describe how we have determined these topics under Materiality on page 72. Further disclosures are available at sc.com/sustainabilitylibrary #### Content map of Annual Report sustainability-related disclosures Disclosures Page Strategic report Key performance indicators 12 – 13 Stakeholder engagement 37 – 41 Non-financial and sustainability information statement 50 Sustainability review Our approach to sustainability 75 – 82 Sustainable finance 83 – 89 Climate 90 – 110 Nature 111 – 112 Social impact 113 – 115 Managing Environmental and Social Risk 116 – 117 Integrity, conduct and ethics 118 – 121 Sustainability-related governance 122 – 128 Directors’ report Culture and Sustainability Committee report 176 – 179 Directors’ remuneration report 180 – 206 ESG disclosures 208 Streamlined Energy and Carbon Reporting (SECR) disclosure 208 – 209 Risk review and Capital review High carbon sectors 260 – 262 Environmental, Social and Governance and Reputational (ESGR) risk 287 – 302 Financial statements Note 1. Accounting policies: Climate change impact on the Group’s balance sheet 332 – 333 Supplementary information Supplementary people information 444 – 449 Supplementary sustainability information 450 – 453 Sustainability Aspirations 454 – 457 Climate reporting index 458 – 465 Disclaimer We report on ESG matters throughout this Annual Report, inparticular in the following sections: i Strategic report on pages 37 to 50 ii Directors’ report on pages 129 to 217 iii Sustainability review on pages 66 to 128 iv Risk review and Capital review on pages 287 to 302 v Supplementary sustainability information on pages 450to465 In this Sustainability review, we set out our approach andprogressrelating to sustainability, and its content issubjecttothe statements included in (1) the ‘Forward- looking statements’ section; and (2) the ‘Basis of preparation andcaution regarding data limitations’ section provided under‘Important notices’ onpages 467 to 469. Additional information can be accessed through our suiteofsupporting sustainability reports and disclosures at sc.com/sustainabilitylibrary. Annual Report 2025 | Standard Chartered 67 Sustainability review ![]() In 2025, we expanded the scope of our work in sustainability innovation by establishing our fifth Innovation Hub, focused on the circular economy. This reflects the growing appetite across our markets for financial solutions that embrace circular concepts, given that the circular economy is a powerful framework for both sustainability-led competitive differentiation and for business resilience – one that unlocks new value chains, supports inclusive growth, creates value, protects nature and supports business continuity in aresource-constrained world. Our sustainable finance activity underscores the commercial opportunity the transition presents, with $1.07 billion ofsustainable finance income generated in 2025, meaning thatwe have exceeded our target of $1 billion in annual sustainable finance income by 2025. We have also diversified our sustainable finance revenue mix by increasing the penetration of our core products across markets while expanding our product offering suite. Alongside these milestones, we have now mobilised $157 billion in sustainable finance for our clients since January 2021 against our $300 billion target by 2030 and in 2025 issued Standard Chartered PLC’s first social bond. ## Chief Sustainability Officer’s review Across our markets, the unprecedented pace ofrenewables adoption is evidence of a positive tipping point and in the 2025 World Energy Investment report 1 , the International Energy Agency (IEA) highlighted that $2.2 trillion of investment isnow going collectively towards the global energy transition alone, with the rapid scaling of green energy outpacing fossil fuels twofold. I am also gratified to see increasing action and investment towards climate adaptation, a subject thatStandard Chartered has beenchampioning because ofthe disproportionate effects thatourwarming planet has onemerging markets. The Chief Sustainability Officer (CSO) organisation was established in 2022 to build on the Group’s long-standing sustainability agenda. Since its creation, we have made substantial progress against our four Sustainability Strategic Pillars, which represent our near-term strategic focus. Thisincludes the work we do to scale sustainable finance, toembed sustainability across the organisation, deliver againstour net zero roadmap, and leverage our thematic Innovation Hubs. 1 World Energy Investment 2025, International Energy Agency. The commercial imperative to finance theworld’s sustainability transition is more compelling than ever for those who recognise the opportunity alongside the value atstake that stems from inaction. There is a determined momentum todecarbonise on the path to energy abundance and much of thismomentum Ihave had the good fortune to witness myself – driven byour core markets in Asia, Africa and the Middle East. Marisa Drew Chief Sustainability Officer Standard Chartered | Annual Report 202568 ![]() In addition, we have made strong headway on our net zero pathways, standing firm behind the actions and targets outlined in our Transition Plan. This includes delivering on our commitment to be net zero in our own operations (Scope 1 and 2 emissions) by the end of 2025. For the first time, we have also measured and disclosed the financed methane emissions intensity associated with our upstream oil and gasportfolio as we seek to show leadership in tackling theseemissions, which have a strong contribution to global warming. We have also strengthened client engagement across our 12 high-emitting sectors, providing tailored products and innovative financing solutions to help accelerate their decarbonisation journeys. Finally, as an early adopter of the Taskforce on Nature-related Financial Disclosures (TNFD), we also published our first Nature Report alongside our 2025 Annual Report. The Nature Report outlines our approach to assessing, evaluating, understanding and managing nature-related impacts, dependencies, risks and opportunities across our CIB financing activities and direct operations, as part of our initial step towards aligning our reporting with the TNFD recommendations. 1 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. 2 See pages 93–95 for details. #### 2025 highlights $1.07bn^ sustainable finance income generated in 2025, exceeding our target of at least $1 billion annual income by 2025 1 $157bn^ cumulative mobilisation of sustainable finance from January 2021 to September 2025 against ourcommitment to mobilise $300 billion by 2030 €1bn inaugural social bond issued #### Achieved net zero inownoperations (Scope 1 and 2 emissions) 2 #### Nature Report published in line with our early adoption oftheTNFD disclosure framework #### Circular EconomyInnovation Hub established Our priorities for 2026 remain steadfast: to deliver on our commitments, to support our clients in their transitions, and tofoster innovation to drive sustainable and inclusive growth across our markets. The progress detailed in this report reflects not just what we have achieved to date, but our ongoing determination to foster long-term value creation across our markets. Marisa Drew Chief Sustainability Officer Annual Report 2025 | Standard Chartered 69 Sustainability review ![]() ## Our suite of sustainability-related ## reports and disclosures Report or disclosure Description Assurance and verificationreports Independent assurance and verification reports by Ernst & Young LLP (EY), Global Documentation Ltd and Schneider Electric over certain data points within this Annual Report as detailed on page 74. Code of Conduct and Ethics Primary tool through which we communicate our conduct expectations. It is designed toguide colleagues through how to live our valued behaviours on a day-to-day basis, whatever their business, function, geography, or role. Country-by-Country Disclosure Provides tax information in accordance with the Capital Requirements (Country-by-Country-Reporting) Regulations 2013. Diversity, Equality and Inclusion Impact Report Includes gender and ethnicity pay gap assessment and the actions we have taken tosupport a culture of inclusion. Equator Principles reporting As a member since 2003, we report on how we apply the principles to ensure that the projects we finance and advise on are developed in a socially responsible manner and reflect sound environmental management practices. Environmental and Social RiskManagement Framework Provides an overview of our approach to identifying, assessing, and managing the environmental and social risks associated with our client relationships. Environmental ReportingCriteria Sets out the principles and methodologies used to report our Scope 1, Scope 2 and Scope 3 supply chain greenhouse gas (GHG) emissions. ESG data pack Environmental, Social and Governance (ESG) and sustainability data is provided in an Excel format. ESG Reporting Index Alignment table referencing our disclosures using voluntary sustainability reporting frameworks: Global Reporting Initiative (GRI) Standards and World Economic Forum (WEF) Stakeholder Capitalism Metrics. Standard Chartered Foundation (previously ‘Futuremakers’) Impact Report Provides progress and outcomes about the Standard Chartered Foundation, our global youth economic empowerment initiative, tackling inequality and promoting greater economic inclusion. Nature Report Outlines our progress against the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). Methane White Paper Provides details about the calculation methodology and baseline for the intensity of our upstream oil and gas portfolio’s methane emissions. Modern Slavery Statement Sets out the steps we have taken to assess and manage the risk of modern slavery and human trafficking in our operations and supply chain. Net Zero Methodological White Paper – Thejourney continues Describes our approach to net zero, laying out the methodologies we have used to calculate our financed and facilitated emissions, and setting our interim 2030 targets at sector level. Net Zero Transition Plan Sets out how we aim to deliver on our commitments to reach net zero emissions in our financed emissions by 2050. Policies We publish our main sustainability-related policies, including on: anti-money laundering; anti-bribery and corruption; diversity and inclusion; health, safety and security; privacy; public policy engagement; and Speaking Up. Position Statements andProhibited Activities We use our cross-sector and sector-specific Position Statements and Prohibited Activities list to assess whether to provide financial services to clients. PRB reporting and self-assessment Our disclosures on actions undertaken related to the six principles as defined by the United Nations Principles for Responsible Banking. Supplier Charter Sets out principles for the behavioural standard that we expect from our suppliers, and those within a supplier’s sphere of influence that assist them in performing their obligations to us. Sustainable Finance ImpactReport We present the impact of our sustainable finance assets on a portfolio basis. Sustainable Finance Frameworks Our Green and Sustainable Product Framework and Sustainability Bond Framework outline our definition of green, social and sustainable finance. Our Transition Finance Framework sets out the activities and entities that we consider eligible for transition finance. Read the Group’s suite of sustainability-related reports and disclosures on sc.com/sustainabilitylibrary Standard Chartered | Annual Report 202570 ![]() Our approach to ## sustainabilityreporting Reporting standards We have considered our ESG reporting obligations under theHong Kong and Financial Conduct Authority (FCA) UK Listing Rules, as well as the UK Companies Act Climate-related Financial Disclosure Regulations 2022 (see Directors’ report on page 208 for further information). We are reporting against the climate-related disclosure requirements set out inPart D of the ESG Reporting Code (Appendix C2 to The Rules Governing the Listing of Securities on the Stock Exchange ofHong Kong Limited) in this Annual Report on a ‘comply orexplain’ basis. See our climate reporting index on page 458. Wehave sought to comply with material requirements to theextent currently possible without undue cost or effort forthe Group or for our clients and other third parties who provide or publish information required for our most material disclosures. Requirements for which we are not yet able todisclose all information are explained below and throughoutthis chapter: Under paragraph 31 of HKEX Appendix C2 – Part D, an issuershall disclose the amount and percentage of assets or business activities vulnerable to climate-related physical risks. The percentage and amount of our WRB assets or business activities vulnerable to climate-related physical risks are disclosed on pages 293 to 295 of the Risk review section ofthis Annual Report. For CIB, we have seen a steady improvement in the coverage of Physical Risk data in the last few years aswe work towards full disclosure. We are in the process of incorporating a methodology to include physical risk gradings to identify and assess our clients’ exposure toextreme weather events. More information can be found on pages 289 to 297 of the Risk review section. Therefore, the disclosure ofthe percentage of assets or business activities vulnerable to climate-related physical risks isa work-in-progress and is expected to be covered inour2026 Annual Report. We are disclosing our material Scope 3 financed and facilitated emissions pursuant to article 28(c) on page 99. Wedo not include our clients’ underlying Scope 3 emissions for all reported financed emissions sectors – refer to page 99 for our rationale. This data also does not yet include emissions related to undrawn loan commitments as these are not part of our original net zero roadmap. We acknowledge that industry practice and disclosure requirements evolve over time as more detailed calculation methodologies are developed, and we are preparing to cover emissions related to undrawn loan commitments and any other potential asset classes deemed to be material in our 2026 Annual Report. We are not able to present all disclosures for the same period as the financial statements, as disclosed in more detail on page 74. However, additional information has been provided on page 71 forcompliance with Part D of the ESG Reporting Code, paragraph 17(1). For our Taskforce on Climate-related Financial Disclosures (TCFD) content table, see the climate reporting index on pages 458 to 465 We have also used the GRI Standards to guide our disclosures and have published an ESG Reporting Index with reference todisclosures captured in the GRI Universal and select TopicStandards. We have also considered relevant WEF Stakeholder Capitalism Metrics. Read more about our ESG Reporting Index at sc.com/sustainabilitylibrary Our approach to sustainability reporting will continue toevolve subject to regulatory and voluntary standards, frameworks and principles relevant to our business across listing locations and footprint markets. We are actively preparing for future reporting obligations across the various jurisdictions in which we operate, including reporting under the International Sustainability Standards Board’s (ISSB) IFRS S1 General Requirements of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2). This includes preparing for reporting our absolute gross financed emissions disaggregated by asset class (including undrawn loan commitments) once required underIFRS S2 paragraph B62. During 2025, the Group has been tracking the outcome oftheEU Omnibus proposal and has concluded that none ofits subsidiaries are required to report against the EU Corporate Sustainability Reporting Directive (CSRD) for the2025 reporting period. We will continue to monitor jurisdictional updates in future periods to determine whetherany reporting is required at a subsidiary level. Metrics and calculation methodology In our Net Zero Methodological White Paper, we share thecalculation methodology for our reported financed andfacilitated emissions calculations and disclosures. Thepaper sets out the scope of financial products included inour financed and facilitated emissions calculations onpage 9and 45. Read more in our Net Zero Methodological White Paper – The journey continues, on sc.com/sustainabilitylibrary Read more about the principles and methodology formeasuring our environment data at sc.com/environmentcriteria The Group includes Environmental, Social and Governance (ESG) andsustainability information in this Annual Report, providing investors and stakeholders with an understanding of the implications of relevant sustainability-related risks and opportunities, and progress against our objectives. The reporting boundaries for this information are the same as for the remainder of this Annual Report. Annual Report 2025 | Standard Chartered 71 Sustainability review ![]() In addition to these restatements and revisions, we occasionally receive revised prior reporting period data from third parties as their own data accuracy and review processes tighten. We revise our data to account for these where appropriate to maintain comparability and reference the change in an accompanying footnote. Materiality In preparing these disclosures, we have conducted two separate materiality assessments guided by ISSB educational material on ‘Sustainability-related risks and opportunities andthe disclosure of material information’ and ‘GRI 3: Material Topics 2021’. Material information using ISSB guidance We conducted a materiality assessment to identify the sustainability-related risks and opportunities that could reasonably be expected to affect the Group’s prospects, using ISSB educational material. As part of this exercise, we have determined that climate-related risks and opportunities could reasonably be expected to affect the Group’s prospects over the medium to long term, and relevant information pertaining to those risks and opportunities – including how we address climate risk through our business strategy and financial planning as we implement our net zero journey – is therefore material to the primary users of this Annual Report. In the short term, the quantitative assessment of the impact of climate risk on the IFRS 9 expected credit loss (ECL) provision resulted in only a marginal ECL increase across CIB and WRB, which has been recorded as a management overlay for the 2025 year end. Asa result, the Group considers Climate Risk to have limited quantitative impact in the immediate term, and as alonger-term risk is expected to beaddressed through itsbusiness strategy and financial planning as the Group implements its net zero journey. SeeNote 1 to the financial statements on pages 332 to 333 forfurther details. In 2025, we made the following restatements to previous year comparatives: Page Prior year total financed emissions have been restated following a restatement inthe oil and gas sector absolute emissions. The prior period has been restated toapply the Group’s revised methodology to reflect improvements in data quality and only counts Scope 3 emissions on upstream production activities (including diversified and integrated counterparties). 92 The agriculture portfolio Implied Temperature Rise and target range have been revised following an update tothe Carbon Disclosure Project methodology on default temperature scores, moving from 3.1°C to 3.4°C. 98 We have restated our Scope 3 Category 1: Purchased goods and services emissions data for the 2024 reporting year from 346,193 tCO 2 e to 319,078 tCO 2 e due to one of our largest suppliers (by spend) restating their publicly reported emissions. 92 Emissions from third party co-located data centres have been reclassified to Scope 3 category 8 from Scope 3 category 1. We re-evaluated the nature of our lessee relationship with these assets and, in line with the GHG Protocol, believe this data aligns more closely to Scope 3 category 8. 92 2024 sustainable finance mobilisation has been restated resulting in an increase of $2.2 billion from $120.7 billion up to $122.9 billion. 83 Sustainable investments assets under management for Hong Kong as at 31 December 2024 have been restated from $599.7 million to $539.2 million for alignment to local regulations around sustainable products classification and reporting. 88 The materiality assessment process incorporated value chain mapping, evaluating resources, relationships and stakeholder engagement across the Group to identify a preliminary list of potential sustainability-related risks and opportunities and a corresponding list of their potential impacts on the Group’s cash flows, access to finance or cost of capital now and in the future. In identifying information about those potential risks and opportunities, we considered additional guidance from frameworks including the Sustainability Accounting Standards Board (SASB) Standards, GRI Standards and the United Nations Environment Programme Finance Initiative (UNEP FI) ESRS Interoperability Guide. To assess whether information about climate-related risks and opportunities was material, we considered their likely effect on the Group’s prospects and the returns to current and potential shareholders. This included timing, magnitude and likelihood of the potential effects, and the usefulness ofthe information associated with those potential effects to primary users of the Annual Report when making decisions. This underwent a review and challenge process, with input from subject matter experts across the Group and third-party review by external consultants. As a result of this process, the Group deemed information about internal carbon pricing, the split of GHG emissions into constituent gases (with the exception of financed methane emissions), and Scope 3 categories other than Categories 1, 6 and 15, as immaterial or not applicable. The full list of climate-related risks and opportunities identified as part of this assessment can be found in the Climate risks and opportunities section on page 107. Howweidentify and manage those risks and their current and anticipated effects on the Group’s business model, valuechain, strategy and decision-making is set out onpages110 and 116 to 117. #### Our approach to sustainability reporting Standard Chartered | Annual Report 202572 ![]() Note 1 to the financial statements on pages 332 to 333 sets outthe effects of those climate-related risks and opportunities onthe Group’s financial position, financial performance and cash flows for the reporting period, and their anticipated effects on the Group’s financial position, financial performance and cash flows over the short, medium and long term, taking into consideration how those sustainability-related risks andopportunities have been factored into the Group’s financial planning. Material topics under GRI GRI 3: Material Topics 2021 provides step-by-step guidance for organisations on how to determine material topics. Material topics are those that represent an organisation’s most significant impacts on the economy, environment andpeople, including impacts on their human rights – both positive and negative. In applying the guidance, we have taken steps to understandthe Group’s context, identify actual and potential impacts, assess the significance of the impacts and prioritise the mostsignificant for reporting. We have done this by engaging with relevant internal and external stakeholders and by validating the material topics with experts across theChief Sustainability Office. Our material topics, which arereviewed annually, are set out in the table below. GRI topics Action and decision Learn more Sustainable finance How we identify opportunities to drive positive environmental and social impact by helping our clientsaddress environmental and social challenges, transitiontowards low-carbon economies and achieve sustainablegrowth. Sustainable finance Page 83 Climate The positive and negative impacts of our financing activities, direct operations and supply chain on the climate. This includes our emissions, physical and transition climate risk management, and progress against our net zero roadmap. Climate Page 90 Nature How we contribute towards our ambition of shifting financial flows towards nature-positive outcomes. This includes the Group’s progress against our nature-related ambitions. Nature Page 111 Human capital management The practices used for recruiting, developing and optimising employee output and relationships, across the value chain. This includes human rights and modern slavery, health and safety (including physical and mental wellbeing) and diversity and inclusion. Stakeholders Page 37 Supplementary people information Page 444 Society and community relations The positive and negative impacts of our financing activities on the societies and communities around us. This includes financial inclusion, job creation, vulnerable client protection and charitable giving. Social impact Page 113 Data privacy The protection practices over client and personal information held by the Group. Data privacy and protection Page 121 Topical and emerging risks Page 47 Corporate governance Governance structures and internal control processes bywhich the Group is directed. This includes risk management, business conduct, anti-bribery and corruption, anti-money laundering, and whistleblower protection. Managing environmental andsocial risk Page 116 Integrity, conduct andethics Page 118 Sustainability-related governance Page 122 Read more about our materiality assessment and how we engage with stakeholders at sc.com/sustainabilitystakeholders Annual Report 2025 | Standard Chartered 73 Sustainability review ![]() Reporting periods The reporting periods for the Group’s sustainability information do not always align with the financial reporting year. This is due to a lag in the availability of third-party data and, where applicable, the time needed for independent third-party assurance. In preparation for future reporting requirements, we are considering how best to further align reporting periods going forward by increasing the number ofestimates used in our calculations. Greenhouse gas emissions and other operational environmental performance data The reporting period for the majority of our operational environmental performance indicators, including GHG emissions, waste generation and water consumption, is from 1 October 2024 to 30 September 2025. This allows sufficient time for independent third-party assurance to be completed and for obtaining external third-party data where needed prior to the publication oftheGroup’s Annual Report. This only differs for the following Scope 3 emissions where aperiod of 1 January to 31 December with a one to two-year lag is used: Category 1: Purchased goods; Category 2: Capital goods; Category 4: Upstream transportation and distribution; Category 6: Business travel; Category 8: Upstream leased assets; and Category 15: Investments. Emissions data for thesecategories is disclosed on a one to two-year lag with emissions reported in 2025 based on the availability of third-party data and client data. For reasons described above, our Scopes 1 and 2 emissions are reported for the period 1 October 2024 to 30 September 2025. This allows comparability over time and aligns with our Scope 1 and 2 net zero emissions by 2025 target, which is based onthe same period. This year, we are also disclosing our Scopes 1 and 2 emissions for the period 1 January 2025 to 31 December 2025 on page 452, as newly required under Part D ofthe ESG Reporting Code, paragraph 17(1). Sustainable finance data With the exception of sustainable finance income, sustainable finance metrics are reported at 30 September 2025, allowing sufficient time to complete reporting. Sustainable finance income is reported for the full financial period from 1 January 2025 to 31 December 2025. Other sustainability-related data Unless otherwise stated, the reporting period for all other sustainability information in this Annual Report is from 1 January 2025 to 31 December 2025 to align with the financial reporting period year. Independent limited assurance Ernst & Young LLP (EY) was appointed to provide independent limited assurance over certain data points within this Annual Report, indicated with a caret symbol (^). The assurance engagement was planned and performed inaccordance with the International Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information (ISAE 3000 (Revised)). This independent assurance report isseparate from EY’s audit report on the financial statements and is available at sc.com/sustainabilitylibrary. This report includes further detail on the scope, respective responsibilities, work performed, limitations and conclusions. We obtained independent limited assurance on the Group’s Scope 1 and 2 (market-based) GHG emissions and Scope 3 data centres GHG emissions by Global Documentation Ltd. We also obtained independent verification of the Group’s Scope 3 emissions associated with business travel (air travel) from Schneider Electric. These verifications were conducted in accordance with the ISO 14064-3 GHG standard and are also available at sc.com/sustainabilitylibrary. For further details on assurance obtained on comparative prior year data, please refer to the prior year’s annual report. #### Our approach to sustainability reporting Standard Chartered | Annual Report 202574 ![]() Sustainability Aspiration Progress in 2025 Aspiration 1: Mobilise $300 billion of sustainable finance 1 We believe sustainable finance is essential in addressing the significant socialandenvironmental challenges faced by our markets. It has the potential to support the needs of businesses, people and communities, by enabling thetransition to low-carbon technologies, accelerating financial inclusion, andpromoting sustainable economicgrowth. We mobilise sustainable finance through bonds, loans, advisory and trade finance products. Our ability to offer sustainable finance products is supported by our Sustainable Finance Frameworks, which outline how we apply sustainable finance labels across products andtransactions. $157bn^ cumulative mobilisation of sustainable finance from January 2021 to September 2025 against our commitment to mobilise $300 billion by 2030. Sustainability Aspirations: #### Ourlong-term goals ## Our approach to sustainability #### Sustainability is a strategic area of focus, as we strive to promote #### inclusive growth and prosperity across the markets where we operate. Our approach to sustainability supports the Group’s strategy, which is designed to deliver our purpose: to drive commerce and prosperity through our unique diversity. This is underpinned by our brand promise, here for good. Our approach is articulated through our long-term sustainability goals – our Sustainability Aspirations – and our short-term sustainability targets – our Sustainability Strategic Pillars. The Aspirations and Pillars set out how weintend to deliver across our Sustainability agenda. Sustainability continues to be included in the 2025 Groupscorecard and 2024–26 long-term incentive plan (LTIP) with performance measures that align with our Sustainability Aspirations and Sustainability StrategicPillars. This section sets out progress against our Sustainability Aspirations and Sustainability Strategic Pillars before we dive deeper into the material topics set out on page 73, including sustainable finance, climate, nature and socialimpact. 1 We define mobilisation of sustainable finance as our share of any investment or financial service provided to clients that supports: (i) the preservation and/or improvement ofbiodiversity, nature or the environment; (ii) the long-term avoidance/decrease of GHG emissions, including the alignment of a client’s business andoperations with a 1.5°C trajectory or national net zero pathway (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known assustainability-linked finance). It is a measure of total capital mobilised and considers the total value committed on facilities provided to clients. Mobilisation is the provision ofcapital that, as per the legal contractual documents meet the sustainable finance verification criteria, or SLL eligibility, as of the date of execution of the trade. Our Sustainability Aspirations are consolidated into four overarching long-term goals, eachsupported by key performance indicators (KPIs). Together, these reflect our commitment tofosteringsustainable social and economic development in our markets. Annual Report 2025 | Standard Chartered 75 Sustainability review ![]() Sustainability Aspiration Progress in 2025 Aspiration 2: Operationalise our interim 2030 financed emissions targets to meet our 2050 net zero ambition We aim to reach net zero in our financed emissions by 2050. The Group has setand disclosed interim financed emissions reduction targets for 2030 across our 12 high-emitting sectors, including a facilitated emissions target for oil andgas, which currently makes up the majority of emissions within our facilitation portfolio. We also believe that while target-setting is crucial, we need a clear plan to transition our business. This can be found in our Transition Plan, which outlines a comprehensive framework on how we intend to transition our business and operations, and collaborate with our clients with the aim of delivering on ourinterim 2030 targets and ultimate 2050 net zero ambition. We recognise thechallenges posed by those of our markets that have yet to commit to net zero or whose commitments extend beyond 2050, but we remain focused ondriving progress and continued to engage our transition priority clients in2025. This included assessing their targets against the Group’s and better understanding any opportunities for sustainable finance to support their journeys. Read more on our progress towards our interim 2030 net zero targetson page 98. We continued to work on our key focus areas in section 9 (Next steps) of our Transition Plan including: Set up a net zero alignment process when approving client limits for deals going tothe Capital Allocation Forum Embedded alignment outcomes with sector pathways into Climate Risk Assessments and Business Credit Application documents for in-scope net zero exposures Held Net Zero & Climate Risk Working Forums for 45 per cent of transition priority clients in 2025 to step up engagement ontheir transition plans, net zero targets and sustainable finance opportunities Aspiration 3: Enhance and deepen the sustainability ecosystem We continue to utilise our experience and network to actively contribute tokeyglobal partnerships and initiatives that deliver differentiated impact and help to mature and advance the sustainability ecosystem. For example, we continue to maintain guiding roles in the Glasgow Financial Alliance forNet Zero (GFANZ), the UN Global Alliance of Investors for Sustainable Development (GISD), and the Integrity Council for the Voluntary Carbon Market (ICVCM), among others. 1 Through innovative frameworks and impactful initiatives, we have actively sought to support global efforts to advance and unlock capital flows towards critical areas such as adaptation and resilience, nature, carbon solutions and sustainable finance. ‘Scaling Circular Finance: No Time toWaste’ paper published by newly established Circular Economy Innovation Hub Published our inaugural Nature Report asa TNFD Early Adopter Aspiration 4: Drive social impact with our clients and communities We seek to accelerate the mobilisation of both private and philanthropic capital to address critical social challenges in our footprint markets. Byleveraging our financial expertise, product innovation and strategic partnerships, we deliver solutions that meet immediate needs while empowering communities for sustainable growth. With our associated charity, the Standard Chartered Foundation, we establish strategic collaborations with clients, NGOs and communities to mobilise social capital, create an inclusive ecosystem to drive inclusive economies and increase equitable prosperity. Read more on pages 113 to 115. 106,570 jobs enabled and supported since 2019 2 €1bn inaugural Social Bond issued 1 A list of our primary memberships can be found at sc.com/sustainabilitystakeholders. 2 Total jobs-enabled data comprises underserved participants who access decent employment at the end of the intervention, and direct jobs (part-time and full-time direct employees, contractors, support/gig workers, and the entrepreneurs themselves) created by supported microbusinesses within 12 months of the end of the intervention. This KPI is based on actual data collated from project alumni over the seven-year period, estimates based on empirical research, and ex-post project evaluations. The data comprises 69,360 young participants in decent employment, and 37,210 direct jobs enabled by supported microbusinesses. For detailed progress against all our Sustainability Aspiration targets read more on pages 454 to 457 #### Our approach to sustainability Sustainability Aspirations: #### Ourlong-term goals Standard Chartered | Annual Report 202576 ![]() Sustainability Pillars Progress in 2025 Pillar 1: Scale sustainable finance income Growth and innovation in our sustainable finance franchise is critical to thedelivery of the Group’s net zero roadmap and to supporting our clients ontheir own transition journeys. Our sustainable finance teams develop customised solutions that speak to clients’ needs and ambitions. The Group’s sustainable finance product suite is set out within our Green andSustainable Product Framework (GSPF), as described on page 89. Oursustainable finance income target is a CIB target, based on income, netoffunding costs, generated from transactions utilising sustainable finance products for our clients and income generated from clients whose activities align with those in our Sustainable Finance Frameworks. $1.07bn^ sustainable finance income generated in2025, exceeding our target of at least $1 billion annual income by 2025 1 Pillar 2: Further embed sustainability across the organisation The CSO organisation aims to act as a catalyst for change and a centre of excellence. We foster collaboration internally to embed sustainability across our business operations and functions. We collaborate externally with clients and other stakeholders who are aligned with our mission to drive change. We aim to create a self-reinforcing cycle, which is built on established processes, clear frameworks, engagement with our clients and collaboration across risk andbusiness teams. Our aim is to work with our clients to support their transition and decarbonisation journeys and where clients evidence transition, help to accelerate progress. 4,209 clients evaluated through climate risk assessments, and 1,204 client ESGR risk assessment reviews 2 completed 28,740 colleagues completed the Sustainable Finance Foundation Programme since commencement in2022, and38 ad hoc training courses held in 2025, reaching more than 6,388 colleagues Pillar 3: Deliver on the annual milestones set forth in our net zero roadmap We aim to reach net zero in our financed emissions by 2050, having reached netzero in our own operations (Scope 1 and 2 emissions) in 2025. 3 We focus on three areas to reduce emissions: our operations, our supply chain and financed emissions associated with our clients. The majority of our GHG emissions are linked to our lending activities. As such, we have prioritised our measurement and decarbonisation efforts in the highest-emitting and most carbon-intensive sectors of our portfolio. We have set financed emissions targets for our 12 highest-emitting sectors, and have further set a facilitated emissions baseline and target for the oil and gas sector, which currently makes up the majority of emissions within our facilitation portfolio. ### Net zero in Scope ### 1 and 2 emissions and predominantly on track for our 12interim high-carbon sector financed emission targets 4 Measured and disclosed financed methane emissions intensity associated with our upstream oil and gas portfolio Pillar 4: Leverage our Innovation Hubs Our five thematic Innovation Hubs – Adaptation Finance, Blended Finance Programmes, Carbon Markets & Finance, Nature Finance and Circular Economy –focus on emerging sustainability themes that are nascent but ripe for scale. TheHubs help to drive innovation across the sustainability market. This model has been more successful than anticipated, as we executed on seven landmark transactions aligned to the themes of the Hubs in 2025 (compared to four in 2024). Read more on the work conducted by the Hubs on page 78. 7 transactions aligned to the Group’s sustainability-themed Innovation Hubs executed in the year 1 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. 2 This metric captures the number of clients reviewed for Environmental and Social (E&S) risks by dedicated internal E&S specialist teams. In September 2025, theReputational and E&S risk assessments were consolidated into a single ESGR assessment, Client Environmental, Social, Governance and Reputational Risk Assessment (Client ESGRA). We aim to report the data for Client ESGRAs in our 2026 Annual Report and Accounts. 3 See pages 93–95 for details about net zero in our Scope 1 and 2 emissions. 4 See pages 99–106 for details about how we track against each of the 12 high-carbon sector pathways. Sustainability Strategic Pillars: #### Our short-term targets and immediate priorities Our four Sustainability Strategic Pillars represent our near-term strategic focus designed todrivemomentumand accelerate progress towards ourlonger-term Sustainability Aspirations. Annual Report 2025 | Standard Chartered 77 Sustainability review ![]() #### Innovation hubs Our Innovation Hubs focus on emerging sustainability 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. Our Adaptation Finance, Blended Finance Programmes, Carbon Markets & Finance, and Nature Finance Innovation Hubs wereestablished in 2023. In 2025, we launched our fifth Innovation Hub focused on the Circular Economy to help identify, facilitate and scale bankable opportunities that seekto minimise the impact of the economy on the planet’ssupport systems. Each Hub is transversal, run by senior leaders in the CSO organisation, and seeks to identify opportunities for future returns outside of our core range of traditional products andservices. By demonstrating leadership to advance the ecosystem in these emerging thematic areas, the Group expects to be well positioned to take advantage of the significant and differentiated revenue potential that will result from maturation of these themes in the future. Thedealfacilitates the trade of solar modules resistant totornadoes and tropical storms, extreme wind, storms andsandstorms. It also represents the Group’s first labelled adaptation finance transaction in China. Standard Chartered is also co-chair of the UK Climate Financial Risk Forum adaptation working group. In addition, we have been asked to join the newly formed ASEAN Working Committee on Capital Market Development and ASEAN Capital Markets Forum Joint Sustainable Finance Working Group’s Industry Advisory Panel Working Group onAdaptation. Through these forums and others, wewill continue to engage the financial ecosystem to seek opportunities for adaptation and resilience in Asia, Africa andthe Middle East. In 2025, we won the Strategic Leadership – Innovative Financing Mechanism Award, which is part of the Climate Resilience Awards launched by the World Business CouncilforSustainable Development and Global Resilience Partnership. We also ranked first in the Climate Proof &ClimateAligned 2025 world’s largest commercial banks byadaptation maturity. 3 For more on Adaptation Finance see our Adaptation Economy Report sc.com/adaptation-economy See our Guide for Adaptation and Resilience Finance at sc.com/adaptation-resilience #### Our #### Innovation #### Hub #### model Adaptation Finance Blended Finance Programmes Circular Economy Carbon Markets & Finance Nature Finance 1. Adaptation Finance 1 Context Across our markets, there is an urgent need to unlock and scale public and private climate adaptation finance to build shared societal resilience. This means embedding adaptation and resilience into financial decision-making to manage risks and identify new opportunities, which is critical given that every $1 spent on adaptation this decade could generate up to $12 of economic benefit. 2 Adaptation represents both a risk and an opportunity for the Group, its clients and communities. We are working to identify and scale the adaptation finance opportunity across our business and to support the development of adaptation finance across the wider market. Our ‘Guide for Adaptation and Resilience Finance’ supports the market in identifying adaptation opportunities, by setting out eligible financeable activities and guidance on what constitutes adaptation and resilience investment, alongside a practical roadmap for financing and investment opportunities. Progress in 2025 Further to the completion of the Group’s first adaptation finance transaction in 2024 – an adaptation letter of credit with a parametric insurance provider, which provided financial protection for businesses in the renewable energy sector against extreme weather – we have now also completed ourfirst adaptation finance transaction for a corporate client. #### About the Innovation Hubs 1 Adaptation and resilience finance is considered to be any financial service that is provided to an entity to enable adaptation and enhance resilience to climate and non-climate-related natural hazards within that entity’s assets, operations, clients, supply chain, or the communities inwhich it operates. 2 Read our research on the Adaptation Economy at sc.com/adaptation-economy. 3 Based on 15 qualitative indicators as described in the Global Bank Climate Adaptation Assessment 2025 published by Climate Proof and ClimateAligned. #### Our approach to sustainability Standard Chartered | Annual Report 202578 ![]() 2. Blended Finance Programmes 1 Context As the global community accelerates efforts to meet 2030 climate and sustainability targets, the need for scalable blended finance solutions remains critical. We are recognised by Convergence, the global network for blended finance, as one of the most active commercial banks in blended finance globally. However, progress is being made, many blended finance transactions remain bespoke and fragmented. Wecontinue to champion a programmatic approach through country- and sector-platforms, to bring public and private capital together and deliver impact at scale. Progress in 2025 We continued to advance our programmatic approach by seeking partnerships with development finance institutions (DFIs), multilateral development banks (MDBs), family offices, philanthropic organisations and country platforms. We are a signatory to the Indonesia and Vietnam Just Energy Transition Partnerships (JETPs). We have pledged support inboth countries as part of a cohort of GFANZ member banks in the Working Group that have collectively committed to atleast match initial donor contributions. We acted as lead arranger for Indonesia’s first JETP solar project. Together withDeutsche Investitions- und Entwicklungsgesellschaft (DEG) and Proparco we structured a $60 million facility toco-finance the 92 MWp Saguling floating solar project developed by PLN IP and ACWA Power, mobilising both public and private capital to accelerate Indonesia’s transition. We were mandated to advance Lesotho’s Just Energy Transition process, the first private sector-led country platform. The initiative, endorsed by His Majesty King Letsie IIIof Lesotho and the Government of Lesotho, is designed tomobilise capital to finance a portfolio of generation and transmission projects to support the delivery of Lesotho’s nationally determined contribution (NDC) and Mission 300 Compact. The opportunity represents a unique case study for a landlocked, developing country to leapfrog from an energy importer to an exporter of clean power, supporting domestic and regional energy stability and security, and the creation oflocal jobs and technical skills development. We are continuing to work on developing a sector-led partnership, and our proposal for an innovative financing solution for renewable energy in Southern African countries has been shortlisted by British International Investment intheir ongoing Mobilisation Facility competition. We continue to use our experience and network to actively contribute to key global partnerships and initiatives that deliver differentiated impact and help to mature and advance the blended finance thematic such as the GFANZ and the WEF. 1 Blended Finance is the use of catalytic public (and/or philanthropic) capital to increase private sector investment that supports the Sustainable DevelopmentGoals(SDGs). Annual Report 2025 | Standard Chartered 79 Sustainability review ![]() 3. Carbon Markets & Finance Context Effective carbon markets are critical to global efforts tomitigate climate change and to finance sustainable development. This was stressed by the UN Intergovernmental Panel on Climate Change in its April 2022 report on mitigating climate change, which noted that “the deployment of carbon dioxide markets to counterbalance hard-to-abate residual emissions is unavoidable if net zero emissions are to beachieved”. Carbon markets put a price on carbon emissions, can be complementary to credible net zero transition plans, and help channel climate finance where it’s needed most across our markets. A high-integrity carbon market, combined with corporate commitments to cut emissions and high standards of reporting can accelerate the global progress towards net zero by 2050, while supporting sustainable development globally. The Group has been a firm advocate of carbon market standardisation and has been at the forefront of several initiatives working to ensure that high-integrity, scalable carbon markets develop. We offer trading, advisory, financing and risk management services to our clients aroundthe world and continue to develop our suite of banking solutions as carbon markets grow and mature. Progress in 2025 The Carbon Markets & Finance Hub focused on further expanding capabilities and delivering strategic partnerships. The year was marked by a clear nature agenda in international climate policy, which put the pressing need for commitment towards forest conservation and restoration at the top of the agenda. We signed an exclusive agreement with the Brazilian State of Acre in connection with Acre’s work to market their Amazon forest REDD+ conservation credits generated over the next five years. We also participated in large-scale carbon project finance, supporting the Chestnut afforestation project in the US, acting as mandated lead arranger (see case study on page 82). We are seeing an increasing need for carbon finance as thepublic sector is committing to increasingly ambitious decarbonisation targets, and hyperscalers are entering agrowing amount of large procurement contracts for carboncredits. The Hub actively engages with those players, positioning ourselves as a partner of choice through our market expertise and strong credentials in the sustainable and blended finance space. We are broadening our carbon finance and advisory offering across conventional debt finance, capital markets and, increasingly, private debtmarkets. In December 2025, we acted as sole lead manager and bookrunner for a $200 million Clean Cooking Outcome Bond issued by the World Bank, unlocking $30.5 million in climate finance to deploy 415,000 clean cooking devices across four regions in Ghana. The planned stove distribution aims to make cleaner cooking accessible to 1.3 million people and reduce GHG emissions by more than 1.8 million tonnes of carbon dioxide equivalent. The transaction represents the first time outcome bond returns have been linked to Internationally Transferred Mitigation Outcomes under Article 6.2 of the Paris Agreement, contributing towards thenational climate targets of Ghana and Switzerland. On the trading side, we remain a prominent liquidity provider in the European and UK compliance markets. We are expanding our capabilities as opportunities arise to support clients in our home markets as more domestic and sectorial compliance markets are developing. In 2025, we established capabilities in the South African compliance market as we continue working on our capabilities to participate in key markets such as Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) for aviation, Emissions Trading System 2 (ETS2) for transport in Europe and the Singapore Carbon Tax scheme. We continue to demonstrate thought leadership and actively collaborate with regulators in our key markets. This includes support for the ICVCM review process for both carbon standards and methodologies, and driving policy engagement with industry and country representatives through our position asco-chair of the International Workgroup at the International Emissions Trading Association (IETA). We participated in the UK’s Jet Zero Taskforce to develop proposals for the development and use of GHG removal credits by UK aviation for the UK Government. InAsia, we co-lead the carbon markets workstream for Singapore Sustainable Finance Association alongside Climate Impact X to support the development of an interoperable ASEAN carbon market. 4. Nature Finance Context It is estimated that over half of global GDP is moderately or highly dependent upon nature. 1 The Nexus assessment from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES)² highlighted how biodiversity loss undermines livelihoods, food security, economies and health, while also threatening the resilience of our planet toclimate change.Despite its importance, nature is rapidly declining. According to the Stockholm Resilience Centre, we have already breached seven of the nine ‘planetary boundaries’ that are responsible for the stability and resilience of Earthsystems and demarcate the safe operating space forhumanity. 3 With respect to biodiversity, a catastrophic 73percent decline in wildlife populations has been observed from1970 to 2020. 4 Protecting nature is essential to limiting anthropogenic global warming and mitigating its impacts sothat the planet can sustain all livelihoods and support inclusive sustainable economic development. #### Our approach to sustainability 1 PWC (2023) Managing nature risks: From understanding to action. 2 McElwee, P. D., et al. (2025). IPBES Nexus Assessment: Summary for Policymakers. Zenodo. 3 Azote for Stockholm Resilience Centre, based on analysis by Sakschewski and Caesar et al. 2025. 4 WWF (2024) Living Planet Report 2024 – A System in Peril. WWF, Gland, Switzerland. Standard Chartered | Annual Report 202580 ![]() Having applied international environmental and social standards in our financing for more than 20 years, our presence in markets with some of the richest, remaining biodiversity in the world positions us to engage with a range of key stakeholders. We are guided by our commercial ambition to increasingly shift financial flows towards nature-positive outcomes by aligning and contributing to the targets of the Global Biodiversity Framework. Progress in 2025 The Nature Finance Hub is responsible for advancing the Group’s nature risk methodology and identifying financing opportunities through nature risk assessments. In 2025, the Group leveraged the Hub’s nature risk capabilities along with the advancement in its geospatial tools for deal diligence and nature performance modelling. Notably, in the landmark project financing for Chestnut Carbon (see case study on page 82), the Hub conducted nature performance analysis across the asset locations. We also piloted nature-related corporate engagement leveraging our in-house impacts and dependency assessment capabilities to identify nature finance transition opportunities. We signed a Memorandum of Understanding with African Parks to explore an outcome bond for Majete Wildlife Reserve in Malawi leveraging the Verifiable Nature Unit asthe outcome monitoring, reporting and verification mechanism. We co-funded a feasibility study to scope the potential blue carbon value from Palk Bay’s seagrass 1 with the International Union for Conservation of Nature (IUCN). If viable, these blue carbon credits could catalyse private finance, incentivise seagrass meadows preservation and generate revenue for the local community. The Hub supported Standard Chartered Indonesia in a seaweed project with Association of Indonesian Employers (APINDO), Conservation International and Konservasi Indonesia to support sustainable seaweed industry development in Indonesia, and provided expertise to Standard Chartered Foundation to develop the framework for the ASEAN Blue Economy Programme, which is intended to create sustainable jobs for youth while protecting the ocean across ASEAN. Building on Standard Chartered’s blue economy leadership, we were an active participant in the Blue Economy and Finance Forum and United Nations Ocean Conference, showcasing our execution of ‘The Bahamas debt-for-nature- swap’ as an exemplary blended finance structure and advocating the role the private sector can play in advancing a sustainable and regenerative blue economy. As an early adopter of the TNFD framework, we have published our inaugural Nature Report alongside this Annual Report. It reflects our assessment on the potential nature- related impacts and dependencies in our financing activities and direct operations. Read our Nature Report at sc.com/nature 5. Circular Economy Context The transition to a circular economy is essential to reducing the impact of population and per capita consumption growth on the world’s finite resources and having a nature-positive impact on the world’s ecosystems. Studies have shown that a business-as-usual scenario could result in the rate of raw material extraction being 60 per cent higher in 2060 compared to 2020 2 , while waste generation is on track to increase by 80 per cent, costing the global economy $417 billion per year by 2050. 3 Eliminating waste and pollution, extending product life through redesign and efforts such as repair, reuse and remanufacturing, and keeping materials in the economy longer through recycling at the endof product life, collectively represent a multi trillion-dollar opportunity that also directly contributes to carbon reduction. The benefits of a circular economy include decoupling economic growth from the growth of unsustainable resource extraction and enabling companies and countries to improve resilience and competitiveness, while also creating jobs andadvancing all 17 of the UN SDGs. There is a lot of progress to be made before a circular economy becomes fully integrated into society as evidenced by the low material circularity rate globally (around 7 per cent) and a funding gap measuring in the trillions of dollars globally needed for scaling infrastructure and solutions for circularity. The Group recognises the risks and opportunities that the circular economy can bring, especially to our footprint markets where significant capital and innovative financing solutions are required to scale upstream innovation and adoption of circular solutions and for establishing the waste management and recycling infrastructure critical for circularity in developing markets. Progress in 2025 We established a Circular Economy Innovation Hub, led byAndrew Morlet, former CEO of the Ellen MacArthur Foundation, an organisation that has catalysed global focus on the circular economy and plastics use. The Hub has initiated work to align circular economy measurement and reporting definitions and standards, including expanding theGroup’s Green and Sustainable Product Framework, tobuild internal knowledge and capacity, and to identify andsupport client opportunities. It has also led the development of collaboration efforts with other banks (circular economy- focused commercial banks and MBDs), financial institutions, global organisations (UNEPFI, WEF), governments (co-chairing the UK/Dutch Circular Economy Finance Group comprising 10 leading commercial banks), aiming to identify barriers and solutions to increase capital mobilisation and circular economy investment. 1 Read the full study at sc.com/palk-bay. 2 Global Resources Outlook, UNEP 2024. 3 Global Waste Management Outlook, World Bank 2024. Annual Report 2025 | Standard Chartered 81 Sustainability review ![]() The Hub published its inaugural paper on the circular economy entitled ‘Scaling Circular Finance: No Time to Waste’. The paper makes the case for circular economy financing and identifies four critical levers to be adopted byrelevant stakeholders: (1) Recognise that the circular economy is fundamental todelivering climate and nature targets. (2) Agree on circular definitions, principles, measurement andreporting. (3) Integrate the circular economy into finance risk models. (4) Drive for a harmonised international regulatory and policylandscape. The work of the Hub is focused on collaboration to progress these priorities to facilitate the flow of additional capital towards the circular economy and on supporting clients ontheir transition to more circular operating models. Read our Circular Economy report at sc.com/scalingcircularfinance The Infrastructure and Development Finance Group, with support from Carbon Markets and Nature Finance Hubs, unlocks real-world climate and nature outcomes: Supporting Chestnut Carbon to advance US afforestation in the voluntary carbon market Chestnut Carbon, a nature-based carbon removal developer, announced the closing of a landmark non-recourse project finance credit facility of up to $210 million in August 2025. Thisis one of the first applications of a commercial project financing for a US voluntary carbon removal afforestation project, with Standard Chartered participating as a mandated lead arranger alongside a syndicate of banks. Thistransaction marks a pivotal step towards achieving increasing commercial scale for both the company and the broader voluntary carbon market and US afforestation space. This innovative credit facility leverages the long-term off-take agreement executed earlier in 2025 between Chestnut andMicrosoft to deliver more than 7 million tonnes of carbon removal credits over 25 years as an anchor revenue stream for the financing. The project is estimated to restore roughly 60,000 acres of unused farmland by planting over 35 million native, biodiverse hardwood and softwood trees. Setting a new standard for project finance inthevoluntary carbon space Drawing on elements from traditional sectors, most notably renewable power projects, the deal’s structure, underpinned by the long-term offtake contract with Microsoft, brings credit discipline, rigorous underwriting and scalability to arelatively new asset class. As the industry evolves, this transaction is a prime example ofhow innovative financing can help support a path towards competitively priced capital and investor diversification. #### Our approach to sustainability Standard Chartered | Annual Report 202582 ![]() ## Sustainable finance Sustainable finance, including transition finance, is a crucial part of our sustainability strategy and is therefore reflected in both our long-term Sustainability Aspirations andshort-term Sustainability Strategic Pillars. Sustainable finance mobilised 1 Product Oct 2024–Sep 2025 14 $m Jan 2021– Sep 2024 $m Cumulative progress Jan 2021–Sep 2025 $m Use of proceeds 2,3,10,12 11,035 29,694 40,729 Sustainability-linked loans (SLLs) 3,4,12 7,277 38,232 45,509 Transition finance 5,12 1,629 2,142 3,771 SME lending 6,10 1,270 3,677 4,947 Microfinance 6,10 592 2,691 3,283 Green mortgages 10 901 5,067 5,968 Mergers & Acquisitions (M&A)/advisory 8 4,621 7,777 12,398 Green, Social and Sustainable bonds facilitated 9 6,742 33,643 40,385 Total sustainable finance mobilised 11 34,067 122,923 156,990^ Of the above Corporate & Investment Banking (CIB) 31,896 114,179 146,075 Wealth & Retail Banking (WRB) 2,171 8,744 10,915 Total sustainable finance mobilised 11,12,13 34,067 122,923 156,990^ Our broad sustainable finance product suite, which includes bonds, loans, advisory and trade finance, is underpinned by our Sustainable Finance Frameworks (described on page 89) that outline how we apply sustainable finance labels across products and transactions. We also work with retail and wealth clients to mobilise diverse sources of capital in support of social and environmental outcomes. 1 We define mobilisation of sustainable finance as our share of any investment or financial service provided to clients that supports: (i) the preservation and/or improvement of biodiversity, nature or the environment; (ii) the long-term avoidance/decrease of GHG emissions, including the alignment of a client’s business and operations with a 1.5°C trajectory or national net zero pathway (known as transition finance); (iii) a social purpose; or (iv) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value committed on facilities provided to clients. Mobilisation is the provision of capital that, as per the legal contractual documents, meet the sustainable finance verification criteria, or SLL eligibility, as of the date of execution of the trade. 2 Mobilisation amounts include transactions with restricted use of the financing proceeds that align to our GSPF. 3 Lending transactions are measured as the loan commitment/underwritten amount provided to the counterparty by the Group. 4 SLLs refer to any type of loan instrument for which the economic characteristics can vary depending on whether the counterparty achieves ambitious, material andquantifiable predetermined sustainability performance targets. The use of proceeds in relation to an SLL is not a determinant in its categorisation and, inmostinstances, SLLs will be used for general corporate purposes. 5 Transition finance includes any financial service provided to clients to support them to align their business and/or operations with a 1.5°C trajectory or national netzero target in line with our Transition Finance Framework (TFF). This is measured on a committed facility-provided basis. 6 SME and microfinance lending is the provision of finance to developed but not high-income countries as per the United Nations World Economic Situation andProspects (UN WESP) report. The inclusion of small and medium-sized enterprise (SME) lending is linked to the ‘Access to Finance’ sub-theme within the Group’s GSPF incorporating employment generation, and programmes designed to prevent and/or alleviate unemployment, including through the potential effect of SME financing and microfinance. SME mobilisation is the lending facilities provided to small companies and renewed when the facilities renew, and includes loans that fall within the relevant micro, small and medium-sized enterprise (MSME) loan size proxy as per the GSPF. Microfinance mobilisation is measured as the cash disbursed. 7 Green mortgages are loans issued by our WRB where the underlying property meets a specific energy rating. Mobilisation ismeasured as the cash disbursed to borrowers. Value mobilised in 2021 includes mortgages originated before 2021 but identified as Green in 2021. 8 M&A/advisory represents where the Group is the financial advisor to a transaction that has been tagged as sustainable in line with the Group’s GSPF or TFF. Transactions are measured as the deal value or enterprise value divided by the number of advisors on the deal. 9 Capital market bonds are measured by the proportional bookrunner share of facilitated activities as determined by third-party league table rankings based onthelevel of services provided. 10 A breakdown by eligible category has been provided for these product groups. Categories cannot be provided for SLLs, transition finance or Green, Social and Sustainable bonds facilitated given the broad range of sustainability themes these can cover, and the diversity of eligible activities included in issuer frameworks. The categories havebeen provided for use of proceeds, green mortgages, SME lending and microfinance. 11 Total prior year balances have been restated resulting in an increase of $2.2 billion from $120.7 billion up to $122.9 billion. This was due to the inclusion oftransactions driven by a new product line within Corporate and Institution lending that have met the sustainable finance mobilisation eligibility criteria, offsetbythe following: • SME Lending has reduced due to mobilisation focusing on the Group’s five most material markets: India, China, Nepal, Bangladesh and Malaysia. • As the Group remains cognisant of the ongoing scrutiny of sustainable finance products, during the year a process was undertaken to strengthen our eligibility criteria review and control process. As a result, certain transactions have been subsequently derecognised across M&A, SLLs and use of proceeds. 12 Some prior year transactions have been reclassified between SLLs, use of proceeds and transition finance. Upon closer review of the reporting tag for these facilities, it was identified that the incorrect reporting tag had been captured, which has been corrected in the current year. Reclassifications from SLLs to use ofproceeds totalled $506 million, use of proceeds to SLLs totalled $145 million, use of proceeds to transition finance totalled $374 million, and SLLs to transition financed totalled $57 million. 13 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. 14 Some transactions included in 2025 reporting related to deals that were signed during prior years but which only received approval for sustainable finance taggingduring 2025. Annual Report 2025 | Standard Chartered 83 Sustainability review ![]() #### Sustainable finance Our aspiration is to mobilise $300 billion ofsustainable finance We mobilised $157 billion of sustainable finance fromJanuary 2021 through to September 2025 against ourcommitment to mobilise $300 billion by 2030. We engage with clients about the provision of sustainable finance products that aim to deliver financial services that contribute to positive environmental and/or social outcomes. Our Climate Transition Plan sets out our approach to portfolio alignment with our net zero commitment, capital allocation and client engagement for the 12 highest-emitting sectors, helping usto assess transition readiness, identify where clients may require support to evolve their business models and guide decisions on how we deploy our balance sheet. At the same time, we continue to expand products and solutions that support both climate mitigation and climate adaptation, including transition finance instruments, sustainability-linked structures, blended finance partnerships, and financing that enhances the resilience of infrastructure, supply chains and communities to physical climate impacts. In providing such products and tailored solutions, we aim to create opportunities to facilitate a just and orderly transition, while supporting the long-term resilience and competitiveness of our clients and the economies in which we operate. Examples of this can be found in our Sustainable Finance Impact Report available at sc.com/sfimpactreport. Sustainable finance mobilised – impact theme To provide greater transparency as to the impact areas covered under our Use of proceeds products (Use of proceeds, SME lending, microfinance and Green mortgages), we have disclosed belowabreakdown by green and social project categories asset out in our GSPF. Categories represented are those where thereis a contribution to our sustainable finance mobilisation metric. Given that SLLs, transition finance and Green, Social andSustainable bonds facilitated cover a broad range of sustainability themes, and eligible activities are determined byissuerframeworks, theseare excluded from the breakdown below. Green finance mobilisation themes Oct 2024–Sep 2025 $m Jan 2021–Sep 2024 $m Cumulative progress $m Clean transportation 705 1,832 2,537 Eco-efficient products 67 – 67 Energy efficiency 30 408 438 Green buildings 5,430 14,934 20,364 Portfolio of green projects 1 1,529 2,002 3,531 Renewable energy 2,686 9,413 12,099 Sustainable management of living and natural resources 300 351 651 Sustainable water and wastewater management – 215 215 Total green finance mobilised 10,747 29,155 39,902 Social finance mobilisation themes Oct 2024–Sep 2025 $m Jan 2021–Sep 2024 $m Cumulative progress $m Access to essential services 156 1,029 1,185 Access to finance 1,922 6,457 8,379 Access to water – 260 260 Affordable basic infrastructure 29 1,622 1,651 Portfolio of social projects 1 50 135 185 Total social finance mobilised 2,157 9,503 11,660 Portfolio of green and social projects Oct 2024–Sep 2025 $m Jan 2021–Sep 2024 $m Cumulative progress $m Fund subscription facility – 479 479 MDB, DFIs and other international organisations – 534 534 Others 2 – 110 110 Portfolio of green and social projects 1 894 1,348 2,242 Total green and social finance mobilised 894 2,471 3,365 1 The underlying assets could potentially span across various green and/or social project categories aligned to those in the Sustainability Bond Framework. In such cases, financing is temporarily reported under this portfolio category until the underlying data can be sufficiently disaggregated to allow accurate and transparent reporting by specific project type. 2 Includes other transactions eligible for recognition as sustainable in line with our GSPF that cannot be allocated to a specific impact area. Standard Chartered | Annual Report 202584 ![]() Scaling sustainable finance income Our sustainable finance franchise supports clients on their transition and broader sustainability journeys by developing customised solutions that speak to their needs and ambitions. The franchise generated over $1.07 billion between January and December 2025, exceeding our target of at least $1 billion annual income by 2025. This represents over 8.6 per cent of our total CIB income in 2025, a year-on-year growth rate of 9 per cent. As a UK-headquartered international bank we work to deploy capital across our global markets. As can be seen onthe following pages and in our 2025 Sustainable Finance Impact Report, we have raised over $9 billion of sustainable liabilities across our markets, while 70 per cent of our $23.4 billion sustainable finance asset base is located in Asia,Africaand the Middle East. For the 12-month period ending 30 September 2025, our green assets helped to avoid 6.94 million tCO 2 (of which 2.88 million tCO 2 achieved and 4.06 million tCO 2 expected), and our SME and microfinance Sustainable finance income 1 Product 2025 $m 2024 $m YOY % Transaction services 340 319 7% Payments & Liquidity 197 187 5% Securities & Prime Services 5 4 25% Trade & Working Capital 138 128 8% Banking 610 552 11% Lending and financing solutions 546 507 8% Capital market and advisory 64 45 42% Markets 117 111 5% Macro Trading 106 101 5% Credit Trading 11 10 10% Total sustainable finance income by product 1,067^ 982 9% We generated $1.07 billion^ in sustainable finance income, achieving our target of $1 billion annual sustainable finance income by 2025. Sustainable finance assets and sustainability-linked assets Our sustainable finance assets reflect the assets on our balance sheet generated as a result of this green, social and sustainable financing activity, and it is against these assets that we raise sustainable liabilities. Sustainability-linked assets and transition assets are not included within this assetbase. The Group’s sustainable finance asset base increased by1percent to $23.4 billion between October 2024 and September 2025. This reflects the level of maturity of our sustainable finance business, with significant replenishment of assets during the year, with new assets across a range ofgreen and social categories under our Sustainability Bond Framework. CIB sustainable finance assets contribute to, but are not the sole component of, sustainable finance income. Sustainable finance income also comprises income generated from off-balance sheet financial products, on both a transaction basis and for our pureplay clients, and from Transition Finance,Sustainability-Linked products and Impact-labelled transactions. As such, growth in sustainable finance income isnot linked solely to the sustainable finance asset balance. Read more on our sustainable finance metrics at sc.com/gspf The majority of our sustainable finance asset base ($17.0 billion of the $23.4 billion) is made up of financing togreen projects such as renewable energy projects, green real estate and clean transportation, such as electric rail. Oursocial finance assets make up $5.8 billion of the total sustainable finance asset pool and encompass categories such as healthcare, education and access to finance in developing markets. The remaining assets ($0.6 billion of the $23.4 billion) span across both green and social categories, including renewable energy, sustainable water and wastewater management, and access to essential services. This year select impact metrics from our sustainable finance assets received limited assurance from EY for the first time. These are noted with a caret symbol (^) within the sustainable finance assets tables. Sustainable finance assets are represented as gross loans and advances held at amortised cost, prior to credit impairment. Read more in our Sustainable Finance Impact Report at sc.com/sfimpactreport business enabled 32,580 loans to SMEs and enabled over one million microfinanceloans. In 2025, we continued to develop our sustainable finance product suite, with over 40 product variants as set out in our GSPF. Independently assessed by Morningstar Sustainalytics, a globally recognised provider of ESG research, ratings and data, our framework is reviewed annually to reflect changes in market trends and industry standards. Our pureplay clients are also key to achieving our sustainable finance goals. These are companies whose activities align with those in our GSPF or in our TFF. Their significance lies intheir ability to deliver credible and robust impact, driven bythe inherent green and socially sustainable nature of theirbusiness models and operations, or their critical role insupporting and/or enabling the transition. Our sustainable finance income is prepared on an underlying basis and includes client income generated from our sustainable finance product suite net offunding costs, as wellas from clients recognised as green, social, sustainable ortransition pureplays. 1 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. Annual Report 2025 | Standard Chartered 85 Sustainability review ![]() Green finance assets 1,2 Theme Sept 2025 $m Sept 2024 $m SDGs Key impact reported³ Clean transportation\* 1,790 1,929 6,736 tCO 2 achieved and expected GHG emissions avoided Electric vehicles (EVs) 742 710 EV battery manufacturers 381 622 Manufacturing of specialised component partsofEVs 241 147 Rail 396 450 Several clean transportation projects 30 Climate change adaptation\* 1 3 Energy efficiency\* 204 141 64,915 tCO 2 achieved and expected GHG emissions avoided LED lighting 98 92 Modernisation of broadband network 105 46 Smart meters – 3 Several energy efficiency projects 1 – Eco-efficient products 26 37 Green buildings\* 8,030 8,816 67,049 tCO 2 achieved and expected GHG emissions avoided Green buildings 4,701 5,554 Green mortgages 3,329 3,262 Pollution prevention and control 37 157 8,701 tCO 2 achieved andexpected GHG emissions avoided Portfolio of green projects 334 436 Multiple 3 tCO 2 achieved andexpected GHG emissions avoided Renewable energy\* 6,120 5,498 5,990,151 tCO 2 achieved and expected GHG emissions avoided Transmission lines 84 174 Wind and solar 424 528 Hydropower 72 24 Manufacture of components for renewable energytechnology 988 954 Solar 2,037 1,618 Waste to energy 201 239 Wind 2,076 1,534 Energy storage 147 130 Green hydrogen 33 19 Advanced biofuels from waste 40 – Mixed renewables 18 278 Sustainable management of living and natural resources 277 249 523,869 tCO 2 achieved and expected GHG emissions avoided Sustainable water and wastewater management 216 127 Total green assets 17,035 17,393 Multiple 6,661,424 tCO 2 achieved and expected GHG emissions avoided Portfolio of green and social projects 4 576 392 Multiple #### Sustainable finance \* Categories denoted with an asterisk are considered to be climate related. Standard Chartered | Annual Report 202586 ![]() Social finance assets 1,2 Theme Sept 2025 $m Sept 2024 $m SDGs Key impact reported³ Access to essential services 342 338 Education infrastructure – universities 1 6 Healthcare infrastructure – hospitals 162 230 Provision of supporting healthcare-related products andservices 179 95 Education loans – 7 Access to finance 4,361 4,050 Several services that support access to finance 283 – SME lending 3,494 3,467 32,580 SME loans enabled Microfinance 584 583 1,045,211 microfinance loansenabled Affordable basic infrastructure 5 1,001 1,119 Clean cookstoves 2 – 277,093 tCO 2 achieved andexpected GHG emissionsavoided Desalination 73 67 Public transportation 1 – Telecommunications/internet connectivity 653 879 Water supply 81 53 Water purification 1 – Road infrastructure 190 120 Affordable housing 68 – Food security 11 14 Portfolio of social projects 4 51 25 Multiple Total social assets 5,833 5,547 Multiple Total green and social finance assets 23,444^ 23,332 Multiple 6,938,517 tCO 2 achieved andexpected GHG emissionsavoided^ 1,045,211 microfinance loansenabled^ 32,580 SME loans enabled^ Sustainability-linked assets 6 Sept 2025 $m Sept 2024 $m Total sustainability-linked loans 7 5,435 6,619 Total sustainability-linked assets 5,435 6,619 1 Amounts included in the table are as at September 2025 and September 2024 and are aligned to the Group’s Sustainable Finance Impact Report available atsc.com/sfimpactreport. 2 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. 3 Key impact reported includes impacts from assets that are both operational and under construction and therefore reflects a combination of annual achieved and expected outcomes over the reporting period. The metrics presented in this column are limited to the three impact metrics that are subject to independent limited assurance by EY. For a broader set of impact metrics across environmental and social categories, please refer to our 2025 Sustainable Finance Impact Report. 4 The underlying assets could potentially span across various green and/or social project categories aligned to those in the Sustainability Bond Framework. In such cases, financing is temporarily reported under this portfolio category until the underlying data can be sufficiently disaggregated to allow accurate and transparent reporting by specific project type. 5 The figure has been restated from the 2024 reporting period followed a reclassification of assets. Access to water and road infrastructure has been categorised under the affordable basic infrastructure theme to align with the classification used in the Sustainability Bond Framework. The underlying asset values remain unchanged, the restatement reflects categorisation changes only. 6 Amounts included in the table are as at September 2025 and September 2024 and are aligned to the Group’s Sustainable Finance Impact Report available atsc.com/sfimpactreport. 7 SLLs decreased by $1.2 billion in 2025 due to changes in market conditions, predominantly impacting SLLs in Europe and the Americas. Annual Report 2025 | Standard Chartered 87 Sustainability review ![]() Total green and social finance and sustainability-linked assets 1 Sept 2025 $m Sept 2024 $m Corporate & Investment Banking 23,026 24,098 Wealth & Retail Banking 5,853 5,853 1 Amounts included in the table are as at September 2025 and September 2024 and are aligned to the Group’s Sustainable Finance Impact Report available atsc.com/sfimpactreport. 2 CIB climate-related assets are those generated under clean transportation, climate change adaptation, energy efficiency, green buildings, and renewable energycategories. They are on balance sheet, drawn exposures. 3 Total CIB assets are the gross balance of CIB Loans and Advances as reported on page 239. 4 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. 5 Sustainability, green and social bonds and notes are issued against our Sustainability Bond Framework available at sc.com/sustainabilitylibrary. 6 Sustainable deposits and accounts were developed under our GSPF available at sc.com/sustainabilitylibrary. 7 Excluded from the scope of assurance due to country cross-border data constraints. All sustainable deposits are referenced on a net positive basis against theGroup’s global sustainable finance asset base, including those excluded from the scope of the assurance. The Group’s global Sustainable Finance asset baseisincluded in the scope of assurance. 8 SI AUM for Hong Kong as at 31 December 2024 has been restated for alignment to local regulations around sustainable products classification and reporting. #### Sustainable finance Theme Sept 2025 $m Sept 2024 $m Total bond issuances outstanding 5 4,612 2,126 Of which sustainable structured notes 1,693 950 Of which green structured notes 573 60 Total sustainable term deposits 6 1,215 3,325 Total sustainable term accounts 6 1,500 1,214 Sustainable retail current and savings accounts and deposits 6 929 1,196 Sustainable liabilities (excluding other WRB sustainable deposits) subject to limited assurance 8,256^ 7,861 Other WRB sustainable deposits 6,7 782 – Total sustainable liabilities 9,038 7,861 See sc.com/sfimpactreport for more highlights on our Sustainable Finance assets in 2025, including asset locations Our CIB climate-related assets 2 are 8.8 per cent of total CIBassets. 3 Our Hong Kong green mortgages balance, which makes up the majority of our climate-related WRB assets, is10.4 per cent of total mortgages in Hong Kong. See our mortgages by region on page 245 and our green mortgages inthe Sustainable Finance Impact Report at sc.com/sfimpactreport. Sustainable liabilities 1,4 Our sustainable liabilities reflect the liabilities on our balancesheet generated under labelled sustainable finance instruments. These include Sustainability, Green and Social bond and note issuances, sustainable term deposits (through CIB and WRB), and sustainable cash accounts (CIB and WRB). Sustainable finance liabilities reference our sustainable assets, as set out above. The Group’s total sustainable finance liabilities balance increased by 15 per cent to $9 billion between October 2024 and September 2025. This is due to a significant increase inthe volume of sustainable and green structured notes issuances as well asgrowth in client interest across CIB andWRB in our sustainable account proposition. This offset the decline inthesustainable deposits balance. Standard Chartered offers a wide-ranging suite of sustainable finance liabilities products. The sustainable liabilities that the Group raises are referenced against the Group’s global sustainable finance asset base. Liabilities are not directly linked to specific assets and are included in the wider Standard Chartered Group balance sheet. As a Group, we will only raise up to 80 per cent of the value of our total sustainable finance assets in sustainable finance liabilities – thisenables us to always maintain a buffer, and maintaining thisbuffer can require us to originate incremental sustainable finance assets. These liabilities products allow clients to have their capital referenced on a net positive basis against assets, whether existing as of the date of the transaction or in the future, that we deem as sustainable in accordance with our externally verified Sustainability Bond Framework. Wealth & Retail Banking sustainable investing The Group had $1,984 million sustainable investing (SI) assets under management (AUM) at 31 December 2025 (a 26 per cent increase from $1,572 million 8 at 31 December 2024). SI AUM comprises of AUM held by our clients in SI-labelled mutual funds, exchange traded funds and structured products that are part of our Group SI universe. In markets where there is regulation around sustainable products classification and/or reporting, the reporting of AUM will follow accordingly. Further information on our Sustainable Investments universe can be found at sc.com/sustainable-investing Standard Chartered | Annual Report 202588 ![]() #### Green and SustainableProductFramework (GSPF) Our GSPF governs the activities that we as an organisation classify as ‘green’, ‘social’ and ‘sustainable’. It sets out our approach to mitigating greenwashing riskacross our product suite and defines the themes and activities that we consider eligible for green, social and sustainable financing. The Framework is informed by international market guidelines and standards on green and sustainable finance, including among others, the Climate Bonds Standard, EU Taxonomy for sustainable activities and the Green and Social Loan Principles. Independently assessed by Morningstar Sustainalytics, our Framework is reviewed annually with theaim of ensuring it remains in line with the latest industry standards. Our GSPF received a ‘Significant’ rating from Morningstar Sustainalytics for its Sustainability Contribution. 2025 updates to the GSPF included expansion ofthe green activities to add new certifications for green buildings and sustainable agriculture as well as circular economy solutions. Thresholds for non-waste bioenergy production and energy efficiency improvements were also updated. Revisions to oursocial activities included refined criteria to strengthen targeting and include areas of social impact such as mental health and eldercare facilities. #### Sustainability BondFramework Our SBF provides the basis for theissuance of green, social and sustainability bonds and notes, drawing on the activities that we view as ‘green’, ‘social’ and ‘sustainable’. It governs our sustainable debt products issued by the Group, providing transparency and guidance on the useof proceeds, process for project evaluation and selection, management ofproceeds and reporting, as aligned with the ICMA Sustainability Bond Principles. It has received a Second PartyOpinion from Morningstar Sustainalytics, which rated the SBF as‘Aligned’ and ‘Significant’. #### Our Sustainable Finance Frameworks Governance over sustainable finance products and frameworks The Group has Product Programme Guidance documents in place that underpin each Sustainable Finance product that weoffer, signed off by a delegate of the Sustainable Finance Governance Committee (SFGC) following approval of the product construct by the SFGC. The SFGC is our forum for reviewing Sustainable Finance products and frameworks, and derives its authority from the Group Responsibility and Reputational Risk Committee (GRRRC). The GRRRC is the ultimate approval body for all ofour Sustainable Finance Frameworks. Membership of the SFGC is drawn from the CSO organisation, Legal, Compliance, and ESG and Reputational Risk. The SFGC is our foremost committee for managing greenwashing risk in sustainable finance product design and labelling. Any transaction or entity recognised for the positive environmental and/or social impact it generates under our Sustainable Finance Frameworks must meet our minimum expectations as set out the Group’s Environmental and Social Risk Management Framework and Position Statements. Assessments at client level, and where applicable, transaction level, must be in place before a transaction or entity can beconsidered to be within our sustainable finance metrics inorderto ensure any potential trade-offs with other objectivesare considered. For more, including the Sustainalytics Sustainability Contribution Assessment and Second Party Opinion, visit sc.com/sustainabilitylibrary For more information on our Green and Sustainable Product Framework, visit sc.com/gspf For more information on our Sustainability Bond Framework visit sc.com/sustainability-bond-framework For more information on our Transition Finance Framework visit sc.com/transition-finance-framework #### Transition Finance Framework (TFF) Our TFF sets out the assets and activities that qualify under a‘transition’ label. We have outlined our approach to defining and governing transition finance in our TFF. This framework has been informed by the IEA Net Zero Emissions 2050 scenario and sets out several principles that help guide our clients to a low-carbon pathway. It is reviewed annually for alignment with thelatest available science and industry standards. Thisyear we published the fourth iteration of the TFF. Thisincluded a new category for ground transportation and provided updates to aviation, shipping and electricity generation, transmission and storage categories. Thresholds were also introduced for the share of scrap metal required foreligible steel and aluminium production. Annual Report 2025 | Standard Chartered 89 Sustainability review ![]() ## Climate #### In 2025, we reached our net zero target for Scope 1 and 2 emissions 1 , marking asignificant milestone in our journey to decarbonise our operational footprint. We aim to reach net zero in our financed emissions by 2050. Our net zero roadmap sets out our key goals, and the progress we have made. Our global footprint combined with our particular focus on Asia, Africa and the Middle East informs our unique understanding of the complexity associated with reaching our targets across our financed and facilitated emissions, including a heightened focus on the security and resilience of our markets as they respond to greater climate change-induced uncertainty. As a financial institution, the Group has an important role to play in supporting our clients and markets as they navigate this complexity, while driving and encouraging change in the real-world economy. Published in 2025, the Group’s Transition Plan outlines our approach to delivering this change and our aim to achieve net zero by 2050, demonstrating to clients, suppliers, clients, and other key stakeholders that we have a clear plan to meeting the commitments we have made. The Transition Plan consolidates and expands upon the disclosures provided in this report, the net zero roadmap and the Net Zero Methodological White Paper. The Transition Plan has been developed considering guidelines provided by the Transition Plan Taskforce and GFANZ frameworks. It sets out: • Our current practices: The evolving business practices that underpin our commitment to net zero by 2050. • The control environment: The governance framework and description of controls over our net zero calculations, target management, client engagement, and decision-making processes, designed to maintain oversight, accountability, and alignment with the Group’s net zero objectives. • How we are embedding net zero: The measures and initiatives undertaken to integrate net zero considerations into the client lifecycle. How we are systematically integrating and operationalising sustainability into client engagement strategies, with the aim of driving measurable outcomes. Our Transition Plan informs our Group strategy and decision- making by incorporating our clients’ decarbonisation maturity as a key consideration when transacting with our transition priority clients (TPC). This aligns financing decisions with our clients’ ability and commitment to decarbonise. It helps us identify the clients who need us the most in their transition to net zero, which in turn enables us to support them with sustainable finance for their transition journeys. This contributes to our $300 billion mobilisation target and provides the Group with more opportunities to earn sustainable finance income. Significant areas where net zero has been implemented as part of the Group’s strategy include: • Within CIB clients operating in high-emitting sectors, wehave identified the population of key existing-to-bank TPCs whose emissions reductions will be essential to enable us to meet our 2030 interim netzero targets. TPCs are defined as the Group’s most significant clients across the high-emitting sectors. Onceshortlisted as a TPC, we perform an assessment of the client’s decarbonisation maturity to tailor theapproach to assisting them with their transition tonetzero. • For each of the actively managed high-carbon sectors, theNet Zero team applies category-specific screening toassign prospective transactions with an Aligned, Marginally Misaligned, Misaligned or Grossly Misaligned rating. The ratings and considerations of assessed transactions are communicated to the respective originating business areas at the Group’s Capital Allocation Forum meetings and is factored into the recommendations and structuring of the transaction. • The appointment of Client Coverage sector leads has increased the level of accountability and enables a clear point of contact to effectively co-own the internal validation process with the Net Zero team early during the client onboarding process. • On a quarterly basis for internal portfolio management, wemeasure our emissions for the sectors that require activeportfolio steering against our risk appetite metrics. Thequarterly review is completed based on the Group’s latestquarterly exposures and latest available emissions andproduction information. The risk appetite metrics atsector level feed into an overall Board-level risk appetite metric, and monitor if any sector is in breach of our desired target pathways. Read more on sector specific strategies to achieving our interim net zero targets in our Transition Plan andNet Zero Methodological White Paper at sc.com/sustainabilitylibrary Key climate updates during the year During the year, the Group achieved net zero in our Scope 1 and Scope 2 emissions, having taken all possible steps to reduce residual emissions in line with ISO IWA 42. Read more on page 92 During 2025, the Group analysed the intensity ofourupstream oiland gas portfolio for methane. We found our portfolio compares favourably to theIEA NZ Emissions 2030 methane target. Read more on page 107 We are predominantly on track for our 12 interim high-carbon, sector-financed emission targets. Read more on page 99 1 See pages 92–95 for details. Standard Chartered | Annual Report 202590 ![]() In 2025, we reached our net zero target for Scope 1 and Scope 2 emissions, marking a significant milestone inour journey to decarbonise our operational footprint. We aim to reach net zero emissions in our financed emissions by 2050. To help us remain on track, we have set short and medium-term objectives and quantifiable targets to manage and report on our progress on an annual basis. As part of that, we have set interim 2030 targets for all the highest-emitting sectors in the Group’s portfolio. • Launched our roadmap to net zero by 2050, including interim targets and a supporting methodology • Announced plans to mobilise $300 billion in sustainable finance by 2030 • Published our inaugural TFF 2021 • Developed financed emissions baselines and 2030 targets for the aviation, shipping and automotive manufacturers sectors • Joined Partnership for Carbon Accounting Financials (PCAF) 2022 • Announced our enhanced oil and gas absolute financed emissions target • Updated our power and steel sector baselines and targets moving from a revenue-based intensity metric to a production-based intensity metric • Developed financed emissions baselines and set interim 2030 targets for four additional sectors: cement, aluminium, residential mortgages and commercial real estate, bringing the total number ofnet zero targets set for high-emitting sectors to 11 • Financed emissions baselines and sectoral progress against targets, where indicated, assured for the first time by Ernst & Young • Calculated the Group’s facilitated emissions from debt capital markets following the release of the final PCAF guidance (published in December 2023) under both the 33 per cent and 100 per cent weighting factors • Published the Group’s updated Net Zero Methodological White Paper 2023 • Measured and disclosed an agriculture baseline and target, the final high-emitting sector recommended by the Net-Zero Banking Alliance (NZBA) • Became the first Global Systemically Important Bank (GSIB) to have measured and disclosed a baseline and target for all 12 high-emitting sectors recommended by the NZBA • Set a baseline and target for our facilitated emissions portfolio focusing on the oil and gas sector, which currently makes up the majority of emissions within our facilitation portfolio 2024 • Issued the Group’s first Transition Plan set out with reference to the Transition Plan Taskforce and GFANZ guidance • Achieved net zero in our Scope 1 and 2 emissions 1 • Calculated the Group’s financed methane emissions intensity for the upstream oil and gas sector • Exceeded our target of at least $1 billion sustainable finance annual income by 2025 2025 • We expect to have substantially reduced our exposure to the thermal coal mining sector in line with our Position Statements • Aim to meet the Group’s financed and facilitated emissions interim targets set for high-emitting sectors 2030 • Aim to become net zero in our financed emissions 2050 2032 • Targeted end date for legacy direct thermal coal mining financing globally in line with our Position Statements 1 See pages 92–95 for details. #### Our net zero roadmap Annual Report 2025 | Standard Chartered 91 Sustainability review ![]() #### Our emission sources We reached our net zero target for Scope 1 and Scope 2 emissions and aim to reach net zero in our financed emissions by 2050. We focus on three areas to reduce emissions across our value chain: Topics Size of emissions (%) Emissions sources Learn more Our operations 0.01% Scope 1 and Scope 2: Emissions from the combustion of fuels in owned or controlled sources e.g.boilers, generators and vehicles, refrigeration and air conditioning equipment and the purchase of electricity Page 93 Our suppliers 0.86% Scope 3 Categories 1–14: Emissions from our upstream and downstream supply and value chain Page 96 Our clients 99.13% Scope 3 Category 15: Emissions from transacting with our clients Page 97 Our carbon accounting is calculated and reported with reference to the ‘GHG Protocol: A Corporate Accounting and Reporting Standard (2004)’ and PCAF Standards. Following the materiality assessment performed by the Group and outlined in the section on Materiality on page 72, Scope 2 and Scope 3 categories 1, 6 and 15 were deemed material when using ISSB educational materials on ‘Sustainability-related risks and opportunities and the disclosure of material information’. For consistency and transparency in our net zero journey, we will continue to report Scope 1, and Scope 3 categories 2, 4, 5, 7 and 13 on a voluntary basis. Thefollowing tables summarise our most recent performance: Scope 1 and 2 emissions 2025 (tCO 2 e) 2024 (tCO 2 e) 2023 (tCO 2 e) Scope 1 emissions 1,3 5,792 7,696 8,488 Scope 2 emissions 2,3 0 17,272 26,246 Total Scope 1 and 2 emissions 5,792 24,968 34,734 Scope 3 supply chain emissions⁴ 2025 (tCO 2 e) 2024 (tCO 2 e) 2023 (tCO 2 e) Category 1: Purchased goods and services 5 251,761 319,078 346,819 Category 2: Capital goods 41,799 43,716 42,707 Category 4: Upstream transportation and distribution (including SAF reductions) 6 16,904 27,268 24,125 Category 5: Waste generated in operations 349 379 520 Category 6: Business travel (air travel) 52,375 53,326 48,046 Category 6: Business travel (miscellaneous other than air travel) 8,446 16,420 8,918 Category 7: Employee commuting 7 60,348 81,065 71,228 Category 8: Upstream leased assets (data centres) 3,12 4,397 4,186 4,431 Category 13: Downstream leased assets (real estate) 8 4,799 7,119 7,898 Total Scope 3 supply chain emissions 441,178 552,557 554,692 Scope 3 Category 15: Investments 9 2025 (tCO 2 e) 2024 (tCO 2 e) 2023 (tCO 2 e) Financed emissions 10 33,900,000 35,600,000 42,330,000 Facilitated emissions 3,080,000 1,761,000 3,007,000 Scope 3 Category 15 emissions excluding agriculture sector Scope 3 emissions 10 36,980,000 37,361,000 45,337,000 Agriculture sector Scope 3 emissions 11 13,900,000 10,300,000 – Total Scope 3 category 15 emissions 10 50,880,000 47,661,000 45,337,000 #### Climate 1 As we aim to improve our emissions measurement and reporting year-on-year, we have included owned vehicle fleet emissions in our Scope 1 data since 2024 (733 tCO 2 e in 2025 and 1,340 tCO 2 e in 2024) and fugitive emissions since 2023 (3,035 tCO 2 e in 2025, 3,877 tCO 2 e in 2024 and 5,266 tCO 2 e in 2023). 2 Scope 2 indirect emissions have been calculated using the market-based approach assetout in the GHG Protocol. Location-based emissions are disclosed on page 209. 3 Our Scope 1 and 2 emissions and Scope 3 Category 8: Upstream leased assets (data centres) emissions calculations for the most recent reporting year were independently assured by Global Documentation Ltd. The assurance scope includes the owned vehicle fleet and fugitive emissions. 4 Scope 3 Category 10, Category 11, Category 12 and Category 14 arenot relevant for the Group due to the nature of our business, products and services and operations, such that their emissions are not deemed material. Emissions from Scope 3 Category 2, Category 3, Category 4, Category 5, Category 7, Category 8, Category 9 and Category 13 are also not deemed material. 5 We have restated our Scope 3 Category 1: Purchased goods and services emissions data forthe 2024 reporting year from 345,193 tCO 2 e to 319,078 tCO 2 e due to one of our largest suppliers (by spend) restating their publicly reported emissions. The supplier restatement isa result of improved data accuracy within its calculations. 6 We recognise the role of sustainable aviation fuel (SAF) as a lever in lifecycle GHG emissions of logistics emissions. In line with emerging international standards and guidance, we account for the use of SAF in our emissions calculations by applying its verified lifecycle carbon intensity compared to conventional jet fuel for our logistics emissions. Ouremissions reductions from SAF (through The Book and Claim Model) are only recognised when supported by robust certification, traceability, and sustainability criteria toavoid double counting and ensure genuine climate benefit. We will continue to monitor evolving standards to align with best practice as frameworks mature. Category 4 emissions for 2025 were 17,467 tCO 2 e when excluding the purchase of SAF. 7 Category 7: Employee commuting includes both emissions from commuting (28,834 tCO 2 e) and emissions associated with home office working (31,484 tCO 2 e). 8 Category 13: Downstream leased assets are leased spaces within locations where the Group iseither the owner or main tenant of the building. 9 Category 15: Investments includes financed and facilitated emissions and are measured ona one to two-year lag based on the availability of third-party and client data. Facilitatedemissions are calculated on a three-year rolling average. Category 15 emissions are rounded to the nearest 1,000 tCO 2 e. 10 Prior year total financed emissions have been restated following a restatement in the oil and gas sector absolute emissions. The prior period has been restated to apply the Group’s methodology of only counting Scope 3 emissions on upstream production activities (including diversified and integrated counterparties). There was no impact on the baseline year. 11 The baseline emissions for the agriculture sector are calculated using the Implied Temperature Rise (ITR) method. Agriculture financed emissions includes Scope 3 emissions, which are complex in nature due to the vast value chain, operations of our clients within this sector and data availability limitations. The decision to include Scope 3 emissions of the Group’s agriculture clients was intentional as this has the most real-world impact by allowing the Group to engage with our clients to decarbonise both their operations and their supply chains. On an absolute emissions basis the agriculture portfolio has 1.4 MtCO 2 e in its Scope 1 and 2 emissions and a further 13.9 MtCO 2 e in its Scope 3 emissions, giving the sector 15.3 MtCO 2 e in total. 12 Emissions from third party co-located data centres have been reclassified to Scope 3 category 8 from Scope 3 category 1. We re-evaluated the nature of our lessee relationship with these assets and, in line with the GHG Protocol, believe this data aligns more closely toScope 3 category 8. We have reclassified these emissions in our 2023 and 2024 comparatives, which were already reported separately from other Category 1 emissions. Standard Chartered | Annual Report 202592 ![]() #### Our operations This section covers our Scope 1 and Scope 2 emissions asdefined on page 92. Our approach to managing our environmentalfootprint The Group defines net zero in line with ISO IWA 42 as a condition in which human-caused residual GHG emissions arebalanced by human-led removals over a specified period and within specified boundaries, whereby residual emissions are those GHG emissions that remain after taking all possible actions to implement emissions reductions. This approach aligns with the principles outlined in the GHG Protocol. In 2025, we achieved our net zero target across Scope 1 and 2 emissions, marking a significant milestone. We reduced our carbon footprint by 96 per cent from a 2018 baseline of 148 ktCO 2 e to just 6 ktCO 2 e. This achievement reflects the steps we have taken to decarbonise our real estate portfolio and aligns with the overall Group’s net zero agenda. Residual emissions that persist despite our rigorous efforts to minimisethem are counterbalanced by purchasing and retiring carbon creditsasdescribed in the carbon credits section below. Movingforward weremain committed tosustaining our net zero commitment for Scope 1 and 2 emissions and continue to strengthen measures to support it. Total carbon emissions This milestone reflects several years of focused efforts backed by the following strategic levers: Strategic levers Outcomes Energy efficiency improvements • Leveraged efficiency measures across our property portfolio to actively reduce our energy consumption • Reduced our reliance on non-renewable energy sources by replacing old and inefficient heating, ventilation, air conditioning and lighting systems with efficient ones as a part of our annual lifecycle replacement programme • Reduced our energy intensity by 45 per cent from our 2018 baseline • Currently in the process of rolling out smart meters across key sites to optimise our energy performance Renewable energy adoption • Leveraged permanent renewable energy by signing long-term Power Purchase Agreements (PPAs) in crucial markets such as Singapore, Taiwan and the Philippines • Implemented onsite solar installations across 52 sites in 17 markets, reducing grid dependency and making up 2 per cent of our total electricity consumption Purchase energy attribution certificates (EACs)/renewable energy certificates to bridge market gaps where direct renewable energy procurement is not feasible • Achieved 100 per cent renewable energy for Scope 2. In securing EACs we ensure compliance to RE100 requirements where possible • In markets where RE100 eligible EACs are not available, we purchased verifiable EACs, ensuring transparency, consistency and alignment with our sustainability goals • Read more about RE100 compliance on page 94 Leveraging Green Building Certification to improve energy performance and reduce Scope 1 and 2 emissions • Certified nearly 130 buildings across our office and branch portfolio to Leadership in Energy and Environmental Design (LEED), WELL or other prominent local certification programmes • Integrated sustainability principles into our building designs and operations to enhance energy efficiency, reduce waste and promote the use of sustainable materials Leveraging green leasing principles • As part of our ongoing effort to embed sustainability into our operations, we are working to integrate green leasing principles into our corporate real estate strategy aligning with sustainability goals and fostering collaboration with asset owners Read more on the list of emissions factors used in our calculations on page 13 of our Environmental Reporting Criteria document at sc.com/reportingcriteria 160 140 Total carbon emissions (ktCO 2 e) 100 120 2018 2019 2020 2021 2022 2023 2024 2025 80 60 40 0 20 Scope 1 Scope 2 139 9 142 148 147 114 83 118 86 5 4 3 47 2 26 6 25 17 8 66 49 32 Annual Report 2025 | Standard Chartered 93 Sustainability review ![]() Progress in 2025 Scope 1 Our Scope 1 emissions primarily originate from our owned vehicles, fugitive emissions, and fuel consumption used inbackup diesel generators, which are utilised during grid power disruptions. We are focused on reducing our reliance on fossil fuels and optimising carbon emissions. To optimise fuel consumption, we have enhanced efficiency by reducing the capacity of our generators as needed. In 2025, in the Indiamarket, we took significant steps by replacing several diesel generators with natural gas gensets, reducing our dependence on high-carbon fossil fuels. Progressively, weintend to adopt renewable diesel in markets where itbecomes available. Scope 2 We have disclosed our Scope 2 GHG emissions using the market-based calculation methodology. Our location-based emissions are 74,591 tCO 2 e (also refer to page 209 fordetails). All of our electricity consumption across our global portfolio came from renewable sources in the form of PPAs, onsite solar installations, green tariffs and renewable energy certificates. The breakdown of this is illustrated in the figurebelow: Scope 2 energy mix 2025 On-site RE PPA Green Utility EAC 2% 5% 5% 88% Energy Attribute Certificates (EACs) account for 88 per centof our renewable energy mix. We have broadened our sourcing strategy to include Green PPAs and green utility tariffs, which each constitute 5 per cent of our renewable energy mix. We aim to reduce our reliance on EACs and focus on increasing the share of more direct renewable energy procurement mechanisms, such as PPAs and green tariffs, when market conditions allow. Onsite renewable energy systems, including rooftop solarinstallations, currently make up 2 per cent of the mix. These onsite systems reduce grid dependence and are animportant step towards operational decarbonisation atthe asset level. Overall, this approach strengthens resilience, reduces carbon emissions exposure, and future-proofs the Group’s operations to align with global clean-energy developments. #### Singapore Green Power Transition In 2025, we transitioned our Singapore portfolio to100 per cent green energy, marking a significant milestone in our net zero journey. This achievement was realised through the strategic implementation of onsite and offsite PPAs in our head office and securing fixed-term EACs across the portfolio. This makes us one of the first within the Singapore banking sector to achieve 100 per cent green energy for our operations. As we continue to navigate thechallenges of the renewable energy market, thissuccess story serves as an inspiration for further advancements in our sustainability initiatives. RE100 Standard Chartered is a member of RE100, a global initiative by businesses committed to sourcing 100 per cent renewable electricity for their operations. Our RE100 performance for 2025 is 95 per cent. While we strived to achieve 100 per cent, market maturity varies significantly by geography, which constrains full coverage, particularly within Africa and the Middle East (for example, Bahrain, Qatar, Botswana, Cameroon, Côte d’Ivoire, Tanzania and Zambia). In these markets we continue to actively monitor developments and aim to transition to RE100 certified mechanisms as they become available. Moving forward, we remain committed to remain RE100 compliant in all possible markets by continuing to engage incredible renewable energy sourcing. Carbon credits We have purchased and retired carbon credits to cover our residual Scope 1 and 2 emissions for 2025 in line with ISO IWA 42, and Scope 3 emissions associated with air travel. Our carbon credit portfolio includes a range of decarbonisation activities as described in the table on the next page. All residual Scope 1 and 2 emissions for 2025 are covered by activities that result in removal of carbon dioxide. Scope 3 emissions associated with air travel are covered by activities that result in both removal and avoidance of carbon dioxide. The carbon credits we source are issued by carbon standards approved by the Group’s relevant governance committees inrelation to carbon integrity, environmental and social safeguards and other relevant criteria. For 2025, the relevant carbon credits were issued by Verra, Gold Standard and Climate Action Reserve and followed one of the following methodologies: #### Climate Standard Chartered | Annual Report 202594 ![]() Waste We continue to push for 90 per cent waste avoidance from landfill by 2030. Overall, this commitment translates tobetter waste segregation and management through awareness programmes. As at the end of the 2025 reporting year, we have reduced our overall waste generated by49per cent from our 2018 baseline and achieved 74 per cent avoidance from landfill. Across branches, we continue to drive initiatives to reduce single-use plastic in operations, demonstrating how everyday actions can make a measurable impact. In alignment with our Zero Waste goals, we launched an internal Single-Use Plastic Free (SUP) certification programme aimed at eliminating single-use plastic items from our operations. Sincethe program began in 2020, over 370 sites have achieved SUP certification. Percentage of waste diverted from landfill In our commitment to sustainability and environmental stewardship, key sites in India, Poland and Kenya have been awarded the highest level of TRUE Zero Waste Platinum Certification for diverting more than 90 per cent of waste from landfill. This recognition underscores our dedication to reducing waste, improving resource efficiency, and fostering sustainable practices across our global operations. Water We slightly improved our water efficiency metric by 5 per cent from 0.53 kilolitres per square metre in 2024 to 0.49 kilolitres per square metre in 2025. This is a 54 per cent reduction fromour 2018 baseline. While water availability is a growing challenge in many of our markets, we did not face any issues sourcing potable water in 2025. We seek to take a responsible approach to managing water use across the Group. For detailed environmental performance data see ourESGdata pack at sc.com/sustainabilitylibrary Read the principles and methodology for measuring ourenvironment data at sc.com/environmentcriteria Read the independent assurance statement relatedto Scope 1 and 2 GHG emissions at sc.com/sustainabilitylibrary 80% 70% Diversion from landfill (%) 50% 60% 2023 2024 2025 40% 30% 20% 0 10% 52% 61% 74% Methodology Nature based or technological based Removal oravoidance Scopes covered Agriculture, Forestry, andOther Land Uses Nature based Removal Scope 1 and 2 Energy efficiency Technological based Avoidance Scope 3 emissions associated with air travel Soil enrichment Nature based Avoidance Scope 3 emissions associated with air travel We do not use an internal transfer price for carbon and instead use the average purchase price for our carbon credits. #### Embedding sustainability into ournew Chennai office Our flagship office in Chennai, India, saw sustainability embedded right fromthedesign, focusing on embodied carbon, local materials sourcing and waste reduction measures. Theprojectwas built with Leadership inEnergy and Environmental Design (LEED) and WELL standards inmind. It houses around 17,000 employees, incorporating strong sustainability commitments including eco-friendly materials and waste reductionprogrammes. Annual Report 2025 | Standard Chartered 95 Sustainability review ![]() #### Our suppliers This section covers our Scope 3 Category 1–14 emissions. Our approach to managing impacts in our upstream value chain The Supply Chain Management team provides procurement services internally to drive commercial value generation andmanage sustainability and supply chain risks. Proactive supplier engagement and data quality remain a key focus ofour supply chain sustainability strategy as we continue to engage constructively with suppliers to increase transparency and accountability around climate impact, and to promote emissions reductions. Supplier Charter and engagement Through our Supplier Charter, we set out the principles that Standard Chartered expects from its suppliers, and those within the suppliers’ sphere of influence that assist them inperforming their obligations for us. These principles have been drawn from the international organisations and conventions of which we are members or signatories. In 2025, we advanced our commitment to building a resilient and responsible supply chain by reducing our upstream Scope 3 emissions 1 by 20 per cent. We have reported Category 4 emissions considering the use of SAF reductions for the first time in 2025 (read more on page 92). Our Category 7 emissions declined by 26 per cent due to a lower total employee count for the year and lower office attendance across our sites. Further upstream Scope 3 emission reductions are attributed to an increase in more accurate supplier-specific emissions data and larger suppliers reporting lower emissions. We continue to prioritise collaboration with suppliers actively pursuing decarbonisation. As of 2025, 54 per cent of our supplier spend is now with suppliers with science-based emissions reduction targets in place. 2 Emissions from business air travel remained broadly consistent since 2024, reflecting continued adherence totheGroup’s travel guidelines. We continue to purchase high-quality carbon credits for our air travel emissions as described on page 94. In 2025, we reviewed our air travel emissions calculation methodology and, from January 2026, we will uplift our calculations in line with Department for Environment, Food and Rural Affairs (DEFRA) emissions factorupdates and external assurance recommendations toinclude well-to-tank emissions. We continue to build supply chain sustainability knowledge within our supply chain teams. In 2025, we hosted a live online learning session for all internal procurement colleagues and launched an online learning programme to support our procurement colleagues to integrate sustainability into their everyday supply chain processes. In 2026, we aim to evolve our learning programme to support our suppliers directly and #### Climate 1 All vendor emission estimations follow the GHG Protocol guidance and use a hybrid of primary and secondary data. All emissions (including air travel) are reported on a one-year lag (e.g. for the 2025 annual reporting cycle, the data reported was from January 2024 to December 2024) and the methodologies are outlined in our Environmental Reporting Criteria at sc.com/reportingcriteria. This is in line with the CIB downstream emissions estimation calculations. 2 Spend includes Scope 3 Category 1: Purchased goods and services and capital goods suppliers excluding non-addressable spend. Addressable spend is defined asexternal costs incurred by Standard Chartered in the normal course of business where Supply Chain Management has influence over where the spend is placed. It excludes costs such as government and brokerage fees, rates and taxes. It includes Cloud data centres but excludes onsite and co-location data centres, which are captured under Scope 2 and Scope 3, Category 8, respectively. focus on integrating sustainability into all our supplier processes, including a sustainability weighting in our tenderprocess, where appropriate. In 2025, we made significant strides in transitioning our business car fleet to more sustainable options, starting withuplifting 100 per cent of our Korean fleet to hybrid. Read more on our emissions calculations in our Environmental Reporting Criteria available at sc.com/environmentcriteria Limitations Supply chain emissions calculations are evolving and remain heavily dependent on supplier-provided information. As part of our continuous improvement process, we will continue to work with our suppliers on data quality and our own internal stakeholders to continually improve and enhance our Scope 3 emissions reporting accuracy. This includes the accuracy ofindividual supplier category mapping to the appropriate emissions calculation factor. As underlying data evolves, wewill refine our methodology to improve accuracy and align to evolving industry standards. Our Supplier Charter can be viewed at sc.com/suppliercharter Read more on how we engage with suppliers on page 41 and see our supplier spend data on page 453 #### GoGreen with DHL We’ve continued to partner with one of our largest logistics providers, DHL, to cut our air freight emissions through adopting SAF. Through DHL’s GoGreen Plus programme, we have embedded athree-year glidepath to 100 per cent emission reduction of the emissions related to DHL Express Airshipping using SAF by 2028. We hope this will transform our global packaged logistics into a model for decarbonised supply chains. Standard Chartered | Annual Report 202596 ![]() Weintend to achieve this through client engagement andthe continued provision of financial services, including sustainable finance and transition products, which are aimed at supporting our clients’ decarbonisation efforts and, in turn, reduce emissions in our lending portfolio. The Group’s targets have been informed by pre-eminent, scientific forward-looking scenario providers. This includes the IEA for energy sectors, the Mission Possible Partnership (MPP) for metals and aviation and the International Maritime Organization (IMO) for shipping. In 2024, the Group engaged our external assurance provider to perform an ISRS 4400 (Revised) ‘Agreed upon Procedure’ review to confirm whether our targets for thermal coal, steel, oil and gas, power, automotive manufacturers, shipping, cement, aluminium, and commercial real estate meet the long-term temperature goal of the Paris Agreement, and aremathematically accurate in reference to the third-party science-based scenarios. Due to our footprint – with many emerging markets and developing countries reliant on carbon-intensive industries – our financed emissions may increase before they decrease. However, our aim is to remainParis-aligned for our interim targets and aligned to ascience-based 1.5°C scientific pathway by 2050. Given our science-based approach, we will strive to update our targets both as the scientific community updates its reference scenarios and as data availability improves. In line with the PCAF standards, the Group does not recognise carbon credits when reporting our financed emissions. Emissions values are reported gross, exclusive of any offsets utilised by clients. Read the Agreed upon Procedure report on our Intermediate Financed Emissions Targets at sc.com/sustainabilitylibrary 2030 financed emissions targets Steel Oil and gas Power Automotive manufacturers ShippingAviation Cement Aluminium Residential mortgages Commercial real estate Thermal coal miningAgriculture 2021 2022 2023 2024 #### Our clients This section covers our Scope 3 Category 15 emissions (financed and facilitated emissions). The majority of our GHG emissions are linked to our lending activities, known as financed emissions. We have prioritised our efforts in the highest-emitting sectors of our portfolio, and where working with our clients can have the greatest impact. The Group has used the GHG Protocol and referred to PCAFcarbon reporting standards. These standards provide comprehensive, internationally recognised approaches whenmeasuring and reporting our emissions to stakeholders. Whilst there were no changes to our measurement approach during the year, our proxy approach for determining emissions for the oil & gas sector changed to reflect improvements in data quality, only counting Scope 3 emissions on upstream production activities. The labelling of our sustainable finance products through our product frameworks also supports us in measuring, monitoring and reporting our financed emissions. Read more on page 89 for further information on our Sustainable Finance Frameworks. Setting science-based targets The Group has set and disclosed science-based interim 2030 financed emissions targets for our 12 highest-emitting sectors, being the first GSIB to do so. This includes a facilitated emissions target for our oil and gas sector. These targets are intended to mitigate the effects of climate change, including transition risk, and assist the group in achieving our 2050 aspiration of being net zero in our financed emissions. We are working across our businesses and functions, and alongside our clients to deliver these targets, notwithstanding the challenges presented by a material portion of our markets not having a commitment to achieve net zero by 2050. Annual Report 2025 | Standard Chartered 97 Sustainability review ![]() Detailed progress against our sectoral financed emissions targets CIB Sector 2024 Exposure in scope ($bn) Interim 2030 target 1 2024 2 2023 2 Baseline year % change cumulative tobaseline Year target set Absolute emissions 3 (MtCO 2 e) Physical intensity Absolute emissions 3 (MtCO 2 e) Physical intensity Agriculture 4 8.2 2.4–2.6°C (13–20%) 15.3 2.33^°C 11.5 2.96°C 2023 -21 2024 Aluminium 0.4 6.1 tCO 2 e/tonne aluminium (–) 0.6 6.75^ tCO 2 e/ tonne aluminium 0.1 3.28 tCO 2 e/ tonne aluminium 2021 10 5 2023 Automotive manufacturers 3.3 66–100 gCO 2 / Vkm(44–63%) 3.1 145^ gCO 2 / Vkm 3.1 157 gCO 2 /Vkm 2021 -19 2022 Aviation 1.5 773 gCO2e/RTK 6 (33%) 1.2 771^ gCO 2 e/ RTK 1.2 782 gCO 2 e/RTK 2021 -33 2024 Cement 0.6 0.52 tCO 2 /tonne cement (22%) 1.8 0.60^ tCO 2 / tonne cement 2.1 0.62 tCO 2 /tonne cement 2021 -10 2023 Commercial real estate 5.3 19–39 kgCO 2 e/ sq.m (47–74%) 0.1 53^ kgCO 2 e/ Sq.m 0.1 58 kgCO 2 e/sq.m 2021 -27 2023 Oil and gas 6.4 9.3 MtCO 2 e (29%) 7.2^ na 7 8.7 8 na 7 2020 -45 2023 Power 6.3 0.17–0.28 tCO 2 / MWh (46–67%) 5.6 0.39^ tCO 2 / MWh 4.8 0.43 tCO 2 /MWh 2021 -25 2023 Shipping 9 5.7 0% delta 0% delta 3.0 -0.9%^ delta +5.1%^ delta 2.9 +3.2% delta +8.2% delta 2021 -8 2022 Steel 0.6 1.4–1.6 tCO 2 / tonne steel (22–32%) 1.0 1.75^ tCO 2 / tonne steel 1.3 1.87 tCO 2 /tonne steel 2021 -15 2023 Thermal coalmining 0.03 0.5 MtCO 2 e (85%) 1.1^ na 7 1.2 na 7 2020 -67 2021 Others 10 40.1 na 11 7.4 na 11 8.5 na 11 na 11 na 11 na 11 WRB Residential mortgages 12 65.7 29–32 kgCO 2 e/sq.m (15–23%) 0.4 34.2^ kgCO 2 e/ sq.m 0.4 36.0 kg CO 2 e/sq.m 2021 -9 2023 1 An Agreed Upon Procedure review was performed by EY over the Group’s financed emissions net zero targets except for aviation, agriculture and residential mortgages. Procedures included confirming a net zero target had been set, that the scenarios used to set net zero targets are from credible third-party sources asrecommended by the NZBA and the selected scenarios align to the quantitative temperature goal of article 2(1)a of the Paris Agreement. 2 Due to third-party data sets that feed into our emissions calculations, the Group’s reported financed emissions figures have a one to two-year lag depending onwhen third-party data providers release their data refresh. 3 Emissions are calculated in CO 2 except where other GHGs are material, which are noted as CO 2 e (this includes agriculture, aluminium, aviation, commercial real estate, oil and gas, shipping, thermal coal mining and residential mortgages). 4 Following a CDP methodology update on the default temperature score from 3.1°C to 3.4°C, the 2023 portfolio implied temperature rise (ITR) has been revised from 2.72°C to 2.96°C. As a result, the target pathway has been updated from 2.2–2.4°C to 2.4–2.6°C with the baseline at a higher temperature score. 5 The Aluminium sector intensity increase was driven primarily by increased short-term lending to primary producers, due to mature in 2025. The percentage change cumulative to baseline column has been calculated based on the change in relation to the sector target given our baseline was already below the 2030 target set. 6 RTK (Revenue tonne-kilometre) is a measure of annual passenger and cargo aircraft traffic representing the metric tonne of revenue load carried one kilometre. 7 Value is not required as the Group has set an absolute emissions target and therefore the production intensity of the portfolio has not been measured. 8 The prior period has been restated from 9.4 MtCO 2 e to apply the Group’s revised methodology to reflect improvements in data quality and only counts Scope 3 emissions on upstream production activities (including diversified and integrated counterparties). There was no impact on the baseline year. 9 Progress is measured against the IMO revised minimum scenario for the shipping sector. 10 Others includes miscellaneous non-high-emitting sectors not included in a sector deep dive. 11 Value is not required as the group has not set a target for the ‘others’ sector. 12 The Group has set its residential mortgages target range at the most ambitious end of the public commitments made by governments and power companies inthe countries where we operate and has been benchmarked to the Carbon Risk Real Estate Monitor (CRREM) scientific pathway. Reporting for residential mortgages includes Hong Kong, Singapore, Taiwan and South Korea. These markets make up the majority of the emissions in our residential mortgages portfolio. #### Climate Standard Chartered | Annual Report 202598 ![]() Our approach to measuring financed emissions CIB Sector Emissions approach Scenario Value chain Scope of emissions 2024 PCAF score 1 2023 PCAF score 1 In scope exposure coverage Agriculture Implied temperature rise (ITR) IPCC (1.5°C–2°C) Full value chain (pre-farm andpost-farm) 1, 2 2.1 2.7 86% 3 4.8 4.7 Aluminium Production intensity MPP STS Aluminium producers 1, 2 1.8 1.2 100% Automotive manufacturers Physical intensity IEA APS and NZE Automotive manufacturers 1, 2 2.1 2.3 100% 3 5.0 5.0 Aviation Physical intensity MPP Prudent Aircraft operators, owners and lessors 1 2.0 2.0 100% 3 2.0 2.0 Cement Production intensity IEA NZE Clinker and cement manufacturing 1, 2 2.2 2.3 100% Commercial real estate Physical intensity IEA APS and NZE Commercial real estate investment facilities 1, 2 4.1 4.0 100% Oil and gas Absolute emissions IEA NZE Upstream, midstream anddownstream 1, 2 2.7 3.2 99% 3 3.0 3.2 Power Production intensity IEA APS and NZE Electricity generation 1, 2 3.5 3.4 100% Shipping Physical intensity IMO rev. min. IMOstriving Shipping lessors and companies 1 1.0 1.0 99% 3 1.0 1.0 Steel Production intensity MPP TM Steel producers 1, 2 2.7 3.3 96% Thermal coal mining Absolute emissions IEA NZE Thermal coal miners 1, 2 4.0 3.9 100% 3 3.0 3.0 Others Absolute emissions Other sectors 1, 2 2.9 3.1 84% WRB Residential mortgages Physical intensity CRREM Residential households 1, 2 5.0 4.4 100% Sector emissions for material Scope 3 high-emitting sectors Sector 2024 (MtCO 2 e) 2023 (MtCO 2 e) Scope 1, 2 Scope 3 3 Scope 1, 2 Scope 3 3 Agriculture 1.4 13.9 1.2 10.3 Automotive manufacturers 0.1 3.0 0.1 3.0 Aviation 2 1.0 0.2 Oil and gas 1.0 6.2 1.5 7.2 Shipping 2 0.5 2.5 Thermal coal mining 0.0 4 1.1 0.1 1.1 1 PCAF data quality scores are a ranking system used to disclose the accuracy of emissions data included in the financed emissions calculation. Scores range from 1 to5 with 1 being the best. Client-reported data results in a lower PCAF score whereas estimates or extrapolated data results in a higher score. 2 Disaggregation of Scope 1, 2 and 3 emissions reported for the first time for aviation and shipping. 3 Pursuant to paragraph 28(c), we have reported our Scope 3 category 15 financed emissions. Our reporting is based upon our high-carbon sectors and inclusive oftheemissions scopes that we deem to be material to each sector and where we have the most influence on supporting our clients on their transition journeys. Assuch, we do not include all Scope 3 emissions for each reported sector. 4 Scope 1 and 2 emissions for thermal coal mining have been rounded down to 0 to ensure consistency with the total absolute emissions number included inthefinanced emissions table. In general, client emissions data is sourced from the below sources. Where possible, the most recent verified emissions data has been used: • externally via third-party data aggregators (such as S&P) • from annual reports or sustainability reports • calculated using client production data multiplied by anappropriate emissions factor • estimated using internal or public datasets. Currently, PCAF calls for financial institutions to report Scope 3 emissions for all sectors. Our inclusion of Scope 3 is limited to sectors where we consider these emissions to be significant tothe total emission profile of the industry, and where data qualityis sufficient. For our financed emissions sector reporting we have elected tomeasure a specific part of each high-emitting sector’s valuechain as we deem these activities to result in the most GHG emissions. The part of the value chain measured is disclosed inthe sector table above. The Group applies the United Nations International Standard Industrial Classification (ISIC) system rather than the Global Industry Classification Standard (GICS) 6-digit industry-level code for classifying counterparties into the relevant sector. This is to ensure cross-functional consistency in client classification, given sector mapping is utilised in more than just emissions reporting. Read more in our ‘Net Zero Methodological White Paper –The journey continues’ publication at sc.com/sustainabilitylibrary Annual Report 2025 | Standard Chartered 99 Sustainability review ![]() Sector background According to the Food and Agriculture Organisation (FAO), theagriculture sector is responsible for 30 per cent of global anthropogenic 1 emissions. This sector encompasses an extensive value chain, extending from the production of fertilisers to sale offarm products in retail stores. Emissions arise at various stages, including from the production and useof fertilisers, cultivation ofcrops, and distribution and processing of agricultural products. Approach to achieving net zero targets • Tracking our clients who do not have commitments, engaging and actively working with those clients to assist them on setting targets. • Encouraging our clients to use renewable energy and improve energy efficiency. • Improving traceability and labelling for sustainable products. • Reducing food loss in processing, especially in developingeconomies. Baseline, target and portfolio progress 2023to2030 2 Balance in scope Interim target Performance versus baseline $8.2bn 2.4–2.6 °C -21% Balance in scope Interim target Performance versus target $0.4bn 6.1 tCO 2 e/tonne aluminium +10% Agriculture On track Off track Aluminium Sector background The production of aluminium is emissions intensive and isresponsible for 1 per cent of energy-related emissions as per theIEA World Energy Outlook (WEO) 2025. The aluminium sector relies heavily on electricity from onsite power generation and the local grid. Nearly 60 per cent of the sector’s carbon emissions are attributable to the electricity consumed during smelting forthe electrolytic reduction process. Approach to achieving net zero targets • Promoting electricity decarbonisation, engaging clients touptake renewable energy PPAs and low-emission fuel foronsite power generation. • Reducing direct emissions through electrification, fuel switching and use of carbon capture, utilisation and storage(CCUS). • Incentivising recycling and resource efficiency that has asignificantly lower production intensity. Baseline, target and portfolio progress 2021to2030 1 Progress in the year The production intensity for the aluminium portfolio has increased from 3.28 tCO 2 e/tonne aluminium to 6.75 tCO 2 e/tonne aluminium, an increase of 105 per cent; however, the sector remains below the net zero target pathway. This intensity increase was driven primarily by increased short-term lending to primary aluminium producers (that have higher emissions intensities per tonne of aluminium produced), due to mature in 2025. Monitoring the deal pipeline and promoting transition financing are essential towards aligning with the 2030 target intensity of 6.1 tCO 2 e/tonne aluminium. We continue to target the increase of scrap aluminium to avoid electricity use from the electrolysis phase of production. We are also working with our primary aluminium producers on their options for procurement of clean energy. Progress in the year The agriculture baseline and target have been set using a temperature alignment, known as Implied Temperature rise (ITR). They were updated in 2024 to reflect the increase in CDP default temperature scores for entities with no commitments from 3.1°C to 3.4°C. This has resulted in the baseline increasing from 2.72°C to 2.96°C and the target range increasing from 2.2–2.4°C to 2.4–2.6°C. The ITR for the agriculture portfolio has decreased from 2.96°C to 2.33°C, a reduction of 21 per cent. This was mainly driven by: • Increased lending to clients with improved ITR scores. • Ongoing engagement of high ITR clients to commit. toscience-informed targets and submissions to CDP. The Group continues to actively monitor and place emphasis on the larger corporates within the value chain to drive change. Thisincludes those corporates engaging with their suppliers to decarbonise their Scope 3 emissions, which is where we believe the greatest impact can be achieved. #### Climate 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 1 Anthropogenic emissions are emissions caused by human activities and include energy-related emissions from the burning of fossil fuels, emissions from agriculture and land use change and emissions from waste. 2 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 3.00 2.50 2.00 1.50 2.33 2.6°C 2.4°C -13% to -20% 2023 24 25 26 27 28 29 2030 Baseline 2.0°C Scope 1, 2 and 3 scenario 1.5°C Scope 1, 2 and 3 scenario Portfolio progress Implied Temperature Rise (ITR) score (°C) 2.96 9 6 7 8 1 2 3 4 5 0 3.28 6.75 6.1 Baseline Portfolio progress 2030 Target (MPP STS) Emission intensity (tCO 2 e / tonne aluminium) 2021 242322 25 26 27 28 29 2030 5.62 #### Sector breakdowns Standard Chartered | Annual Report 2025100 ![]() On track Off track Balance in scope Interim target Performance versus baseline $3.3bn 66–100 gCO 2 /Vkm -19% Automotive Sector background The automotive sector is a key sector for international supply chains and the economy, with tailpipe emissions being the primary source of carbon emissions from the sector. Annually, theexhaust emissions from passenger vehicles account for 8 per cent of global energy-related emissions per IEA WEO, 2025. Approach to achieving net zero targets • Encouraging fuel-switching and improving fuel-efficiency asafirst step. • Electrification of the vehicle production process. • Encouraging recycling and the circular economy in the manufacturing process. Baseline target and portfolio progress 2021to2030 1 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 2 2025 Automotive Package – Proposed revision of the Regulation on CO 2 standards for cars and vans. Progress in the year The automotive manufacturers’ portfolio intensity, which is based upon the CO 2 of tailpipe emissions per distance travelled, has decreased 8 per cent year-on-year from 157 gCO 2 /Vkm to 145 gCO 2 /Vkm. This is driven by active financing provided to manufacturers who are solely making electric vehicles (EVs). Pure battery EVsare treated as having zero tailpipe emissions in our methodology, consistent with the NZBA’s automotive sector emerging practice paper. The decrease was also supported by progress among other automotive clients in changing their production mix away from internal combustion engines towards hybrid engines and EVs. However, headwinds persisted in the sector with decarbonisation policy softening 2 and existing large internal combustion engine manufacturers acknowledging that thepace of decarbonisation will be slower than anticipated and internal combustion engine manufacturing will continue to make up asignificant proportion of sales. As a result, the decarbonisation trajectory may be flatter in the near term. The Group aims to monitor and steer the portfolio towards those automotive manufacturers that have a higher proportion of EVs in their overall vehicle production mix or have tacit plans to shift their powertrain production towards lower-emission engines. 210 180 60 90 120 150 30 145 157 100 66 Emission intensity (gCO 2 / Vkm) -44% to -63% 2021 242322 25 26 27 28 29 2030 Baseline 2030 Target (IEA APS) 2030 Target (IEA NZE) Portfolio progress 1.78 Balance in scope Interim target Performance versus baseline $1.5bn 773 gCO 2 e/RTK -33% Aviation Sector background The aviation sector accounts for 3 per cent of global energy- related emissions per IEA WEO, 2025. The majority of emissions arise from the burning of aviation fuels. Approach to achieving net zero targets • Encouraging and financing our clients to scale up the production and use of SAFs to reduce emissions. • Supporting clients in financing new aircraft technologies thathave enhanced fuel efficiency for weighted distancetravelled. Baseline target and portfolio progress 2021to2030 1 1 Read more on our target setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Progress in the year During 2024, the aviation sector emissions intensity decreased by 1.4 per cent from 782 tCO 2 e/RTK to 771 tCO 2 e/RTK. This is driven by increased lending towards the latest commercial aircraft with greater aerodynamic performance and fuel efficiency. 1500 1300 700 900 1100 500 782 771 773 Physical intensity (gCO 2 e/RTK) Baseline Portfolio progress 2030 Target (MPP Prudent) -33% 2021 242322 25 26 27 28 29 2030 1152 Annual Report 2025 | Standard Chartered 101 Sustainability review ![]() Sector background The cement sector contributes approximately 6 per cent towards global energy-related emissions per IEA WEO, 2025. The primary source of emissions occurs during the production process where a chemical reaction takes place between limestone and heat. Approach to achieving net zero targets • Improving energy efficiency of cement plants. • Encouraging clients to use alternative fuels such as waste and biomass in the production process. • Encouraging the use of clinker substitutes. • Financing of electric kiln technologies. Baseline target and portfolio progress 2021to2030 1 Balance in scope Interim target Performance versus baseline $0.6bn 0.52 tCO 2 /tonne cement -10% Balance in scope Interim target Performance versus baseline $5.3bn 19–39 kgCO 2 e/sq.m -27% Cement Commercial real estate Sector background The commercial real estate sector contributed 2 per cent towards global energy-related emissions per IEA WEO, 2025. Emissions primarily arise from the operation of the building and,to a lesser extent, embodied emissions related to theconstruction. Approach to achieving net zero targets • The decarbonisation of the power grids that supply the commercial buildings financed. • Encouraging fuel switching from fossil fuels to heat pumps ordirect electricity. • Lending to retrofit existing building stock to improve operational efficiency by installing better insulation, low-energy appliances, efficient cooling and onsite battery and thermal storage. • Power purchase agreements for renewable electricity from the local grid. Baseline, target and portfolio progress 2021to2030 1 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 1 Read more on our target setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Progress in the year The cement portfolio intensity has decreased from 0.62 tCO 2 / tonne cement to 0.60 tCO 2 /tonne cement, a decrease of 3 per cent year-on-year. This is driven by increased lending to clients with lower production intensities, which can be observed as clients improve the energy efficiency of their plants, increasing the use of clinker substitutes and scaling up production of low carbon calcined clay cement to meet their targets. Progress in the year The commercial real estate portfolio intensity has decreased 9 per cent from 58 kgCO 2 e/sq.m to 53 kgCO 2 e/sq.m year-on-year. The reduction is predominantly driven by decreases in the electricity grid intensities in the markets where funded properties are located. This follows our belief that energy decarbonisation, which we are actively pursuing through our power target, has positive downstream impacts on other sectors. The Group has further changed the location mix of its portfolio as a whole, with an increase in exposure to buildings located inEuropean countries that have lower-intensity electricity grids, and a relative decrease in exposure to higher-intensity locations in ASEAN markets. We continue to work both with our clients to finance new and energy-efficient buildings, but also with power companies in their energy supply decarbonisation, which in turn benefits the commercial real estate portfolio intensity. 0.70 0.40 0.50 0.60 0.30 0.62 0.60 0.52 Baseline Portfolio progress 2030 Target (IEA NZE) -22% 2021 242322 25 26 27 28 29 2030 Emission intensity (tCO 2 /Tonne Cementitious product) 0.67 80 60 30 40 50 0 10 20 39 19 53 -47% to -74% Baseline 2030 Target (IEA APS) 2021 242322 25 26 27 28 29 2030 Emission intensity (kgCO 2 e/sq.m floor area) 2030 Target (IEA NZE) Portfolio progress 70 73 58 On track Off track #### Sector breakdownsClimate Standard Chartered | Annual Report 2025102 ![]() On track Off track Balance in scope Interim target Performance versus baseline $6.4bn 9.3 MtCO 2 e -45% Oil and gas Sector background The oil and gas sector’s production emissions (i.e. operations) account for approximately 15 per cent (IEA Emissions from Oiland Gas Operations in Net Zero Transitions 1 ) of global energy-related emissions. Approach to achieving net zero targets • Reducing Scope 1 and 2 production-based emissions through improvements in operational efficiency, reducing methane leakages, venting and flaring. • Encouraging investment in CCUS. • Encouraging and funding our clients’ shift to gas and greater investment in renewables. • Conducting active deal analysis for carbon budget availability and emissions intensity alignment. Baseline, target and portfolio progress 2020to2030 2 1 Oil and gas sector operational emissions’ contribution to global energy-related emission per the IEA’s ‘Emissions from oil and gas operations in Net Zero Transitions’publication released in 2023. 2 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 3 The oil and gas prior period has been restated due to a change in the Group’s proxy methodology. There was no impact on the baseline year. Progress in the year The oil and gas portfolio emissions decreased 17 per cent year-on-year from 8.7 3 MtCO 2 e to 7.2 MtCO 2 e. The in-scope portfolio exposure also decreased by 2 per cent from 2023to2024. The decrease in emissions has been driven by a decrease in short-term trade funding and focused lending towards more carbon-efficient clients and projects. While the year-end financed emissions are below the 2030 target, they are anticipated to increase in the short-term as clients increase their borrowing due to lower interest rates and lower oil and gas commodity prices. We are encouraged to see continued focus by our clients on methane abatement, which materially reduces Scope 1 emissions. We continue to provide funding to oil and gas clients’ renewable portfolios and carbon capture technologies. 16 6 4 2 10 12 8 0 8.7 7.2 9.3 Baseline Portfolio progress 2030 Target (IEA NZE) -29% 2020 21 242322 25 26 27 28 29 2030 Absolute financed emissions (MtCO 2 e) 14 13.1 1 Refer to our Power Generation and Thermal Coal Position Statement to read about how we manage environmental and social risks within the power sector. 2 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Power Sector background The electricity and heat sector contributed 41 per cent towards global energy-related GHG emissions per IEA WEO, 2025. Itisprojected that global electricity demand will continue to riseespecially in emerging markets and developing economies. Approach to achieving net zero targets • Mobilising lending towards renewable energy and otherlow-carbon power plant projects. • Encouraging our clients to invest in renewable energy sources to diversify their generation mix. 1 Baseline target and portfolio progress 2021to2030 2 Progress in the year The power portfolio emissions intensity has decreased 9percent year-on-year from 0.43 tCO 2 /MWh to 0.39 tCO 2 /MWh. Significant movements included: • Decreases in funded thermal coal power generation asbalances mature in line with contractual maturities. • Increased lending to renewables projects and lower-intensity gas projects which continue to make up a greater proportion of the financed power portfolio. • Increases in lending to counterparties that had higher percentages of nuclear and renewable generation. There remains a strong pipeline of lower-intensity power plants and renewables projects due to start operations inthefuture that are currently being funded. Power sector financed generation mix (%) 0.10 0.20 0.30 0.40 0.50 0 0.39 0.43 0.28 0.17 Emissions intensity tCO 2 /MWh -46% to -67% 2021 242322 25 26 27 28 29 2030 Baseline 2030 Target (IEA APS) Portfolio progress 2030 Target (IEA NZE) 0.60 0.52 319 320 2849 48 30 Natural Gas Low Carbon Thermal Coal Heavy Fuel Oil 2021 2024 Balance in scope Interim target Performance versus baseline $6.3bn 0.17–0.28 tCO 2 /MWh -25% Annual Report 2025 | Standard Chartered 103 Sustainability review ![]() Shipping Balance in scope Interim target Performance versus baseline $5.7bn 0% delta -8% Balance in scope Interim target Performance versus baseline $0.6bn 1.4–1.6 tCO 2 /tonne steel -15% 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Steel Sector background Shipping is key to facilitating global trade. The sector contributes 2 per cent of global energy-related emissions per IEA WEO, 2025. The sectoral emissions predominantly arise from the combustion of shipping fuel. Approach to achieving net zero targets • Engaging clients to invest in zero emission alternative fuels and set ambitious targets. • Financing new ships with greater fuel efficiency in line withour infrastructure and transport Position Statement. Baseline, target and portfolio progress 2021to2030 1 Progress in the year Over the course of the 2025 reporting period, the Group’s alignment delta for the shipping sector improved significantly, moving from +3.2 per cent to -0.9 per cent year-on-year against the revised minimum scenario. This trajectory brings us closer toour stated objective of achieving a 0 per cent alignment deltaby 2030. Climate-related risks are now systematically integrated into our credit underwriting framework through a structured analysis of each client’s transition pathway and vessel efficiency profile. This approach ensures that climate considerations are embedded across our credit evaluation and portfolio management processes. Decarbonisation has become a pivotal element in the pricing of shipping finance. Margins are increasingly shaped not just byconventional risk-reward evaluations, but also through the strategic incorporation of climate alignment criteria at both corporate and asset-specific levels. Consistent with our commitment to responsible financing under the Poseidon Principles, we continue to support dual-fuel and next-generation vessels that demonstrate enhanced energy efficiency. Our focus remains on partnering with clients who establish credible transition plans underpinned by ambitious decarbonisation targets. Looking ahead, we anticipate that regulatory expectations and market incentives will further intensify, accelerating the shifttowards low- and zero-carbon shipping solutions. Sector background Steel is a critical material, essential to the functioning of the global economy from the production of the world’s vehicles and household appliances to buildings and infrastructure. As such, the steel sector is the largest source of industrial CO 2 emissions and accounts for roughly 7 per cent of global emissions per IEA WEO, 2025. Approach to achieving net zero targets • Increasing client renewable electricity usage for electric arc furnace production. • Increased scrap steel uptake through trade finance or use of proceeds finance. • Increased scrap collection and processing in local economies • Increased operational efficiencies to existing Blast Furnaces and Basic Oxygen Furnaces. Baseline, target and portfolio progress 2021to2030 1 Progress in the year The steel sector emission intensity has reduced by 6 per cent year-on-year from 1.87 tCO 2 /tonne steel to 1.75 tCO 2 /tonne steel. This was driven by increasing lending to clients utilising scrap steel as opposed to those utilising iron ore in blast furnaces. We are providing funding for an increased uptake of scrap steel from some of our primary steel producers that will reduce their production intensities. Increasing scrap uptake for recycled steel production using electric arc furnaces reduces the carbon emission intensity by decreasing the reliance on blast furnaces that use primary iron ore and coal, thereby saving energy and raw materials. The Group has also collected better information for the portfolio with fewer proxy-based emissions reported, resulting in a better portfolio intensity. 1 0.2 0.4 0.6 0.0 -0.9% +3.2% +11.8% Relative emissions intensity 2021 242322 25 26 27 28 29 2030 Baseline IMO StrivingIMO Revised Minimum Portfolio progress 0.8 +7.3% 1.70 1.60 1.80 1.90 2.00 1.40 1.50 1.30 1.87 1.6 1.4 Emission intensity (tCO 2 / tonne crude steel) 1.75 2.06 -22% to -32% Baseline 2030 Target (MPP TM regional) 2030 Target (MPP TM) Portfolio progress 2021 242322 25 26 27 28 29 2030 2.10 2.20 On track Off track #### Sector breakdownsClimate Standard Chartered | Annual Report 2025104 ![]() On track Off track Balance in scope Interim target Performance versus baseline $0.03bn 0.5 MtCO 2 e -67% 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Thermal coal mining Sector background Burning of coal is one of the most significant driving factors inclimate change. The Group has a Thermal Coal Position Statement that sets out our aim to phase out our thermal coal exposure by 2032 (subject to contractual obligations). Scope 1 and 2 emissions come from coal producers using energy in the mining process, and Scope 3 emissions come from the burning ofcoal in upstream processes. Approach to achieving net zero targets • Rundown of thermal coal exposures in line with contractual commitments. Baseline, target and portfolio progress 2020to2030 1 Progress in the year Thermal coal absolute emissions have decreased by 8 per cent from 1.2 MtCO 2 e to 1.1 MtCO 2 e. This was due to the portfolio continuing to be paid down in line with contractual maturities ofexisting counterparties per the Group’s Thermal Coal PositionStatement. 3.5 1.5 1 0.5 2.5 3 2 0 1.2 1.1 0.5 Baseline Portfolio progress 2030 Target (IEA NZE) -85% 2020 21 242322 25 26 27 28 29 2030 3.3 Absolute financed emissions (MtCO 2 e) Balance in scope Interim target Performance versus baseline $65.7bn 29-32 kgCO 2 e/sq.m -9% 1 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. Residential mortgages Sector background Residential housing contributed 5 per cent towards global energy-related emissions per IEA WEO, 2025. The residential housing sector emissions are primarily from two sources: theoperation ofthebuilding and embodied emissions (whichare emissions related to its construction). Approach to achieving net zero targets Market initiatives to achieve net zero include: • Increased lending to clients to improve energy efficiency through retrofitting and improvement of insulation, ventilation, and energy management. • Engaging with clients to decarbonise their electricity supply, for example, through the direct purchase of green electricity or green certificates. Baseline, target and portfolio progress 2021to2030 1 Progress in the year The Group measured its 2024 progress from the four main residential mortgage portfolios: Hong Kong, South Korea, Singapore and Taiwan, accounting for more than 85 per cent ofthe Group’s exposure. Emissions measured in our baseline andannual progress include Scope 1 and 2 emissions from theresidential properties the Group lends against. A physical intensity of kgCO 2 e/sq.m is the metric used to measure the portfolio’s progress. While we have set asingle Group-level target, the nature of the residential real estate market means alldecarbonisation actions will take place at the local level. Achieving our target is dependent on actions by local governments and power companies decarbonising power generation. The target range has been set at the more ambitious end of the public commitments made by governmentsand power companies in the countries where theGroup operates. These targets have been benchmarked to, and currently sit above, the global CRREM pathway to 2030. Theportfolio intensity has decreased 5 per cent from 36.04 kgCO 2 e/sq.m to 34.2 kgCO 2 e/sq.m as we start to see the emission intensity of power grids in these regions start to decrease in line with our expectations. 40 30 35 25 36.04 32 29 Emission intensity (kgCO 2 e/sq.m floor area) 34.20 -15% 23% Baseline 2030 target (upper bound) 2030 target (lower bound) Portfolio progress 2021 242322 25 26 27 28 29 2030 37.6 Annual Report 2025 | Standard Chartered 105 Sustainability review ![]() Sector 1,2 Interim 2030 target Weighting 2024 MtCO 2 e 2023 MtCO 2 e Baseline MtCO 2 e Baseline year Target set year % change cumulative to baseline Oil and gas 2.94 MtCO 2 e (26.9%) 100% weighting factor 3.08^ 1.76 4.02 2021 2024 -23% 33% weighting factor 1.02 0.58 1.33 Sector Emission approach Scenario Value chain Scope of emissions 2024 PCAF score 2023 PCAF score In-scope exposure coverage Oil and gas Absolute emissions IEA NZE Upstream, midstream anddownstream 1, 2 2.7 2.9 100% 3 3.0 3.0 Oil and gas Baseline, target and portfolio progress 2021to2030 4 1 The metric and target are based on the rolling three-year average due tothecyclical nature of bond underwriting in the market. 2 Values noted with a caret symbol (^) are subject to independent limited assurance by EY. The report is available at sc.com/sustainabilitylibrary. 3 Value facilitated is equal to the Group’s share of the Bond notional pertheleague table where we act as a bookrunner on the deal for the 2024 financial year. 4 Read more on our target-setting approach in the respective sector section under the reference pathway header in the Net Zero Methodological White Paper at sc.com/sustainabilitylibrary. #### Facilitated emissions Progress in the year The facilitated emissions target was set in 2024 for the oil andgas sector with a reduction target of 26.9 per cent from a2021 baseline, based on the IEA NZE scenario in line with financed emissions. The Group performs active deal analysis for carbon budget availability and emissions intensity alignment for each oil and gas bond raised. Alignment to the emissions associated with facilitation are highly cyclical, due to interest rates and the global oil price. These emissions trended down between 2021 to 2023 as bond underwriting volumes were low due to COVID-19 and higher interest rates as a response to a higher inflationary environment. During 2024, this cyclicality continued with a return to the market of many oil and gas counterparties that has seen facilitated emissions increase up to 3.08 MtCO 2 e. This cyclicality is anticipated to continue in the medium term as clients increase their borrowing driven by lower interest rates and lower oil and gas commodity prices. We aim to continue to monitor this towards our interim 2030 target in tandem with our financed emissions oil and gas progress. 4.5 2.0 2.5 3.0 3.5 4.0 1.5 1.76 3.08 2.94 Absolute Facilitated Emissions (MtCO 2 e) Baseline Portfolio progress 2030 Target (IEA NZE) 2021 242322 25 26 27 28 29 2030 4.02 26.9% Value facilitated 3 Interim target Performance versus baseline $3.8bn 2.94 MtCO 2 e -23% On track Off track #### Climate Standard Chartered | Annual Report 2025106 ![]() 1 International Energy Agency (2023), Methane Tracker Database. 2 Read more on our methodology and baseline in our Methane White Paper at sc.com/sustainabilitylibrary. Methane emissions In 2025, in line with our net zero roadmap, the Group analysed the intensity of our upstream oil and gas portfolio for methane emissions, aligned with calculations conducted for the 12 highest carbon-emitting sectors. Methane emissions abatement from the oil and gas supply chain is a critical goal for minimising the impacts of climate change given methane is a short-lived climate pollutant with a much greater potency than CO 2 in the near term. As per the IEA Global Methane Tracker 2025 1 , 85 per cent ofmethane emissions for the industry are produced by upstream activities. As a result, the population of clients considered to be in-scope for our emissions portfolio calculation are those clients of the Group that have some form of upstream operations, including integrated and diversified clients. The Group’s in-scope lending exposure willcontain a diversified mix of lending for general corporate purposes as well as integrated and diversified clients covering upstream, midstream and downstream oil and gas activities. 2 Our Methane White Paper gives more detail on our methodology and baseline. The portfolio intensity of the population in scope has been calculated as 0.089 kgCH 4 /barrel oil equivalent (boe). Thisisbased on data coverage of over 99 per cent of our upstream oil and gas portfolio. We found our portfolio compares favourably to the IEA NZEmissions 2030 methane target of0.200 kgCH 4 /boe based on upstream production. Thebaseline calculation methodology is consistent with the target as total methane emissions from upstream operations are divided by fuel production. As at 31 December 2024, over 70 per cent oftheGroup’s in-scope oil and gas exposure is to clients thathave announced net zero methane commitments by 2030through either the Oil & Gas Decarbonisation Charter (OGDC) and/or the Oil & Gas Methane Partnership (OGMP) Twenty per cent of the in-scope population has achieved GoldStandard Reporting per the latest OGMP report ‘AnEyeon Methane2025’. We focus on implementing practical actions to quantify andreduce methane emissions. This will be achieved by encouraging public disclosure, promoting policy initiatives (such as the OGDC and OGMP 2.0, levels four and five, andeventually gold standard), and by providing methane abatement financing. The methane intensity disclosures ofour clients, and by extension of the Group, may change in the future due to technological advancements of monitoring. As clients measure their methane abatement more accurately on an individual asset level (as is required by OGMP levels four and five) there may be further restatements of client emission information. We will monitor these changes and update our financed intensity accordingly. #### Climate risks and opportunities An environmental (such as climate), social or governance event, or change in condition, if it occurs, could result in actualor potential financial loss or non-financial detriments to the Group. As such, Climate Risk is identified as a material risk for the Group, which manifests through the Group’s businesses and operations and impacts the relevant Principal Risk Types (PRTs). The Group is exposed to Climate Risk through our clients, own operations, vendors, suppliers and from the industries and markets that we operate in. Therefore, wefocus our disclosures on how climate-related risks are governed, managed and embedded in our business. We manage Climate Risk according to the characteristics ofthe relevant PRTs. Risk Framework Owners for the relevantPRTs are responsible for embedding Climate Risk requirements within their respective risk types. Our ESGR Risk Appetite Statement is approved annually bythe Board and supported by Risk Appetite metrics and Management Team Limits (MTLs) across relevant risk types. In 2025, we continued to implement our Transition Plan, which articulates how we plan to manage Climate Risk byaiming to deliver on our commitments to reach net zero emissions in our financed emissions by 2050 and intending tomaintain net zero emissions in our Scope 1 and 2 emissions going forward. Read more about ESGR Risk and Climate Risk in the Risk review on pages 287 to 302 Read more on our TCFD disclosures in the Climate reporting index on pages 458 to 465 Read more on our approach to managing Climate Risk through transition planning in our Transition Plan at sc.com/transition-plan Annual Report 2025 | Standard Chartered 107 Sustainability review ![]() Time horizons used to assess the likelihood and impact of climate-related risks and opportunities During the year, we expanded our climate-related time horizons to better align with the recent Bank of England Climate Financial Risk Forum (CFRF) publication. This adjustment reflects the progress we have made toward our initial short-term targets, many of which are now completed. The updated timeframes allow us to more accurately assess and manage longer-term climate risks and opportunities, while continuing to support our sustainability strategy and the embedded milestones within this. The time horizons that we now use to identify, assess and manage our identified climate-related risks andopportunities are as follows: Short term 0 to 5 years • Our short-term time horizon aligns with our aim: – To deliver on our interim 2030 financed emissions targets for our 12 highest-emitting sectors – To mobilise $300 billion of sustainable finance by 2030 • In line with the Group’s Scope 1 and 2 net zero target, we set year-on-year improvement targets for our footprint markets. Climate Risk is considered as part of our formal annual corporate strategy and financial planning process. Medium term 5 to 10 years • Our strategic and financial planning constitutes action plans that intend to enable us to align to our net zero targets. These plans include the progression of our TPC engagement across our core markets. • Over this timeframe, the most material transition risks identified in our scenario analysis begin to influence client creditworthiness. Our transition scenarios demonstrate policy tightening, carbon-pricing convergence and technological cost declines, which accelerate between 2030 and 2035 under both orderly and disorderly scenarios. Long term 10+ years • Our long-term time horizon aligns with our aspiration to achieve net zero in our financed emissions by 2050. • For climate scenario analysis, we run 30-year scenarios for both physical risk and transition risk, with some elements of our physical risk scenario analysis extending to 2100. • Transition risk as our clients move to lower emitting revenues by virtue of legislation isconsidered with reference to client transition pathways and manifests over a longer term than the maturity of the loan book up to 2050. #### Climate Standard Chartered | Annual Report 2025108 ![]() List of climate risks and opportunities We have identified the following climate risks and opportunities as part of our materiality process (see page 72 for details). While these could reasonably be expected to affect at least part of the Group over the time horizons specified below, they may not affect all our operations, subsidiaries or value chain equally. Impacted risktype Risk description Risk driver Key risk driver detail Time horizon Further detail Credit Risk (WRB) Physical risks, such as rising sea levels and severe flood events, could adversely impact repayment ability through damage to properties or loss of insurance cover, leading to potential increases in credit losses for the Group. Credit losses may also result from changes in the economic environment as it transitions towards lower emissions (e.g., changes in clients’ disposable income due to fluctuations in energy prices). Physical Transition Acute Chronic Market Short Medium Long WRB Credit Risk (page 293) Credit Risk (CIB) Disruption to clients’ business models due tophysical or transition risk impacting their profitability and thereby affecting their capacity to repay debt, or the capital and collateral required to back the loan. Physical Transition Acute Chronic Market Short Medium Long CIB Credit Risk (page 289) Operational, Technology and Cyber Risk Impact of acute or chronic physical risks may disrupt our own properties, data centres and third parties leading to business disruptions. Furthermore, costs may increase through implementation of practices such as renewable energy sources and waste reduction to reduceemissions. Physical Transition Acute Chronic Technology Short Medium Long Operational, Technology and Cyber Risk (page 296) Country Risk Both physical and transition risk can have a direct impact on a sovereign’s economic strength and increase their cost of borrowing, directly impacting overall creditworthiness. Physical Transition Acute Chronic Market Regulation Short Medium Long Country Risk (page 295) Environmental, Social and Governance and Reputational (ESGR) Risk Potential or actual adverse impact on the Group’s financial performance, operations, orthe Group’s name, brand or standing, arising from environmental, social or governance factors, or as a result of the Group’s actual orperceived actions or inactions. Transition Regulation Legal Short Medium ESGR Risk (page 231) Traded Risk Acute physical risk events or a disruptive transition can cause sudden changes in the fairvalue of assets driven by commodity price changes. Additional impact may result due totrigger sales, or sudden and negative price adjustments where these risks are not yet incorporated into prices. Physical Transition Acute Market Short Medium Traded Risk (page 297) Treasury Risk Impact on client business models and their overall financial stability from transition to a low-carbon economy or recovery from a physical climate event may impact the Group’s capital orliquidity adequacy. Physical Transition Acute Chronic Market Regulation Short Medium Long Treasury Risk (page 297) Model Risk Model Risk may exist from inappropriate design,specification, development or governance of a model relative to the intended business objectives and/or ineffective model remediation in response to issues identified bymodel validation. Physical Transition Acute Chronic Technology Short Medium Long Model Risk (page 297) Annual Report 2025 | Standard Chartered 109 Sustainability review ![]() Impacted opportunity type Opportunity description Opportunity driver Key opportunity driver detail Time horizon Further detail Sustainable finance The global pursuit of a just transition presents revenue opportunities from connecting clients with the funding required to implement climate mitigation and adaptation initiatives. Different geographies and industries will require different initiatives and different financial products to facilitate them. Physical Transition Acute Chronic Market Short Medium Long Sustainable finance (page 83) Operational resilience and efficiency Investing in energy-efficient technologies and practices can reduce operational costs. We also have an opportunity to assess and adapt our operations to become more climate resilient. Transition Technology Regulation Short Medium Our operations (page 93) Reputational Demonstrating a commitment to reducing our own and client emissions can enhance the Group’s reputation among clients and other stakeholders. There is a potential to increase client loyalty and attract new clients who prioritise sustainability. Thestrategic reputational impact of our opportunities is considered alongside other climate risks and opportunities. Transition Market Regulation Short Medium Long Sustainable finance (page 83) Climate risks and opportunities in the Group’s strategy and financial planning The current financial effect of climate-related risks is detailed within Note 1 to the Financial Statements (read more on page 332) where we have considered the effect on the Group, noting that climate risk did not result in a material change to the current year’s balance sheet or income statement. Specifically, our impact assessment resulted in only an immaterial ECL increase across CIB and WRB, which has been recorded as a management overlay for the 2025 year-end. The current effect of climate-related opportunities can be seen through the progression of our sustainable finance mobilisation, asset and liabilities and sustainable finance income, as described on page 83. The Group does not currently anticipate any significant residual impact on its financial position, performance, or cash flows over the short term, medium or long term. Our work to date across our net zero journey (detailed within the Sustainability review) and risk management of climate effects (detailed within the Risk review) supports our shorter term strategy to mitigate physical and transition risk where possible and has indicated that our business is resilient to all Network of Central Banks and Supervisors for Greening the Financial System (NGFS) scenarios that were explored for longer term time-frames, validating the actions the Group is taking in terms of net zero ambitions (read more on page 298). While providing more detail would be market-sensitive, the current and ongoing targets in relation to sustainable finance are indicative of the expectations the Group has in relation to the effects of climate-related opportunities. Our Innovation Hubs provide details of emerging sustainability themes that we deem to be potential growth areas. We identify, assess, prioritise and monitor climate-related opportunities including through our Innovation Hubs and our sustainable finance teams, which develop customised solutions that speak to clients’ needs and ambitions. Our Transition Plan is a key instrument through which we plan to deliver on these targets and assess the resilience of the Group’s strategy to climate-related risks. Read more on how the Transition Plan informs our strategy and decision making on page 90. We will continue to monitor current and anticipated financial effects of climate-related risks and opportunities as we further enhance our modelling and risk assessment capabilities. While they do not directly inform the Group’s identification of climate-related opportunities, the results from scenario analysis serve multiple use cases, including as one of the inputs to CIB clients’ Climate Risk grading (BRAG) assessment, which is integrated into the existing credit approval process. This integration is key to informing the overall Climate Risk management process. A quarterly refresh of the scenario analysis for CIB monitors expected stressed losses from Climate Risks against predefined thresholds over a five-year horizon. High-risk clients identified through scenario analysis are disseminated for further consideration and discussion in key forums. The results are used for assessment of Pillar 2A capital add-on as part of Internal Capital Adequacy Assessment Process (ICAAP) for CIB and WRB segments, and for assessing credit impairment due to Climate Risk with a focus on CIB sectors with interim 2030 targets, as part of corporate planning. Further information on the processes and related policies used to identify, assess, prioritise and monitor climate-related risk (for example, through scenario analysis) and how these are integrated into and inform our overall risk management process, are set out in the ESGR Risk section on page 287 to 302. #### Climate Standard Chartered | Annual Report 2025110 ![]() ## Nature #### It is estimated that more than half of global GDP is highly dependent #### uponnature 1 . TheNexusassessment 2 from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) highlights how biodiversity loss undermines livelihoods, foodsecurity, economies and health, while also threatening theresilience of our planet toclimate change. We acknowledge that protecting nature is essential to limiting global warming and mitigating the effects of climate change so that the planet can sustain livelihoods and support inclusive sustainable economic development. We aim to contribute to the Global Biodiversity Framework 2030 mission of halting and reversing nature loss by: (1) continuing to integrate nature in decision-making within our business (target 14); (2) publishing nature-related disclosures based on the TNFD recommendations from 2026 onwards (target 15); and (3) shifting financial flows toward nature- positive outcomes and contributing to mobilising funding fornature and delivery of the Global Biodiversity Framework (target19). We are members of a wide range of industry platforms working to increase industry awareness of the relevance of nature considerations to financial decision-making. This year, we have released our inaugural Nature Report. Thismarks an important milestone in our journey as an earlyadopter of the TNFD Framework. The Report details Standard Chartered’s approach to assessing, evaluating, understanding and managing nature-related impacts, dependencies, risks and opportunities across our financing activities and own operations. It summarises our nature- related policies and procedures, such as our Environmental and Social Risk Management (ESRM) Framework and Position Statements, our Sustainable Finance Frameworks and our Nature Finance Innovation Hub, which is designed toidentify and assess nature-related risks and develop nature-related opportunities. It also outlines the actions weare taking to further embed nature considerations into our governance, strategy, and risk and impact managementprocesses. Our progress on nature The initiatives below represent the key highlights of nature-related activities undertaken by the Group in 2025. Mobilising finance for nature-positive outcomes • We structured a €433 million sustainability-linked loan forthe Ministry of Finance and Budget, Republic of Côte d’Ivoire, acting as sole lender and mandated lead arranger. Arranged under Côte d’Ivoire’s Sustainability- Linked Financing Framework launched in June 2025, theloan enables access to financing on more favourable terms by linking financial conditions to clear sustainability performance targets in renewable energy (excluding hydropower), deforestation prevention, and reforestation. • Alongside a syndicate of banks, we participated as a mandated lead arranger in project financing for Chestnut Carbon of up to $210 million, to fund a US voluntary carbon removal afforestation project. See page 82 fordetails. • We provided advisory services to Kreditanstalt für Wiederaufbau (KfW) to evaluate the feasibility of the Tropical Forest Forever Facility (TFFF) and Tropical Forest Investment Fund (TFIF), a global initiative led by the Government of Brazil and aimed at creating a long-term, results-based financing mechanism to incentivise tropical forest conservation, for which Germany announced a €1 billion contribution at the United Nations Framework Convention on Climate Change (UNFCCC) COP30 in Belem. • We signed an Indonesia seaweed project Memorandum of Understanding with the Association of Indonesian Employers (APINDO), Conservation International and Konservasi Indonesia to support sustainable seaweed industry development in Indonesia. • The Standard Chartered Foundation announced its intent to invest $5 million into creating a thriving blue economy across ASEAN that enables young people to secure decent work while maintaining and protecting the ocean. • Alongside the International Union for Conservation of Nature (IUCN), we have co-funded a feasibility study to scope the potential blue carbon value that could be derived from Palk Bay’s seagrass. This study is led by The Zoological Society of London, the Wildlife Institute of India and the Tamil Nadu Forest Department. 3 • Read more about the work done by our Nature Finance Innovation Hub on page 78. Understanding the materiality of nature loss on the Group’s activities • Our Nature Risk Working Group, comprising of cross-functional teams from our first and second line ofdefence, have reviewed the methodology and assessments developed by the Nature Finance Hub. Thekey results from our risk and impact assessments, which have been published in our Nature Report, are: – Identified potential nature-related impacts and dependencies in our financing activities: We conducted an analysis of our CIB portfolio and identified sectors with the highest exposure to potential nature-sensitive activities based on nature-related impacts and dependencies. Our analysis identified agriculture producers, building products, construction and engineering, metals and mining, oil and gas, other materials, commodity traders, pharmaceuticals, 1 PWC (2023) Managing nature risks: From understanding to action. 2 McElwee, P. D., et al. (2025). IPBES Nexus Assessment: Summary for Policymakers. Zenodo. 3 Read the full study at sc.com/palk-bay. Annual Report 2025 | Standard Chartered 111 Sustainability review ![]() biotechnology and life sciences, consumer services and food, beverage and tobacco as the sectors with the highest potential sensitivities to nature-related impacts and dependencies. Thisaccounts for 8 per cent of CIB’s 2025 total portfolio exposure. The insights gained from this analysis will be used to prioritise these sectors for furtherin-depth assessments and client engagement, enhancing our understanding of the potential nature-related risks involved and enabling identification of potential opportunities. – Identified and assessed nature-related impacts and dependencies in our direct operations: We assessed our direct operations’ proximity to sensitive locations based on our Nature and Agribusiness Position Statements criteria and examined their nature-related impacts and dependencies. The results reflect that our direct operations’ local impacts and dependencies on nature are limited. • We are ranked 5 th out of 150 Financial Institutions in the 2024 Forest500 1 assessment, reflecting the strength and scope of our deforestation-related policies in agriculture and forest-risk commodities. • Joint number one in the World Wildlife Fund’s (WWF) Above Board 2024 assessment 2 of Banks’ Seafood Sector Policy Analysis showcasing the robustness of our approach to the fishing industry. • Exploring ways to minimise the environmental impact ofour operations by reducing energy, GHG emissions, water usage and non-hazardous waste generated in our operations (refer to page 93 for details). • Set out the expectations of our suppliers to reduce wastefrom their operations through our Supplier Charter, including managing environmental concerns in their ownsupply chains, and protecting the environment andconserving natural resources, in compliance with all applicable environmental laws and regulations. Supporting collective action to address nature loss andecosystem decline • 2025 saw us continue to focus on advancing the sustainable blue economy: – Joined #BackBlue, an Ocean Finance Commitment that aims to ensure that a regenerative sustainable ocean has a seat at the table in finance and insurance decisions. – Published our latest sustainability research, ‘Harnessing Africa’s Blue Economy’ and ‘Valuing Nature: The ROA ofan MPA’, highlighting the opportunity a sustainable blue economy represents in Africa and the importance of mainstreaming nature considerations into financial decision-making in marine protected areas. 3 – Continued engagement with the Ocean Risk and Resilience Action Alliance, the UN Global Compact Ocean Investment Protocol Steering Committee, the World Economic Forum Global Future Council for the Ocean and the WWF Seafood Finance Working Group. – Actively participated in the Blue Economy & Finance Forum and the United Nations Ocean Conference, promoting blue finance solutions such as the Bahamas debt-for-nature-swap, which we executed in 2024. • Engaged with market initiatives and financial regulators toadvance the nature finance ecosystem. This includes co-chairing the UK–China Nature & Biodiversity Finance Workstream under the UK–China Green Finance Taskforce, and memberships in UN Environment Programme Finance Initiative and Principles for Responsible Banking, Singapore Sustainable Finance Association Natural Capital and Biodiversity Workstream, WEF Nature Positive Transition, Green Finance Institute’s TNFD UK Consultation Group, WEF Biodiversity Credit Initiative, UK PRA/FCA Climate Financial Risk Forum Nature workstream and the Global Islamic FinanceProgram. • We are a member of The Royal Foundation’s United for Wildlife Financial Taskforce Advisory Board, which aims todisrupt illicit financial flows that underpin wildlife crime. • Contributed to nature finance-related white papers fromSingapore Sustainable Finance Association 4 , World Economic Forum 5 and UK PRA/FCA Climate Financial RiskForum 6 . Building internal capacity • Provided nature-related risk training to the Board RiskCommittee. • Piloted nature corporate transition training for selected Sustainable Finance colleagues in CIB Coverage teams. • Updated Nature Finance module under Sustainable Finance Practitioner Programme for CIB Coverage teams. Read our Nature Report at sc.com/nature Read more on our memberships and engagements at sc.com/sustainabilitystakeholders Read our Supplier Charter at sc.com/suppliercharter Read our Position Statements at sc.com/positionstatements 1 Based on Forest 500’s 2024 rankings for financial institutions. 2 World Wildlife Fund (WWF) Sustainable Banking, ‘Above Board: 2024 Assessment of Banks’ Seafood Sector Policies’, 2025. 3 Read our research and insights at sc.com/sustainabilitylibrary. 4 Singapore Sustainable Finance Association in partnership with Oliver Wyman, ‘Financing Our Natural Capital: A practical guide for FIs getting started on nature financing’, April 2025. 5 World Economic Forum, ‘Investing in Mangroves: The Corporate Playbook’ White Paper, April 2025. 6 Climate Financial Risk Forum, Nature-Related Risk Working Group, ‘Developing an approach to nature risk in Financial Services’, October 2025. #### Nature Standard Chartered | Annual Report 2025112 ![]() ## Social impact We believe in the power of finance to drive positive change in the world. Our desire to drivesocial impact extends across both our commercial and our philanthropic activities, reflecting our aspiration to build a future that is both financially resilient and socially inclusive – a foundation for healthy and sustainable economies in our markets. We approach social impact from two angles: • Through our business and clients: we provide clients with the financing that they and their communities need to tackle urgent matters such as inequality, access to essential services, and inclusive growth. • Through our corporate philanthropy: we work to drive impact and prosperity for underserved young people by providing them with skills and networks and connecting them with employment and commercial opportunities. The combination of these efforts underscores our holistic approach to creating long-term value for our clients, colleagues and communities. By integrating both commercial and philanthropic aspirations to support our sustainability work and our Stands, we aim to accelerate our progress and amplify positive social impact such as women’s empowerment and financial inclusion. #### Our commercial activities: investment #### insocial finance We seek to partner with our clients and communities to mobilise social capital. Empowering women-owned businesses The Standard Chartered Women’s International Network (SC WIN) is our holistic proposition across banking and beyond banking solutions (network access, training programmes and mentorship). SC WIN launched in 2022, and it is now live in seven markets – India, Kenya, Malaysia, Singapore, Hong Kong, Vietnam, and Pakistan. The Group has made a commitment to extend $1 billion of financing to women entrepreneurs by 2028. As of December 2025, SC WIN has extended more than $540 million of financing to women-owned businesses. This results in a year-on-year growth of 72 per cent in financing, 155 per cent in deposits, and 44 per cent in client counts. We are well underway to achieving the Group’s commitment. Beyond financial support, we’re laying the foundation for two other factors critical to the success of women entrepreneurs: inclusive training and educational programmes, and community support to enable access to mentorship, networks and resources. Therefore, SC WIN also provides training and development capabilities, as well as a SC WIN community for women founders and business leaders to lean in. Supporting microlending We recognise the pivotal role of microlending in fostering economic inclusion and sustainable development. Microlending plays a vital role in supporting underserved communities and creating opportunities for growth. Since 2006, we have financed microfinance partners in India, Bangladesh, the Philippines, Nepal, Pakistan, Kenya, Uganda, Tanzania and Nigeria. From 1 October 2024 to 30 September 2025, we’ve lent more than $584 million to microfinance institutions, enabling over 1.05 million loans. These loans support a wide range of needs, from building small businesses to covering education costs or managing unexpected emergencies. We have continued to grow our partnerships in 2025. In Indonesia we have partnered with Amartha, a technology company that provides microfinance to women-led microenterprises in rural areas, a region and demographic that has historically had limited access to finance. Through this partnership we aim to empower more female MSMEs, create jobs and build more inclusive economic growth. Social bond issuance In March 2025, we issued our inaugural social bond. This €1 billion eight-year non-call seven-year offering will primarily facilitate lending to SMEs, ensuring access to finance, helping create jobs and empowering and nurturing women-owned SMEs. Named after former Group Chair José Viñals who retired from the Board in May 2025 at the end of his nine-year term, the Viñals Social Bond paid tribute to his significant legacy and impact inside and outside the Group. This bond was issued under our Sustainability Bond Framework. Read more about the framework on page 89. #### Our philanthropic activities:communityinvestment Prevailing youth unemployment continues to be one of the greatest challenges of our time. The consequences are not just for young people, but also pose a threat to broader economic and social prosperity. Our philanthropic approach focuses on helping tackle this global issue through the Standard Chartered Foundation – a charitable organisation established in 2019 – and through community partnerships, client partnerships and employee volunteering. Annual Report 2025 | Standard Chartered 113 Sustainability review In 2025, the Group contributed $39.4 million as charitable giving in the form of cash contributions. This includes $15.3 million on our flagship youth economic empowerment initiative delivered with the Standard Chartered Foundation (formally known as Futuremakers by Standard Chartered), which also received an additional $4.3 million of fundraising from our employees and partners. Programmes under this initiative are funded by the Standard Chartered Foundation and directly by local Group offices in those markets where regulatory restrictions apply. Enabling youth economic empowerment with theStandard Chartered Foundation The Standard Chartered Foundation (the Foundation) governs and sets the strategy for our youth economic empowerment community investment, with a goal to empower young people. Programmes recognise the importance of youth driving growth by working with them tosecure decent work and grow their microbusinesses. Prioritisation is given to the underserved, especially young women and those with disabilities, who are too often left behind. In 2025, working with a range of expert NGO partners, we supported 24,718 young participants and enabled 16,305 jobs through employability and entrepreneurship programmes, of which 53 per cent were for women, and 12 per cent for those with disabilities. This year-on-year decrease 1 is partly due to the completion of remaining pre-2024 legacy projects in the first half of the year, and partly due to challenging economic context in many of our markets during 2025. 106,570 2 jobs 3 have been enabled since 2019 and, we are actively working with our NGO partners to identify ways to scale so that we can deliver the target of 250,000 4 jobs by 2030. Catalysing decent jobs Figures from the International Labour Organization (ILO) show youth unemployment and Not in Employment, Education or Training rates remain high, rising slightly over the last year 5 , of which many live in our markets. Systematic barriers to decent jobs continue to leave many young workers behind. To help, the Foundation’s employability programmes focus on working with young people to secure quality jobs – commonly referred to as decent work. Through our employability programmes, in 2025, 14,236 young people accessed decent 6 jobs with 50 per cent of these being women and 14 per cent being people with disabilities. The Foundation launched a three-year partnership with UNICEF Generation Unlimited to help 1,500 young women secure decent work in Kenya and Nigeria. Projects from a partnership with Plan International went live in Asia, to equip over 6,000 young people in Indonesia, the Philippines, South Korea, Thailand and Vietnam with the skills, networks and confidence they need to secure decent jobs. Building disability awareness and inclusion across Foundation employability programmes also progressed well in 2025. Forexample, 240 prospective employers became more disability-confident hirers in Kenya, Pakistan, Ghana, Tanzania, Uganda and Zambia. Helping microbusinesses thrive Supporting smaller businesses, especially women-owned andyouth-led enterprises, is essential to building inclusive and sustainable growth. Foundation entrepreneurship programmes integrate financial access with mentorship, business skills training and ecosystem support, ensuring that microbusiness owners not only gain access to capital, but can use it effectively. Focusing on impact, the programmes are tailored to help achieve business growth, build social and green microbusinesses and, in turn, create much needed jobs in communities. Through our entrepreneurship programmes, in 2025, we supported 977 microbusinesses to become thrive, enabling 2,069 jobs. This brings the total number of thriving microbusinesses since 2019 to 18,319, and the total jobs enabled by these microbusinesses to 37,210. We expanded investment in our Women in Tech entrepreneurship programme across Africa, the Middle East and Pakistan in 2025, in partnership with Village Capital. Over three years, the aim is to support 400 female entrepreneurs to build thriving microbusinesses and create jobs, with 32 catalytic grants totalling $1.9 million. Thisprogramme now covers 14 of our markets. In Vietnam, entrepreneurs were connected to angel investors, a capital stream they can’t typically access, leading to five microbusiness owners receiving investments to help their business grow. Building ecosystems For young people to prosper in employment or self- employment, filling gaps in the ecosystem that supports them is critical. In 2025, the Foundation announced a $5 million commitment to help create a thriving blue economy across ASEAN. Currently in the inception phase, expert organisations are being convened to create a programme of interconnected activities. The aim is to enable young people to secure decent work while maintaining and protecting the ocean. Results from this pilot programme will inform the development of similar ecosystem programmes in other markets and sectors. 1 Over 29,000 jobs were enabled in 2024. 2 The data comprises 69,360 young participants in decent employment, and 37,210 direct jobs enabled by supported microbusinesses. 3 Total jobs-enabled datacomprises underserved participants who access decent employment at the end of the intervention, and direct jobs (part-time and full-time direct employees, contractors, support/gig workers, and the entrepreneurs themselves) created by supported microbusinesses within 12 months of the end of the intervention. ThisKPIis based on actual data collated from project alumni over the seven-year period, estimates based on empirical research, and ex-post project evaluations. 4 This target has been revised upwards from 140,000 to 250,000 jobs enabled by 2030, due to a) a revision of the employability KPI to account for underserved male participants and b) moving the baseline from 2024 to 2019 to show progress since the start of programming. 5 ILO (2026) World of Work Series: Employment and Social Trends Report. 6 Decent jobs comprises formal employment and self-employment. ‘Decent’ aligns with the ILO definition, but in recognition of the challenges in many markets to satisfy every criteria for ‘decent’, our programmes count those participants who have met minimum wage plus at least two additional ILO criteria. #### Social impact Standard Chartered | Annual Report 2025114 ![]() Charitable giving 2025 $million 2024 $million 2023 $million Cash contributions 39.4 47.9 31.2 Employee time (non-cash item) 25.8 25.7 28.7 Gifts in-kind (non-cash item) 1 0.7 0.5 0.4 Management costs 4.6 5.2 5.4 Total (direct contributions by Group) 70.5 79.3 65.7 Leverage 2 4.7 2.7 2.9 Total (including leverage) 75.2 82.0 68.6 Percentage of prior year operating profit (PYOP) 1.3 1.6 1.6 1 Gifts in-kind: in-kind contributions of products, property or services valued at the cost to the Group. 2 Leverage: fundraising from employees and partners benefitting the community. Measuring societal impact Driving social impact is at the heart of the Foundation’s ambition. We continued to refine a social return on investment model that seeks to measure the broader social and economic impacts of the Foundation’s efforts, and quantify the overall impact made beyond the individual. Based on outcomes from youth programmes in 2025, the model estimates that more than 120,000 lives have been impacted. The insights show the Foundation’s approach is making progress and we will continue to share successes and learnings with peers andstakeholders. Promoting skills-based volunteering and other community investments We believe the most sustainable way to create impact is by sharing what employees know best – their skills. We have continued to focus on skills-based volunteering, connecting colleagues to support social enterprises, NGOs, and youth through mentoring, financial education, green literacy and professional advice. This approach not only drives greater community outcomes but strengthens colleague engagement, leadership and purpose. In 2025, our employees contributed more than 412,900 employee volunteering hours, with more than a quarter (28 per cent) in skills-based volunteering. 50 per cent of Standard Chartered employees volunteered in 2025 (53 per cent in 2024). In some of our markets, we also support community healthcare, climate, education and agricultural livelihood projects. In 2025, for example, we supported eye health, water, sanitation and hygiene education (WASHE), and education projects in India. Annual Report 2025 | Standard Chartered 115 Sustainability review ![]() ## Managing Environmental ## and Social Risk We seek to proactively manage environmental and social risks and #### theimpacts arising from the Group’s client relationships and transactions. Our cross-sector Environmental and Social Risk Management (ESRM) Framework describes how we apply international standards and best practices across our markets and helps usmake informed decisions when considering trade-offs between sustainability-related risks and opportunities. On the frontline, our ESRM team within the CSO organisation oversees the management of environmental and social risks associated with our client relationships. Our approach is embedded in our credit approval process and helps us work with our stakeholders to identify, manage, mitigate and monitor the potential impacts that stem from our financing decisions. Our Position Statements, approved by the GRRRC, outline the cross-sector and sector-specific criteria we apply to assess whether to provide financial services to our clients. They also outline our expectations for clients to follow industry best practice approaches and encourage them to pursue sustainability initiatives. We use these statements – which draw on International Finance Corporation Performance Standards, the Equator Principles and global best practice – to assess environmental and social risk related to our financing. Our ESRM Framework explains how we apply our Position Statements in our business relationships with clients and provides further information regarding our environmental and social risk assessment, rating and escalation processes, as well as due diligence and monitoring procedures. We have been a member of the Equator Principles since 2003. We apply the principles to relevant project-related transactions and report on their application to ensure thatthe projects we finance and advise on are developed inasocially responsible manner and adhere to sound environmental management practices. We reviewed 1,204 clients across CIB and WRB client segments and 685 CIB transactions that presented potential for elevated environmental and social risk in 2025. If we find amaterial environmental and social issue, we take steps toproactively engage the client to mitigate identified risks and impacts, and support and guide our clients to improve their environmental and social performance over time. However, for clients who do not meet our Position Statement criteria, we may look to withdraw financial services and exit the lending relationship if we cannot work with them to align over an agreed timeframe. In 2025, we advanced our Nature Risk analysis by leveraging our climate risk asset location data to support in-depth risk identification of a potentially material sector and assess ourfinanced assets’ exposure to nature impacts and dependencies. The Group’s cross-sector Nature Position Statement provides a consolidated view of our approach tomanaging Nature Risk across our business, operations andsupply chain. Further information can be found onpage111 of this report. Read more about our ESRM Framework at sc.com/esriskframework Read more about our Position Statements at sc.com/positionstatements Our list of Prohibited Activities can be found at sc.com/prohibitedactivities Our reporting against the Equator Principles can be found on page 450 and at sc.com/equatorprinciples Position Statements Cross-sector Position Statements Climate Change Human Rights Nature Sector-specific Position Statements Agribusiness Chemicals and Manufacturing Extractive Industries Infrastructure and Transport Power Generation Thermal Coal Standard Chartered | Annual Report 2025116 ![]() Respecting human rights We are committed to respecting human rights across our business. We recognise that the global nature of our business may expose us to the risk of modern slavery and human trafficking in our operations, supply chain and client relationships and we are committed to managing and mitigating these risks. Our Modern Slavery Statement details our approach and actions to manage modern slavery risks across our value chain. Read our Modern Slavery Statement at sc.com/sustainabilitylibrary Our Position Statement on Human Rights is a key part of our ESRM Framework and was developed following engagement with a range of internal and external stakeholders, including expert practitioners and civil society organisations. Like our cross-sector Position Statements, the Human Rights Position Statement applies to our clients, suppliers and employees and is regularly reviewed to ensure it addresses emerging risks and issues. Due diligence is a central part of our approach in assessing and managing risks associated with the provision of financial services to our clients. We approach this due diligence in accordance with our ESRM and Financial Crime Compliance (FCC) frameworks. Read more about our ESRM Framework and Position Statements at sc.com/positionstatements We will not knowingly enter into relationships with suppliers involved in human trafficking, modern slavery or forced labour including any corporal punishment in the workplace. ILO Conventions 29 and 105 provide further detail in respect of forced labour. Suppliers that are identified as presenting high risks of modern slavery are subject to due diligence. OurSupplier Charter sets out the principles for the behavioural standard that we expect from our suppliers, andthose within our suppliers’ sphere of influence that assist them in performing their obligations to us. Read our Supplier Charter at sc.com/suppliercharter Our Fair Pay Charter sets out the principles by which we seek to deliver fair and competitive remuneration to all employees. We use these principles to guide reward and performance decision-making globally, including how we set, structure and deliver remuneration. Read more on our alignment to the Fair Pay Charter onpage 189 of this Annual Report and in our 2025 Diversity, Equality and Inclusion Impact Report at sc.com/diversityfairpayreport Annual Report 2025 | Standard Chartered 117 Sustainability review ![]() ## Integrity, conduct and ethics We aim to live our valued behaviours – never settle, better together and do the right thing – through our day-to-day actions, decisions and interactions with colleagues, clients and the markets we serve. Managing Conduct Risk is critical to delivering positive outcomes for our clients, markets and stakeholders and fundamental to achieving our brand promise, here for good. Conduct Risk may arise anywhere in the Group at any time. The Group therefore expects all employees to be responsible for managing Conduct Risk given it is a transversal risk, which means it impacts every aspect of the Group’s operations. Our Group Conduct Risk Management Standard sets minimum standards for the management of Conduct Risk across our operations. The Group employs a risk-based, three lines of defence approach to Conduct Risk Management, where oversight, governance and controls are proportionate to our assessment of the risk. We set target conduct outcomes that the Group aspires to deliver for clients, external stakeholders, employees, and the environment. Code of Conduct and Ethics The Code of Conduct and Ethics remains the primary tool through which we communicate our conduct expectations. Itis aligned with our Stands, strengthening the link between ethics, culture, conduct, leadership and the Group’s strategy. The code is intended to be more than a guidance document, rather, it is a code to live by, designed to guide colleagues through how to live our valued behaviours on a day-to-day basis, whatever their business, function, geography or role. Toguide us, the code has been shaped around 10 conduct outcomes and connects these to our culture, valued behaviours, and ethics. In June 2025, we celebrated Global Conduct Week with the theme #maketherightcall. Throughout the event, we translated #maketherightcall into three core actions: leading with integrity, using conduct as an accelerator driving the Group’s strategy, #KnowTheRules and strengthening our commitment to ethical decision-making. Speaking Up Our Speaking Up programme provides a safe, independent and confidential way to report whistleblowing concerns. Itisaimed at helping to build and maintain a strong ethical culture, with integrity, trust, and transparency. The early disclosure of concerns reduces the risk of financial and reputational loss caused by misconduct. We encourage colleagues, contractors, clients, suppliers and members of the public to raise concerns through the Speaking Up channels. These channels enable whistleblowing concerns to be raised in various ways, such as via email, a web portal, a telephone hotline (where available), or by speaking to someone in their line management, who may or may not be their usual People Leader (available for employees only). When a concern israised, our Group Investigations team will determine whetherthe matter is within the scope of the Speaking Up programme or should be investigated via another means, forexample asa grievance. To reinforce our shared commitment to the highest possible standards of conduct, each year we ask our colleagues to reconsider what the code means to them through a mandatory refresher e-learning, and to reaffirm their commitment. In 2025, 99.7 percent of our colleagues completed themandatory training and affirmation (99.9percent in 2024). Colleagues who are overdue without a valid reason are subject to a 25 per cent reduction in their annual variable compensation for theyear they failed to attest. 99.7% of employees affirmed recommitment toour Code annually Read our Code of Conduct and Ethics at sc.com/codeofconductandethics Standard Chartered | Annual Report 2025118 ![]() Throughout 2025, we hosted a series of awareness campaigns to ensure that we continue to create an environment where everyone feels secure and empowered tospeak up. Global Conduct Week was held from 23–27 June, themed #maketherightcall, to celebrate good conduct, lead with integrity, reinforce our valued behaviours and promote the importance of ethics and trust. All interactive panels were aimed to encourage colleagues to think about how their daily decisions and individual actions can aggregate to a much wider impact on our business strategy and outcomes for our clients, regulators, communities, and other stakeholders. We also marked World Whistleblowers Day as part of GlobalConduct Week. Colleagues were reminded about our commitment to create an environment where everyone feels safe and empowered to use our Speaking Up channels to raise concerns or instances of behaviour that contradict our code. Our Compliance, Financial Crime and Conduct Risk (CFCR) team sets our Financial Crime Risk management framework. We seek to protect our clients and communities against money laundering, terrorist financing, sanctions, fraud, andother risks, by applying core controls such as client due diligence, screening and monitoring, and strengthening our people’s understanding as to how to identify, manage and mitigate such risks. We implement the same set of restrictions, controls, analysis, and response across our entire organisation in all locations. In addition, anti-bribery and corruption (ABC) and fraud prevention controls aim to prevent colleagues, orthird parties working on our behalf, from engaging infraud,bribery or corruption. Our mission doesn’t stop at our door – we are on the front linein the fight against financial crime and our commitment is global, extending beyond countries in which we have aphysical presence. To achieve our aspiration to be a leader in the fight against financial crime, we team up with other banks, governments and regulators around the world to raise the bar across the industry and devise innovative ways to stop criminals in their tracks. Throughout 2025, we actively participated in various industry groups, including The Financial Action Task Force, Madison Group, UK Finance andas amember of The Wolfsberg Group of 12 global banks. Wecontinue to keep pace with the identification and analysis ofcriminal networks through our technology and process capabilities, focusing on the proactive use of data to support early detection and prevention. Working across our public and private sectors, we are committed to finding increasingly more effective ways tofight financial crime, to protect the communities we serve through providing outreach programmes as part of our aspiration toraise awareness on financial crime risks andraise the bar across the industry. Our public–private partnerships are aimed at producing new insights about various criminal typologies and advances in how we collectively combat financial crime in an increasing number of jurisdictions, including Singapore, Hong Kong, South Africa, India, the UK, US and UAE. Furthermore, we have worked with law enforcement agencies and regulators to raise awareness of financial crime and tobuild their capability to prevent, detect and investigate. Sanctions on Russia remain a significant area of focus. In2025, the attention continued to be on multilateral and multiagency measures to prevent evasion or circumvention ofsanctions (for both Russia and Iran) and evolving export controls on Russia. For those in high-risk roles and functions, we delivered additional training across all financial crime areas, including in-depth awareness on Russia sanctions, managing proliferation financing risk, ABC training for targeted roles, training on tax evasion risk, trade AML, financial crime risks infintech and digital assets, and money laundering risks concerned with money mules and shell companies. We also delivered a targeted training module covering ESG and ABCrisk, and a new module on FCC Threat-Based Risk Management (TBRM), which is part of the FCC Academy learning programme for CFCR colleagues. In addition, masterclasses and forums were held to deepen understanding. The Speaking Up programme continues tobeused across all countries, businesses and functions, and our 2025 My Voice survey found that there continued to be a high degree of confidence in the programme. 86per cent of employees felt comfortable raising concerns through the Speaking Up channels (2024: 87 per cent). Each year, the Board reviews a Speaking Up report, which provides an overview of the effectiveness ofthe programme. For the period July 2024 to June 2025, Speaking Up channel usage increased by 5 per cent compared to the prior 12 months. The volume of concerns raised via the Speaking Up channels by the Group’s employees are now at the highest level infiveyears, representative of returning topre-COVID-19 numbers and due to an anticipated increase in concerns during timesof transformation. 86% of employees felt comfortable raising concerns through Speaking Up channels (My Voice survey 2025) Read more about our Speaking Up programme at sc.com/speakingup Fighting financial crime Access to the financial system helps transform lives around the world, helping to reduce poverty and spur economic development. However, the financial system is also used bythose involved in some of today’s most damaging crimes – from human trafficking to terrorism, corruption and the drugtrade. The Group is committed to preventing, detecting, andreporting criminals who move money through the banking system. Annual Report 2025 | Standard Chartered 119 Sustainability review ![]() This was further supported by our Group-wide financial crimeawareness campaign, ‘The Whole Story’, which brings together the Group’s leaders and external experts in a series of internally broadcast briefings, case studies and panel discussions. The two-week internal campaign returned for its10 th year in 2025, with the theme ‘#Awareness to Action’, which emphasised the need for all colleagues to focus on theimportant role they have to play in tackling financial crime through vigilance and timely escalation. In 2025, no legal cases concluded in which allegations of corruption had been made against the Group or its employees. Complaints management Formal avenues are established for WRB clients to lodge complaints. A complaints-handling process has been put inplace to enable the proper receipt, acknowledgement andindependent and effective handling of complaints, which are to be resolved and notified to clients within areasonable turnaround time without compromising thequality of thereview. Global key complaints insights, trends and root causes areprovided to the WRB Risk Committee. Examples of key metrics that are used to track and manage complaints acrossWRB markets include: total number of complaints received in the period split by type and root cause, including sub-categories such as potentially inappropriate sales, proven mis-selling or fraud, and percentage of complaints resolved within the predetermined turnaround time. Collections and recoveries The Group has a set of comprehensive policies that govern collections and recoveries for all WRB segments, in line with the Group’s Enterprise Risk Management Framework (ERMF) and under the oversight of the CRO, WRB as Risk Framework Owner. Oversight and governance of WRB retail collections are also the responsibility of the WRB Risk function, with regular reviews of performance metrics and complaints handling data. The Group’s credit policies outline the high-level requirements with respect to all WRB collections and recoveries, which include the following: • Ensuring that all collections staff receive appropriate training and demonstrate sufficient familiarly with the relevant Code of Conduct and internal policies prior toundertaking any collection activities. • Providing fair and reasonable treatment to clients, regarding any allowed concession or waiver. • Adhering to all applicable legal and regulatory requirements, as well as aligning calling and visitation hours to local regulations and practices. • Monitoring and regularly reviewing all client interactions with the Collections teams, including complaints andfeedback, to ensure compliance with the Group’s CodeofConduct, internal policies and effective managementoversight. • Offering temporary or permanent modifications to loan terms when required. Across the Group, while the approach may vary across markets in line with local regulations, programmes to assist retail banking borrowers in financial distress are detailed in local Collections departmental guidelines that comply with the Group policy requirements. Each collection and recoveries process is designed to be transparent, efficient and supportive, ensuring that both the Group and the clients have the required information to manage the account and the financial distress situation. We have invested significantly to ensure our employees are properly equipped to combat financial crime. In 2025, 99.7 per cent of colleagues and governance body members completed financial crime mandatory e-learnings, covering topics such as ABC, AML including terrorist financing, sanctions, tax evasion and fraud (Asia: 99.6 per cent, AME: 99.9 per cent, EA: 99.96 per cent, governance body members: 100 per cent). Thiscompares with 99.8 per cent in 2024. 99.7% of colleagues and governance members completed financial crime mandatory e-learnings. 1 1 Governance body members represent Standard Chartered PLC Board members . Colleagues represent permanent employees ofthe Group as well as fixed-term workers employed by the Group forafixed period. Responsible lending and fair treatment ofretailclients The Board of Directors provides oversight of the Group’s treatment of WRB retail clients through its reporting and committee structures. The relevant governance forum or Risk Committee is required to challenge the business for any new or material product proposals prior to the commencement ofthe product approval process, and there are periodic governance forums to monitor customer complaints and collections effectiveness. Escalations may be taken to the WRB Risk Committee chaired by the WRB Chief Risk Officer or the Group Risk Committee chaired by the Group Chief Risk Officer, and ultimately to the Group’s Board and Board Risk Committee. Read more about the Board Risk Committee onpage170 #### Integrity, conduct and ethics Standard Chartered | Annual Report 2025120 ![]() All employees responsible for dealing with clients in financial distress are required to undergo mandatory training prior tocommencement of any collection activities. In particular, training topics include the Group’s Code of Conduct and Ethics, principles of ‘treating clients fairly’, approaching situations with a client-centric mindset, understanding the client’s situation and using the right negotiation skills. Existing employees also undergo regular training to refresh and reinforce appropriate ways of dealing with clients who are undergoing financial distress. Communications guidance is regularly updated to reflect common circumstances encountered in our markets. Where external collections agencies are utilised, these agencies also undergo assessment and due diligence in accordance with the Group’s sourcing standards. Their employees mustundertake the same training as the Group’s internal Collections teams and are subject to monitoring to ensure theirconduct complies with Group Collections standards. The retail collection process typically begins with a service-oriented reminder sent to the client. This could be inthe form of an email, SMS, or a phone call, reminding them of the overdue payment and encouraging them to settle their account promptly and avoid late fees. In cases where clients may face financial distress and are willing and able to pay through modified payment plans, theCollections team will have the due conversations and work with these clients to negotiate loan modification (further details below), settlement and payment plans that are affordable to ensure the best outcome for both parties. Based on the strategic approach and the operating rhythm adopted, certain markets may utilise third-party collections agencies, which specialise in recovering outstanding debts, tohandle certain segments of collections and recoveries cases. The external agencies utilised are subject to ongoing oversight from the Group throughout the entire process toensure adherence to the Group’s principles of respecting client rights and ensuring that all collection practices are ethical and lawful. Clients and products Our five largest clients together accounted for 2.1 per cent ofour total operating income in the year ended 31 December 2025. We aim to design and offer products based on client needs to ensure fair client treatment and to support fair outcomes for clients. The Group has in place a risk framework, comprising policies, standards and controls to support these objectives in alignment with our Conduct Risk Management approach. We ensure products sold are suitable for clients and comply with relevant laws and regulations. We also review our products on a periodic basis and refine them tokeep them relevant to the changing needs of clients and tomeet regulatory obligations. We have processes and guidelines specific to each of our client industries to promptly resolve client complaints and understand and respond to client issues. In 2025, the total number of client complaints in CIB was 1,170 (1,585 in 2024). In WRB, we received 119,472 client complaints (201,901 in 2024), an average of 1.83 per 1,000 active clientsper month. Loan modifications Loan modification options may be offered to our clients inaccordance with local regulations and the Group’s internal credit policies, which consider the most recently available information on the client’s income, expenditures and circumstances. Collections staff managing these arrangements are trained to discuss options thoroughly with clients to agree on restructured payments that are in alignment with their financial situation. Data privacy and protection The Group is committed to safeguarding personal data through strong governance, oversight and accountability frameworks. The Group’s Privacy Notice is the primary tool through which we fulfil our transparency obligations and communicate to our customers and stakeholders how we collect, share, protect and process personal data, which we operate in accordance with the data protection laws and regulations of the jurisdictions in which we operate. Our Compliance, Financial Crime and Conduct Risks (CFCR) team sets our global Data Privacy risk and compliance management framework. Compliance with our Privacy obligations is monitored by the CFCR team under our Compliance Principal Risk Type Framework. The Group maintains a formal mechanism to conduct Data Protection Impact Assessments where required, and we conduct regular reviews and risk assessments to ensure ongoing compliance with the Group’s Data Privacy Standard and applicable Privacy obligations and to assess, monitor and assure theeffectiveness of Privacy controls. The mechanisms for overseeing and governing Data Risks (including Data Privacy risk) are embedded within the Group’s governance structures, and are implemented through regular reporting to the Board and Senior Management, through the Board Risk Committee, Board Audit Committee, Group Risk Committee and individual Business and Functions’ Non-Financial Risk Committees. The Group maintains a formal data breach notification process aligned with regulatory obligations. This process ensures that any data breaches are promptly assessed, escalated, and remediated through clear accountability, coordinated communication, and close collaboration among reporters and key functions, in accordance with internal guidelines. In 2025, no material data privacy breaches were reported, reflecting the continued effectiveness of the Group’scontrols and response capabilities. The Group continues to raise awareness of the importance of,and cultivate a strong culture of accountability in relation to, Privacy particularly through the Code of Conduct and regular mandatory Privacy training, such as the Group’s Privacy and Data Sovereignty Awareness module which isapplicable to all employees. Read more on our Privacy Notice at sc.com/dataprivacy and our Code of Conduct and Ethics at sc.com/codeofconductandethics Annual Report 2025 | Standard Chartered 121 Sustainability review ![]() ## Sustainability governance Sustainability-related risks, opportunities and organisational implications are overseen by the Group’s Board, Management Teamand supporting committees. Board oversight of sustainability and climate-related risks and opportunities The Board is responsible for the long-term success of the Group and its strategy. Embedding sustainability across our business is a key strategic priority for the Group, and ultimate responsibility for this sits with the Board. Oversight is exercised through the appointment of supporting committees that consider sustainability and climate-related risks and opportunities when reviewing and guiding strategic decisions. Through these committees the Board has oversight of the progress against the Group’s external commitments, Sustainability Aspirations and delivery against key sustainability priorities including sustainable finance, Position Statements, human rights and community engagement. Since 2019, the Board has approved changes to the Climate Risk Appetite Statement annually to reflect our aim to measure and manage the financial and non-financial risks arising from climate change and to reduce emissions related to the Group’s ownactivities, including those associated with providing financialservices to clients, in line with the Paris Agreement. To reflectthe combined Climate Risk and Reputational and Sustainability Risk, a combined Risk Appetite Statement has been in effect from 2025 for a more comprehensive coverage. Management-level governance Supporting the Board in its strategic decisions is the Group Management Team (GMT) and its supporting committees. Each member of the GMT is responsible for strategically driving sustainability considerations within their market(s), client segment or function in line with our net zero roadmap. The management committees hold the ultimate decision- making authority over all material sustainability initiatives and can direct actions as necessary for areas of improvement to ensure their effective implementation. This includes ensuring the effective management of Climate Risk and the net zero roadmap in support of the Group’s strategy, as well as overseeing Risk Appetite metrics. The responsibility for the Group’s risk management approach and overall second line of defence for Climate Risk sits with the GCRO as the appropriate senior management function under the Senior Managers Regime. The GCRO is supported by the Global Head, Enterprise Risk Management, who has day-to-day oversight responsibility for Climate Risk. Read more about the structure of our Board andManagement Team on pages 130 to 139 Structural overview of our sustainability and climate-relatedgovernance Board oversight of sustainability and climate-related risks and opportunities Standard Chartered PLC Board Board Risk Committee (BRC) Audit Committee (AC) Culture and Sustainability Committee (CSC) Management-level governance Group Management Team Group Risk Committee (GRC) Group Responsibility andReputational Risk Committee(GRRRC) Sustainability Executive Committee (SustainabilityExCo) Supporting governance Executive committees Corporate & Investment Banking Client Review Committee (CIB CRC) Sustainable Finance Governance Committee (SFGC) Sustainability Operating Steering Committee (SOSC) Standard Chartered | Annual Report 2025122 ![]() Chair Group Chair Agenda frequency and inputs • Annual Strategy Review • Annual Sustainability Strategy Update • ESGR updates delivered through regular Group CRO reports Governance body Standard Chartered PLC Board Chair Independent Non- Executive Director Agenda frequency and inputs • ESGR Risk updates provided to BRC in regular Group CRO reports • One standalone update on ESGR Risk provided in December 2025 Governance body Board Risk Committee (BRC) Roles and responsibilities • Oversee the Group’s key risks on behalf of the Board and act as the primary risk committee at Board level that oversees ESGR Risk. • Consider the Group’s RA and make recommendations to the Board on the Group’s RA Statement including the ESGR RA. • Assess risk types (including ESGR Risk) and the effectiveness of risk management frameworks and policies. • Oversee and challenge the design and execution of climate-related Group-wide enterprise stress tests mandated by relevant regulation, when required. Topics covered in 2025 • Reviewed and discussed an update on the ESGR Risks regulatory environment and emerging risk areas; the Group’s ESGR Risk profile; and progress made on embedding Climate Risk. • Received Climate Risk Information Reports. • Monitored adherence to RA metrics. Supporting governance The oversight and management of sustainability- and climate-related risks and opportunities are integrated into our business management. Several executive committees operate under their terms ofreference, delineating responsibilities, decision-making process, authority and the escalation route for any material issues. Additionally, several teams across our business, risk and functional areas are either dedicated to, or spend aproportion of their time, working onsustainability- andclimate-related activities. We are also expanding governance and risk management atthe regional, country and segment levels to better identify and manage climate-related risks and opportunities. Governance and steering committees Several committees and steering groups support the Group’s Board and Management Team on the management and monitoring of sustainability and climate-related risks and opportunities, and associated impacts on our business and for our key stakeholders. Roles and responsibilities • Oversee the Group’s sustainability strategy, with input from the Culture and Sustainability Committee. Topics covered in 2025 • Considered the Group’s position on sustainability as part of the annual strategy discussion. • Approved the Group’s Risk Appetite (RA) Statement including ESGR RA and Board-level RA metrics. • Received an update on the Group’s sustainability strategy, including progress against the four sustainability strategic pillars, the Group’s scorecard metrics and the tactical action plan for 2026. • Endorsed the 2026 sustainability priorities. • Approved the 2024 Modern Slavery Statement, detailing the steps taken to manage the risk of modern slavery in the business and its supply chain. • Received updates on ESGR Risk. • Received training on Climate Risk. Annual Report 2025 | Standard Chartered 123 Sustainability review ![]() Chair Independent Non- Executive Director Agenda frequency and inputs • Annual climate disclosures within the Group’s Annual Report and control environment in Q4 • Group’s Net Zero models in May Governance body Audit Committee (AC) Chair Independent Non- Executive Director Agenda frequency and inputs • Three times in 2025 Governance body Culture and Sustainability Committee (CSC) #### Sustainability governance Roles and responsibilities • Review the Group’s overall Sustainability Strategy. • Review progress against the Group’s external commitments, Sustainability Aspirations and delivery against key sustainability priorities. • Monitor the implementation and delivery of the Group’s public commitment to net zero emissions by 2050. • Monitor emerging sustainability issues that require board-level oversight and/or external stakeholder engagement. • Monitor progress against the ESG Ratings Strategy Roadmap. • Review sustainability measures included in the Group annual and/or LTIP scorecards. Topics covered in 2025 • Reviewed and discussed the Group’s Sustainability Strategy and 2026 priorities. • Reviewed progress on the Group’s net zero roadmap and endorsed the approach toannually disclose the Group’s methane portfolio emissions intensity. • Received updates from the CSO on emerging sustainability issues, peer bank developments, policies and developments impacting the Group’s key markets, and key initiatives. • Considered progress on the Group’s sustainability-related aspirations and endorsed the modification of two existing KPIs. • Reviewed progress on the Group’s sustainability-related memberships • Monitored the Group’s performance on the prioritised external ESG ratings agencies. • Received training on the Group’s Innovation Hubs (including debt for sustainable development swaps) and the Global Energy Transition Trends. • Reviewed the sustainability measures included in the Group annual and LTIP scorecards. • Reviewed progress made against Modern Slavery Statement commitments. Roles and responsibilities • Oversee the Group’s financial and non-financial reporting. • Review the operation and effectiveness of the Company’s systems and controls in relation to whistleblowing systems. Topics covered in 2025 • Reviewed changes to the climate and GHG emissions-related quantitative disclosures to be reported in this Annual Report and the key controls around those quantitative disclosures. • Received an update on the Group’s net zero models and the validation of these under the Group’s Model Risk Management framework and provided feedback to management. • Reviewed the principal non-financial disclosures made by Standard Chartered, including the publication of ESG reporting and Task Force on Climate-related Financial Disclosures (TCFD). Standard Chartered | Annual Report 2025124 ![]() Chair Group Chief Risk Officer (GCRO) Agenda frequency and inputs • ESGR Risk updates were regularly provided to the GRC via the Group Risk Information Report and GCRO Report Governance body Group Risk Committee (GRC) Chair Global Head of Enterprise Risk Management (ERM) Agenda frequency and inputs • Sixteen times in 2025 Governance body Group Responsibility and Reputational Risk Committee (GRRRC) Roles and responsibilities • Oversee the effective implementation of the Enterprise Risk Management Framework (ERMF) for the Group, including the delegation of any part of its authorities to appropriate individuals or properly constituted committees below the GRC. • Review RA for all Principal Risk Types (PRT) including ESGR Risk across the Group, to ensure that this is within the approved Board RA and Management Team (MT) limits. Topics covered in 2025 • Received updates on RA, portfolio risks, recent NGO activity, regulatory updates, netzero, management and local regulatory stress tests via Group CRO Report. • Received an annual update on ESGR risk, which included: regulatory updates; reputational risk profile updates in CIB, WRB and for third parties; climate risk integration in country risk, credit risk for CIB and WRB, operational and technology risk, country risk, treasury risk, liquidity risk; and scenario analysis and corporate planning. • Received regular updates on ESGR risk (including Reputational Risk Materiality Assessments and Environmental and Social Risk Assessments, and Climate Risk updates), RA MT Limit and Board RA metrics and monitored adherence to these as partof the GRC Risk Information Report. Roles and responsibilities • Oversee and approve Position Statements including sector-specific and cross-sector statements including Climate Risk. • Oversee ESGR-related RA metrics. • Escalate very high or high ESGR matters to the GRC and BRC as appropriate • Make decisions on high-rated clients and/or transactions that are based on the relevant ESGR assessments, while considering trade-offs associated with ESGR risks and opportunities. Topics covered in 2025 Reviewed and approved: • Clients and/or transactions with high ESGR risks. • The Green and Sustainable Product, Transition Finance and Sustainable Bond frameworks. • The process for net zero portfolio steering and governance, including: 1 evaluating clients’ transition plans 2 refreshed financed emissions data for clients in sectors where the Group has set net zero targets 3 ongoing approach to net zero portfolio management. • Updates for cross-sector and sector-specific Position Statements. Annual Report 2025 | Standard Chartered 125 Sustainability review ![]() Chair Head, Global Sustainability Engagement and Disclosures Agenda frequency and inputs • At least six times ayear Governance body Sustainable Finance Governance Committee (SFGC) Chair Chief Sustainability Officer (CSO) Agenda frequency and inputs • Three times in 2025 Governance body Sustainability Executive Committee (Sustainability ExCo) #### Sustainability governance Roles and responsibilities • Provide leadership, governance and oversight in delivering the Group’s sustainable financeofferings. • Review and endorse sustainable finance products and frameworks. • Guide the Group in identifying opportunities in sustainable finance and managing the greenwashing risks relating to sustainable finance. • Oversee appointment, training and qualifications of empowered approvers. Topics covered in 2025 Reviewed and approved: • Sustainable finance products including sustainable cash products, sustainable trade finance products and sustainable finance wealth and retail products. • Green and sustainable finance transactions including transactions with climate-related KPIs. • The Group’s GSPF and Sustainable Bond Framework, encompassing a range of climate finance activities. • The Group’s TFF outlining our approach to defining transition activities. • The Group’s approach to pureplay clients which align to the Group’s GSPF and TFF. • Reviewed and appointed new empowered approvers in alignment with CIB’s geographic coverage cluster model. Roles and responsibilities • Direct actions as necessary for areas of improvement to ensure the effective implementation of sustainability initiatives. • Review findings and escalations from delegated committees (including but not limited to the Sustainability Operating Steering Committee). • Oversee the net zero programme. Topics covered in 2025 Discussed: • Group’s 2026 Sustainability Strategy. • Group’s prioritised ESG ratings. • Annual Review of memberships, commitments & aspirations. • Net zero progress. Standard Chartered | Annual Report 2025126 ![]() Chair Global Head, Sustainability Strategic Initiatives Agenda frequency and inputs • At least eight times ayear Governance body Sustainability Operating Steering Committee (SOSC) Co-Chairs Global Head, International Corporates and CCO and Head, CIB Advisory, UK and Europe Agenda frequency and inputs • Monthly Governance body Corporate & Investment Banking Client Review Committee (CIB CRC) Roles and responsibilities • Central forum where all strategic objectives related to sustainability are consolidated, prioritised and agreed upon • Oversee and monitor milestones and deliverables of sustainability initiatives with a focus onprogramme updates, including schedule, business benefits and cost • Ensure sustainability investment budget is centrally prioritised and allocated to businesses and functions quarterly performance reviews • Be a forum for escalation and decision-making to remove impediments and mitigate risks across all relevant non-financial risk types relating to delivery of the work in accordance with the CSO’s objectives and key results and KPIs Topics covered in 2025 • Enforced accountability and fostered collaboration across the Group to operationalise theGroup’s net zero plan requirements and the broader sustainability agenda • Advanced the pan-bank ESG data and digital strategy and capabilities to embed sustainability into the client and deal lifecycle, enabling the Group’s sustainability ambition and CSO strategic priorities • Enabled accurate ESG data capture, mitigating operational and greenwashing risks while facilitating accurate and timely reporting and disclosures • Aided the implementation of the Bank’s ESG platform, consolidating ESG data and enabling business lines to assess ESG risks • Provided updates on advancement within the Group’s Innovation Hubs Read the Committees’ terms of reference at sc.com/committees Roles and responsibilities • To serve as a forum for assessing corporate responsibility and stakeholder perception onenvironmental, social, climate risk, net zero and other related policies when onboarding or maintaining CIB clients • Approve or reject new client relationships and make decisions on exiting or retaining existing ones in line with the relevant policies • Establish clear responsibilities for escalation to the Committee so that decisions are made as close to the front line as appropriate Topics covered in 2025 • Client submissions regarding sanctions risk, defence and dual use goods, sensitive clients and reputational risk • Coal related exits – client entities that are dependent on thermal coal revenue and will breach our step-down thresholds • ESGR approvals for previously medium/high risk cases where the risk profile remainsunchanged • Updates from the Net Zero & Climate Risk Working Forum (NZCRWF) • CIB client committees exits tracking Annual Report 2025 | Standard Chartered 127 Sustainability review ![]() #### Incentive structure Variable remuneration is based on measurable performance criteria linked to the Group’s strategy, including our sustainability-related goals and targets, which are overseen by the Remuneration Committee and the Culture and Sustainability Committee. Discretionary annual incentives The Group scorecard, which contains financial and strategic measures, is a key input in determining the Group’s variable remuneration pool. Sustainability-related measures were included in the 2025 Group scorecard with our Scope 1 and 2 net zero emissions targets now achieved. We continue to include sustainability in the 2026 Group scorecard related to: • Growing sustainable finance income in our CIB network. • Net zero decarbonisation: reducing our financed emissions for key sectors in line with our risk appetite. Long-term incentive plan (LTIP) LTIP awards are granted to members of the Group Management Team and may also be granted to other employees in the Group. Sustainability measures continue tobe included in the 2026-2028 LTIP, focused on our net zero pathway as follows: • Accelerating zero: progress towards our 2030 sustainable finance mobilisation target in each of the three performance years. • Net zero decarbonisation: reducing our financed emissions for key sectors being assessed on annual year-on-year emission reductions. Read more in the Directors’ remuneration report onpages180 to 206 Key individuals or teams with climate-related objectives which impact variable remuneration In addition to the Group scorecard and LTIP performance measures, dedicated climate- and sustainability-related objectives apply across functional and regional scorecards including the Risk function, and individual objectives add a further link between sustainability outcomes and reward. Individual or team Objectives/performance linkage Group Management Team (GMT) Members of the GMT are eligible for an annual incentive based on the outcome of our Groupscorecard and an LTIP award which both include sustainability-related measures. Readmore on pages 180 to 206. Group Chief Risk Officer (GCRO) The GCRO is responsible for the overall second line of defence for Climate Risk as the appropriate senior management function under the senior managers regime. The GCRO issupported by the Global Head, Enterprise Risk Management, who has day-to-day oversightresponsibility for Climate Risk. Chief Sustainability Officer (CSO) The CSO is responsible for setting and driving the Group’s sustainability strategy, including delivering on the Group’s public sustainability commitments. The CSO organisation houses the Group’s sustainability strategy, net zero delivery, strategic initiatives, Innovation Hubs andESRM teams. Performance measures for the CSO include progress against the delivery ofthe Group’s net zero roadmap and sustainable finance targets. Global Head of Supply Chain Management (SCM) The Global Head of SCM is responsible for the delivery of upstream Scope 3 supply chain (categories 1, 2, 4 and 6) emission reductions and climate-related supply chain objectives andtargets. Global Head of Corporate Real Estate Services (CRES) The Global Head of CRES is responsible for delivering on our aim to maintain net zero emissions in our Scope 1 and Scope 2 emissions, and to track and monitor Scope 3 (Category5,7 and 13) emissions. All employees Selected sustainability-related targets are incorporated into our annual Group scorecard, which is a key input in the setting of the employee annual incentive pool. #### Sustainability governance Standard Chartered | Annual Report 2025128 ![]() ## Directors’ ## Report #### Case study ## Partnering with Liverpool FC, ## Formula 1 ® ## andsponsoring ## marathons In 2025, our partnerships with Liverpool Football Club and our sponsorship of marathons andglobal races went from strength to strength. Liverpool Football Club returned to Asia for their Summer Tour, visiting Hong Kong – their first visit tothe market ineight years – and Japan. Meanwhile, 2025 was a milestone year for our marathons and global races. The year marked the 20 th anniversary oftheGreat City Race 5km corporate runin London and the20 th edition of the Standard Chartered Jersey Marathon. In January 2026, we announced a new Sponsorship with Formula 1® as Official Wealth Management Partner and Official Corporate & Investment Banking Partner to the globalracing series. Read more: sc.com/sponsorships In this section 130 Board of directors 134 Compliance statement 135 Management Team 138 Corporate governance 155 Committee reports 180 Directors’ remuneration report 207 Other statutory and regulatory disclosures 217 Statement of directors’ responsibilities Annual Report 2025 | Standard Chartered 129 Directors’ report ![]() 1 2 3 4 5 6 7 8 9 10 ## Board of Directors 1 Dr Linda Yueh, CBE Independent Non-Executive Director 2 Shirish Apte Independent Non-Executive Director 3 Lincoln Leong Independent Non-Executive Director 4 Maria Ramos Group Chair 5 Robin Lawther, CBE Independent Non-Executive Director From left to right 6 Diane Jurgens Independent Non-Executive Director 7 Bill Winters, CBE Group Chief Executive 8 Phil Rivett Senior Independent Director 9 Jackie Hunt Independent Non-Executive Director 10 David Tang Independent Non-Executive Director On 10 February 2026, we announced that Diego De Giorgi stepped down from his role asExecutive Director and Group Chief Financial Officer, and that Pete Burrill was appointed asInterim Group Chief Financial Officer with effect from 10 February 2026. Read more about Pete Burrill on page 135 Standard Chartered | Annual Report 2025130 ![]() Key to the Board committees A Audit Committee Ri Board Risk Committee CS Culture and Sustainability Committee GN Governance and Nomination Committee R Remuneration Committee Denotes Committee Chair Maria Ramos (67) Group Chair Appointed: January 2021 and Group Chair in May 2025. Maria was appointed to the Court of Standard Chartered Bank in January 2021. Nationality: South African, based intheUK Committees: GN Skills and experience: Maria has extensive CEO, banking, commercial, financial, policy and international experience. Career: Maria served as Chief Executive Officer of ABSA Group Limited (previously Barclays Africa Group), from2009 to 2019. Before joining ABSA, Maria was the Group Chief Executive ofTransnet Ltd for five years. Maria served for seven years as Director General of South Africa’s National Treasury. Maria has served on several international boards, including Sanlam Ltd, Remgro Ltd, and SABMiller plc, and more recently was a non-executive director of the Saudi British Bank and Public Investment Corporation Limited until December 2020 and Chair of AngloGold Ashanti PLC until 2024. She was also a non-executive director of Compagnie Financière Richemont SA before stepping down in March 2025. External appointments: Member of the Group of Thirty; International Advisory Board member of the Blavatnik School of Government at Oxford University; Advisory Board member of the Wits Foundation Board of Governors; Board member of the Institute of International Finance; Member of the Leadership Council of TheCityUK; Member of the Bretton Woods Committee; Board member of the Institute of International Finance; Member of the National Financial Regulatory Administration International Advisory Council; andHigh-Level Private Sector AdvisoryGroup member of Asian DevelopmentBank. Bill Winters, CBE (64) Group Chief Executive Appointed: June 2015. Bill was also appointed to the Court of Standard Chartered Bank in June 2015. Nationality: American/British, based inthe UK Skills and experience: Bill is a career banker with significant frontline global banking experience and a proven track record of leadership and financial success. Career: Bill began his career with JP Morgan, where he became one of its top five executives and later Co-Chief Executive Officer at the investment bank from 2004 until 2009. Bill was acommittee member of the UK Independent Commission on Banking, where he recommended ways to improve competition and financial stability. Subsequently, he served as anadviser to the UK Parliamentary Commission on Banking Standards and was asked by the Court of the Bank of England to complete an independent review of the Bank of England’s liquidity operations. In 2011, Bill founded Renshaw Bay, an alternative asset management firm, where he was Chair and CEO until his appointment to the Standard Chartered PLC Board. Bill received a CBE in 2013 and was previously a non-executive director of Pension Insurance Corporation plc and RIT Capital Partners plc. He stepped down as a non-executive director of Novartis International AG in March 2025. External appointments: Non-executive director at Stripe INC; Advisory Group member of the Integrity Council for Voluntary Carbon Markets; and Board Advisor to the International RescueCommittee. Phil Rivett (70) Senior Independent Director Appointed: May 2020. Phil was appointed to the Court of Standard Chartered Bank in May 2020. Nationality: British, based in the UK Committees: A Ri GN R Skills and experience: Phil has significant professional accountancy and audit experience in the financial services sector. Career: Phil joined PricewaterhouseCoopers (PwC) in 1976, becoming a partner in 1986. He spent more than 30 years at PwC and was lead relationship partner for several FTSE 100 companies, including several international banks and financial services institutions. He has substantial international experience, having worked with banks across the Middle East and Asia, particularly China. Hebecame Leader of PwC’s Financial Services Assurance practice in 2007 and was appointed Chair of its Global Financial Services Group in 2011. Phil has sat on several global financial services industry groups, producing guidelines for best practice in governance, financial reporting and risk management. External appointments: Independent non-executive director and Chair oftheaudit committee at Nationwide Building Society; and Independent non-executive director at Virgin MoneyUK PLC. Annual Report 2025 | Standard Chartered 131 Directors’ report ![]() Shirish Apte (73) Independent Non-Executive Director Appointed: May 2022. Shirish was appointed to the Court of Standard Chartered Bank in January 2023. Nationality: British, based in Singapore Committees: A Ri GN R Skills and experience: Shirish has extensive corporate, investment banking, risk management, commercial and retail banking experience. Career: Shirish spent more than 30 years with Citigroup, where he focused on corporate and investment banking, and managed commercial and retail banking businesses at country and regional level. He has strong risk experience and was a Senior Credit Officer and a Senior Securities Officer at Citigroup. Shirish was Co-CEO for Citi’s Europe, Middle East and Africa business from 2008 to 2009, and Regional CEO Asia Pacific from 2009 to2011. He was Chair of Asia Pacific Banking from 2012 until his retirement in 2014. He was on the Executive and Operating Committees of Citigroup from 2008 to 2014. From June 2014 until October 2022, he was an independent non-executive director at the Commonwealth Bank of Australia. External appointments: Independent non-executive director at Singapore Life Pte Ltd and Hillhouse Investments; and Independent non-executive director and Chair of the board risk andnomination committees at Keppel Corporation Limited. Jackie Hunt (57) Independent Non-Executive Director Appointed: October 2022. Jackie was appointed to the Court of Standard Chartered Bank in October 2022. Nationality: British, based in the UK Committees: A Ri GN R Skills and experience: Jackie is a chartered accountant and has spent most of her career within financial services. She brings significant UK andinternational financial services experience, including asset management, insurance, regulatory and accounting knowledge. Career: Jackie has held several senior management positions at companies including Hibernian Group, Norwich Union Insurance (now Aviva), PwC andRSA Insurance. From 2016 until 2021, she was a member of the Allianz SE management board. Jackie was anexecutive director of Prudential plc and CEO of Prudential UK, Europe and Africa. She was Group Chief Financial Officer of Standard Life plc from 2010 to 2013, where she helped transform the life insurer into a diverse savings, pensions and asset management business. Jackie was previously the Senior Independent Director of National Express Group PLC, a non-executive director of TheCityUK andthe Deputy Chair of the FCA Practitioner Panel. She was also an independent non-executive director ofMan Group PLC, Rothesay Life PLC and OneWeb Holdings Limited. External appointments: Independent non-executive director at Willis Towers Watson plc; and Director of ExtrapropUnlimited. #### Board of Directors Diane Jurgens (63) Independent Non-Executive Director Appointed: March 2024. Diane was appointed to the Court of Standard Chartered Bank in March 2024. Nationality: American, based in the US Committees: Ri CS Skills and experience: Diane has significant expertise in driving technology, product development andinnovation to transform business operations across the mass media andentertainment, mining, automotive and aerospace sectors. Career: From 2020 to 2023, Diane wasExecutive Vice President and ChiefInformation Officer at The Walt DisneyCompany, where she oversaw Disney’s global enterprise technology organisation. From 2015 to 2020, Diane was Chief Technology Officer of the multinational mining and metals company BHP, where, largely based inSingapore, she was responsible for leading capital programme delivery, technology operations, cyber security, data privacy, and research and development. From 2012 to 2015, Diane was President and Managing Director of an American and Chinese joint venture, Shanghai Onstar Telematics, and was based in Shanghai. Prior tothat, Diane held numerous senior executive positions at General Motors including several global roles across many of the Group’s key markets. External appointments: Non-executive director of the World 50 Group; and Dean’s Advisory Board member at theUniversity of Washington College ofEngineering. Standard Chartered | Annual Report 2025132 ![]() Robin Lawther, CBE (64) Independent Non-Executive Director Appointed: July 2022 Nationality: American/British, based in the UK Committees: CS Ri R Skills and experience: Robin brings extensive international banking experience in global markets and financial institutions with specialist knowledge in investment banking, mergers and acquisitions, and capitalraising. Career: Robin spent more than 25 years at JP Morgan Chasein several senior executive positions. She has valuable executive and non-executive experience across global markets and has considerable understanding of regulatory and governance issues. From2019 to 2021, she served as anon-executive director on the board of M&G plc. In January 2014, Robin joined Shareholder Executive (now UKGovernment Investments), as a non-executive board member until completing her term in May 2022. She received a CBE for services to finance and diversity in the Queen’s Birthday Honours 2020. From 2016 to 2020, Robin was a non-executive board member of Oras Invest and from 2014 to 2023, she served as an independent non-executive director of Nordea BankAbp. External appointments: Non-executive director at ICG plc; Independent board member at Ashurst LLP; and Global Advisory Board member at Aon PLC. Lincoln Leong (65) Independent Non-Executive Director Appointed: November 2024. Lincoln was appointed to the Court of Standard Chartered Bank in November 2024. Nationality: Canadian/Chinese (HK), based in Hong Kong Committees: A Skills and experience: Lincoln is a chartered accountant with experience in investment management and investment banking. Career: Lincoln spent more than 15 years at MTR Corporation Limited inarange of executive roles, becoming itsChief Executive Officer from 2015 to2019. Prior to this he held a number ofsenior roles within private equity andinvestment banking including asapartner at Capital Z Asia Limited, Senior Vice President of Investment Banking at Lehman Brothers Asia Ltd and Director of, followed by Head of Corporate Finance at Schroders Asia Ltd. Lincoln started his career as an accountant at PriceWaterhouse (now PwC) in London and subsequently joined PriceWaterhouse in Vancouver. He was previously a non-executive director of Jardine Strategic Holdings Limited and Mandarin Oriental International Limited, and an independent non-executive director ofLink Asset Management Limited (manager of the listed Link Real Estate Investment Trust) and SUNeVision Holdings Ltd. External appointments: Independent non-executive director of Standard Chartered Bank (Hong Kong) Limited; Independent non-executive director and Chair of the audit committee ofthe China Resources Land Limited; Non-executive director of Hongkong Land Holdings Limited; Board member and executive committee member ofThe Community Chest of Hong Kong; and Vice Chair supervisory board member and executive committee member of the Hong Kong HousingSociety. David Tang (71) Independent Non-Executive Director Appointed: June 2019 Nationality: American, based in China Committees: CS R Skills and experience: David has adeep understanding and experience of emerging technologies most notably in Mainland China. Career: David has more than 30 yearsof international and Chinese operational experience in the technology and venture capital industries, covering venture investments, sales, marketing, businessdevelopment, research and development and manufacturing. From 1989 to 2004, David held several senior positions in Apple, Digital Equipment Corp and 3Com based in China and across the Asia Pacific region. From 2004 to 2010, David held various positions at Nokia, including Corporate Vice President, Chair of Nokia Telecommunications Ltd and Vice Chair of Nokia (China) Investment Co. Ltd. He went on to become Corporate Senior Vice President and Regional President of Advanced Micro Devices, Greater China, before joining NGP Capital (Nokia Growth Partners) inBeijing as Managing Director and Partner in 2013, a position he held until June 2021. David was an independent non-executive director of Kingsoft Corporation, a Chinese software and internet services company. External appointments: Non-executive director of JOYY Inc.; and Founding member of the Hong Kong AI Foundation. Annual Report 2025 | Standard Chartered 133 Directors’ report ![]() Dr Linda Yueh, CBE (54) Independent Non-Executive Director Appointed: January 2023. Linda was appointed to the Court of Standard Chartered Bank in January 2023. Nationality: American/British, based in the UK Committees: CS GN R Skills and experience: Linda is a renowned economist and financial broadcaster with a diverse range of skills and experience across financial services, technology, not-for-profit and business-to-business service sectors. Career: Linda has held various academic and advisory roles after starting her career as a corporate lawyer. Linda was Economics Editor atBloomberg News from 2010 to 2012 and Chief Business Correspondent for the BBC from 2013 to 2015. She was aVisiting Professor at LSE IDEAS at theLondon School of Economics and Political Science from 2019 to 2022 andserved on the Independent Review Panel on Ring-Fencing and Proprietary Trading for HM Treasury. Linda held non-executive directorships with Scottish Mortgage Investment Trust Plc, London & Partners Ltd and JPMorgan Asia Growth & Income Plc. She was Senior Independent Director of Fidelity China Special Situations Plc, Trustee ofthe Coutts Foundation and Adviser to the UK Board of Trade. Linda wasawarded a CBE for Services to Economics in the 2023 New Year Honours List. External appointments: Independent non-executive director of Rentokil Initial Plc and Segro Plc; Chair of the Baillie Gifford The Schiehallion Fund Ltd; Senior Advisor to the CEO at Greene King; Fellow at St Edmund Hall, OxfordUniversity; Adjunct Professor ofEconomics at London Business School; Trustee of the Fidelity UK and International Foundations; Associate Fellow at Chatham House; and Advisory member of the UK Soft PowerCouncil and the English Law Promotion Panel. #### Board of Directors Scott Corrigan (59) Group General Counsel and Group Company Secretary Appointed: November 2025 Nationality: American, based in the UK Skills and experience: Scott joined the Bank in 2014 as General Counsel, Americas. Hepreviously held the Group Company Secretary role onaninterim basis from 2021 to2022. Scott is also Group General Counsel, having been appointed to the role in January 2025. He leads the Group’s Legal and Corporate Secretariat teams globally. Career: Scott has extensive legal expertise, having previously served as Assistant District Attorney at the New York County District Attorney’s Office and as Enforcement Counsel for the Federal Reserve Bank of New York. After leaving government service, Scott represented banks, other financial services firms, and financial services executives in government investigations and civil litigation. He also served in avariety of managerial roles as a law firm partner. Compliance statement The directors are pleased to confirm that during 2025 the Company complied with the UK Corporate Governance Code 2024 (UK Code) and the Hong Kong Corporate Governance Code contained inAppendix C1 of the Hong Kong Listing Rules (HKCode). During 2025, an updated version of the HK Code waspublished that applies to the Company’s financial year ending 31 December 2026. TheBoard has received presentations on the changes and discussed the actions to betaken to prepare for theirimplementation. The Board and the Audit Committee remained focused on the Group’s progress towards ensuring compliance with Provision 29 of the UK Code, which applies to the financial year ending 31 December 2026. Read more on page 168. This Directors’ report, which constitutes our corporate governance report, provides insights into how governance operates within the Group andhowwe have applied the principles set out in the UKCode and HK Code. Copies of the UK Code and the HK Code can be found at www.frc.org.uk and www.hkex.com.hk, respectively. The Group confirms that it has adopted a code of conduct regarding directors’ securities transactions on terms no less exacting than required by Appendix C3 of the Hong Kong Listing Rules. Having made specific enquiries of all directors, the Group confirms that all directors have complied with the required standards of the adopted code of conduct. A table setting out where relevant information is disclosed can be found in Other statutory and regulatory disclosures onpage 207. Standard Chartered | Annual Report 2025134 ![]() ## Management Team Appointed: May 2025 Nationality: American, based inSingapore Career: Noelle’s extensive career spansmore than 30 years across financial services, financial technology, healthcare, and hospitality. She has deep experience in areas from modernising global technology to driving core innovation, as well as indata and analytics, cyber security, product management and software development. Noelle was named one of the top 50 leaders in technology on the Forbes CIO Next List in 2023 and was listed in WomenTech network’s 100 Executive Women in Tech toWatch for 2025. Prior to joining the Bank, Noelle was the Executive Vice President and Global Chief Information Officer at The Cigna Group, where she was responsible for leading the digital, technology, data and analytics and operations strategy. Prior to joining The Cigna Group, herprevious roles included Chief Information and Digital Officer at Hilton Worldwide Holdings, and Chief Card Customer Experience Officer for Capital One Financial Corporation. Shealso held leadership roles at Intuit and Teknowledge. External appointments: None. Appointed: February 2026 Nationality: American/British, based inUK Career: Pete was appointed as the Interim Group Chief Financial Officer inFebruary 2026, following tenure asGroup Head, Central Finance andDeputy Chief Financial Officer since 2017. Additionally, he is Chair ofthe Standard Chartered Bank AG Supervisory Board, a position he has held since March 2025, having joined the Supervisory Board in 2019. Prior tojoining the Bank, Pete was Group Controller and Co-Head of Group Finance at Deutsche Bank. Earlier in his career, Pete spent almost 20 years at KPMG, including 10 years in the United States followed by 10 years in Germany. External appointments: None. Noelle Eder (56) Group Head, Technology &Operations Bill Winters, CBE (64) Group Chief Executive Pete Burrill (54) Interim Group Chief Financial Officer Appointed: January 2026 Nationality: British, based in the UK Career: Jason was appointed as the Group Chief Risk officer in January 2026, following tenure as Global Headof Enterprise Risk Management and Deputy Chief Risk Officer since joining the Bank in September 2020. Additionally, he was appointed Co-Head, Chief Risk Officer, Corporate & Investment Banking in July 2024 andto Standard Chartered Bank AG’s Supervisory Board in January 2025. Jason’s career in financial services spans over three decades. Prior to his role at the Bank, Jason accumulated 21years at Credit Suisse, where he held a variety of senior positions including Global Head of Enterprise and Operational Risk Management and CFO Credit Suisse Europe and Chief Operating Officer for the Risk Division. Earlier in his career, Jason spent a decade at PwC, undertaking key roles as Senior Manager and Manager in the Financial Services Audit and Advisory Groups across London, Moscow andBirmingham. External appointments: None. Jason Forrester (56) Group Chief Risk Officer Read more about Bill on page 131 Annual Report 2025 | Standard Chartered 135 Directors’ report ![]() #### Management Team Appointed: August 2024 Nationality: Chinese, based inHongKong Career: Mary is an executive director of Standard Chartered Bank (Hong Kong) Limited (SCBHK). She has over 30 years of experience in business management and banking services. Mary was the Regional Head of Retail Banking, Greater China & North Asia, before being appointed CEO for Hong Kong in March 2017, and took on an expanded role as Cluster CEO for Hong Kong, Taiwan and Macau in January 2021. External appointments: Rotating Chairor Vice Chair of the Hong Kong Association of Banks; Vice President ofthe Council of the Hong Kong Institute of Bankers; Council member ofthe Hong Kong Treasury Markets Association; Member of the Hong Kong Monetary Authority’s Banking Advisory Committee; Member of the Hong Kong Academy of Finance; Representative ofHong Kong, Chinatothe Asia-Pacific Economic Cooperation Business Advisory Council; Council member ofthe Hong Kong Management Association; Member of the Belt and Road & Greater Bay Area Committee ofthe Hong Kong Trade Development Council; Member of the Advisory Committee on Development of International Aviation Superhub; Member of the Human Resources Planning Commission; Board positions in the Hong Kong Hospital Authority; and Member of the Advisory Committee on Corruption of the Independent Commission Against Corruption. Mary Huen (58) CEO, Hong Kong and Greater China & North Asia Judy Hsu (62) CEO, Wealth & Retail Banking Appointed: October 2017 Nationality: Canadian, based inHongKong Career: Judy was appointed CEO, Wealth & Retail Banking in January 2021. In addition, she has responsibility for our ASEAN, South Asia, Greater China & North Asia markets. She is alsothe Chair of Trust Bank Singapore Limited. Previously, Judy was Regional CEO, ASEAN & South Asia, a position she held from June 2018 and the CEO for Standard Chartered Singapore from 2015 to 2018. She joined the Bank in December 2009 as the Global Head ofWealth Management and led the strategic advancement of the division. Prior to this, Judy spent 18 years atCitibank, where she held various leadership roles in its Consumer Banking business in Asia. External appointments: Independent non-executive director of CapitaLand Limited. Appointed: December 2025 Nationality: Italian/Dutch, based intheUAE Career: Prior to his current role, Robertowas Global Head of Financial Markets from January 2017 and Global Co-Head, Corporate & Investment Banking from April 2024. He currently has responsibility for our Europe, Americas, Middle East and Africa markets. Before joining the Bank, Roberto was a partner at Brevan Howard, leading the Liquid Portfolio Strategies funds business. Previously, hespent three years at UBS Investment Bank in London leading the global Securities Distribution business and then co-heading the global Fixed Income, Currencies and Commodities division. Roberto spent 17 years at Morgan Stanley where he held various senior roles in fixed income derivatives, led the global Emerging Markets Fixed Income & FX business, and was latterly Head of Global Interest Rates, Credit and Currencies. External appointments: Independent non-executive director of MarketAxess Holdings Inc. Roberto Hoornweg (57) CEO, Corporate & Investment Banking Standard Chartered | Annual Report 2025136 ![]() Benjamin Hung (61) President, International Tanuj Kapilashrami (48) Chief Strategy & Talent Officer Alex Manson (56) CEO, SC Ventures Appointed: April 2024 Nationality: Canadian, based inHongKong Career: Ben is the Chair of SCBHK, Standard Chartered Bank (China) Limited and Standard Chartered Bank(Singapore) Limited. Ben joined Standard Chartered in 1992 and has held several senior management positions spanning corporate, commercial and retail banking. Prior tohis current role, he was CEO, Asia, overseeing the Bank’s presence in 21 markets. He was previously Regional CEO for Greater China & North Asia and CEO for the Bank’s Retail Banking and Wealth Management businessesglobally. External appointments: Chair of the Board of directors of the Hong Kong Financial Services Development Council; Member of the Hong Kong Chief Executive’s Council of Advisers, the Exchange Fund Advisory Committee and the General Committee of the Hong Kong General Chamber of Commerce; Board member of the West Kowloon Cultural District Authority Board; Co-Chair of B20’s Finance and Infrastructure; and Economic Adviser atthe International Consultative Conference on the Future Economic Development of Guangdong Province, Mainland China; and Visiting Lecturer at Princeton University. Appointed: April 2024 Nationality: British, based in the UK Career: Tanuj heads Corporate Strategy, Group-wide Transformation and Corporate Functions (HR, Corporate Affairs, Brand and Marketing, Supply Chain Management and Corporate Real Estate & Services). Before taking on this role, Tanuj was the Group Head, Human Resources from 2019, and joined the Bank as Group Head, Talent, Learning & Culture in 2017. Tanuj has over two decades ofexperience in theglobal financial services sector, andprior to Standard Chartered, she built her career at HSBC in a range of country, regional and global leadership roles across multiple markets, including Hong Kong, Singapore, Dubai, India and London. Tanuj was previously an associate non-executive director of the Board ofNHS England advising on their workforce transformation agenda. External appointments: Non-executive director and member of the nomination and remuneration committees of JSainsbury’s PLC; and Member of the Asia House Board of Trustees. Appointed: August 2024 Nationality: French, based inSingapore Career: Alex is the CEO of SC Ventures, which he set up in 2018. He joined Standard Chartered in 2012 initially asGroup Head, Wholesale Banking Geographies, and later served as Global Head, Transaction Banking. Alex set up SC Ventures as a unit of theBank to promote innovation, invest in disruptive technology and build new ventures to explore alternative business models in the financial sector. Prior to joining the Bank, Alex was at Deutsche Bank for 12 years, where he held roles including Global Head of Lending andCorporate Banking Coverage and Head Global Banking (IBD) Coverage APAC. He started his banking career atCredit Suisse, where he held roles inthe Securitization Group, and Derivatives & Structured Products. External appointments: Board member(various) for our ventures and portfolio companies. Annual Report 2025 | Standard Chartered 137 Directors’ report ![]() #### 2025 Board meetings attendance AGM Scheduled Maria Ramos (Group Chair) 8/8 Bill Winters, CBE (Group Chief Executive) 8/8 Diego De Giorgi (Group Chief Financial Officer) 1 8/8 Phil Rivett 8/8 Shirish Apte 8/8 Jackie Hunt 8/8 Diane Jurgens 8/8 Robin Lawther, CBE 8/8 Lincoln Leong 8/8 David Tang 2 7/8 Dr Linda Yueh, CBE 8/8 Dr José Viñals 3 3/3 1 Diego De Giorgi stepped down as Executive Director and Group Chief Financial Officer on 10 February 2026. 2 David Tang was unable to attend one scheduled meeting due to a family bereavement. David had access to all relevant materials prior to the meeting andtheopportunity to provide feedback. 3 José Viñals stepped down from the Board on 8 May 2025. ## Our Board at a glance #### 2025 Board priorities In our commitment to deliver value through a culture of operational excellence, we focused on the following prioritiesduring 2025: Board and committee changes Oversaw the implementation of succession plans in relation to the appointment of the Group Chair, Audit Committee Chair and Risk Committee Chair. Read more on page 157 Annual performance review Appointed an external independent reviewer to undertake the annual performance review of the Board and its committees and received recommendations toenhance performance. Read more on pages 150 to 152 UK Audit and Corporate Governance Reforms(ACG) Oversaw the multidisciplinary Group-wide rollout on theACG reforms, which went live on 1 January 2026. Read more on pages 161 and 168 #### 2025 governance outcome highlights Directors’ remuneration policy Received the support of shareholders for the new Directors’ remuneration policy and the implementation of the 2024 Directors’ remuneration report at our 2025AGM. Read more on pages 146 and 181 Oversight of key transformation programmes Navigating the geopolitical environment Sharpening execution of the strategy Succession planningInnovation and sustainability Risk, compliance and regulatory Standard Chartered | Annual Report 2025138 ![]() Group Chair and INEDtenure Ethnicity #### Diversity as at 31 December 2025 Board and committee composition changes Average ### 3.7 years 0 – 3 years 3 – 6 years 6 – 9 years 2 6 1 {3}{6}.{4}% (2024: 33.3%) White British/Other White Asian/Asian British 7 4 Gender Senior positions (GCE,GCFO, Group Chair and SID) {2}{5}% (2024: 25%) Women Men 1 3 {4}{5}.{5}% (2024: 41.7%) Women Men 5 6 Age Independence 44 – 55 56 – 65 66 – 75 2 5 4 Group Chair (independent upon appointment) Independent non-executive directors Senior independent director Executive directors 1 7 1 2 1 January 2025 • Diane Jurgens and Jackie Hunt joined the Board Risk Committee. • David Tang stepped down from the Board Risk Committee. • David Tang and Jackie Hunt joined the Remuneration Committee. 8 May 2025 • Maria Ramos succeeded José Viñals as Group Chair and Governance and Nomination Committee Chair. • Maria stepped down as Senior Independent Director, Board Risk Committee Chair and as a member ofthe Audit and Remuneration Committees. • Phil Rivett was appointed Board Risk Committee Chair,subject to regulatory approval, and assumed the role immediately on an interim basis. • Phil Rivett was appointed as Senior IndependentDirector. • Jackie Hunt was appointed as a member of the Governance and Nomination Committee and, subject to regulatory approval, was appointed as Audit Committee Chair. 1 August 2025 • Phil Rivett received regulatory approval as Board Risk Committee Chair. 15 September 2025 • Jackie Hunt received regulatory approval as Audit Committee Chair. 1 January 2026 • Phil Rivett was appointed as a member oftheRemuneration Committee. 10 February 2026 • Diego De Giorgi stepped down as Executive Director and Group Chief Financial Officer. Annual Report 2025 | Standard Chartered 139 Directors’ report ![]() ## Board leadership and Company purpose #### Governance structure Section 172 Statement and stakeholder engagement See pages 37 to 41 Board activities See pages 141 to 145 Board engagement with ourshareholders See pages 146 to 147 Roles and responsibilities See page 149 Board committees To assist in fulfilling its responsibilities, the Board delegates responsibilities to its five committees: Audit, Board Risk, Culture andSustainability, Governance and Nomination, and Remuneration. The Chair of each committee reports to the Board at every meeting, ensuring that the Board retains suitable oversight of delegated matters. With exception of the Governance and Nomination Committee (which is chaired bytheGroup Chair), all the Board committees are composed of INEDs. Group Chief Executive and Management Team The Board delegates authority for the operational management of the Group’s business to the Group Chief Executive for further delegation by him in respect of matters that are necessary for theeffective day-to-day running and management of the business. The Board holds the Group Chief Executive accountable in discharging his delegated responsibilities. The Management Team comprises the Group Chief Executive and the Group Chief Financial Officer, client segment CEOs and global function heads. Ithas responsibility for the day-to-day management of the Group and for executing its strategy. Read more on pages 135 to 137 The Terms of Reference of the Board and its committees are available on our website at sc.com/termsofreference Audit Committee The Audit Committee is responsible for oversight and review of matters relating to financial, non-financial and narrative reporting, the Group’s internal controls, including internal financial controls, and the work undertaken by the Compliance, Financial Crime &Conduct Risk (CFCR) function, Group Internal Audit & Investigations (GIAI) and the Group’s Statutory Auditor, Ernst & Young LLP (EY). Board Risk Committee The Board Risk Committee is responsible for oversight of the Group’s key risks. It reviews the Group’s Risk Appetite, and the appropriateness and effectiveness of the Group’s Enterprise Risk Management Framework (ERMF), and assesses emerging and existing principal risks. It also considers the implications of material regulatory change proposals and due diligence on material acquisitions and disposals. Culture and Sustainability Committee The Culture and Sustainability Committee is responsible for oversight and review of the Group’s culture and sustainability priorities. Governance andNomination Committee The Governance and Nomination Committee is responsible for advising the Board in relation to the composition of, and appointments to, the Board and its committees, and the development of a diverse pipeline for succession. The Committee also assesses the independence of each INED and monitors and advises on the impact of changes to corporate governance affecting the whole Group. Remuneration Committee The Remuneration Committee is responsible for setting the principles, parameters and governance framework for the Group’s remuneration policy and overseeing its implementation. This Committee determines the framework and policies for the remuneration of the Group Chair, the executive directors and other senior management. Italso oversees the alignment of reward, culture and the strategic priorities and oversees the Fair Pay Charter. Read more on pages 161 to 169 Read more on pages 170 to 175 Read more on pages 176 to 179 Read more on pages 155 to 160 Read more on pages 180 to 206 The Standard Chartered PLC Board The Board is responsible for: • The governance, strategic direction and performance of the Group, and the delivery ofsustainable value within aframework of prudent and effective controls to which the Group’s culture is aligned. • The Group’s engagement with key stakeholders and considering their views and interests during its discussions anddecision-making. • Overseeing the Group’s conduct and affairs and for promoting its long-term sustainable success. Under its Terms of Reference, the Board has direct responsibility for specific matters, including approval of the Group’s long-term objectives, purpose, valuedbehaviours, culture and commercialstrategy. Standard Chartered | Annual Report 2025140 ![]() The Board maintains a comprehensive schedule of meetings and a forward agenda to ensure meetings run efficiently and effectively. Board meeting agendas are agreed in advance by the Group Chair and Group Company Secretary, ensuring adequate time is allocated to all items with a balance between strategic, operational, financial and governance matters. TheGroup Chair holds INED-only meetings ahead ofeach scheduled Board meeting, which provides the opportunity for discussion on key agenda items and other matters without the executive directors and management present. The Board considers several standing items at each Board meeting including: • Group Chief Executive’s report • Group Chief Financial Officer’s report • Committee reports • Group Company Secretary’s report, including updates ongovernance matters. In addition to the regular financial and operational performance updates included in the Group Chief Executive and GCFO reports presented to the Board at its regular meetings, the Board also receives a monthly Group Chief Executive newsletter and financial updates including management accounts. #### Board activities Stakeholders considered Relationships with our key stakeholders were actively considered during Board and committee meetings, in decision-making, and in the individual and collective engagements that took place throughout the year. Clients Employees Investors Society Suppliers Regulators and governments Read more on our stakeholder engagement on pages 37to41 Key activities during 2025 This table details some of the key areas of focus for the Board during 2025 and the relevant stakeholder groups to which these areas align. Activities Outcomes Strategy • Reviewed the Group’s strategy over two days at an offsite Board meeting. Seepage 144 for further information. • Received and discussed regular corporate development updates. • Approved and monitored the Group’s exit from various markets and businesses in the Asia, Africa and the Middle East regions. • Received updates on the Group’s Investor Relations strategy. • Reviewed and discussed the progress and evolution of the Group’s Technology & Operations strategy. • Discussed the role of digital assets in the evolution of financial services and the Group’s role in shaping the future of the banking industry. • Approved sales of WRB businesses in Uganda, Zambia and Sri Lanka. See page 145 for further information. • Oversaw a new market entry into Luxembourg. See page 144 for further information. Annual Report 2025 | Standard Chartered 141 Directors’ report ![]() Activities Outcomes Risk management and regulatory • Received risk reports from the GCRO and Board Risk Committee. • Reviewed the Financial Conduct Authority (FCA) Firm Evaluation Letter, engaged directly with the FCA on its contents and approved the response andactions. • Received an update on the progress made against the actions agreed with thePrudential Regulation Authority (PRA) in respect of its findings identified inthe 2024 Periodic Summary Meeting (PSM) Letter, noting good progress hadbeen made. • Reviewed stress testing and assessment of the impacts of tariffs, trade tensions and market turbulence on the client segments, industry and sectors, and markets and countries. • Engaged with the PRA on the findings of its 2025 PSM Letter. • Received an update on change management and the Group’s key transformation programmes. • Approved the Group’s Risk Appetite for 2026, which included a consideration of principal risks. • Approved material changes totheERMF. • Approved the Contingent Liquidity Risk Framework, Board Risk Appetite and contingent liquidity risk management plan for theGroup. People, culture and values • Reviewed the Board Diversity Policy. • Reviewed an annual update on the operation and effectiveness of the Group’s Speaking Up programme for 2024-2025. • Received updates on the recruitment and appointment of a new Head of Technology and Operations (T&O) as well as wider changes and appointments in the T&O team. • Reviewed 2025 Group and Management Team scorecards. • Discussed progress made against the Group’s people strategy. • Received the annual report on employee conduct and concerns management. • Reviewed the Group’s culture strategy. • Discussed the Group’s global position on diversity and inclusion (D&I), and sustainability, in the context of the political stance in theUS, confirming that our position remained unchanged with management firmly committed tothe Group’s global D&I strategy and sustainability agenda. • Approved changes to the Board Diversity Policy. See page 158 for further information. • Approved the Group’s UK and Australia Modern slavery statements. Financials and performance • Monitored the Group’s financial performance. • Considered the Group’s approach to capital management and returns. • Received financial updates from the CFO including key financial highlights andperformance against budget. • Discussed the outlook for 2025. • Received updates on operational events. • Reviewed and approved the five-year corporate plans and 2026 budget. • Approved the final dividend for 2024, the interim dividend for 2025and two share buyback programmes. • Approved the 2024 Annual Report, 2025 Half-Year Report and quarterly results. #### Board leadership and Company purpose #### Key Board meetings Scheduled meeting (London) February Ad hoc meeting Scheduled meeting inmarket (Malaysia) Global Subsidiary Governance Conference (Malaysia) April Scheduled meeting (London) 2025 AGM May Scheduled two-day strategy offsite Board meeting (London) June #### Board activities Standard Chartered | Annual Report 2025142 ![]() Activities Outcomes Governance • Attended a global subsidiary governance conference in Malaysia, held over twodays in April 2025. See page 145 for further information. • Reviewed and approved directors’ potential conflicts of interest. • Received quarterly updates on the Standard Chartered Bank (Hong Kong) Limited (SCBHK) board and committee meetings. • Reviewed the Board performance review 2024 and approved the 2025 action plan. • Received workforce engagement updates. • Received updates on new regulations impacting corporate governance. • Received updates on the Group’s AI framework and discussed the establishment of a governance structure to drive adoption across the business. • Received an update on the key amendments to the HK Corporate Governance Code taking effect from 1 January 2026. • Reviewed material escalations and events from the Group’s key subsidiaries. • Discussed executive director and Management Team succession planning. • Received and discussed the 2025 externally facilitated Board performance review presentation. • Received an external report on investor perception of the Group. • Received updates from, and engaged with, three of the Group’s largest shareholders, providing an overview of their investment views. • Approved non-executive directors’ independence and reappointment, and recommended the re-election of directors at the 2025 AGM. • Approved several Board and committee appointments. Seepages 139 and 157 for furtherinformation. • Approved the appointment ofScottCorrigan as the Group Company Secretary. • Approved the expansion of Sir IainLobban’s role as independent adviser and critical friend to theBoard, its committees andmanagement. External environment • Received updates on the macroeconomic and geopolitical environment including: – Tariffs and changing global trade flows and the risks and opportunities forthe Bank – US-China relations – Conflicts – Middle East, Russia/Ukraine, Israel/Gaza – Technology and innovation and how quickly these are changing – AI, digital currencies and digital assets – Singapore, Malaysia and the wider ASEAN region • Given the number of shifts in the macroenvironment and geopolitics/ geoeconomics, the Board tested the resilience of the strategy. • Identified the associated risks and opportunities for the Group arising from the volatile macroeconomic and geopolitical environment. • Agreed that the strategy of focusing on differentiated cross- border capabilities with leading wealth management expertise remained the right one in the rapidly evolving external environment. Scheduled meeting (London) July Scheduled meeting (London) September Scheduled meeting in market (Singapore) Stewardship event (London) November Scheduled meeting (London) December Annual Report 2025 | Standard Chartered 143 Directors’ report ![]() #### Strategy offsite meeting A two-day offsite strategy Board meeting was held in London in June 2025, which provided an opportunity for the Board to consider detailed strategic updates, challenge management, and shape and provide feedback on the Group’s longer-term strategic ambition. The Board discussed key strategic matters, the Group’s long-term strategic ambition, and progress against theGroup’s strategic priorities, taking into consideration the evolving external environment. The Board discussed geoeconomic and geopolitical drivers; our distinctive cross-border offering; our affluent business; establishing a stronger originate-to-distribute engine; building alternative business models indigitalassets; skills and talent; and our shareholders’ expectations. The Board concluded that the execution of the strategy remained on trackwith performance improving and positive client feedback received. Thestrategy is well-positioned to deliver against a rapidly evolving external environment and regulatory landscape. The Board acknowledged enhancements to the alignment between the Group’s brand and strategy and the importance of building specialist skills, capabilities and knowledge to deliver the strategy. #### Board leadership and Company purpose #### Principal Board activities #### Principal decisions #### New digital assets business in Luxembourg Stakeholders considered Clients Regulators and governments The Board approved the Group’s entry into Luxembourg toestablish a new crypto and digital assets custody business. Inorder to ensure that we may provide a comprehensive digital assets custody solution for our global clients, the Groupwas required to establish an EU presence and apply for alicence under the EU’s newly established digital assets regulatory framework, the Markets in Crypto Asset Regulation. Luxembourg was selected to serve as the Group’s entry point to the EU, with the market having already demonstrated a proactive approach to the regulation of digital asset services, and possessing a strong local digital asset ecosystem with a deep talent pool. The new entity has now obtained its licence to operate digital asset custody services and represents akeypillar in the Group’s global digital assets strategy, supporting clients with a product changing the landscape oftraditional finance. Standard Chartered | Annual Report 2025144 ![]() #### Exit of three WRB businesses Stakeholders considered Clients Employees Society Regulators and governments The Board approved the divestment of three WRB businessesin Uganda, Zambia and Sri Lanka, with the Group concentrating its resources in these markets on serving the cross-border needs of global corporate and financial institution clients through its CIB business. In determining the preferred acquiror for each WRB business, the Board took into account the impact of each transaction on key stakeholders including our employees, clients and the broader market environment. This included determining that acquirors were able to provide continuous employment for all in-scope employees and a seamless product offering for all clients. The Board also considered the regulatory and licensing status of each acquiror and their economic and operational capacity to integrate the WRB businesses into their own group in a timely manner. #### Capital distributions Stakeholders considered Investors Regulators and governments During 2025, the Board approved two dividend payments and announced buybacks of ordinary shares totalling $2.8 billion. The Board noted the importance of approving distributions and other capital management activities within an appropriately prudent framework. These decisions were informed by assurance sought from management regarding the protection of the Group’s capital position and its ability toexecute planned investment activities for future growth. With the successful completion of our 2025 buybacks, in addition to total dividends for 2025 of 61 cents per ordinary share and a new $1.5 billion buyback announced on 24 February 2026, we have announced greater than $9 billion, shareholder distributions since February 2024 exceeding our$8 billion three-year cumulative shareholder distributionstarget. #### Global Subsidiary Governance Conference The Global Subsidiary Governance Conference, which takes place every two years, convened in Malaysia in April 2025, coinciding with 150 years of the Bank’s presence in Malaysia. The conference marked another milestone in the Group’s subsidiary governance programme. This conference is designed to strengthen alignment and collaboration between the Group Board and the boards of the banking subsidiaries across the network. The conference addressed several priorities, including the Group’s strategic direction and financial performance, with particular emphasis on leveraging the Group’s distinctive network to facilitate connectivity across global trade corridors. Discussions centred on enhanced understanding and management of Information and Cyber Security Risk in an evolving digital landscape, alongside a forward-looking perspective on workforce transformations toalign to the Group’s strategy. The conference also focused on geopolitics and the macro implications across our regions. The conference reinforced the Group’s commitment to robust governance infrastructure and collaborative leadership across its international operations and demonstrated the cohesive approach to delivering the Group’s strategy by leveraging its unique physical footprint and diversified markets. Annual Report 2025 | Standard Chartered 145 Directors’ report ![]() Regular and transparent engagement with our shareholders helps the Board understand their needs and tailor our public information accordingly. In addition to engagement via our Investor Relations team, we communicate through quarterly, half-year and full-year results, conferences, roadshows, investor days and media releases. The Remuneration Committee Chair conducts shareholder engagement onanannual basis to provide an update on remuneration forthe executive directors, and at least every three years toconsult on the development of the executive directors’ remuneration policy. #### Board engagement with ourshareholders Information released by the Group to the London Stock Exchange and Hong Kong Stock Exchange is also published on our website at sc.com/stock-exchange-announcements. INEDs, including the SID and committee chairs, are available to meet with shareholders and investors on request. They can share their views on issues affecting the Group through various channels during the year, including investor events. Retail shareholders can access dedicated services through our registrar, Computershare. Key feedback, recommendations and requests from shareholder engagements are considered by the Board, whoare updated on current topics of interest. During the year, the directors and Company representatives engaged directly with its largest shareholders through a variety ofinitiatives as set out below: Engagement Outcome 2025 Directors’ remuneration policy The Remuneration Committee Chair led an investor consultation on proposals for the new Directors’ remuneration policy which was put to shareholders at the 2025 AGM. During the development of the policy, we consulted with 21 shareholders, accounting for approximately 60 per cent of our share register, certain proxy advisers, and other important stakeholders, including the PRA and FCA. Over 40 meetings were held with the Remuneration Committee Chair supported by colleagues from Group Human Resources, Company Secretariat and Investor Relations. We began our consultation earlier than usual in 2024 to allow for multiple rounds of engagement to help shape the policy. We received valuable input and feedback that helped to shape the final remuneration policy. Forexample, we addressed specific feedback relating to our incentive scorecards by simplifying the metrics and placing a greater emphasis onfinancial metrics. The final proposals were reviewed again with key shareholders and proxy advisers in late 2024 and early 2025, prior to being finalised and published in the 2024 Directors’ remuneration report. The Directors’ remuneration policy was approved by shareholders at our 2025 AGM, receiving 81.86% votes in favour. 2024 annual report on Directors’ remuneration The consultation also covered proposals for the 2024 year-end executive director remuneration outcomes, which were then finalised and reported in the 2024 Directors’ remuneration report. The 2024 annual report on remuneration was approved by shareholders at our 2025 AGM, receiving 98.87% votes in favour. Stewardship event The Group Chair, alongside the Board committeechairs, hosted a stewardship event for institutional investors. Investors had the option toattend either online or in person. The event was held on 26 November 2025 in London and provided attendees with an update on the Group’s strategy, the activities of the Board committees and a keynote presentation on artificial intelligence and cyber governance. Provided an opportunity for institutional investors to engage with the Board and ask questions. These covered a diverse range of topics, includingdigital assets, cyber security, artificial intelligence, capital return framework and return on equity, sustainability challenges and leadership succession. AGM The AGM, held on 8 May in 2025, was the Board’s key opportunity for engagement with retail shareholders, enabling discussion of the Group’s recent performance and strategic priorities. It was hosted by the Group Chairman, José Viñals, with all Board members in attendance. Provided an opportunity for retail shareholders toengage with the Board and ask questions. These covered a diverse range of topics, including the Group’s strategy, sustainability, biodiversity, and the energy transition. Shareholders representing over 82% of the issuedshare capital voted and all resolutions were passed. #### Board leadership and Company purpose Standard Chartered | Annual Report 2025146 ![]() Engagement Outcome Investor meetings The Group Chair met with the Group’s top institutional shareholders in one-on-one meetings on an ad hoc basis. In parallel, the Group Chief Executive Officer and Group Chief Financial Officer conducted extensive regular engagements with potential and existing shareholders, including the Group’s major institutional investors, through investor meetings and conferences. In addition, in 2025, three shareholders were invited to present their views directly to the Board, providing an opportunity for open and constructive dialogue between the Board and shareholders on matters of interest and concern. The Board also commissioned an external independent investor perception study to offer insights into how Standard Chartered is perceived, the areas of focus for investors and how Standard Chartered can improve its investor communications. The findings were presented to the Board in September. Key topics of interest raised during these meetings included the Group’s network strategy and affluent franchise, the underlying drivers of performance, capital management, operational efficiency and cost management, as well as governance matters. The Board has noted the views expressed and will continue to take such feedback into account, where appropriate, when formulating and reviewing the Group’s strategic priorities. The Board values constructive engagement with shareholders and regards effective communication as an important element of the Group’s corporate governance framework. Read more on engagement with shareholders and wider stakeholders on pages 37 to 41 #### Board engagement with the Group’s subsidiaries The Board and its committees maintain strong connections and information sharing across the Group by engaging withitssubsidiaries through various forums. Subsidiary committee meetings • Annually, the chairs of the SCBHK and Standard Chartered Bank (Singapore) Limited (SCBSL) audit committees and risk committees are invited to observe meetings of the PLC Audit and Risk Committees. The Chairs of the PLC Audit and Board Risk Committees are also invited to observe relevant committee meetings of SCBHK and SCBSL. Committee chair video- conferences • The Audit Committee Chair hosted an annual videoconference with subsidiary audit committee members to discuss key topics including Model Risk, Climate Risk, key priorities from Group Finance and GIAI, an audit update from EY, and an update from CFCR. • The Board Risk Committee Chair hosted an annual videoconference with subsidiary risk committee members to discuss key topics including stress testing, sovereign and geopolitical risks, resolvability and operational resilience. • The Remuneration Committee Chair held a videoconference attended by members of country remuneration committees, which covered Group Performance, Reward and Benefits focus areas, 2026 outlook and anticipated UK regulatory changes. • All videoconferences had dedicated Q&A sessions, which were well utilised and actively encouraged two-way participation. Engagement with local teams • Members of the Audit Committee met with local GIAI colleagues in Malaysia and Singapore to increase awareness of the audit activities within these markets. These discussions provided a useful opportunity for Audit Committee members to understand any local challenges faced on the ground and how the control environment is working. • Members of the Board Risk Committee met with local risk teams in Malaysia and Singapore to gain insights into their key priorities and areas of focus. • Members of the Remuneration Committee met with local HR teams in Malaysia and Singapore to gain their insights into local performance, cultural and engagement matters. Annual Report 2025 | Standard Chartered 147 Directors’ report #### Board leadership and Company purpose It is the Board’s responsibility to ensure that the Group’s culture helps drive our purpose and strategic direction. TheBoard is supported by its Culture and Sustainability Committee (CSC), which reviews the way the Group develops, manages and embeds its culture and the associated expectations of employees, including the Group’s approach to its purpose, valued behaviours, diversity and inclusion, employee engagement, policies and practices. Our distinctive culture has been developed in pursuit of our purpose – to drive commerce and prosperity through our unique diversity. Successful delivery of our strategy relies on our ability to preserve our culture. Our valued behaviours and brand promise shape our culture and are key to delivering onour strategy. Read more on our purpose and culture onpage 3 and our strategy on page 9. The Board and its committees undertake activities to monitor and assess our culture and ensure that our desired culture isembedded throughout the Group. How we embed our culture • Leadership communication and tone from the top, including town halls led by the Group Chair, Group Chief Executive, GCFO andmembers of the Management Team, which provideemployees with important information andbusinessupdates. • Culture is deeply integrated into our decision-making processes, strategy and performance ensuring that ourvalued behaviours and brand promise consistently guide our decisions. • Integration of valued behaviours into policies, decision-making and risk frameworks. • Remuneration framework, policies and practices, which are consistent with the Group’s valued behaviours, support long-term success of the Group and are aligned with our culture. Read more on pages 180 to 206. • Linkages with our subsidiaries, including the Global Subsidiary Governance Conference to ensure alignment ofthe culture and strategic direction across the Group. Read more on pages 145 and 147. • People and performance practices and employee training, which promote alignment of our valued behaviours andculture. How we monitor and assess culture • Received updates from management on people andculture. • Received and assessed insights on how colleagues feel about our culture via our employee listening channels including the annual My Voice survey which was conducted through May and June and had an employee response rate of 85 per cent. Read more about the MyVoice outcomes on page 33. • Reviewed the Culture Dashboard and discussed reports oncultural indicators, including engagement scores, conduct metrics, and employee attrition. • INEDs engaged directly with employees through the BWEprogramme to understand insights on their lived experience of working for the Bank and how they bring to life the diversity and inclusion strategy in their daily work. • Attended site visits, forums and listening sessions as well as market visits in Malaysia and Singapore to gain insights into our culture by meeting and observing colleagues from across the Group. • Reviewed and discussed the annual conduct and concerns management report including an update on the Group’s confidential whistleblowing programme, Speaking Up. Read more on page 118 to 119. Key outcomes We have strengthened our focus on reinforcing good conduct standards from the top down. In 2025, all managing directors attended sessions outlining their businesses expectations and the ‘It Matters’ training, which includes real-life case studies, became mandatory across the group. In addition, training and awareness measures continue to be developed using avariety of tools including country specific communications, visible business-led sessions and upliftment of the internal Global Conduct Week held in June 2025 which encouraged employees to participate in various educational activities andembed good conduct. There has also been increased advertising for the variety of channels available to colleagues to raise concerns. To enhance alignment of the Company’s culture with its purpose, valued behaviours and strategy, and ensure it isembedded across the organisation, we have overseen simplification and sharpening of the Group’s strategy including endorsement of new target cultural markers: client-centricity, innovation, and collaboration. These cultural markers align with our valued behaviours and are characteristics that will be nurtured to deliver our strategy and aim to make work easier, more efficient, and more effective. Initial feedback on the target cultural markers highlighted that our employees remain positive about the Bank’s strategic direction and the sharpening of our strategy has been instrumental in opening discussions, unblocking decisions, focusing efforts, and getting investments needed to drive us forward. Following receipt of feedback from participants of the BWE, the Board has endorsed an adjusted BWE framework for 2026 to enhance engagement. #### Culture Standard Chartered | Annual Report 2025148 ![]() Roles and responsibilities The responsibilities of the Group Chair, Group Chief Executive and SID are set out in writing and can be found on our website. sc.com/responsibilities The roles of the Group Chair and Group Chief Executive are distinct from one another and held by separate individuals. The Group Chair, Maria Ramos, is responsible for leading the Board, ensuring its effectiveness and, together with the Group Chief Executive, developing and embedding the Group’s culture. The Group Chair promotes high standards of integrity and governance across the Group and ensures effective communication and understanding between the Board, management, shareholders and other stakeholders. The SID, Phil Rivett, provides a sounding board for the Group Chair and acts as an intermediary for the other directors. TheSID undertakes the performance review of the Group Chair and holds meetings with each director separately toreceive their feedback. Consolidated feedback is shared withthe Group Chair. Phil can be contacted via the Group Company Secretary at 1 Basinghall Avenue, London EC2V 5DD, and is available to shareholders if they have concerns that the Group Chair, Group Chief Executive or other executive directors are not able to resolve or if the normal channels would be inappropriate. Director independence The Governance and Nomination Committee reviews theindependence of each of the non-executive directors, considering any circumstances that could impair their independence. Recommendations are then made to theBoard for further consideration. In determining the independence of a non-executive director, the Board considers each individual against, but not limited to, the criteria set out in the UK Code and the Hong Kong Listing Rules. The Board considers the non-executive directors to be independent ofStandard Chartered, and has concluded that there are norelationships or circumstances likely to impair any individual non-executive director’s judgement. External directorships and other businessinterests Board members hold external directorships and other outside business interests, the details of which are set out in their biographies on pages 131 to 134. We recognise the significant benefits that broader boardroom and other commercial, advisory and charitable activity provide. We closely monitor the nature and quantity of external directorships our directors hold, to satisfy ourselves that any additional appointments will not adversely impact their time commitment to their role at Standard Chartered. We also ensure that all Board members remain compliant with the PRA directorship requirements, as well as proxy advisor and shareholder guidance on overboarding. Our established internal processes ensure that directors do not undertake any new external appointments without first receiving Board approval. The Board has delegated authority to make such approvals to the Group Chair, with the exception of her own appointments. Potential conflicts ofinterest are considered before any approval is given and, ifany are identified, appropriate undertakings are sought and safeguards put in place. Before committing to an additional appointment, directors confirm the existence of any potential or actual conflicts, that the role will not breach their limit as set out by the PRA, and provide the necessary assurance that the appointment will not adversely impact their ability to continue to fulfil their role as a director of Standard Chartered. All directors continue tohold no more than four non-executive directorships (oroneexecutive directorship alongside two non-executive directorships) permitted under the General Organisational Requirements Part of the PRA Rulebook. On behalf of the Board, the Governance and Nomination Committee reviews potential and existing conflicts of interest annually to consider if they continue to be conflicts of interest, and also to revisit the terms upon which they were authorised. The Board is satisfied that our processes in this respect continue to operate effectively. Fitness and propriety assessment and timecommitment The Group Chair has responsibility for assessing annually the fitness and propriety of the Company’s INEDs and the Group Chief Executive Officer under the UK Senior Managers and Certification Regime. These assessments were carried out inrespect of each INED and the Group Chief Executive. TheGroup Chief Executive carried out a similar assessment for the Group Chief Financial Officer who was an Executive Director as at 31 December 2025. These one-to-one sessions considered: • Performance against core competencies, including their challenge and conduct in meetings and the Board’s expectation of directors. • Time commitment to the Group, including (where relevant) the potential impact of any outside interests. • Ongoing development and training needs. • The Board’s composition and refreshment. • Level of engagement across the Group. No issues were identified during these assessments and weremain satisfied that our INEDs commit sufficient time indischarging their responsibilities as directors of Standard Chartered. In general, we estimate that each INED spent more than their expected time commitments on Board- related duties. Access to independent advice All directors have access to the advice of the Group Company Secretary, who provides support to the Board and is responsible for advising the Board on governance matters. Directors also have access to independent professional advice at the Group’s expense, on any matter relating to theirresponsibilities. Sir Iain Lobban, as independent adviser to the Board and its committees on cyber security and cyber threat management, attends relevant items at Board and committee meetings toprovide an independent view on the Group’s progress inthese areas. ## Division of responsibilities Annual Report 2025 | Standard Chartered 149 Directors’ report ![]() Composition and succession As at 31 December 2025, the Board consisted of 11 members, comprising the Group Chair, two executive directors, the SID, and seven independent non-executive directors. On 10 February 2026, we announced that Diego De Giorgi stepped down from his role as Executive Director and Group Chief Financial Officer, with effect from 10 February 2026. The biographies of each director, including details of their skills and experience, are set out on pages 131 to 134. We remain committed to ensuring that the Board has the right balance of skills, knowledge, experience and diversity to deliver our strategy and achieve our brand promise – here for good. The Governance and Nomination Committee reviews the skills, experience and time commitment of our directors and supports the Board in ensuring adequate succession plans are in place for the Board, its committees and the Management Team. The Governance and Nomination Committee recommends appointments of new directors to the Board as well as appointments to the Board’s committees. An overview of theBoard and committee changes made during the year canbe found on page 139 and the appointment process for new directors is detailed on page 158. Read more on Board composition and succession intheGovernance and Nomination Committee report onpages 155 to 160 Annual performance review Performance review cycle In line with the UK Code, a formal and rigorous review of the performance of the Board, its committees, the Group Chair and the individual directors is conducted annually. We have adopted an assessment cycle which ensures an external review of the Board takes place every three years. ## Composition, succession and evaluation Progress against the 2025 Action Plan As disclosed in the Company’s 2024 Annual Report, the 2024evaluation of the Board, Board committees, individual directors and the Group Chair was internally facilitated bytheGroup Company Secretary. Following analysis of thekey observations from that evaluation, the Board and itscommittees created a 2025 Action Plan to enhance performance, the progress of which was monitored during the year. We are pleased to confirm that all actions have been completed, and following their implementation we have a reduction in duplication across the Board and its committees and improvements to the effectiveness and efficiency of the Board, through a more strategic focus toagendas and the meetings. 2025 performance review of the Chair and individualdirectors Maria Ramos, as the Group Chair, led the performance review of individual directors for 2025 alongside the assessment of each INED’s fitness and proprietary and time commitment, the details of which can be found on page 149. Phil Rivett, as SID, reviewed the performance of the Group Chair, Maria Ramos. Phil held individual meetings with eachdirector to receive their feedback, which was then anonymously consolidated and shared with Maria. It was determined that each director, including the Group Chair, continues to perform effectively. 2025 external performance review of the Board In accordance with our dedication to upholding the highest standards of corporate governance, and as recommended by the UK Code, we conducted an external Board performance review in 2025. The review was facilitated by an independent third party, Clare Chalmers Ltd, who has no other connection with the Group or its directors and has not previously been engaged to undertake our performance review. Clare Chalmers Ltd adheres to the principles of the International Register ofBoard Reviewers. The review involved an independent assessment of the overall performance of the Board and its committees. 2024 Internal review 2025 External review 2023 Internal review Standard Chartered | Annual Report 2025150 ![]() The external Board performance review process Definition of scope andidentification ofpotential reviewers Following extensive consultations with key stakeholders, including the Group Chair and the SID, the objectives, focus areas and anticipated outcomes of the Board performance review were agreed. After these consultations, we selected four potential reviewers from a pool of distinguished consultancy firms which demonstrated the required expertise and capability to fulfil our rigorous objectives. 1 Appointment ofareviewer Upon receiving the proposals, a thorough review was conducted to assess each vendor’s experience, methodology, approach and alignment with our evaluation criteria. Shortlisted vendors were invited to present their proposals and methodologies to the selection committee. After careful consideration, Clare Chalmers Ltd was selected as the reviewer based on their demonstrated expertise, comprehensive methodology, and ability toprovide a tailored review that met our specific requirements. An initial meeting was held with the reviewer to align on the process, timelines, and key deliverables, and to meet key stakeholders including the Group Chair and the Group Company Secretary. The Group Chair served as the escalation point for the review and the Group Company Secretary provided the reviewer with access to relevant documents and support as requested. 2 Conducting the performance review • Documents review: Relevant data, including Board and committee papers and terms of reference, directors’ biographies, agenda planners, Board training plan, skills matrix, previous internal and external performance review reports and the accompanying action trackers were collated and assessed by the reviewer. • Meeting observations: In September, the reviewer attended the Board meeting and key committee meetingsto observe dynamics, decision-making processes, and overall performance in real-time. • Interviews: A framework interview agenda was tailored as agreed with the Group Chair and sent to all participants ahead of their meeting with the reviewer. Confidential interviews with Board members, Management Team, seniorexecutives, advisers and other key stakeholders were conducted by the reviewer togather qualitative insights and candid feedback on various aspects of performance, including composition, leadership, strategic direction, performance oversight, stakeholder engagement, effectiveness, dynamics, andareasfor improvement. 3 Analysis, presentations and discussion After the data was analysed, the reviewer prepared a detailed report based on the reviewer’s analysis of the views expressed by participants and their own findings from the document review and meeting observations. The report included suggestions and commentary based on this analysis, suggestions from participants, and the reviewer’s ideas of pragmatic solutions or applicable good practice. The report was initially discussed with the Group Chair and the draft report was presented to the Board during a dedicated session in December 2025, which the reviewer attended. During this meeting, the Board had the opportunity to ask questions, seek clarifications, and discuss theimplications of the findings. The final report was presented to the Board in February 2026. 4 Outcomes and 2026 Board Action Plan Following the presentation, the Board developed an action plan to address the recommendations outlined inthe report. This plan includes specific initiatives, timelines, and responsibilities to ensure the effective implementation of the recommended actions. A summary of the key themes and action plan objectives is set out on page 152. A monitoring framework has been established to ensure accountability and track progress of the 2026 Action Plan. Regular updates on the implementation of the 2026 Action Plan will be provided to the Board and its committees during2026. Lessons learned from the review have been incorporated intoour governance practices, and a check-in meeting around the half-year has been scheduled toassess the impact of the implemented changes and identify further opportunities for enhancement. The performance review process has been instrumental inreinforcing our commitment to exemplary corporate governance. Byengaging the reviewer, we ensured anobjective assessment of our performance and identified actionable insights to drive continuous improvement. 5 Annual Report 2025 | Standard Chartered 151 Directors’ report ![]() Key themes arising fromthe2025 review 2026 Action Plan objectives Board debate and performance oversight • Continue to evolve debate and challenge at Board meetings by encouraging more direct conversations and more targeted and succinct questioning. • Focus on enhancing performance oversight by streamlining KPIs, extracting clearer insights from Board papers, and increasing scrutiny and accountability. Board and committee meeting papers • Continue to monitor the length, focus and timeliness of Board and committee papers with a view to simplify meeting packs, making them more user-friendly with clearer prioritisation, concise commentary, greater use of graphics, and introducing short memos instead of full reports where appropriate. • Ensure INEDs receive papers in a timely manner so that they can sufficiently prepare formeetings. Board and committee agendas • Continue streamlining agendas to ensure sufficient time is afforded to address the most significant topics. • Focus on the shape of the agendas and meeting flow to increase strategic focus and improve time allocation. • Ensure strategic priorities receive appropriate time and structured comparison with peers, maintaining a strong line of sight on market positioning and long-term strategic direction. INED training • Ensure the INED training programme integrates business deep-dives, technical briefings and refresher sessions ensuring all INEDs have the knowledge and context needed toengage effectively with the increasingly complex and evolving materials presented atBoard and committee meetings. Client deep dives • Strengthen the Board’s understanding of current and future client needs by scheduling deep-dive sessions on major client segments and key global clients, supported by structured insights from management to ensure the Board has a clear, forward-looking view of client expectations and strategic opportunities. Board and committee responsibilities • Continue to monitor and eliminate any areas of duplication between the Audit Committee, Board Risk Committee and the Board. Culture and Sustainability Committee (CSC) • Review the CSC’s remit including exploring alternative opportunities and options. Audit Committee (AC) • Consider further opportunities to obtain early insights from Group Internal Audit andInvestigations on key matters. • Continue to ensure that the AC’s remit remains focused, cognisant of the composition ofthe AC and its skills. Board Risk Committee (BRC) • Continue to place focus on improving Non-Financial Risk to allow the Board to consider growth opportunities. • Further explore how the work and focus of the BRC is communicated to the Board, with aview to eliminating any duplication. Governance and Nomination Committee (GNC) • Increase the GNC’s focus on long-term succession planning, ensuring that transitional periods are factored in for key committee chair roles. • Allocate more time to the long-term succession planning for the GMT roles. • Consider the key skills and experience required on the Board over the next few years, ensuring close alignment to the Group’s strategic ambitions. • Ensure greater consultation with the wider Board (non-GNC members) through the search and appointment process of new Board members to enhance the process. Remuneration Committee • Leverage the insights and expertise of Deloitte, the Remuneration Committee’s external adviser, to bring in wider perspective to Remuneration Committee discussions. • Consider the future format of the annual Remuneration Committee strategy session, including deep-dive topics of interest. #### Composition, succession and evaluation Standard Chartered | Annual Report 2025152 ![]() Board induction, training and development Induction Upon joining the Board, our directors undertake a comprehensive tailored induction programme based on their previous experience and knowledge, which is led by the Group Corporate Secretariat function. In addition to site visits across some of the Group’s key markets and meetings with the Management Team and Board members, the induction programme includes an overview of the following areas: the regulatory environment; corporate governance including directors’ duties; Board and committee governance; strategy; business areas including CIB, WRB and SC Ventures; the regions; legal; talent, corporate affairs, brand and marketing; audit; transformation, technology and operations; corporate activity; conduct, financial crime and compliance; finance and taxation; capitaland liquidity; internal audit; sustainability; and risk. Deep dives are also arranged for topics relevant to the director’s committee membership. The Governance and Nomination Committee reviews the progress of the induction programmes and is satisfied that the inductions of Diane Jurgens and Lincoln Leong, who were appointed during 2024, were completed during 2025. Further information regarding their tailored inductions can be found on page 117 of the 2024 Annual Report. Development plan for the new Group Chair A tailored development plan was devised for Maria Ramos asshe transitioned into the role of Group Chair during 2025. The development plan complemented her deep knowledge of the Group and her strong banking experience, having previously held roles on the Board of Senior Independent Director and Board Risk Committee Chair, as well as previouslybeing the chair of a listed mining company. WhileMaria already had extensive knowledge of the Group’s operations, regularly travelled to our key markets across Asia, Africa andthe Middle East and was well versed with the significant issues and key risks facing the Group, it was important to takefurther steps to deepen her knowledge given the new role. Accordingly, the development plan placed emphasis on ensuring she met with management across the Group, a wide range of stakeholders, investors, regulators, and employees, with the aim of raising her profile with key stakeholders across the Group as well as increasing her understanding of the Group’s Asia footprint. The Group Corporate Secretariat provides support to Maria indischarging her responsibilities and has worked with her toensure she received a comprehensive handover and development plan. Prior to her appointment, Maria received significant insight and preparation from the outgoing Group Chairman, José Viñals, including a period of shadowing him through discussions and meetings. Development plan for new Committee Chairs During 2025, Phil Rivett was appointed as the Board Risk Committee Chair and Jackie Hunt was appointed as the Audit Committee Chair. Both Phil and Jackie received individualised development plans that took into consideration their existing knowledge of the Group and aimed to deepen their understanding of the responsibilities as Chairs of the respective committees. Prior to appointment they received handovers from the previous committee chairs and reviewed the forward-looking agendas to identify specific areas where further insight would enhance their understanding. The Group Corporate Secretariat provided oversight of the completion of their development plans, provided advice and support and continued to assist Phil and Jackie in discharging their responsibilities. Ongoing training Ongoing training and development plans ensure that our Board directors lead with confidence and integrity and promote the Group’s culture, purpose and valued behaviours. Mandatory learning and training are also important elements of directors’ fitness and propriety assessments as required under the UK Senior Managers and Certification Regime. During the year, all directors participated in an education programme, which included mandatory learning, briefings, insights from guest speakers and papers on a wide range oftopics to ensure that they are well informed and that the Board remains highly effective. The table overleaf provides an overview of the directors’ training in 2025. Annual Report 2025 | Standard Chartered 153 Directors’ report ![]() 2025 director training overview Expected credit loss training Information and Cyber Security (ICS) Audit and Corporate Governance (ACG) socialisation ACG socialisation Software Security Vulnerability Management/ Managing Quantum Computing ICS Risks (INED-only session) Climate Risk Annual directors’ duties training Maria Ramos Bill Winters, CBE n/a Diego De Giorgi 1 n/a Phil Rivett Shirish Apte Jackie Hunt Diane Jurgens Robin Lawther, CBE Lincoln Leong David Tang Dr Linda Yueh, CBE Dr José Viñals 2 n/a n/a n/a n/a 1 Diego De Giorgi stepped down from the Board on 10 February 2026. 2 José Viñals stepped down from the Board on 8 May 2025. Director attended the session Director was unable to attend the session but received any accompanying materials/recordings of the training and had anopportunity to raise questions and observations with the Group Chair and Group Company Secretary as well as the presenter of the training #### Committee training Members of the Board committees also received training relevant to their respective committees. In 2025, the Board Risk Committee received training on topics including the Internal Capital Adequacy Assessment Process (ICAAP) and the Internal Liquidity Adequacy Assessment Process (ILAAP), and model risk management. The Culture and Sustainability Committee received training on sustainability innovation hubs and energy transition. The Remuneration Committee attended a strategy education session. #### Composition, succession and evaluation Standard Chartered | Annual Report 2025154 ![]() ## Governance and Nomination ## Committee report Audit Committee in September. Both are experienced, highly respected members of the Board and well-versed in managing financial services risks. The Committee also recommended the appointments of Phil and Jackie as members of the Remuneration Committee and Governance and Nomination Committee respectively. More information on the Board andcommittee changes can be found on page 157. Since year end, and as announced on 10 February 2026, Pete Burrill was appointed as Interim Group Chief Financial Officer (GCFO), succeeding Diego De Giorgi who stepped down asExecutive Director and GCFO. The process for appointing apermanent GCFO and Executive Director is underway. The Committee plays an important role in assessing the performance of the Board, its committees and individual directors to ensure we continue to function effectively. In 2025, in accordance with the 2024 UK Corporate Governance Code (UK Code), we appointed Clare Chalmers Ltd to conduct anindependent external performance review. Thiswas abeneficial exercise, concluding that the Board continues tooperate effectively while highlighting feedback and recommendations to optimise its performance. An action plan to address these recommendations has been developed and will be progressed during 2026. Details of the review process and outcomes can be found on pages 150 to 152. As part of the Committee’s broader governance remit, it received updates on corporate governance developments impacting our banking subsidiaries; recent regulatory inspections and audits impacting corporate governance; key themes from subsidiary board effectiveness reviews; linkages between banking subsidiaries and the Group; and oversight of processes around board succession at a country level. More detail on the Committee’s key activities and areas offocus during 2025 is set out on pages 156 to 160. Maria Ramos Governance and Nomination Committee Chair Maria Ramos, Governance and Nomination Committee Chair Committee composition and attendance Committee member Scheduled meeting attendance Ad hoc meeting attendance Maria Ramos 1 3/3 1/1 Dr José Viñals 2 1/1 1/1 Shirish Apte 3/3 1/1 Jackie Hunt 3 2/2 n/a Phil Rivett 3/3 1/1 Dr Linda Yueh, CBE 3/3 1/1 1 Maria was appointed as Committee Chair on 8 May 2025. 2 José stepped down as Committee Chair on 8 May 2025. 3 Jackie was appointed as a member of the Committee on 8 May 2025. As Chair of the Governance and Nomination Committee Iampleased to report on the Committee’s work during 2025, having succeeded José Viñals as Committee Chair and Group Chair in May. I would like to thank José, who generously, diligently and with great care and commitment, chaired theBoard for almost nine years. We are grateful for his leadership, impact on the culture, and steady guidance inshaping and ensuring good governance. Our focus is to ensure that the Board and its committees provide effective leadership, challenge and oversight of the Group’s strategy, risk management and culture. Succession planning is a central element of this work. We maintain a robust forward-looking pipeline of independent non-executive directors (INEDs), taking account of the optimum balance of skills, experience, expertise, emerging strategic and capability requirements, and diverse perspectives. Executive and Group Management Team succession is a key area of work for theCommittee, covering reviewing and challenging plans, informed by regular assessment of internal talent and external market insight. The Committee regularly reviews the Board and its committees’ composition, skills and experience to ensure that as a Board, we can support, shape and challenge the Bank’s current and future ambitions. Diversity of views and perspective also remain core to the Committee when considering the Board’s composition and succession plans. During the year, the Committee has continued to look at those skills and attributes which the Board and its committees will need over the short, medium and longer term, and engaged with external search firms to assist it. It was an active year for the Committee in which it oversaw anumber of significant changes to key Board and committee positions. Following my appointment as Group Chair in May, Phil Rivett succeeded me as Senior Independent Director. InAugust, Phil was also appointed as Chair of the Board Risk Committee, with Jackie Hunt succeeding Phil as Chair of the Additional attendees Group Chief Executive; Group Head, Human Resources; andGroup Company Secretary also attended Committee meetings in 2025. Responsibilities The Committee’s responsibilities are described in this report and the Committee’s terms of reference which can be viewed at sc.com/termsofreference. Annual Report 2025 | Standard Chartered 155 Directors’ report ![]() #### Governance and Nomination Committee report #### Board composition, succession planning and evaluation The Committee has responsibility for advising the Board and its committees on their composition, appointments and succession. The Committee is responsible for reviewing the composition and considering the likely technical skills, knowledge and experience required for the Board in the context of the development and execution of the Group’s strategy. The Committee also keeps the Group’s long-term succession plans under review in relation to executive directors and senior management. Theevaluation of the performance of the Board, its committees and the individual directors is overseen by the Committee. Action and decision Outcome and impact External performance review • Appointed an independent third-party, Clare Chalmers Ltd, to review theperformance of the Board and its committees in accordance withtheUKCode. • Reviewed the external evaluators draft report in December 2025. Read more on the external performance review process on pages 150 to 151. • Developed an action plan to address the external reviewer’s recommendations to enhance performance. • Progress against the action plan will be monitored during 2026. Read more on the outcomes oftheexternal performance review onpages151to 152. Board composition and succession planning • Reviewed the composition of the Board. • Reviewed succession plans for the Board and its committees, considering arange of potential future INED candidates. • Identified appropriate individuals with the necessary skills and attributes toprovide emergency cover for committee chair roles and senior Board rolesas required. • Reviewed succession plans and candidates for the Senior Independent Director and committee chair roles, and identified appropriate successors. • Recommended the appointments of: – Maria Ramos as Group Chair and Governance and Nomination Committee Chair – Phil Rivett as Senior Independent Director and Risk Committee Chair – Jackie Hunt as Audit Committee Chair and member of the Governance and Nomination Committee – Phil Rivett as a member of the Remuneration Committee. • Engaged Russell Reynolds Associates Limited 1 to perform a search ofcandidates with deep banking experience and experience as former CEO/CFO/CROs. • Reviewed and approved the appointment of Ben Hung, President International, as Chair of Standard Chartered Hong Kong’s board to replace Stephen Eno who had been on the Board for 11 years. • Assessed Sir Iain Lobban’s independence in line with the UK Code and concluded that he remains independent. • Approved and recommenced the expansion of Sir Iain Lobban’s role as independent adviser to the Board, its committees and management. • Regular refreshment of the Board andsuccession planning ensures the Board achieves the right blend of skills, experience, tenure and diversity toprovide the appropriate level ofoversight, challenge and corporateknowledge. • In accordance with the Committee’s succession plans, the Board approved all appointments recommended by theCommittee, subject to regulatory approval where required. • The Board approved the expansion ofSir Iain Lobban’s advisory role with effect from 1 January 2026. • The Committee will update and enhance the Board’s skills matrix in 2026 to more accurately evaluate the expertise and experience of each director and support effective succession planning. Read more on the changes to the Board and its committees during 2025 on page 157 and details of the appointment process on page 158. Executive directors and senior talent succession planning • Discussed management’s executive talent approach. • Reviewed and provided feedback on the Group’s succession plans for executive directors and the Management Team in respect of both contingency plans and long-term strategies. Internal successors were assessed and their skills developed, and identified and assessed the skills ofpossible external candidates. • Approved the Group Management Team and Group Chief Executive succession plans. • The development of a robust pipeline ensures there are appropriate short-and longer-term succession plans inplace for the executive directors and Management Team. 1 Russell Reynolds also provides senior resourcing to the Group. The Company is not aware of any ongoing business relationship between Russell Reynolds andtheCompany’s directors. Standard Chartered | Annual Report 2025156 ![]() Action and decision Outcome and impact Time commitment assessment • Assessed each director’s time commitment and contribution to the Board,having regard for the Prudential Regulation Authority directorship andHKCode requirements, as well as proxy advisor and shareholder guidanceon overboarding. • Considered the review of each director’s performance which requires the directors to assess their own contribution to the Board. • The Committee recognises that, in certain circumstances, directors may beunable to attend meetings due to pre-existing business or personal commitments. Where this occurs, in advance of the meeting directors receive relevant papers and have the opportunity to feed back any comments or observations that are discussed at the meeting. Directors receive updates on any developments after the meeting. • The assessment confirmed that nodirector is overboarded. • The Committee confirmed to the Board that it remained satisfied that each director commits the necessary time toeffectively fulfil their duties and responsibilities as a director of Standard Chartered PLC. • Provides assurance that each director commits the necessary time and effortto the Company to effectively fulfil their responsibilities. Details of each director’s significant external appointments can be found intheir biographies on pages 131 to 134. External interests and directors’ independence • Conducted a review of the directors’ existing and previously authorised potential and actual situational conflicts of interest. • Noted directors’ other directorships and business interests taken on during the year in the context of time commitment, overboarding and the regulatory and shareholder limits on directorships as well as other regulatory requirements in this area. • Reviewed the independence of each of the non-executive directors, considering any circumstances with a reasonable prospect of impairing theirindependence. • Concluded that there were no circumstances which would necessitate any of the previous authorisations being revoked or amended. • Concluded that each INED continued to be independent. Board and committee changes during 2025 Maria Ramos was appointed as Group Chair and Governance and Nomination Committee Chair on 8 May 2025. The search was initiated in 2023 and was led by aselection panel comprising non-executive directors and waschaired by Phil Rivett, a member of the Committee. Theprevious Group Chair, José Viñals, was not involved intheappointment of their successor. The decision to appoint Maria as Group Chair was announced on 4 February 2025, following recommendation by the Committee. Details of the appointment process can be found on page 142 of the Group’s 2024 Annual Report. Further to the decision to appoint Maria Ramos as Group Chair, the Committee discussed potential candidates to succeed her as Senior Independent Director. The Committee identified Phil Rivett as a suitable candidate, having the requisite skills, experience and corporate memory for the role. Following recommendation by the Committee to appoint PhilRivett as Senior Independent Director, the Board approved his appointment with effect from 8 May 2025. In light of Maria’s appointment as Group Chair, the Committee considered a number of changes to the composition and membership of the committees. Following the recommendation from the Committee, the Board approved the appointment of Phil Rivett as Board Risk Committee Chair, given his strong technical understanding and broad financial, risk and business experience, and good understanding of the business and the role of the Board Risk Committee, having been a member since 2020. In addition, the Board approved the appointment of Jackie Hunt as AuditCommittee Chair, given her deep financial literacy and understanding of the Group and global financial services industry. She is a qualified Chartered Accountant and has held a number of senior executive and board positions, including being a member of audit committees within thefinancial services industry. She was also appointed asamember of the Board’s Governance and Nomination Committee. Read more regarding thedevelopment plans conducted for Maria, Phil and Jackie in respect of their new roles on page 153. Finally, in December 2025 we approved the appointment ofPhil as a member of the Remuneration Committee with effect from 1 January 2026. The Committee keeps the composition of the Board and itscommittees under review to ensure that it remains appropriate with the right balance of skills, knowledge, experience and diversity in accordance with the Board’s Diversity Policy. Annual Report 2025 | Standard Chartered 157 Directors’ report ![]() #### Governance and Nomination Committee report Appointment process The directors have power under the Company’s articles of association to appoint new directors. The Committee is responsible for leading the process for appointments, by identifying suitable candidates based on merit and objective criteria, whilst considering the promotion of diversity, inclusion and equal opportunity. Recommendations of new Board appointments are made by the Committee to the Board for approval. Below is an overview of our appointment process. Election by shareholders As required by the UK Code, all directors are subject to annual re-election by shareholders, subject to continued satisfactory performance based upon their annual assessment. Newly appointed directors retire at the Annual General Meeting (AGM) following appointment andare eligible for election. Non-executive directors are appointed for an initial period of one year andsubject to (re)election by shareholders at AGMs. Taking into consideration a range of factors including, but not limited to, each director’s time commitment, performance, lengthof service and their independence of character and integrity, the Committee recommended to the Board the re-election of all directors. #### Diversity The Committee is responsible for reviewing the Board Diversity Policy and progress made against it. In addition, the Committee has regard to the targets set out in the UK Listing Rules, the FTSE Women Leaders Review and the Parker Review. Action and decision Outcome and impact Board Diversity Policy • Reviewed the progress against the policy that was ineffect during 2025. • Reviewed the policy and recommended updates to improve alignment with the Group Diversity & Inclusion Policy Standard, the 2024 UK Code, the UK Listing Rules and best practice, as well as enhance the Board’s oversight and monitoring of the policy. • We remain satisfied with our progress against our BoardDiversity Policy which is set out on page 159. • In December, the Board approved the recommended changes to the policy with effect from 1 January 2026. The Board Diversity & Inclusion Policy can be viewed at sc.com/boarddiversitypolicy Meet with short-listed candidates to gauge appetite and suitability Recommend candidate to the Board for review and approval Discuss the candidates, measuring them against the agreed role specification Interview final list of candidates Review long-list of candidates Engage external recruitment advisor Conduct candidate search Agree role specification and key search criteria Standard Chartered | Annual Report 2025158 ![]() Progress against the Board Diversity Policy Our policy provides for a diverse Board with a wide range of skills and perspectives that its members bring to our Board and its committees. We set out below our progress against our policy as of 31 December 2025. Increasing the representation of women on the Board with an aim to have a minimum of 40% female representation Female representation on the Board is 45%. Adopting an ethnicity aspiration of a minimum of 30% from an ethnic minority background Representation on the Board from ethnic minority backgrounds is 36%. Ensuring that our Board reflects the diverse markets inwhich we operate The Board has members either based in or who are nationals of many of the regions we operate in, including the UK, Europe, North America, Asia and Africa. Many of the INEDs have additional experience of having worked and lived in many of the Group’s other markets. We continue to prioritise Board representation from our key markets. Ensuring that the Board is comprised of a good balance ofskills, experience, knowledge, perspective and varied backgrounds The Committee has continued to focus on ensuring that the Board has the right combination of experience, skills and attributes required both immediately and in the medium tolong term. A review is currently being undertaken of the Board skills and experience matrix to better identify the depth of experience and potential skills gaps. Deep banking experience is a particular focus area for a potential futureINED. Ensuring that we consider the Group’s aspirations in relation to disability, sexual orientation, gender identity and gender expression We remain committed to all aspects of diversity in our succession process. Only engaging search firms who are signed up to the Voluntary Code of Conduct for Executive Search Firms Russell Reynolds Associates Limited, who is signed up to the Voluntary Code, was engaged during 2025 to assist us in identifying and building a pipeline of high-quality potential INED candidates. No additional search firms were engaged with during the year. Reporting annually on the diversity of the executive pipeline as well as the diversity of the Board, including progress being made on reaching the Board’s gender andethnicity aspirations We continue to report on our Board and senior talent succession planning as well as our commitment to maintaining a diverse Board. We are pleased to have achieved our gender and ethnicity aspirations. UK Listing Rules diversity targets and disclosure We are pleased to report that as at 31 December 2025, our Board met the diversity targets set out in UK Listing Rules (UKLR), with 45 per cent of the Board Directors being women, the senior position of Chair is held by a woman, and four members of our Board are from minority ethnic backgrounds. In accordance with UKLR 6.6.6R(10), the tables on page 160detail the composition of the Board and executive management, as at 31 December 2025. For the purpose ofthisreporting, ‘executive management’ comprises members of our Group Management Team and the GroupCompany Secretary. This data was collected on a self-reporting basis by each individual who confirmed which of the categories specified inthe prescribed tables were most applicable to them. On 10 February 2026, Diego De Giorgi stepped down asExecutive Director and Group Chief Financial Officer. Thischange to the membership of the Board has notaffected the Company’s ability to continue to meet theUKLR targets. Annual Report 2025 | Standard Chartered 159 Directors’ report ![]() #### Governance The Committee monitors and advises on the impact of changes to corporate governance affecting the whole Group. Action and decision Outcome and impact Terms of reference review • Conducted an annual review of the Committee’s terms ofreference in November 2025, considering applicable rules and best practice in the UK and Hong Kong. • Following the review, and in consideration of the revised Hong Kong Listing Rules, recommended clarification ofthe Committee’s responsibility in respect of the assessment of each director’s time commitment andcontribution. • The Board approved amendments to the Committee’s terms of reference in February 2026. • Ensured the roles and responsibilities of the Committee remain appropriate and aligned with best practice. Subsidiary governance • Received updates from the Group Heads of CIB and WRB,who have management responsibility for the Group’s subsidiaries, on the Group’s approach to subsidiary governance. • Reviewed the governance process in place around succession planning for the Group’s banking subsidiaries. • Ensured compliance with existing corporate governance rules across the Group and horizon scanning for changes across our markets. Committee performance • Reviewed progress against the 2025 Action Plan which set out several actions arising from the internally facilitated performance review conducted in 2024. • A review of the Committee’s performance was facilitated by an independent external reviewer in accordance withthe UK Code. • The external reviewer’s report was reviewed and discussed by the Board with all Committee members present. • Addressed all actions in the 2025 Action Plan to enhance the performance of the Committee. • Developed a 2026 Action Plan to address the external reviewers’ recommendations from the 2025 performancereview. • Progress against the 2026 Action Plan will be monitored during 2026. Read more on the review on pages 150 to 152. Meetings Meetings are scheduled to align with key dates in the Group’s calendar and in accordance with the Committee’s forward planner. As part of, and in addition to scheduled Committee meetings, the Committee held private members-only meetings. The Committee Chair reports to the Board on the Committee’s key areas of focus following each meeting. Number of Board members Percentage of theBoard (%) Number of senior positions on the Board (GCE, GCFO, SID and Group Chair) Number in executive management Percentage of executive management (%) Male 6 54.5 3 6 54.5 Female 5 45.5 1 5 45.5 Not specified/prefer not to say – – – – – Number of Board members Percentage of theBoard (%) Number of senior positions on the Board (GCE, GCFO, SID and Group Chair) Number in executive management Percentage of executive management (%) White British or Other White (including minority-white groups) 7 63.6 4 7 63.6 Mixed/Multiple Ethnic Groups – – – – – Asian/Asian British 4 36.4 – 4 36.4 Black/African/Caribbean/Black British – – – – – Other Ethnic Group – – – – – Not specified/prefer not to say – – – – – Read more on diversity in the Supplementary people information on pages 444 to 449 and on the Group Diversity andInclusionStandard on pages 214 to 215 #### Governance and Nomination Committee report Standard Chartered | Annual Report 2025160 ![]() ## Audit Committee report judgements made by management and ensured that disclosures are appropriate. We worked in close partnership with the Board Risk Committee (BRC), holding joint meetings to address areas ofshared responsibility. These included financial crime, theannual Risk and Control Self-Assessment (RCSA), the affirmation of the Enterprise Risk Management Framework (ERMF) and the broader risk management framework, aswellas internal financial controls for books and records. We also reviewed the effectiveness of the GIAI function, Ernst& Young (EY), the Group’s Statutory Auditor, and the Committee, all of which continue to operate effectively. We continued close oversight of Financial Crime Risk (FCR).During 2025 the Committee placed focus on the financial crime end-to-end programme, a forward-looking initiativedesigned to build future-proof and resilient FCR management. We also held a joint meeting with the BRC focused on FCR, with an external speaker providing insight onthe external risk landscape. Following this session, a recommendation was made and approved by the Board forthe BRC to have sole oversight of FCR, and Compliance Risks, to consolidate oversight of Principal Risk Types and avoid duplication. I invite you to read more about our work in the following pages. Jackie Hunt Audit Committee Chair Committee composition and attendance Committee member Scheduled meeting attendance Ad hoc meeting attendance Jackie Hunt 1 8/8 2/2 Shirish Apte 8/8 2/2 Lincoln Leong 8/8 2/2 Maria Ramos 2 4/4 1/1 Phil Rivett 3 8/8 2/2 1 Jackie was appointed as Committee Chair on 15 September 2025. 2 Maria stepped down as a member of the Committee on 8 May 2025. 3 Phil stepped down as Committee Chair on 15 September 2025. In addition, there were two joint meetings held with the BoardRiskCommitteein 2025. I am pleased to present the Audit Committee report for2025on pages 161 to 169, which provides an overview oftheCommittee’s key activities during the year. Following receipt of regulatory approval, I succeeded PhilRivett as Audit Committee Chair with effect from 15 September 2025, having been a member of the Committee for three years. I also assumed the role of Speaking Up Board Champion. On behalf of the Committee, I would like to thank Phil for his strong leadership and continued support given that he remains a member of the Committee. I would also like to express thanks for his comprehensive handover to me as incoming Committee Chair to ensure a seamless transition. During 2025, we remained focused on the Group’s progress towards ensuring compliance with the Audit and Corporate Governance (ACG) reforms and Provision 29 of the UK Corporate Governance Code (UK Code) from 1 January 2026.We focused on the multidisciplinary Group-wide rollout, withvarious updates provided to the Committee by Finance, Riskand Group Internal Audit and Investigations (GIAI). Wespent time discussing the identification of relevant controls, the implementation of process and controls mapping, testing and quality assurance, training, tooling andbusiness readiness. Strengthening the Group’s internal control environment through the development of the Group’s Financial Reporting Controls Framework (FRCF) continued to be a key priority throughout the year. To enhance knowledge and understanding, two ACG socialisation sessions covering Material Controls were held in May and September 2025, towhich all Board members were invited. In addition, the Board and Committee received training on the determination ofexpected credit loss (ECL) in accordance with IFRS9. We scrutinised the integrity of the Group’s published financialinformation, challenging credit impairments, key accounting issues, significant accounting estimates and Additional attendees Group Chair; Group Chief Executive; Group Chief Financial Officer (GCFO); Group Chief Risk Officer; Group Chief Internal Auditor; Group Head, Compliance, Financial Crime &Conduct Risk (CFCR); and senior representatives from Group Finance, the Group Statutory Auditor and the Group Company Secretary also attended Committee meetings. Jackie Hunt, Audit Committee Chair Responsibilities The Committee’s responsibilities are described in this report and the Committee’s terms of reference which can be viewed at sc.com/termsofreference. Annual Report 2025 | Standard Chartered 161 Directors’ report ![]() #### Audit Committee report #### Financial and non-financial reporting A principal responsibility of the Committee is to monitor and critically assess the integrity of the financial statements, interim reports, preliminary announcements and related financial reports, including review of any significant financial reporting issues and judgements. The Committee advises the Board on whether the information presented in the financial statements presents a fair, balanced and understandable (FBU) assessment of the position and prospects of the Company. The Committee is also responsible for reviewing the Company’s non-financial reporting disclosures to ensure compliance with relevant standards. Action and decision Outcome and impact Financial reporting • Received detailed reports from the GCFO and the Group’s Statutory Auditor, EY, in respect of management’s judgements, reporting and audit in relation to the financial statements. • Reviewed the clarity and completeness of the disclosures made within the published financial statements. • Monitored the integrity of the Group’s published financial statements, such as half-year and quarterly reports, and formal announcements relating tothe Group’s financial performance, reviewing the significant financial judgements, estimates and accounting issues. Read more on the significant accounting judgements considered during 2025 on page 163. • The Committee satisfied itself that theGroup’s accounting policies and practices are appropriate. • Ensured alignment with IFRS andUK-adopted International AccountingStandards. • Enhanced disclosure clarity. Going concern assessment and viability statement • Reviewed management’s process, assessment and conclusions with respect to the Group’s going concern assessment and viability statement. • Reviewed forward-looking Corporate Plan cash flows, including the annual budget, results of various stress tests that explore the resilience of the Group to shocks to its balance sheet and business model, principal and emerging risks, liquidity and capital positions, and key assumptions. • Recommended to the Board that the financial statements should be prepared on a going concern basis and recommended the viability statement to the Board for approval. Read more on pages 51 to 52 and 217. • The Board approved the Committee’s recommendation. • Satisfied itself that the Company’s risk management, financial planning and governance oversight are effective and forward-looking. • Ensured that the going concern assessment and viability statement disclosures are appropriate and consistent with the Group’s Strategic report and other risk disclosures. Fair, balanced and understandable • Reviewed drafts of the Annual Report and provided input and challenge to ensure balance and consistency. • Received reports from the GCFO and challenged management’s assessment of the Annual Report, to consider whether it is FBU. • Evaluated the process for preparing and verifying the Annual Report to ensure it was appropriate. • Satisfied itself and recommended to the Board that the processes and procedures in place ensure that the Annual Report, taken as a whole, is FBU. The FBU statement can be found on page 217 of the Statement ofdirectors’responsibilities. • The Board approved the Committee’s recommendation. • The Annual Report is representative of the year under review and provides the information necessary for shareholders to assess the Group’s position and performance, business model, strategy, and the business risks it faces. Non-financial reporting • Reviewed the principal non-financial disclosures made by Standard Chartered, including the Pillar 3 disclosures and the publication of the Main Features of Capital Instruments, Environmental, Social and Governance (ESG) reporting and Task Force on Climate-related Financial Disclosures (TCFD). • Received an update on the 2025 climate disclosures within the Annual Report including new disclosures mandated by Part D of the ESG Reporting Code (Appendix C2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited). • Ensured that the disclosures are compliant with standards, frameworks and principles that are relevant to theGroup. • Counselled on the need to ensure thatclimate disclosures remain commensurate with the overall AnnualReport. Standard Chartered | Annual Report 2025162 ![]() Significant matters considered by the Committee The significant accounting judgements considered during 2025 are detailed below: Significant matter How it was addressed Credit impairment • Reviewed and challenged, on a quarterly basis, reports detailing the composition and credit quality of the loan book, concentrations of risk and provisioning levels, and the key judgements made in applying the Group Impairment Provisioning Policy, including staging. • Assessed the overall adequacy of the ECL model output, reviewed, considered and challenged the economic variables and scenario forecast input to the models, judgemental post model adjustments (with a focus on the adequacy of non-linearity) and management overlays in both the wholesale and retail portfolios that were required to estimate ECL onaquarterly basis. • Reviewed and discussed updates highlighting expected losses in the Hong Kong Commercial Real Estate sector, and potential and actual sovereign downgrades. • In respect of high-risk credit grade and Stage 3 exposures, received briefings on business plans, including remedial actions and management assessment of the recoveries and collateral available. Basis of accounting and impairment assessment of China Bohai Bank (Bohai) • Reviewed and discussed management’s value in use assessment on the Group’s investment in its associate, Bohai, the appropriateness of the equity method accounting treatment, including the significant influence assessment, and the related disclosures. Valuation of financial instruments held at fairvalue • Received reports and updates at each reporting period detailing the key processes undertaken to produce and validate valuations of financial instruments, including anychanges in methodology from prior years and significant valuation judgements. • Received regular updates on the level of unsold positions in the syndication’s portfolio andthe valuation of these positions and plans for sell down. • Reviewed credit valuation adjustments, debit valuation adjustments, funding valuation adjustments and own credit adjustments, and considered the explanation and rationale for any significant movements. The Committee confirms that the key judgements and significant issues reported are consistent with the disclosures of key estimation uncertainties and critical judgements, as set out in Note 1 on pages 330 to 334. Annual Report 2025 | Standard Chartered 163 Directors’ report ![]() #### Audit Committee reportExternal audit The Committee is responsible for appointing, overseeing the work of, and ensuring the independence, objectivity and effectiveness oftheGroup’s statutory auditor, EY. Action and decision Outcome and impact External Audit Plan and fees • Reviewed the External Audit Plan and any updates. • Reviewed and discussed the risks identified by EY’s audit planning, as well as EY’s planned audit strategy in response to those risks. • Reviewed the level of audit fees, to ensure that audit work can be conducted effectively and independently. • Reviewed and discussed whether the External Audit Plan is tailored to the Group’sbusiness and promotes a robust and quality audit. • Reviewed and approved the 2025 auditfees. External audit reports • Received and discussed EY’s control themes and observations from the 31 December 2024 year-end audit, as well as an update on these matters later in the year provided by management. • Received EY’s private Written Auditor Reporting to the Prudential Regulation Authority for the year ended 31 December 2024 and reviewed and discussed EY’s approach to Written Auditor Reporting for the year ended 31 December 2025. Updates from management were also provided. • Reviewed EY’s digital plan, which will drive audit quality through automation, use of data analytics, increased population coverage andfocused effort of higher audit risk. This included a practical demonstration of several tools currently being deployed in the Group’saudit and an overview of those planned for the future. • Provided feedback to management and theBoard on the appropriateness of the financial statements. • Highlighted areas of improvement to enhance the quality of the financial statements. • Received assurance as to how EY intends toleverage automation in its audit work. Annual performance review • Conducted an annual review of the performance, effectiveness and independence of EY with input received from Committee members, chairs of subsidiary audit committees, Group Management Team, cluster/country chief financial officers, senior members of Group Finance, Group Internal Audit & Investigations, Risk, Legal and Operations. • Identified that EY provides a good level of scrutiny and challenge to management’s judgements and assumptions as set out in their report on pages 310 to 321. • EY has allocated sufficient and suitably experienced resources to address these risks and reviewed the findings from the audit work undertaken. • EY is considered to be effective, objective and independent in its role asthe Group’s Statutory Auditor. See ‘Non-audit services’ below for further information on how independence is safeguarded. • Recommended the re-appointment of EY as the Group’s Statutory Auditor to the Board. • The Board approved and recommended toshareholders the re-appointment of EYasthe Group’s Statutory Auditor at the 2025 AGM. • Maintained independence safeguards. • Ensured effective oversight of EY and collaboration with management to increase audit efficiency. Standard Chartered | Annual Report 2025164 ![]() Non-audit services The Group’s Auditor Independence Policy includes non-audit services policies that are based on an overriding principle that, to avoid any actual or perceived conflicts of interest, theGroup’s Statutory Auditor should only be used when there isevidence that there is no alternative in terms of quality andwhen there is no conflict with their duties as auditor. Each request for EY to provide non-audit services will be assessed on its own merits. The following are strictly prohibited underthe Policy: • bookkeeping, information technology and internal auditservices • corporate finance services, valuation services orlitigationsupport • tax or regulatory structuring proposals • services where fees are paid on a contingent basis (inwhole or in part) • consulting services that actively assist in running the business in place of management as opposed to providing or validating information, which management then utilisesin the operation of the business. The policy requires that annual non-audit service fees are lower than 70 per cent of the average Group audit fee overthe previous three consecutive financial years. This cap excludes audit related non-audit services and services carried out pursuant to law or regulation. For 2025, the Group spent $15.5 million (2024: $13 million) on non-audit services provided by EY (including audit-related assurance services such as quarterly and half-year reviews and regulatory reporting), representing 26 per cent of the total fees paid to EY (2024: 23per cent). Details of EY’s remuneration as the GroupStatutory Auditor and the types of non-audit services provided by EY are set out in Note 38 to the financial statements on page 420. The policy was reviewed and approved by the Committee inSeptember 2025. The non-audit services provided by EY during 2025 complied with the Company’s non-audit services policies and ensured that actual or perceived conflicts of interest were avoided, and EY’s independence and objectivity was maintained. The Committee considered and concluded there were no relationships between EY and the Group during 2025 that adversely affected its independence and objectivity. Audit tender and lead audit partner rotation The Company’s last audit tender was in 2017, following which EY was appointed as the Group’s Statutory Auditor for the financial year ended 31 December 2020. EY was re-appointed as the Group’s Statutory Auditor for the financial year ended 31 December 2025 at the 2025 AGM. At the conclusion oftheaudit for the financial year ended 31 December 2025, EYhadbeen the Group’s Statutory Auditor for six years. Micha Missakian, who is experienced in auditing global banking institutions, served as the lead audit partner for theCompany following completion of the audit for the yearended 31 December 2024. Due to the comprehensive handover from the previous lead audit partner, David Canning-Jones, the transition of the lead audit partner has been successful. As a UK public interest entity, the Group is required to tender the audit every 10 years and rotate the auditor every 20 years. As the Committee remains satisfied with EY’s performance, the Group has no current intention of tendering for an alternative auditor before the end of the current required 10-year period. The next audit tender will be in respect of 2030 onwards and would likely occur in 2027 to allow for sufficient transition. EY is a public interest entity auditor recognised in accordance with the Hong Kong Financial Reporting Council Ordinance. During the year, the Company complied with the provisions of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Process and Audit Committee Responsibilities) Order 2014. Information given to the auditor Each director believes that there is no relevant information ofwhich our Group Statutory Auditor, EY, is unaware. Eachdirector has taken all steps necessary to be aware ofany relevant audit information and to establish that EY ismade aware of any pertinent information. Annual Report 2025 | Standard Chartered 165 Directors’ report ![]() #### Group Internal Audit and Investigations The Committee has oversight of Group Internal Audit and Investigations (GIAI), including monitoring its effectiveness andindependence. GIAI encompasses the activities of the Group Internal Audit (GIA) and Group Investigations teams. Action and decision Outcome and impact GIAI reports • Received reports providing a summary of GIAI activity, including trends observed and notable outcomes andopinions. • Received and discussed a dedicated paper on GIAI’s assessment of the transformation landscape and a deep dive into GIAI’s assurance work over the Group’s key transformation programmes. • Received updates on material issues raised by GIAI and, where requested, management developed risk-reduction plans for items. • GIAI identified eight key risk themes for 2025: transformation and change; third-party risk management; environmental, social and governance; operational resilience; data quality; financial regulatory reporting; information and cyber security; and financial crime. • The Committee satisfied itself that transformation remains one of the top GIAI risk themes and ensures coverage through regular change audits, health checks and business monitoring. The Group is taking steps to address challenges through enhanced oversight, new governance structures, and targeted remediation actions. • The Committee satisfied itself that material issues raised by GIAI have received sufficient management focus. Annual plan and budget • Reviewed and monitored progress against the 2025GIAPlan. • Reviewed and monitored audit themes, trends and significant issues. • Reviewed the 2026 GIA Plan, resourcing and budget. • Reviewed GIAI’s functional strategy, including GIAI’s mission, vision and priorities. • Changes to the 2025 GIA Plan were regularly reviewed and approved by the Committee. • The Committee discussed and approved the 2026 GIA Plan, ensuring alignment with the Company’s principal risks and strategic priorities. • The Committee is satisfied that GIAI is appropriately resourced with sufficient budget. Group Internal Audit Charter • Reviewed proposed changes to the GIA Charter. • Discussed and approved changes to the GIA Charter. Performance assessment and independence • Discussed the GIA annual self-assessment including regulatory feedback received and actions being taken toaddress any findings. • Received and discussed reports from the Senior Audit Director, Quality Assurance (QA) & Professional Practices on the QA function’s view of the quality of GIAI’s audit work, including trends observed and notable outcomes and opinions. • Assessed the role, independence, objectivity and effectiveness of the GIAI function. • Progress against the improvement actions identified fromthe independent external QA review conducted by Deloitte in 2024, was regularly reported to the Committee. • Received the internal QA review, which highlighted that GIA generally complies with the requirements of the GIA Charter, the Institute of Internal Audit standards and other regulatory standards, and that there had been animprovement in the quality of audits from 2024. • The Committee remained satisfied with GIAI’s performance against its objectives agreed at the beginning of the year. • Demonstrates GIAI’s position and value in the organisation and its impact, quality, effectiveness, andefficiency. • Ensures and confirms that GIAI continues to achieve itsprimary role to help the Committee, Board and management to protect the assets, reputation and sustainability of the Group through independent, risk-based, timely and objective assurance, advice, insightand foresight. • The Committee is satisfied with the independence andobjectivity of the GIAI function. #### Audit Committee report Standard Chartered | Annual Report 2025166 ![]() #### Internal controls and risk management The Committee monitors the Company’s systems of internal control, risk management frameworks, and compliance with laws and regulations. The Committee reviews and considers appropriate actions related to the Group’s procedures for preventing and detecting fraud and bribery. Action and decision Outcome and impact Internal controls and risk management • A joint meeting was held with BRC to review the annual RCSA, affirmation of the ERMF and risk management framework, and the broader risk management framework, as well as internal financial controls for booksand records. • Reviewed the Group’s internal controls including internal financial controls. • Received quarterly updates from management on internal control observations and from EY on areas of focus which are part of their ongoing audit procedures. • Discussed reports from GIAI that provide its view on the system of internal controls across all risk types including summary highlights of the most significant matters identified by GIAI and areas of thematic interest that have arisen as part of the audits and warrant the Committee’s attention. • The BRC and the Culture and Sustainability Committee discussed separate reports from the Group Chief Internal Auditor on GIAI’s appraisal of controls across key risks, subject to each committee’s oversight. Read more on risk management and internal controls onpages 212 to 213 • Partnered with the BRC to ensure efficiency on matters ofshared interest. • Preparation for compliance with Provision 29 of the UK Code which will apply from 1 January 2026. Read more onpage 168. • Enhanced effective operation and monitoring of the Group’s control environment. Compliance, Financial Crime and Conduct Risk Function • Reviewed Standard Chartered’s position to manage financial crime compliance in an evolving landscape. • Received a deep dive into the development and progress of the end-to-end programme for managing financial crime, a forward-looking programme to build future-proof and resilient Financial Crime Risk (FCR) management. • Received reports from the Money Laundering Reporting Officer in May and December that provided an overviewof FCR. • Received CFCR compliance oversight reports. • Ensured maintenance of effective systems and controls tomeet legal and regulatory obligations in respect of FCR. • The financial crime end-to-end programme aims to: materially enhance client experience, improve risk effectiveness and improve operational effectiveness andefficiency. Whistleblowing oversight • Reviewed and discussed the annual report on the operation and effectiveness of Speaking Up, the Group’s confidential whistleblowing programme. • The Committee Chair received regular updates on Speaking Up outside of formal Committee meetings and met with senior management from our Conduct and Compliance teams. • The report provided assurance of the Group’s ongoing compliance with the PRA and the Financial Conduct Authority’s Whistleblowing Rules. Read more on our Speaking Up programme onpages118to119 The Committee acknowledges the Board’s overall responsibility for the effectiveness of the risk management and internal control framework, and confirms compliance with UK Code, including section 4 on Audit, RiskandInternal Control. Read more on risk management and internal controls on pages 212 to 213. Annual Report 2025 | Standard Chartered 167 Directors’ report ![]() A paper was presented to the Committee that provided a consolidated overview of concerns raised through the Speaking Up and grievance channels, as well as via business referrals. This was presented by representatives from Employee Relations, GIAI and CFCR to deliver a joined up account. Strategic Regulatory Reporting Programme The Committee reviewed and discussed updates to the Strategic Regulatory Reporting Programme, which is a programme designed to strengthen aspects of prudential regulatory reports, with regular progress updates provided tothe Committee. Data Risk management The Committee reviewed and discussed progress on the delivery of the Group’s refreshed Data Management Strategy, and the Group’s current data risk exposure. The Committee focused on data sovereignty and the challenges of operating across multiple jurisdictions, the various dependencies on other projects, the prioritisation of critical data elements, heightened focus on data quality, and the design of the Global Data Platform. Complaints deep dives Dedicated papers on complaint handling in both CIB andWRB including key areas of focus and themes, and forward-looking initiatives that will further improve the process and client experience were received and discussed bythe Committee. The Committee welcomed the opportunity to hear from the three lines of defence, which encapsulate the Group’s approach tomanaging client complaints, and the focus placed on process improvement and simplification. Fit For Growth The Committee was presented with an overview of the processes and controls around Fir For Growth (FFG) savings. The Committee received assurance from management that all FFG savings are subject to appropriate governance and that there is an appropriate tracking and assurance process from origination of the savings to embedment. Aspire programme An update was provided to the Committee on the Group’s Aspire programme, which was launched in 2018 to deliver a modern technology system and data landscape for financial management and reporting. The programme has modernised the Group’s financial infrastructure, improved efficiency, anddelivered substantial financial and operational benefits. Allcomponents are now live, and it is recognised as industry leading. Aspire has laid the groundwork for future strategic delivery, robust controls, and advanced analytics. While the core transformation is complete, further enhancements and centralisation efforts are planned for 2026 to maximise value and consistency. TheCommittee is keen that any lessons learned from this implementation, can be leveraged for future technology rollouts. Climate and net zero model validation The Committee received an update on the Group’s net zeromodels and the validation of these under the Group’s ModelRisk Management framework and provided feedback to management. Spotlight on UK Audit and Corporate Governance reforms implementation During 2025, the Committee continued its oversight of the Group’s Material Controls Programme and FRCF development to ensure compliance with Provision 29 of the UK Code ahead of its implementation for the Group’s financial reporting year beginning on 1 January 2026. The Committee received regular reports on the implementation of the Material Controls Programme and FRCF from management through formal Committee meetings and informal sessions. Throughout 2025, an initial list of Material Controls was defined and the testing and assurance strategy was also defined. Governance structures were developed to support operational alignment to theUK Code. A dry run of the Material Controls lifecycle was conducted for FY 2025. In December 2025, the Committee reviewed and provided feedback on management’s proposed approach to the disclosure on Materials Controls. The 2026 Annual Report will include the Board’s firstrequired declaration on their effectiveness ofMaterial Controls (including additional detail forany Material Controls that have not operatedeffectively). #### Audit Committee report #### Other areas of focus Tax The Committee approved the updated UK Tax Strategy for the year ending 31 December 2025 and approved Standard Chartered PLC country-by-country reporting for the year ended 31 December 2024, which can be found on the Group’s website sc.com/country-by-country-disclosure. Legal and regulatory matters The Committee received and discussed updates on major disputes and significant regulatory government investigations facing the Group. The Committee also reviewed management’s judgements on the level of provisions and the adequacy ofdisclosure. Non-financial misconduct The Committee reviewed analysis and notable trends on non-financial misconduct (NFM) matters and key actions being taken to address such matters within the Group. TheCommittee discussed the NFM training provided to employees and the reporting channels available. Training is now being delivered with a focus on using anonymised case studies to drive key messages throughout the organisation. Reporting channels and the possibility of a separate channel for sexual harassment reporting given the sensitivities involved was also considered. Standard Chartered | Annual Report 2025168 ![]() #### Governance Action and decision Outcome and impact Terms of reference review • Conducted an annual review of the Committee’s terms ofreference in December 2025, considering applicable rules and best practice in the UK and Hong Kong and theACG reforms. • Following the review, alongside the BRC, the Committee recommended material changes in relation to the transfer of oversight of FCR and Compliance Risk to the BRC. Inlight of the ACG reforms, the Committee’s responsibilities regarding material controls were defined. • The Board approved the recommended amendments tothe Committee’s terms of reference in February 2026. • Ensured the role and responsibilities of the Committee remain appropriate and aligned with best practice. Committee performance review • Regularly reviewed progress against the 2025 Action Plan, which set out actions arising from the internally facilitated performance review conducted in 2024. • A review of the Committee’s performance was facilitated by an independent external reviewer, in accordance with the UK Code. • The external reviewer’s report was reviewed and discussed by the Board with all Committee memberspresent. • Addressed all actions in the 2025 Action Plan to enhance the performance of the Committee. • Developed a 2026 Action Plan to address the externalreviewer’s recommendations from the 2025 performance review. • Progress against the 2026 Action Plan will be monitored during 2026. Read more on the review on pages 150 to 152. Committee composition In accordance with the UK Code, the Committee’s membership comprises independent non-executive directors who have a deep and broad experience of banking and therisk factors affecting the Group, including geopolitical, economic, IT, financial crime and general business risks. TheBoard is satisfied that the Chair of the Committee, Jackie Hunt, has recent and relevant financial experience. Jackie isaqualified chartered accountant and has held a number ofsenior management positions within the financial services sector. The skills and experience of each member can be found on pages 131 to 134. Meetings Meetings are scheduled to align with key dates in the Group’s financial calendar and in accordance with the Committee’s forward agenda. As part of, and in addition to, scheduled Committee meetings, the Committee held private members-only meetings. The Committee also met with the Group’s Statutory Auditor, EY, and the Group Chief Internal Auditor, without management being present. During the year, the Committee Chair also met regularly with the EY partners leading the Group’s audit. The Committee Chair held regular meetings with the Group Head, CFCR and Group Chief Internal Auditor, and met with members of senior management to ensure there was sufficient oversight of their work and key emerging issues. The Committee Chair reports to the Board on the Committee’s key areas of focus following each meeting. Financial Reporting Council Minimum Standard The Committee confirms that the Committee’s activities during the year including interactions with management, GIAIand EY, as set out in this report, have complied with theFinancial Reporting Council’s Audit Committees and the External Audit: Minimum Standard issued in May 2023. Annual Report 2025 | Standard Chartered 169 Directors’ report ![]() ## Board Risk Committee report We have continued our review of the Group’s key change, technology and simplification programmes, including the consideration of external disruptive incidents and the operational risks posed. Information and Cyber Security (ICS) Risk remained an important priority, with focus placed on our approach to vulnerability management, third parties and responsible use of AI. We dedicated time throughout the year to undertake education sessions on software security vulnerability management, managing quantum computing ICS risks, Climate Risk including Nature Risk, and Model Risk Management (MRM), which has enabled the Committee to consider these risks through a broader, more anticipatory lens. In July 2025, the Group appointed Jason Forrester as its GCRO, effective from 1 January 2026, following regulatory approval received in December 2025. Onbehalf of the Committee, I would like to thank Sadia Ricke, as departing GCRO, for her significant contributions in driving a client-focused, risk-aware approach and for her valuable contributions in and outside of meetings. Ilook forward to working with Jason in his new role. The Committee underwent some membership changes in late 2024 and early 2025, andIam pleased to report that the Committee isoperating effectively and is well placed to oversee and challenge the risks faced by the Group, with the mitigation wehave in place. Phil Rivett Board Risk Committee Chair Committee composition and attendance Committee member Scheduled meeting attendance Ad hoc meetings attendance Phil Rivett 1 6/6 3/3 Shirish Apte 6/6 3/3 Jackie Hunt 6/6 3/3 Diane Jurgens 2 6/6 2/3 Robin Lawther, CBE 3 6/6 2/3 Maria Ramos 4 3/3 n/a In addition, there were two joint meetings held with the AuditCommittee in 2025. I am pleased to present the Board Risk Committee report, which provides an overview of the Committee’s key activities during 2025, on pages 170 to 175. I was appointed as Interim Chair of the Committee on 8 May 2025 and, following regulatory approval, assumed the role of Committee Chair on1 August 2025, having been a member of the Committee for five years. I would like to extend my gratitude to Maria Ramos, the previous Committee Chair, for her strong leadership onrisk oversight and for her comprehensive handover to me as incoming Chair. This year we focused on carefully monitoring sovereign andgeopolitical risks, particularly our response to sovereign downgrades and volatility in key markets. A close watch has been kept on US tariffs and the risk of higher global inflation and fluctuating oil prices fuelled by the Russia-Ukraine and Middle East conflicts for their impacts on our markets. Thissupported the work on strengthening our approach tostress testing, mindful ofthe uncertain macroeconomic outlook. The monitoring of sovereign and geopolitical risks and strengthening of our stress testing will remain on the Committee’s agenda for 2026 and beyond. We have also reviewed and challenged that the Group has appropriate Risk Appetite boundaries and metrics in place to achieve itsstrategic aspirations, in line with the Corporate Plan. We have overseen the work underway on resolution and recovery planning, in particular, addressing our restructuring planning capabilities in response to feedback received from the Bank of England (BoE), cognisant of the work of the Board in this area. Credit Risk has also been carefully monitored in light of the macroeconomic environment. OurCIB and WRB Risk Reviews covered sector deep divesincluding oil and gas, solar and electric vehicles, alongsidereporting of our credit card, personal loan and partnership portfolios. Additional attendees Group Chair; Group Chief Executive; Group Chief Financial Officer; Group Chief Risk Officer (GCRO); Group Head of Enterprise RiskManagement; Group Treasurer; Group Head, Compliance, Financial Crime & Conduct Risk; Group Chief Internal Auditor; theGroup’s Statutory Auditor and the Group Company Secretary also attended Committee meetings. Sir Iain Lobban, our cyber adviser to the Board, regularly attended discussions on ICS Risk, Financial Crime Risk (FCR)and technology-related matters. Phil Rivett, Board Risk Committee Chair David Tang, a Board member with IT expertise, also attended technology-related discussions. EY attended all Committee meetings in 2025. The Committee Chair regularly meets with senior leaders of the Risk function, including the GCRO. Responsibilities The Committee’s responsibilities are described in this report andthe Committee’s terms of reference which can be viewed at sc.com/termsofreference. 1 Phil was appointed as interim Committee Chair on 8 May 2025, and receivedregulatory approval as Committee Chair on 1 August 2025. 2 Diane was unable to attend one ad hoc meeting which was scheduled at short notice due to the time zone difference. She had access toall relevant materials prior to the meeting and opportunity to provide feedback. 3 Robin was unable to attend one ad hoc meeting which was scheduled at short notice due to pre-existing commitments. She had accessto all relevant materials prior to the meeting and opportunity toprovide feedback. 4 Maria stepped down as Committee Chair on 8 May 2025. Standard Chartered | Annual Report 2025170 ![]() #### Principal areas of focus The table below provides an overview of the principal areas considered by the Committee during the year and the associated outcome and impact of those activities: Action and decision Outcome and impact Macro, sovereign and geopolitical risks • Discussed regular reports from the GCRO on global conflicts, the decoupling of China and the US, US tariffs and executive orders and market volatility. • Assessed country risks through our Country Risk Early Warning system and performed out-of-cycle reviews forat-risk sovereigns. • Kept abreast of the evolving macro, sovereign and geopolitical risk environment, critical for wider discussions on stress testing. • Identified key emerging risks and opportunities and critically assessed their potential impact on the Group, ourclients, colleagues, markets and regulators. • Challenged management on Risk Appetite metrics relating to Single Country Risk Exposure considering external environment volatility. Stress testing • Reviewed and challenged the Group’s Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP) submissions, including scenarios analysis, stress test outcomes and reverse stress test results. • Reviewed and challenged the 2025 BoE Bank Capital Stress Test. • Reviewed an overview of internal and regulatory stress scenarios used across the stress continuum including updates arising due to emerging sovereign and geopolitical risks. • Approved submissions of the following to the Prudential Regulation Authority (PRA): ICAAP, ILAAP and the Bank Capital Stress Test. • Challenged the outcomes and key findings arising from stress tests to monitor our resilience. • Critically assessed our approach to stress testing and challenged management to consider its use to further enhance performance and accelerate the use of stress testing tools. Read more on stress testing on pages 221 to 222. Recovery and Resolution Planning • Discussed regular updates on the Group’s recovery andresolution capabilities, with particular focus on workto address the findings from the BoE’s 2024 resolvability assessment. • Reviewed and challenged the Group’s Recovery Plan. • Reviewed work undertaken to achieve compliance with the PRA’s Trading Activity Wind-Down requirements. • Ensured continued robust oversight, governance, testing and assurance of resolution planning in preparation for the next Group Resolvability Self-Assessment Report due in October 2026. • Provided feedback on the Group’s activities to improve recovery and resolution planning capabilities and arrangements, including on restructuring planning. • Regularly checked that the Committee’s work on resolvability is complementary to that of the Board. Read more on Recovery and Resolution Planning onpages228 to 229. Technology and Operations (T&O) Risk • Reviewed and discussed updates on key technology- related change programmes covering our core banking applications and data centres, focused on progress, interdependencies, milestones, resources, key risks and regulatory engagement. • Discussed changes to the T&O function and risk profile. • Tracked progress of key change programmes and heldmanagement to account on deliverables and committed timelines. • Probed into the T&O risk profile with each of the three lines of defence ensuring robust risk management. • Recognised the industry-wide increase in third-party risk and challenged management on the mitigation plan. Annual Report 2025 | Standard Chartered 171 Directors’ report ![]() Action and decision Outcome and impact Information and Cyber Security Risk • Reviewed the progress being made on ICS Risk management, with papers and input from the three lines of defence. • Received Chief Information Security Officer Management Information reports, providing a holistic end-to-end risk management view, including key metrics. • Requested and received training on software security vulnerability management and managing quantum computing ICS Risks, which was opened up to the Board. • Considered the ICS strategy focusing on cyber resilience and enabling growth. • Received regular external perspective from Sir Iain Lobban. • Maintained focus on ICS Risk management, including control indicator performance. • Recognised that ICS Risk management continues to strengthen, in an ever changing and dynamic landscape. • Challenged management on key ICS priorities to ensure continued focus in the evolving environment. • Discussed software security vulnerability management and managing quantum computing ICS Risks. • Recommended the ICS strategy to the Board for endorsement. Operational resilience • Reviewed the Group’s overall readiness position against the Supervisory Statement (SS) 1/21 policy implementation date of 31 March 2025. • Considered material changes to Important Business Services (IBS) and Impact Tolerance Statements (ITOL) for Corporate & Investment Banking (CIB) and Wealth &Retail Banking (WRB). • Reviewed the Treasury Select Committee’s letter to another UK bank following IT system failures and explored how the Group would have responded to this letter to understand any lessons learned and improvement opportunities. • Approved the Operational Resilience Group Self-Assessment for submission to the PRA. • Challenged the level of testing needed given the interdependencies with other significant change programmes and the priorities of our global regulators. • Approved material changes to the Group’s IBS and ITOL. • Recognised the dependency on our major business centres, challenging management to ensure adequate consideration of this dependency in resilience planning. Credit Risk • Paid particular attention to the CIB and WRB portfolios toensure they remain resilient. • Focused on credit cards, personal loans and partnerships, where elevated risk has been observed. • Considered portfolio deep dives including oil and gas, solar and electric vehicles in light of the evolving geopolitical landscape. • Challenged and received assurance on the alignment ofCredit Risk Appetite metrics to strategy. • Challenged Credit Risk oversight in our expanding markets to ensure robust oversight supporting portfoliogrowth. • Probed into potential concentrations in certain industries. • Reviewed and challenged the results of credit stress tests. Transformation • Tracked the progress of our key transformation programmes and probed into the challenges faced. • Reviewed and discussed an overview of our Transformation Office including its governance, resources and prioritisation. • Challenged the resources, budget and timelines of our keytransformation programmes to ensure progress. • Risk oversight, time management and the resources of our key transformation programmes will continue as a key focus in 2026. Financial Crime Risk • Discussed reporting on controls in our WRB and CIBportfolios. • In conjunction with the Audit Committee, considered thekey emerging threats in this space. • Received insights from an external speaker on the broader Financial Crime Risk (FCR) landscape. • Considered the oversight of FCR across the Board Risk Committee and the Audit Committee to ensure maximum focus and eliminating potential duplication. #### Board Risk Committee report Standard Chartered | Annual Report 2025172 ![]() Action and decision Outcome and impact Risk Appetite • Reviewed and challenged the changes to the Group’s Risk Appetite and Board metrics twice during the year through interim and annual reviews. • Recommended the Group Risk Appetite and Board metrics to the Board for approval following its annualreview. • Provided feedback to management on key metrics including ICS and FCR. • Approved the interim changes to the Group Risk Appetite and Board metrics. • The Board approved the Group Risk Appetite and Board metrics, following recommendation from the Committee. • Ensured the affordability of the Risk Appetite against capital capacity, while allowing achievement of 2026 Corporate Plan. Read more on the Group’s Risk Appetite onpage221. Enterprise Risk Management Framework • In conjunction with the Audit Committee, reviewed the outcomes from the annual effectiveness review of the Enterprise Risk Management Framework (ERMF). • Reviewed proposed changes to the ERMF following itsannual review and recommended the updated ERMF tothe Board for approval. • Reviewed material changes to Risk Policies. • Received affirmation from the GCRO that the ERMF is materially effective and adequately highlights risks and improvement areas. • The Board approved the material changes to the ERMF following recommendation from the Committee. Read more on the ERMF on pages 220 to 225. Further details on Principal Risk Types (PRTs), including definitions of each, are set out on pages 222 to 223. Model Risk • Discussed reports on MRM and the ongoing implementation work arising from the PRA’s MRM requirements (SS1/23). • Received training on MRM. • Continued to focus on the Group’s Model Risk profile whilerecognising the progress made on MRM. • Dedicated time and space for MRM training, including UK regulators’ requirements regarding Board-level oversight. Treasury Risk • Reviewed and discussed reports on our capital and liquidity position cognisant of the evolving regulatory environment. • Discussed an enhanced risk-based framework for managing the capital and liquidity risks of the Hold toCollect portfolio. • Challenged and recommended the Contingent Liquidity Risk Framework, including a Board Risk Appetite metric, tothe Board for approval. • Reviewed and challenged regulatory submissions including ILAAP and ICAAP. • The Board approved the Contingent Liquidity Risk Framework, following the Committee’s review andrecommendation. • Ensured the enhanced Hold to Collect portfolio framework supported the structural hedging programme while managing the risk dynamically. Digital assets • Dedicated time assessing whether our risk management framework (RMF) is fit for purpose to mitigate digital asset specific risks, in line with the Group’s aspirations inthis space. • The review of the RMF supports our digital asset strategy discussions by the Board. Traded Risk • Reviewed and challenged the key financial and non-financial risks of our trading business including Risk Appetite and stress testing results. • Confirmed traded risk is well understood and managed inline with established Risk Appetite. Non-Financial Risks • Closely monitored Non-Financial Risk reporting to ensurethe Group remains on track to achieve annual riskreduction. • Received reports on Elevated Residual Risks and Material Risk events. • Discussed a Third-Party Risk Management (TPRM) update and refreshed strategy. • Delved into material and thematic issues, with robust challenge of any overdue items to ensure progress toachieve risk buydown targets. • Recognised the ever-growing challenge of TPRM andprovided feedback on the TPRM strategy ahead ofitssubmission to the Board for approval. Annual Report 2025 | Standard Chartered 173 Directors’ report ![]() Action and decision Outcome and impact Internal Controls • Discussed reports from Group Internal Audit & Investigations covering the appraisal of controls across key risks within the Committee’s scope. • In conjunction with the Audit Committee, reviewed theoutcomes of the annual Risk and Control Self-Assessment (RCSA). • Reviewed and discussed an addition to its terms of reference on the oversight of material controls alongside the Audit Committee, which was recommended to the Board for approval. • Encouraged management to ensure that the RCSA process continues to identify the real risks faced bytheGroup in its day-to-day operations. • Ensured that appropriate mitigations and controls are inplace for material risk events. Environment, Social, Governance and Reputational Risk • Reviewed and discussed a paper on the Group’s approach to Environment, Social, Governance and Reputational Risk. • Requested and received training on Climate Risk, including Nature Risk. • Reviewed the key areas of reputational risk faced bytheGroup. • Devoted time and space to discuss Climate Risk and Nature Risk, including UK regulators’ current requirements and future expectations regarding Board-level oversight. Alignment ofrisk and remuneration • Received and discussed the risk factors to be considered by the Remuneration Committee in determining incentives as part of the 2025 year-end review. • Assisted the Remuneration Committee in its assessment as to whether remuneration aligns with effective riskmanagement and does not encourage excessiverisk-taking. Read more on utilising remuneration as a risk management tool in the Directors’ remuneration report on pages 180 to 206. Regulatory • Discussed key communications received from the PRA and Financial Conduct Authority. • Reviewed and discussed the BCBS 239 2024 self-assessment exercise and actions to address identifiedgaps. • Ensured coverage of the 2025 regulatory priorities within the scope of its responsibilities and encouraged continued engagement with regulators. #### Board Risk Committee report Standard Chartered | Annual Report 2025174 ![]() #### Governance Action and decision Outcome and impact Terms of reference review • Conducted an annual review of the Committee’s terms ofreference in December 2025, considering applicable rules and best practice in the UK and Hong Kong and theACG reforms. • Following the review, alongside the Audit Committee, the Committee recommended material changes including the transfer of the oversight of FCR and Compliance Risk from the Audit Committee to the Board Risk Committee. Anew material controls responsibility was added in light of the ACG reforms to complement the oversight of the Audit Committee. • The Board approved the proposed amendments to theCommittee’s terms of reference in February 2026. • Ensured the role and responsibilities of the Committee remain appropriate and align with best practice. Committee performance review • Regularly reviewed progress against the 2025 Action Plan which set out actions arising from the internally facilitated performance review conducted in 2024. • A review of the Committee’s performance was facilitated by an independent external reviewer, in accordance with the 2024 UK Corporate Governance Code. • The external reviewer’s report was reviewed anddiscussed by the Board with all Committee memberspresent. • Addressed all actions in the 2025 Action Plan to enhance the performance of the Committee. • Developed a 2026 Action Plan to address the externalreviewer’s recommendations from the 2025 performancereview. • Progress against the 2026 Action Plan will be monitored during 2026. Read more on the review on pages 150 to 152. Committee composition The Committee’s membership comprises independent non-executive directors (INEDs) who have a deep and broad experience of banking and the risk factors affecting the Group, including geopolitical, economic, IT, financial crime and general business risks. The skills and experience of each member can be found on pages 131 to 134. Meetings Meetings are scheduled to align with key dates in the Group’scalendar and in accordance with the Committee’s forward agenda. As part of, and in addition to scheduled Committee meetings, the Committee held private members-only meetings. Two private sessions between Committee members and the GCRO were held in 2025. The Committee Chair reports to the Board on the Committee’s key areas of focus following each meeting. Risk information provided to the Committee The Committee is authorised to seek any information that willallow it to fulfil its governance mandate relating to risks to which the Group is exposed, and alert senior management when risk reports do not meet its requirements. The Committee receives regular reports on risk management and tracks a wide range of risk metrics through a Board Risk Information Report which provides an overview of the Group’s risk profile against the Group’s Risk Appetite Statement. TheGCRO’s report covers the macroeconomic environment, geopolitical outlook, material events and disclosures and ongoing risks. Coverage of PRTs and regulatory matters are also included inthis report. Resources The Committee has sought and received assurance that theRisk function is adequately resourced to perform its remiteffectively. Annual Report 2025 | Standard Chartered 175 Directors’ report ![]() ## Culture and Sustainability ## Committeereport Communities’ membership since last year, and colleagues who are members demonstrate higher scores on the engagement metrics than non-members, demonstrating their measurable impact. In addition, we discussed and guided management on the launch of the new sponsorship programme that is being piloted with our Accelerate Black and African talent. The programme is for individuals who have been identified as having the skills, aspirations and valued behaviours that indicate they can take on bigger andmore complex challenges in the future. The sharpening of the Group’s strategy to focus on areas where we are most competitive and differentiated led management to review our culture to ensure it was appropriate and to understand what aspects of our culture will best serve our clients and our growth ambitions. We endorsed the Group’s new cultural markers of client-centricity, innovation and collaboration, which must be embedded to deliver the Group’s strategy, while challenging management on the actions needed to embed these and ensure consideration isgiven to any unintended consequences. Over the course of the year, we have been reviewing and shaping the evolution of the Group’s corporate philanthropy approach to amplify the impact the Group can have on its commitment to the economic empowerment of underserved young people. Aligned to the Group’s purpose, brand promise and ‘Lifting Participation’ Stand, the Standard Chartered Foundation will harness the Group’s expertise to help tackle inequality and reach communities who might otherwise not experience the benefits of the Bank. Dr Linda Yueh, CBE Culture and Sustainability Committee Chair Dr Linda Yueh, Culture and Sustainability Committee Chair Committee composition and attendance Committee member Scheduled meeting attendance Dr Linda Yueh, CBE 3/3 Diane Jurgens 3/3 Robin Lawther, CBE 3/3 David Tang 3/3 I am pleased to present the Culture and Sustainability Committee report on pages 172 to 175, which provides anoverview of the Committee’s key activities during 2025. We are pleased to report that the Group has exceeded the sustainable finance target of at least $1 billion in sustainable finance income by 2025 and is on track to meet the target of$300 billion mobilised by 2030. This year we have overseen good progress in both target setting and delivering on the Group’s public sustainability commitments. We are incredibly proud of the Group’s contribution to both global and core regional market sustainability projects, initiatives and coalitions that are delivering differentiated impact and helping to mature and advance the field of sustainability. We are conscious of the volatile external environment which has seen a market retrenchment by the US administration on sustainability policies. Nonetheless, there are several key macroeconomic trends and a geographic divergence that largely embraces sustainability in the Group’s core markets outside the US andwill continue to present significant opportunities for theGroup to pursue. On nature, an increasingly important aspect of sustainability, the Group has published its first Nature Report alongside thisAnnual Report, as an early adopter of the Taskforce onNature-related Financial Disclosures (TNFD). Read our Nature Report at www.sc.com/nature. During the year we have overseen the progress being madeon diversity and inclusion (D&I) which has also faced challenges with the evolving US landscape. We’re pleased tosay that the Group remains fully committed to D&I and thisunwavering commitment has been reaffirmed both to colleagues within the business and externally. This has been put into action through Colleague Communities which are employee-led, Bank-supported networks that bring together colleagues with shared experiences to foster inclusion and drive business impact. The latest employee engagement survey shows a nine percentage point increase in Colleague Additional attendees Group Chair; Group Chief Executive; Group Head of HR; ChiefSustainability Officer; Chief Auditor – Functions; andGroup Company Secretary also attended Committee meetings in 2025. Responsibilities The Committee’s responsibilities are described in this report and the Committee’s terms of reference which can be viewed at sc.com/termsofreference. Standard Chartered | Annual Report 2025176 ![]() #### Culture The Committee is responsible for reviewing the way the Group develops, manages and embeds its culture and the Group’s approach to its purpose, values, diversity and inclusion, employee engagement and workforce policies and practices. Action and decision Outcome and impact Culture • Reviewed and provided feedback on the next iteration ofthe Group’s culture which aligned it with the Group’s refocused strategy and identified the cultural markers that must be nurtured to deliver the strategy as well as tomake work easier, more efficient, and more effective. • Received a summary of the annual My Voice employee engagement survey. Read more on the Group’s culture and how it has been embedded on page 32 to 36 and 150. • Provided guidance on how to implement the cultural markers and identified the potential unintended consequences. • The Committee Chair met with the HR team to evaluate data, insights, and external best practice. Diversity and Inclusion • Received progress updates which focused on the three Diversity and Inclusion (D&I) strategic priorities – to develop a diverse talent pipelining mindset; build sponsorship muscle; and refresh Colleague Communities – while being mindful of the challenging external landscape and the opportunities this provided for the Group to differentiate. • Tracked progress being made towards the Group’s D&I strategic priorities and provided guidance on a number ofareas including the Group’s sponsorship programme, the target for 35 per cent women at senior levels by 2028and the challenges being faced with collecting colleagueD&I data. Board workforce engagement • Discussed adjustments to the current Board workforce engagement (BWE) framework and received a summary of the themes and feedback from the 2025 engagements. • Provided guidance and endorsed the adjusted BWE framework which will be in place from 2026. #### Sustainability The Committee is responsible for reviewing the Group’s Sustainability Strategy and progress against the Group’s external commitments, Sustainability Aspirations and key sustainability priorities. The Committee also keeps emerging sustainability issues under review. Action and decision Outcome and impact Net zero • Received and discussed a progress update on the Group’snet zero roadmap, which included a review oftheevolving sustainability market landscape andthe potential risks that needed to be monitored. Discussion included a deep dive into progress against our science-based targets for our 12 high-emitting sectors. • Tracked the Group’s net zero progress, probed into thechallenges being faced, requested analysis on the response that peers were taking to the issues being faced in the current sustainability environment, and endorsed the approach to annually disclose the Group’s methane portfolio emissions intensity. Group’s sustainability strategy • Reviewed and discussed the Group’s sustainability strategy in light of the market developments following USpolicy changes at the start of 2025. • Reviewed and discussed the 2026 sustainability strategy and the action plan at the end of 2025. • Provided guidance and feedback which was incorporated into the Group Management Team’s discussions on the sustainability strategy. • Endorsed management’s recommendation to reconfirm the Group’s ambition to remain a sustainability thought and action leader given the value creation opportunity sustainability presents for the Group. Group’s Sustainability Aspirations • Received the annual update on the Group’s SustainabilityAspirations. • Tracked progress against the Group’s Sustainability Aspirations and endorsed the proposal to modify two ofthe existing underlying KPIs. Details of these are set outon page 454 to 457. Annual Report 2025 | Standard Chartered 177 Directors’ report ![]() Action and decision Outcome and impact ESG ratings • Discussed an update on the Group’s performance against assessments produced by the Group’s prioritised external ratings agencies. • Reviewed the 2025 priority ESG ratings and discussed theforward strategy to address the identified gaps. Modern Slavery • Received an update on progress made against the Modern Slavery Statement (MSS) commitments, and theproposed actions to improve the content of the Group’s MSS. • Tracked progress against the MSS commitments andchallenged management’s actions to prevent modern slavery. CSO’s Report • Received regular reports from the CSO covering a wide range of sustainability updates including peer bank developments, regulation, policies and developments impacting the Group’s key markets, and the Group’s participation in COP30. • Reviewed the Group’s substantive sustainabilitymemberships. • Kept abreast of the fast-changing sustainability landscape, including the Group’s response and progress compared to peers. • Ensured that appropriate governance is in place to manage the reputational risk of the Group’s sustainability memberships and that any costs, both time and monetary, were commensurate with the value obtained. Remuneration metrics • Reviewed and provided feedback on the proposed sustainability measures for inclusion in the Group’s remuneration scorecards. • The Group scorecard and Long-Term Incentive Plan(LTIP)scorecard were approved by the RemunerationCommittee. #### Our Stands The Committee is responsible for monitoring progress against achievement of the Stands. Action and decision Outcome and impact Our Stands • Reviewed and tracked progress against the three Stands:Accelerating Zero, Lifting Participation and Resetting Globalisation. Read more about our Stands on our website sc.com/purpose • Accelerating Zero: Tracked progress against the sustainable finance mobilisation target, commended management on the progress made towards advancing the sustainability ecosystem and probed into the headwinds being faced in some of the net zero sectors. • Resetting Globalisation: Challenged and received assurance that the Group remained ahead of the evolving external environment with respect to the alternative methods of payments that are emerging and commended management for the excellent progress being made. • Lifting Participation: Discussed the challenges with achieving the LTIP target due to the shifts in the Group’s strategy and agreed with management’s approach torealign this Stand. The 2026–2028 LTIP awards have simplified performance measures, in line with the Directors’ remuneration policy, and no longer include measures relating to our Stands. Group’s community impact strategy • Reviewed and provided feedback on the proposal to reposition the Group’s corporate philanthropy approach. Discussion included the programme portfolio, alignment with the refreshed Brand Strategy, potential models to increase client collaboration, and build out of ecosystem approach to drive greater impact. • Provided guidance and challenge on the ongoing work tostrengthen the Standard Chartered Foundation as a central, impact-focused platform, elevated to oversee the Group’s corporate philanthropy. The main focus will be maintained on youth employment and entrepreneurship. #### Culture and Sustainability Committee report Standard Chartered | Annual Report 2025178 ![]() #### Group Internal audit and investigations The Committee receives an annual report from the Group Chief Internal Auditor on their work around culture, sustainability andother matters relevant to the Committee’s remit. Action and decision Outcome and impact Group Internal Audit and Investigations • Received a report from the Group Chief Internal Auditor on their activities including trends observed and notable outcomes and assessments with respect to culture andsustainability. • Reviewed the emerging trends from Group Internal Audit and Investigations’ work in relation to the Committee’s remit and counselled management on the key themes that needed to be addressed. #### Governance Action and decision Outcome and impact Terms of reference review • Conducted the annual review of the Committee’s terms ofreference in December 2025 and recommended minor changes to the Board. • The Board approved minor amendments to the Committee’s terms of reference in February 2026. • Ensured the role and responsibilities of the Committee remain appropriate and aligned with best practice. Committee performance review • Reviewed progress against the 2025 Action Plan which set out several actions arising from the internally facilitated performance review conducted in 2024. • A review of the Committee’s performance was facilitated by an independent external reviewer in accordance with the UK Code. • The external reviewer’s report was reviewed and discussed by the Board. • Addressed all actions in the 2025 Action Plan to enhance the performance of the Committee. • Developed a 2026 Action Plan to address the externalreviewer’s recommendations from the 2025 performancereview. • Progress against the 2026 Action Plan will be monitored during 2026. Read more on the review on pages 150 to 152. Meetings Meetings are scheduled to align with key dates in the Group’s calendar and in accordance with the Committee’s forward planner, developed by the Committee Chair and the Company Secretary. As part of, and in addition to scheduled Committee meetings, the Committee held private members-only meetings. The Committee Chair reports to the Board on the Committee’s key areas of focus following each meeting. Annual Report 2025 | Standard Chartered 179 Directors’ report ![]() #### Key sections Remuneration Committee Chair’s statement Page 181 Remuneration at glance Page 184 Remuneration disclosures Page 190 #### How to use this report Within the directors’ remuneration report, we have usedcolour coding to denote different elements ofremuneration, as follows: Salary, pension, benefits (fixed remuneration) Annual incentive LTIP We have also used the following icons to ease navigation through this section and to show alignment between remuneration, stakeholders and Group strategic priorities. Employees Investors Society Regulators and governments Financial Strategic Sustainability Personal ## Directors’ remuneration report Additional attendees Group Chair; Group Chief Executive (GCE); Group Chief Financial Officer (GCFO); Group Chief Risk Officer; Chief Strategy and Talent Officer; Group Head, Human Resources; Global Co-Head of Performance, Reward & Benefits; Group Company Secretary; Group Head, Compliance, Financial Crime and Conduct Risk; Group Chief Internal Auditor; Chairofthe Board Risk Committee Responsibilities The Committee is responsible for setting the principles, parameters and governance framework for the Group’s remuneration policy and overseeing its implementation. This includes determining the framework and policies for theremuneration of the Group Chair, the executive directors and other senior management considering our Fair Pay Charter, wider workforce remuneration and alignment withcultureand conduct. Shirish Apte, Remuneration Committee Chair #### Summary of 2025 remuneration decisions • Group performance has been strong across both financial and non-financial measures. Committee decisions onremuneration reflect this. • Discretionary incentives at $1,856 million for 2025, areup10per cent on 2024. The average global salary increase for 2026 is 2.6 per cent. • Salary increase of 2 per cent for Bill Winters, GCE. • Annual incentive of £3,402,000 for Bill, assessed at84percent of the maximum. • Projected performance outcome for the 2023–25 long-term incentive plan (LTIP) award of 88 per cent. • 2025 single total figure of remuneration of £12,694,475 for Bill and £1,407,114 for Diego De Giorgi, GCFO during 2025. • Group remuneration structures have been reviewed in light of Prudential Regulatory Authority (PRA) remuneration reforms and to ensure the Group remains competitive withglobal peers. Committee composition and attendance Committee member Scheduled meeting attendance Shirish Apte 5/5 Jackie Hunt 1 5/5 Robin Lawther, CBE 5/5 Maria Ramos 2 2/2 David Tang 1 5/5 Dr Linda Yueh, CBE 5/5 1 Jackie and David were appointed as members of the Committee on1 January 2025. 2 Maria stepped down from the Committee on 8 May 2025 when she was appointed Group Chair. The Committee’s terms of reference can be viewed at sc.com/termsofreference Standard Chartered | Annual Report 2025180 ![]() I am pleased to present the directors’ remuneration report forthe year ended 31 December 2025. This report provides anoverview of the Remuneration Committee’s work and decision-making in determining the remuneration for executive directors and the wider workforce. A new directors’ remuneration policy, developed following the removal of the variable pay cap which applied between 2014 and 2023, was approved by our shareholders at the 2025 AGM. The policy rebalanced total remuneration from fixed pay towards performance-linked variable remuneration, reinforcing the alignment between executive director reward, execution of Group strategy and shareholder returns, as well as enabling us to better compete for talent with our global banking peers. Thenew policy operated in 2025 as intended. The decisions taken by the Committee were based on carefulconsideration of a broad range of factors, including performance across the Group, the macroeconomic environment and the need for fair and competitive reward for our workforce. The Group continued to deliver strong performance in 2025, reflecting the successful and sustained execution of our cross-border and affluent banking strategy. The continued strategic focus on areas of our distinctive competitive advantage helped us to achieve 14.7 per cent underlying RoTE in 2025, surpassing our 13 per cent target a year earlier than planned, and outperforming our peers with a share pricegrowth of 84 per cent. Underlying profitbefore tax is up 18 per cent and underlying earnings pershare (229.7 cents) increased 37 per cent, benefitting fromincreased profitability, and a reduction in share count through the $2.8 billion share buybacks announced in 2025. The Group remains well capitalised and highly liquid with astrong and diverse deposit base. The CET1 ratio of 14.1 per cent is above our target range of 13 to 14 per cent, allowing the Board to announce a further $1.5 billion share buyback programme. This, along with the 65 per cent year-on-year increase in the full-year dividend, takes total shareholder distributions announced since the full-year 2023 results to $9.1 billion, meeting our target one year earlier than committed. #### Group-wide remuneration Our Fair Pay Charter guides the design and delivery ofreward. In 2025, we continued to implement initiatives across the Group in line with the Charter, including a focused HR advisory support service for people leaders to guide themthrough critical moments in their leadership career, anda newGroup share plan platform that will improve operational efficiency and enhance the colleagueexperience. We continue to promote continuous feedback, coaching andtransparent performance discussions. To incentivise andreward sustainable high performance, we are focused ondifferentiating bonus outcomes towards exceptional performance achieved in line with our values. 16.0% 14.0% 2021 2022 2023 2024 2025 8.0% 10.0% 12.0% 6.0% 4.0% 2.0% 0.0% 20.00 16.00 18.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Underlying RoTE Share price (£) #### Our performance in 2025 RoTE and share price performance Profit before tax $7,900m 18% (underlying basis) Return on tangible equity (RoTE) Underlying basis 14.7% 300bps Reported basis 11.9% 220bps #### Financial KPIs Total shareholder return (TSR) 89.0% 2024: 53.5% Operating income $20,894m 6% (underlying basis) Common Equity Tier 1 (CET1) ratio 14.1% -12bps Annual Report 2025 | Standard Chartered 181 Directors’ report ![]() #### Directors’ remuneration report Bill Winters Diego De Giorgi 2,188 3,402 7,104 1,407 Total: 12,694 Total: 1,407 Annual incentive LTIPSalary, pension, benefits £000 Diversity, Equality and Inclusion Our 2025 Diversity, Equality and Inclusion Impact Report outlines the steps we are taking and the progress we are making to create a culture where our colleagues can thrive and generate positive results for our clients and the communities that weoperatein. Read our 2025 Diversity, Equality and Inclusion ImpactReport at sc.com/diversityfairpayreport 2025 discretionary annual incentives The incentive pool outcome for 2025 reflects the strength ofthe Group’s performance. In determining an appropriate incentive pool, the Committee considers the Group scorecard outcome alongside additional factors, such as the external environment, market competitiveness and overall affordability. The Committee also considers risk, control and conduct matters, including ongoing investigations and matters raisedby regulators. Following its review of these factors, the Committee set anannual incentive pool of $1,856 million, a 10 per cent increase on 2024. 2026 salaries The average global salary increase for 2026 is 2.6 per cent. Increases have been focused on junior employees, our top talent, and areas of strategic importance. #### Executive director remuneration The Committee approved the following outcome for 2025and is satisfied that the award is appropriate given thestrong Group performance and Bill’s significant personalcontributions. 2025 annual incentive (£) % of maximum Bill Winters 3,402,000 84% Read more on pages 190 to 193 2023–25 LTIP award The Group has delivered strong performance over the last three years and this is reflected in the projected performance outcome of 88 per cent, based on underlying RoTE of14.7per cent, projected relative TSR ranking within the upper quartile and above target performance against sustainability and other strategic measures. The final relative TSR outcome will be assessed three years from the award date, in March 2026. The projected outcome is based on the three-month average share price to 31 December 2025 and included in the single total figure of remuneration forBill. Diego did not participate in this LTIP award as it was granted prior to his appointment. Award share price (£) Valuation share price (£) Projected outcome (£) Bill Winters 7.398 15.95 7,103,714 Given the improvement in RoTE performance and relative TSR growth, the Committee is satisfied that the projected outcome reflects the positive performance over the three-year period. Bill’s 2023–25 LTIP award will be delivered, pro rata, over thenext five years beginning in March 2026, aligning remuneration outcomes with shareholder interests and theGroup’s long-term performance. Read more on pages 193 to 195 Single total figure of remuneration for 2025 The 2025 annual incentive and projected 2023–25 LTIP performance outcome results in a 2025 single figure for Billof£12,694,475. The single figure for Diego of £1,407,114 includes fixed remuneration only. Read more on page 190 Change of GCFO On 10 February 2026 we announced that Diego DeGiorgi had decided to resign as GCFO, stepping down as an executive director. In accordance with the approved directors’ remuneration policy, he will not receive a 2025 annual incentive award nor a 2026 LTIP award and his in-flight LTIP awards have been forfeited. Hewill continue to receive his salary and benefits until his final date of employment withthe Bank. There are no other remuneration payments in relation to his stepping down asanexecutive director. 2025 annual incentive The annual incentive for Bill is based on targets relating tothe Group’s annual financial plan and strategic priorities, as well as his personal performance contribution. Standard Chartered | Annual Report 2025182 ![]() (All disclosures in the directors’ remuneration report are unaudited unless otherwise stated. Disclosures marked as audited should be considered audited in the context of the financial statements as a whole.) PRA remuneration reform The PRA concluded their review into remuneration reform and published updated regulations on 15 October 2025. We welcome this development, which has a positive impact on the competitiveness of UK-headquartered global banks. We have reviewed our remuneration structures for material risk takers in accordance with the revised regulations. Impact on the operation of the remuneration policy for executive directors While the Committee is keen to ensure the Group remains competitive with our global peers, in considering how to apply the changes to our executive directors we have also considered the expectations of our shareholders. Although we have refined our approach in certain areas, the overall pay structure remains consistent with the policy approved by shareholders at the 2025 AGM. The key decisions relate to the timeframe for the release of incentive awards and are summarised below. Annual incentive awards From 2025, 30 per cent of annual incentive awards will be in deferred share awards, to be delivered pro rata over three years. The proportion deferred will fall to 15 per cent over three years once an executive director has met their shareholding requirement. LTIP awards For LTIP awards to be granted from 2026 onwards, the entire performance-tested award will be delivered five years after the grant date. This structure continues to ensure that remuneration does not incentivise inappropriate risk-taking, and that decisions are made in the context of long-term, sustainable performance. Executive directors will continue to have strong long-term alignment with shareholders through their incentives and shareholdings, and a significant portion of their remuneration will remain subject to malus and clawback. Bill’s shareholding is currently significantly above his requirement. While the revised PRA regulations allow for retrospective changes to the deferral schedule of existing awards, the Committee determined that existing LTIP awards for current and former executive directors will continue to vest on their original schedules, in line with commitments made to shareholders when these awards were granted. However, consistent with the new regulations, the additional 12-month retention periods will be removed from all existing LTIP awards. 2026 salary for Bill Winters In line with the approved directors’ remuneration policy, theCommittee considers annual salary increases for executive directors taking account of any increase in scope orresponsibility, market competitiveness and salary increases across the Group. Having considered these factors, Bill’s salarywill increase by 2 per cent to £1,530,000. The Committee determined this increase is appropriate toensure his remuneration opportunity remains competitive and appropriately positioned with reference to our peer group. 2026–28 LTIP award Having considered 2025 performance, the Committee has approved the following LTIP award for the period of 2026–28, to be granted in March 2026. Award value (£) % of salary Bill Winters 7,350,000 490% The LTIP award will be linked to the same measures as the2025–27 LTIP awards. In line with policy, the scorecard willcontinue to have 80 per cent weighting for financial measures. However, the Committee determined a change inweightings between RoTE and relative TSR was needed toemphasise the importance of RoTE as our primary financial metric. As such, the weighting for RoTE in the 2026-28 LTIP scorecard is being increased from 40 per cent to 50 per cent. Correspondingly, the weighting for relative TSR will decrease from 40 per cent to 30 per cent. The remaining 20 per cent will continue to be linked to our sustainability targets. Read more on the 2026–28 LTIP performance targets onpage 198 In the rest of this Committee report, we present the disclosures required by regulations, as well as additional information, to explain how remuneration for our executives aligns with our strategy, shareholder interests and wider workforce pay. In making remuneration decisions for 2025 and beyond, we have also been mindful of the experience ofour wider stakeholder group. I would like to thank my fellow Committee members for theirwork in 2025, and our shareholders for their continued engagement and support. Shirish Apte Remuneration Committee Chair 24 February 2026 Annual Report 2025 | Standard Chartered 183 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration at a glance Total remuneration += + + + Fixed Variable #### Executive director remuneration structure Salary Pension Benefits LTIP Annual incentive Read more about our directors’ remuneration policy on page 188 Read more about the annual incentive outcome on pages 190 to 193 and LTIP projected outcome on pages 193 to 195 #### How did we determine executive director variable remuneration outcomes in 2025? 2025 annual incentive outcome 84% 2023–25 LTIP projected outcome 88% 9% / 10% 50% / 60% Financials 16% / 100% 16% / 20% Strategic 9% / 10% Personal performance Sustainability Unachieved opportunity 30% / 30% Relative TSR 30% / 30% RoTE with CET1 underpin 12% / 15% Sustainability 12% / 100% Unachieved opportunity 16% / 25% Strategic Bill Winters #### How did we pay our executive directors in 2025? 12,694 3,809 3,295 3,4022,188 4,6843,2481,4623,068 2024 2025 12,462 Value based on share price growthValue based on performance £000 Diego De Giorgi 1,407 9581,811 {1},{4}{0}{7} 2024 2025 2,769 £000 Read more about the single total figure of remuneration on page 190 Standard Chartered | Annual Report 2025184 ![]() #### How will 2025 executive director remuneration be delivered? Performance year Year 1 Year 2 Year 3 Year 4 Year 5 Salary Cash Pension Cash Annual incentive 1 Performance period 70% cash 30% shares 2 delivered pro rata LTIP 1 Preliminary performanceperiod Performance period Vesting/holding period Delivered in shares 100% in year 5 1 Variable remuneration, including annual incentive and LTIP, is subject to clawback for up to 10 years from grant. 2 For executive directors who have met their shareholding requirement, the deferral required will decrease to 15 per cent. #### Ensuring executive director remuneration isappropriate Executive director remuneration is reviewed annually against internal and external measures to ensure fairness and alignment with company performance and stakeholder interests. Internal • We maintain a consistent remuneration approach forallemployees, in line with our Fair Pay Charter. • The balance between fixed and variable remuneration isgeared to provide a greater proportion of fixed remuneration for more junior employees to give more financial security. • In comparison, for more senior employees, including the executive directors, the variable remuneration opportunity is larger, reflecting their ability to influence the Group’s performance and, in turn, their remuneration outcome. External • We review executive director fixed and variable remuneration opportunity against a peer group of international banks to ensure that it remains appropriately competitive. This peer group reflects both our global footprint and where we compete for talent. • The group includes two US banks for whom we have used a direct report of the Group CEO, in recognition that this isa more appropriate match for potential recruitment. • Market data used in our benchmarking is based on the latest published report and accounts. In addition, we consider executive director remuneration against FTSE30 companies, with data sourced from an external provider. For 2026 awards, at maximum opportunity, 87 per cent of Bill’s total remuneration would bevariable and 61 per cent would be delivered in shares, creating strong alignment with shareholder interests. The 2026 maximum remuneration opportunity for Bill against our benchmarking peer group is shown below: GCE £8.9m £11.5m £17.0m 3rd quartile 2nd quartile Top quartileBottom quartile Maximum opportunity – current policy Remuneration peer group: Barclays, Citi (Head ofMarkets), DBS, Deutsche Bank, HSBC, JPMorgan Chase (Co-CEO Commercial andInvestment Bank), LloydsBankingGroup, OCBC, Société Générale, UBS, UOB. Annual Report 2025 | Standard Chartered 185 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration at a glance #### How does executive director remuneration link to Group strategy and purpose? Remuneration decisions made across the Group, including for our executive directors, align with our strategic priorities, including our commitment to sustainable social and economic development. If outcomes are not consistent with our strategic commitments, the Committee has the discretion to make adjustments. Measure 2026 annual incentive 2026–28 LTIP Alignment to strategic priorities and purpose Financial Income Generating diverse income streams supports sustainable Group growth, creates long-term value for shareholders and enables clients to achieve their financial goals. Cost-to-income ratio Effective cost management enhances our operational efficiency, ensuring resources are optimally utilised to support strategic initiatives. This allows usto invest in growth opportunities, deliver value to shareholders, all while maintaining a sustainable and responsible business model. RoTE with CET1 underpin RoTE targets reflect our focus on maximising shareholder returns and improving profitability through strategic investments and efficient capital allocation, supporting broader economic development. Relative TSR Relative TSR as a measure demonstrates our commitment to outperforming peers and delivering superior returns to shareholders, aligning with our strategic objective of market leadership. This long-term shareholder value isessential for maintaining trust and confidence in our role as a key financialinstitution. Strategic Sustainability Sustainability is a strategic focus area for us, as we strive to promote inclusive growth and prosperity across our footprint. This supports our purpose of fostering a better future by integrating ESG considerations into our business practices, promoting long-term prosperity forall stakeholders. In 2025, we met our Scope 1 and 2 emissions targets. As our Group sustainability targets are longer term goals, these measures are captured in our LTIP scorecard. Strategic Strategic measures incentivise achievement of KPIs relating to the Group’slong-term goals, ensuring a focus on sustainable growth and value creation. These ensure our operations and strategies are aligned with our purpose of fostering commerce and prosperity in a responsible and sustainable manner. Personal performance Personal objectives for our executive directors reflect their personal impact in delivering our strategic priorities and purpose. Read more on our strategy and purpose on pages 3 and 9 Standard Chartered | Annual Report 2025186 ![]() #### Executive director remuneration and stakeholder experience The Committee actively considers the perspectives of stakeholders when discussing and determining policies, practices and outcomes related to executive director remuneration. It has the discretion to adjust remuneration outcomes if considered appropriate. Our stakeholders Monitoring how we perform Investors Remuneration outcomes reflect key financial and non-financial performance delivered during the year. These are based on stretching targets, which are subject to robust assessment. A significant portion of executive remuneration ispaid in shares, and shareholding requirements apply during and post-employment. The Committee Chair regularly engages with shareholders on remuneration matters. Aggregate value of shares held by the GCE £67.2m % of incentives based on financial measures Across the 2026 annual incentive and 2026–28 LTIPscorecards 73% Employees Executive remuneration is considered in the context of the wider workforce. Incentives for executive directors are based on a set of measures that strongly align with those used to determine discretionary incentives across the Group. Measures to improve employee experience are included in the executive director scorecard. 2026 average global salary increase GCE 2026 salary increase: 2% 2.6% % of executive director annual incentives based on improving employee experience 2026 annual incentive scorecard 5% Regulators and governments Executive remuneration is set in line with regulatoryrequirements. The Committee Chair regularly meets with lead regulators to discuss our remuneration approach andoutcomes. Remuneration outcomes take into account risk, control and conduct considerations. CET1 ratio Minimum regulatory level: 10.3% 14.1% Malus and clawback provision from awardgrant up to 10 years Society and environment Sustainability measures used within incentives are aligned to our Sustainability Aspirations, reflecting our commitment to sustainable social and economicdevelopment. The Committee tracks gender and ethnicity paygaps, and actively monitors the actions being taken to close them. Proportion of executive remuneration in2025 linked to climate-related considerations 9% 2025 sustainable finance income 2025 annual incentive scorecard $1.07bn Read more about our stakeholders on pages 32 to 41 Annual Report 2025 | Standard Chartered 187 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration at a glance #### Summary of the directors’ remuneration policy The 2025 directors’ remuneration policy was approved by shareholders at the AGM on 8 May 2025. A summary of the executive director policy is below. Read the full policy on pages 164 to 169 of the 2024 Annual Report and on our website at sc.com Aligned with... Fixed remuneration Executive directors Management Team All UK employees Salary Set to reflect the role, and the skills and experience of the individual. • A contractually fixed amount paid fully in cash. • Reviewed annually. Pension To facilitate long-term retirementsavings. • 10% of salary. Benefits A competitive benefits package tohelp executives carry out their duties effectively. • Core benefits include a benefits cash allowance, private medical insurance and life insurance. Other benefits may be selected through the Group’s flexible benefits plan. • A car and driver or other car-related service is available tothe GCE, which is a role-based provision due to securityrequirements. Variable remuneration Executive directors Management Team All UK employees Annual incentive Remuneration based on measurable performance criteria linked to the Group’s strategy andassessed over a period ofoneyear. • Determined based on Group and personal performance over the preceding financial year. • GCE: up to 270% of salary. • GCFO: up to 220% of salary. • Delivered as a combination of cash and shares. LTIP Granted to senior executives withthe ability to influence the long-term performance of the Group. Awards are performance dependent based on measurable, long-term criteria. • Granted annually with Group and personal performance considered in determining the award level. • Performance outcome assessed over a forward-looking period ofatleast three years. • GCE: up to 490% of salary. • GCFO: up to 370% of salary. • Delivered fully in shares after a five-year deferral and holding period. Other remuneration Executive directors Management Team All UK employees Sharesave Provides an opportunity to invest voluntarily in the Group. • Enables all employees to share in the success of the Group at a discounted share price. Shareholding requirements Provides alignment with the interests of shareholders during employment. • GCE: 500% of salary. • GCFO: 400% of salary. • GCE and GCFO requirements remain in place for two years after stepping down as an executive director. Standard Chartered | Annual Report 2025188 ![]() #### Group-wide remuneration alignment Remuneration and culture Our performance and reward framework supports us in embedding a high-performance culture and aligns with our principle that colleagues should share in the success of the Group. • Remuneration decisions are guided by our Fair Pay Charter, which sets out our fundamental principles around reward. • Employee performance is assessed based on what is achieved and how it is achieved in line with our valued behaviours. Our remuneration structure and policies ensurethat behaviours consistent with these values are appropriately recognised and rewarded. • The wider workforce and our executive directors participate in continuous performance management and feedback to ensure that performance is discussed and assessed throughout the year. Our Performance and Paysurvey shows that in 2025 there was an increase in performance check-ins and giving and receiving feedback. • To incentivise and reward sustainable high performance, we are continuing to differentiate bonus outcomes with afocus on rewarding exceptional performance achieved in line with our valued behaviours. • We are investing in wellbeing as a critical enabler ofsustainable high performance. • Colleagues recognise efforts to live our valued behaviours by awarding each other recognition points, which are redeemable against gifts. • Employees are able to voluntarily invest in the Group through Sharesave, which enables them to share in the success of the Group at a discounted share price. Our Fair Pay Charter 84% of employees in our Performance and Pay survey feel they are actively engaging and taking steps to deliver high performance. Equal pay We offer equal pay for equal work by market, and don’t tolerate unlawful discrimination Purpose-led We provide a holistic set of rewards and benefits in line with our valued behaviours Competitive opportunities We are committed to paying colleagues competitively Performance-driven We value sustainable high performance and motivate, recognise and reward the behaviours and outcomes that support this • The Group has a robust formal process for reviewing risk and control matters and reflecting these in remuneration outcomes at both an individual and collective level. • The most significant risk and control matters are discussed by the Remuneration Committee and, at year-end, these are reviewed to determine any impact to Group incentives. • The Board Risk Committee advises and assists the Remuneration Committee in its assessment as to whether remuneration frameworks and outcomes align with effective risk management. #### Our approach to risk and control The determination of our remuneration policy and outcomes align with the Group’s risk andcontrolframework. • Long-term sustainable performance is supported through the ability to make adjustments to variable remuneration for risk, control and conduct behaviours, the deferral ofvariable remuneration, and the ability to apply malus and clawback where appropriate. • Malus and clawback provisions apply for up to 10 years from grant, in alignment with remuneration regulations forsenior management. No malus or clawback provisions were used during 2025. Annual Report 2025 | Standard Chartered 189 Directors’ report ![]() #### Directors’ remuneration report The following disclosures provide further information and context on executive director and wider workforce remuneration asrequired by the UK directors’ remuneration report regulations and the Stock Exchange of Hong Kong. #### Directors’ remuneration in 2025 This section, which is subject to an advisory vote at the 2026 AGM, outlines the 2025 executive director remuneration deliveredunder the 2025 shareholder-approved remuneration policy and the 2025 fees for the Group Chair and Independent Non-Executive Directors (INEDs). Single total figure of remuneration for executive directors (audited) The 2025 single total figures of remuneration for Bill and Diego are detailed below. In light of the change in remuneration policy, this is a transition year for single figure reporting purposes. A like-for-like comparison with 2024 is not possible asthe 2025 outcomes combine fixed pay and annual incentive awards made under the new directors’ remuneration policy witha projected outcome for an LTIP award made under the previous policy. Bill Winters Diego De Giorgi 1 £000 2025 2024 2025 2024 Salary 1,748 2,517 1,235 1,641 Pension 175 252 110 109 Benefits 265 299 62 61 Total fixed remuneration 2,188 3,068 1,407 1,811 Annual incentive award 3,402 1,462 – 958 LTIP outcome Value based on performance 3,295 3,248 – – Value based on share price growth 3,809 4,684 – – Total variable remuneration 10,506 9,394 – 958 Single total figure of remuneration 12,694 12,462 1,407 2,769 1 Diego was appointed to the Board and as GCFO on 3 January 2024. The remuneration shown for 2024 is in respect of his services as GCFO during the year. Diegostepped down from the Board on 10 February 2026. Notes to the single total figure of remuneration table Benefits • Bill receives a contribution towards his annual tax preparation due to the complexity of his taxaffairs, partly due to Group business travel requirements. • Bill has the use of a car and driver. This is a role-based provision given the executive role andthe associated security and privacy requirements. • 2025 figures relate to the 2024/25 UK tax year and 2024 figures relate to the 2023/24 UK taxyear. Annual incentive award • Received in respect of 2025 and 2024. Outcome of LTIP award • For 2025, projected values of the 2023–25 LTIP award, awarded in 2023. • For 2024, values of the 2022–24 LTIP have been restated based on the actual share price of£11.908 when the awards vested in March 2025. Read more about the directors’ remuneration policy on page 188 Payments to former directors There were no payments or pension contributions made to, orin respect of, past directors in the year in excess of the minimum threshold of £50,000, set for this purpose. Annual incentive awards Annual incentive awards for executive directors are based onthe assessment of the executive director scorecard, which includes an element of personal performance, in line with the current remuneration policy. The Committee determined that Bill exhibited appropriate levels of conduct and met the gateway requirement tobe eligible foran incentive award and that the scorecard outcome appropriately reflects performance in 2025. In addition, the Board Risk Committee assessed Group risk appetite, control issues and conduct to ensure the annual incentive outcome was delivered withappropriate risk and control management and determined no adjustment was required. Diego has not been awarded a 2025 annual incentive. #### Remuneration disclosures Standard Chartered | Annual Report 2025190 ![]() 2025 executive director scorecard outcome Measure Weighting Bill Winters outcome Financial 60% 50% Strategic 30% 25% Personal performance 10% 9% Risk and control modifier 0% Total 84% Maximum annual incentive opportunity (£000) 4,050 Annual incentive outcome (£000) 3,402 Assessment of the 2025 scorecard – financial measures Measure Weighting Threshold (0%) Maximum (100%) Achievement Outcome Underlying Income 1 ($m) 20% 19,193 20,793 20,894 20% Costs 2 ($m) 20% 12,498 11,536 12,157 10% Underlying RoTE 3 with a CET1 4 underpin 20% 10.6% 13.0% RoTE: 14.7% CET1: 14.1% 20% 1 The Group’s reported income is adjusted for profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/or exceptional transactions that are significant or material in the context of the Group’s normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing underlying performance period by period. 2 The Group’s reported costs are adjusted for bank levy exclusion, increase in performance related remuneration beyond what is budgeted for income being delivered in line with budget, profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/orexceptional transactions that are significant or material in the context of the Group’s normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing underlying performance period by period. 3 Underlying RoTE represents the ratio of the current year’s underlying profit attributable to ordinary shareholders plus fair value on other comprehensive income equity movement relating to the Ventures segment to the weighted average tangible equity, being ordinary shareholders’ equity less the intangible assets for the reporting period. Underlying RoTE normally excludes material regulatory fines and certain other adjustments but, for remuneration purposes, this would be subject to review by the Committee. 4 The CET1 underpin was set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2025. In addition, the Committee has the discretion totake into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period. Assessment of the 2025 scorecard – strategic measures Clients Target Assessment • Deliver cross-border income growth in Corporate & Investment Banking (CIB) • Grow net new money from new and existing affluent clients • Increased CIB cross-border income to $7.6 billion (2024: $7.3 billion) contributing to 66 per cent of total CIB income with growth across strategic corridors. • Record performance in client growth with the addition of 276,000 new-to-bank affluent customers and affluent net new money reaching $52 billion (2024: $44 billion), driven by a focus on our international andhigh-net-worth clients. Weighting – 10% Outcome – 10% Sustainability Target Assessment • Grow sustainable financeincome • Reduce emissions from our own operations (Scope 1 and 2 emissions) to net zero by the end of 2025 • $1.07 billion of sustainable finance income generated in 2025, exceeding our target of at least $1 billion annual income by 2025. • Scope 1 and 2 net zero emissions targets achieved. Weighting – 10% Outcome – 9% Annual Report 2025 | Standard Chartered 191 Directors’ report ![]() Bill Winters 2025 was an excellent year for Bill, marked by strong and consistent progress in delivering the Group’s multi-year strategy with solid financial performance and visionary leadership in key areas, recognised internally and externally. Bill continued his significant work with key stakeholders, including investors, clients,and leaders across the globe, while navigating regulatory expectations across multiple jurisdictions. Hisstrategic leadership has been pivotal in defining and refining our growth strategy and key priorities, andhis relentless focus has ensured execution of our key targets for the year. The progress made is evident inthe strong performance reported for 2025 and the significantly improved share price. Bill’s leadership has greatly enhanced Standard Chartered’s competitive position and has provided the platform for continued progress as we enter 2026. Assessment of the 2025 scorecard – personal performance The Committee considers areas of responsibility together with progress against key objectives for the year and personal contribution to the Group scorecard outcome. Thiselement focuses on measures that reflect real personal impact, such as transformation of processes and improving the culture within the Bank. Key achievements against Bill’s personal objectives are summarised below and on the next page. #### Directors’ remuneration report Bill – performance measures Target Assessment • Support and ensure asmooth transition oftheGroup Chair and continue to develop thesenior internal succession pool • Bill led the Group through major senior management changes in 2025, includingthe smooth transition of Maria Ramos into her role as Group Chair andthe successful onboarding of Management Team members. • Ongoing organisation development has resulted in fewer, larger roles on ourManagement Team, and the internal succession pipeline for senior roles hasimproved. #### Remuneration disclosures Productivity and transformation Target Assessment • Execute on our most critical transformation programmes • Execute on our Fit for Growth objectives to simplify, standardise, and digitise Standard Chartered • Exceeded transformational change target with over 82% ofprogrammes on track (versus target of 75%). • Robust planning and resource allocation resulted in an overall programme utilisation rate of 95.4%. • Fit for Growth created efficiency saves, helping improve cost-to-income ratio by 1 percentage point to 59%. Weighting – 5% Outcome – 3.5% People and culture Target Assessment • Delivery of our commitment tohave 35 per cent females insenior leadership positions, ata global level, by 2025¹ • Improve our ‘culture of inclusion’ score (internal index) • Our global senior women leadership representation at the end of 2025 was 33%, below target for 2025. • Employee experience remains positive and stable, with our ‘culture of inclusion’ score currently at 83%, 1 percentage point higher than 2024. Weighting – 5% Outcome – 2.5% 1 Subject to local legal requirements. Standard Chartered | Annual Report 2025192 ![]() Bill – performance measures • Lead and support delivery of the strategy through relentless execution under a strong risk and controls framework, to produce higher and sustained profitable growth • Bill continued to develop and deliver on our growth strategy and has driven better collaboration between the Group’s businesses, promoting strong growth with increased synergies. • The strategy is working, as evidenced by the Group’s strong operating performance, customer satisfaction indicators and financial results, delivered alongside outperformance in non-financial risk reduction across the Group. • We have exceeded or met all our sustainability public commitments for2025, with$1.07bn of sustainable finance income exceeding our target of at least $1bnannual income by 2025, despite challenging market conditions. • The Bank’s inaugural public mandatory Transition Plan was delivered to external acclaim, including a positive acknowledgement from the UK regulator, and the Bank was recognised for its leadership at Reuters Global Sustainability Awards 2025. • Continue to advance internal transformation, ensuring the Bank progresses and delivers key change management initiatives, including Fit for Growth • The transformation agenda continues to progress under Bill’s leadership, withimproved processes and automation through the accelerated investment ofFit for Growth. • The Bank has delivered against the major platform changes within timelines, including some of our major foundations that support Payments and Wealth &Retail Banking (WRB). • Promote and develop aninnovation culture throughout the Bank, including in products and services, increasing connectivity between Ventures and the rest ofthe Bank • Bill continued to provide thought leadership on the future of banking, which allowed Standard Chartered to stay ahead of the curve on the deployment of digital assets into financial markets, including paving the way on an accelerated distribution model for credit risk, leading to key partnerships with non-banks. • Bill continues to be a leading advocate for our Ventures business, which complements the services offered by the traditional bank by addressing the digital banking and lifestyle needs of clients. • Bill championed our Group approach to artificial intelligence (AI) with 15 themes identified for execution, including ‘MyWealth Advisor’ in Singapore and Hong Kong. • Continue to develop and embed an ambitious, high-performance culture, while retaining the best of the Bank’s traditional culture • Bill continues to personally drive the high-performance agenda, supporting the introduction of detailed calibration discussions across all aspects of performance for the Group’s leadership cohort (including the Management Team and their direct reports). • Approximately 50% of open roles in 2025 were filled through internal hiring with strong people leader satisfaction in the pipeline. Weighting – 10% Outcome – 9% 2023–25 LTIP award The LTIP values included in Bill’s single total figure of remuneration for 2025 are based on the award that will be subject tofinal performance testing in March 2026. This award was granted in 2023 with a face value of 132 per cent of salary, toincentivise theachievement of the Group’s priorities over the three-year period from 2023 to 2025. The award is share-based and subject tothe performance targets set out below that were set when the award was granted andhavenot been adjusted since. A conduct gateway requirement must be met before any awards vest. The Committee concluded that Bill exhibited appropriate conduct during the performance period and, therefore, the conduct gateway was met. Diego did not participate in this award. RoTE performance of 14.7 per cent was achieved, resulting in a maximum 30 per cent outcome, and relative TSR is projected tobe ranked above upper quartile resulting in a projected maximum outcome of 30 per cent. The Committee considered performance against the sustainability and strategic proof points set out in the table below and determined that an outcome of 28 per cent was appropriate. Based on these assessments, the total projected performance outcome is 88 per cent. The final relative TSR performance will be assessed in March 2026 and any change to the overall outcome will be reported in the 2026 Annual Report. Bill’s award will vest pro rata over 2026 to 2030. Malus and clawback provisions apply. Annual Report 2025 | Standard Chartered 193 Directors’ report ![]() 2023–25 LTIP projected outcome for Bill Award share price (£) Projected outcome (%) Valuation share price (£) Projected outcome (£000) Bill Winters 7.398 88% 15.95 7,104 Read more about the value attributable to share price growth on page 190 For the 2023 awards, the grant price was higher in comparison to the prior year’s award and the Committee therefore considered that windfall gains were not applicable to this award. #### Directors’ remuneration report Projected performance outcome Measure Weighting Minimum performance (25% outcome) Maximum performance (100% outcome) Assessment of achievement Outcome status Projected outcome Underlying RoTE 1 in 2025 with a CET1 2 underpin 30% 10% 12.5% RoTE: 14.7% CET1: 14.1% Confirmed 30% Relative TSR performance against peer group³ 30% Median Upper quartile Currently estimated above upper quartile Projected 30% Sustainability 15% Targets set for sustainability measures linked to the business strategy Above target performance achieved Confirmed 12% Other strategic measures 25% Targets set for strategic measures linked to the business strategy Above target performance achieved Confirmed 16% Total 2023–25 LTIP awards projected outcome 88% 1 Underlying RoTE represents the ratio of the current year’s underlying operating profit attributable to ordinary shareholders to the weighted average ordinary shareholders’ equity less the average goodwill and intangibles for the reporting period. Underlying RoTE normally excludes regulatory fines and certain other adjustments but, for remuneration purposes, such adjustments are subject to review by the Committee. 2 The CET1 underpin was set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2025. In addition, the Committee has the discretion to take into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period. 3 Final TSR performance will be assessed three years from the date of award in March 2026. #### Remuneration disclosures Non-financial performance assessment Sustainability Proof point Assessment • Sustainable finance income inexcess of $1bn by 2025 • $1.07 billion of sustainable finance income generated in 2025, exceeding target of income in excess of $1bn by 2025. • Delivery of the net zero roadmap • The Group has delivered on the net zero roadmap targets set for the 2023–25 timeline, to reach net zero by 2050. • Contribution to the advancement of the sustainability ecosystem • Progress has been achieved, supported by our five thematic Innovation Hubs: Adaptation Finance, Blended Finance Programmes, Carbon Markets & Finance, Nature Finance and Circular Economy, which focus on emerging sustainability themes and drive innovation in the market across sustainability. Standard Chartered | Annual Report 2025194 ![]() Our Stands Proof point Assessment • Uplifting participation: increase access to financial services and lending to female entrepreneurs and SMEs • Targets were met in 2023. However, the original disclosed targets have since been retired due to the change of strategic focus. • Resetting globalisation: create diversity and inclusion supplier plans; bank an increased proportion of our clients’ international and domestic networks of suppliers and buyers • Group market share is steady and improving in key dynamic markets (>10%) and we have continued to identify and expand a diverse supplier base. Clients Proof point Assessment • Improve client satisfaction rating evidenced in surveys and internal benchmarks • Strong performance across all three years based on strengthening of CIB engagement and experience scores and WRB net promoter score. • Deliver growth in affluent wealth client activity • Outperformance across all three years driven by the focus on international clients strategy. • Deliver network income growthin CIB • Strong network income performance driven by cross-border income, including growth across strategic corridors. • Increase China onshore and offshore profit before tax in line with externally disclosed targets • Targets achieved by 2024 but mixed performance in 2025, resulting inpartial outcome. • Drive digital ventures growth with meaningful value from digital creations • Customer base growth in all three years (2025: 57%, 2024: 13%, 2023: 25%) with outperformance in Mox and Trust Bank. Enablers (ways of working and people) Proof point Assessment • Ways of working: organisational effectiveness – reducing complexity • Exceeded transformational change targets of the number of programmes on track, with 82% achieved versus target of 75% infinalyear, following steady progress in the earlier years of the performance period. • People: improve employee netpromoter score; increase diversity; increase our culture ofinclusion • Female representation has increased over the three years to 33% versus a starting point of 32.1% at the end of 2022, and although this is an improvement, our annual targets have not been achieved resulting inno outcome for this measure. • Employee experience remains positive and stable, with our ‘culture ofinclusion’ score currently at 83% (2024: 82%, 2023: 83%). Risk and control Proof point Assessment • Reduction in non-financial risk, evaluating the elevated residual risks to allow for effective prioritisation and give credit for risk reduction • We achieved or exceeded our non-financial risk reduction targets in2023, 2024 and 2025. • An assessment of the proportion of audit issues identified by the business/region/function compared with total issues raised • The proportion of audit issues identified compared to total issues raisedwas below threshold for 2024 and 2025 resulting in no outcome for this measure. Annual Report 2025 | Standard Chartered 195 Directors’ report ![]() #### Directors’ remuneration report Service contracts for executive directors Copies of the executive directors’ service contracts are available for inspection at the Group’s registered office. Bill’s contract was updated effective 1 January 2020 to reflect the changes made following the implementation of the 2019 remuneration policy and the change to pension contributions. Bill Winters Diego De Giorgi Date of employment contract 1 January 2020 1 September 2023 Notice period 12 months 6 months #### Remuneration disclosuresRemuneration disclosures Single figure of remuneration for the Group Chair and INEDs (audited) The Group Chair and INEDs were paid in monthly instalments during the year. The INEDs are required to hold shares with a nominal value of at least $1,000. The table below shows the fees and benefits received by the Group Chair and INEDs in 2025 and 2024. The INEDs’ 2025 benefit figures are in respect of the 2024/25 tax year and the 2024 benefit figures are in respect of the 2023/24 tax year to provide consistency with the reporting of similar benefits in previous years and with those received by executive directors. Fees £000 Benefits 1 £000 Total £000 Shares beneficially held as at 31 December 2 2025 2024 2025 2024 2025 2024 2025 Group Chair Maria Ramos 3 959 337 102 1 1,061 338 2,000 Dr José Viñals (former Group Chair) 4 759 1,293 54 57 813 1,350 45,000 Current INEDs Shirish Apte 320 292 51 1 371 293 2,000 Jackie Hunt 285 188 5 0 290 188 2,000 Diane Jurgens 195 125 27 0 222 125 8,888 Robin Lawther, CBE 236 230 4 0 240 230 2,000 Lincoln Leong 5 259 43 7 0 266 43 13,369 Phil Rivett 303 252 0 0 303 252 2,128 David Tang 195 190 1 1 196 191 2,000 Dr Linda Yueh, CBE 249 242 9 10 258 252 2,000 1 The costs of benefits (and any associated tax costs) are paid by the Group. Due to developments in the application of tax rules and guidance, the Group has updated its reporting approach in relation to benefits. This has resulted in an increased cost in 2025 compared with 2024. 2 The beneficial interests of the Group Chair and INEDs, and connected persons in the shares of the Company are set out above. These directors do not have any non-beneficial interests in the Company’s shares. None of these directors used shares as collateral for any loans. No director had either: (1) an interest in the Company’s preference shares or loan stocks of any subsidiary or associated undertaking of the Group; or (2) any corporate interests in the Company’s ordinary shares. All figures are as at 31 December 2025 or on the retirement of a director unless otherwise stated. 3 Maria Ramos was appointed to Group Chair on 8 May 2025. She received a one-off relocation allowance, in line with our directors’ remuneration policy. 4 José Viñals retired from the Board on 8 May 2025 and we are no longer tracking his shareholding. His reported fee for 2025 of £759,000 is in respect of the period 1 January 2025 to 8 May 2025. He did not receive any compensation for loss of office as a director. 5 Lincoln Leong’s fee includes his role as an INED of Standard Chartered Bank (Hong Kong) Limited. INEDs’ letters of appointment The INEDs have letters of appointment, which are available for inspection at the Group’s registered office. INEDs are appointed for a period of one year, unless terminated by either party with three months’ notice. Read more about the INEDs’ appointments on page 131 to 134 2026 policy implementation for directors Remuneration for the executive directors in 2026 will be in line with our directors’ remuneration policy, approved at the AGM inMay 2025. Key elements include salary, pension, benefits, an annual incentive and an LTIP award. Our policy is summarised on page 188 of this report, set out in full on pages 164 to 169 of the 2024 Annual Report andonour website at sc.com Standard Chartered | Annual Report 2025196 ![]() Executive director salaries The Committee annually reviews the executive directors’ salaries, considering changes to the scope or responsibility ofthe role,market alignment and Group-wide increases. Taking these factors into account, Bill’s salary will increase by 2 per cent to£1,530,000 with effect from 1 April 2026. The Committee determined this salary increase is appropriate to ensure his remuneration opportunity remains competitive and appropriately positioned with reference to our peer group. £000 Bill Winters 2026 2025 % change Salary 1,530 1,500 2 Pension 153 150 2 Total fixed pay 1,683 1,650 2 2026 executive director scorecard The executive director scorecard reflects our strategic priorities. Targets are set annually by the Committee based on the Group’sannual financial plans and strategic priorities. Targets and performance achieved will be disclosed retrospectively inthe2026 Annual Report due to commercial sensitivity. Financial measures make up 60 per cent of the scorecard. In 2025, we met our Scope 1 and 2 emissions targets. As our Group sustainability targets are longer term goals, these measures have been captured in our LTIP scorecards. The Committee assesses strategic and personal measures usingaquantitative and qualitative framework. The overall outcome will be subject to a risk and control modifier, assessed overthe year. Measure Weighting Target 2026 scorecard – financial measures Reported income 1 20% Targets to be disclosed retrospectively Cost-to-income ratio 2 20% Reported RoTE 3 with CET1 underpin 4 20% 2026 scorecard – strategic measures Key transformation programmes: Execution of our most critical transformation programmes (including the Platinum programmes) Weighting – 15% Revenue per FTE: Group productivity measure calculated as revenue/average controllableFTE Weighting – 10% Inclusion: Measured using the My Voice Inclusion Index, considering concepts of empathy, respect, fairness, growth, career development opportunities, and work-life balance Weighting – 5% 2026 scorecard – personal performance measures Bill • Continue to personally drive the execution of the growth strategy through our cross-border capabilities and leading wealth management expertise • Translate thought leadership into business leadership in the application of digital assets, tokenisation and distributed ledger technology into our mainstream products and services • Lead the creation of a clear and Bank-specific approach to the application of advanced data strategies, including GenAI • Continue to advance internal transformation, including process simplification and delivery ofa strong finish on Fit for Growth • Continue to develop senior internal succession pool, through increased focus on succession planning and creating cross-functional leadership opportunities for senior talent Weighting – 10% 1 The Group’s reported income as per the income statement. 2 The proportion of total operating expenses to total operating income. 3 Reported RoTE represents the ratio of the current year’s underlying profit attributable to ordinary shareholders to the weighted average tangible equity, being ordinary shareholders’ equity less the intangible assets for the reporting period. The Committee reserve discretion to make exceptional adjustments to the reported RoTE, where appropriate, for ‘one-off’ material events. 4 The CET1 underpin will be set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2026. In addition, the Committee has the discretion to take into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period. Annual Report 2025 | Standard Chartered 197 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration disclosures LTIP award to be granted in 2026 Award value on grant (£) Award as % of salary Award value on vesting (£) Bill Winters 7,350,000 490% To be determined based on the level of performance achieved at the end of the three-year period against the performance measures and the future share price. From 2026, the Group’s RoTE disclosure and target setting will be on a reported basis, and the range for the 2026–28 LTIP has, therefore, also been set on a reported basis (rather than underlying as previously). The reported RoTE range for the 2026–28 LTIP scorecard is 12 to 16 per cent. In the context of analyst expectations for our progress over the next three years, the Committee is confident that the upper end is suitably stretching to incentivise outperformance, while the wider range has been set in the context of the macroeconomic environment being more uncertain than it has been in recent years with an increasing level of geopolitical risk. The Committee retain discretion to adjust reported RoTE figures in respect of material or exceptional items on a case-by-case basis in line with standard market practice. The overall outcome will be subject to a risk and control modifier, assessed over the performance period. The peer group of companies selected for the relative TSR performance calculation are those with generally comparable business activities, size or geographic spread to Standard Chartered or with which we compete for investor funds and talent. The group is reviewed annually, prior to new LTIP awards being made, and remains unchanged for the 2026–28 awards. TSR is measured in pound sterling for each company and the data is averaged over a three-month period at the start and end of the three-year measurement period, which begins on 1 January of the year of grant. Barclays Deutsche Bank OCBC BNP Paribas HSBC Standard Bank Citi ICICI UBS China Merchants Bank JPMorgan Chase UOB DBS Group Deferral and holding periods for the award will be in line with PRA regulatory requirements and the UK Corporate Governance Code. Subject to performance assessment, vesting will be 75 per cent in year three (subject to a two-year holding period) and 25per cent in year four (subject to a one-year holding period). Financial measures for 2026–28 LTIP awards Measure Weighting Minimum performance (25%) Between minimum and maximum performance Maximum performance (100%) Reported RoTE 1 in 2028 with aCET1 2 underpin 50% 12% Straight-line assessment between minimum and maximum 16% Relative TSR performance against peergroup 30% Median Straight-line assessment between peer companies positioned immediately above and below theGroup Upper quartile 1 Reported RoTE represents the ratio of the current year’s underlying profit attributable to ordinary shareholders to the weighted average tangible equity, being ordinary shareholders’ equity less the intangible assets for the reporting period. The Committee reserve discretion to make exceptional adjustments to the reported RoTE, where appropriate, for ‘one-off’ material events. 2 The CET1 underpin will be set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2028. In addition, the Committee has the discretion to take into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period. Non-financial measures for 2026–28 LTIP awards Sustainability • Progress towards our 10-year $300 billion sustainable finance mobilisation target: – Translates to a three-year target of $90 billion – Progress will be assessed based on cumulative finance mobilised across the assessment period with 100% vesting for $90 billion or above and 25% for $75 billion (0% if lower), assessed on a straight-line basis in between • Net zero sector financed emissions decarbonisation: – For the 12 sectors where the Group has set a 2030 interim net zero target, progress is measured as emission reductions against the sectoral pathway – A 100% outcome is achieved if at least 10 sectors are within their emissions reduction pathways or risk appetite with proportionate reduction as the number of sectors achieving their targets falls to five sectors, at which theminimum 25% outcome is achieved (with no vesting if fewer than five sectors have achieved the target) Weighting – 20% Read more about our net zero decarbonisation on page 90 Standard Chartered | Annual Report 2025198 ![]() INED fees The Board regularly reviews the fee levels, considering market data and the duties, time commitment and contribution expected for the PLC Board and, where appropriate, subsidiary boards. To ensure we can continue to attract a calibre ofindividual as INEDs, the Board determined an increase in fees of 4 per cent to be appropriate. The revised fees are effective from1 January 2026. The Group Chair and the INEDs are eligible for benefits in line with the directors’ remuneration policy. Neither the Group Chair orINEDs receive any performance-related remuneration. Role Annual fee Group Chair 1 £1,293,000 Senior Independent Director £48,000 Independent Non-Executive Director £123,000 Role Member fee Chair fee Audit, Board Risk, Remuneration £43,000 £85,000 Culture and Sustainability £37,000 £75,000 Governance and Nomination £19,000 Nil 1 The Group Chair receives a standalone fee, which is inclusive of all services (including Board and Committee responsibilities). The Group does not currently utilise the role of Deputy Chair and does not plan to do so. Remuneration Committee How did the Committee spend their time during their 2025 meetings? 28% 17%16%6%33% Executive remuneration, policy and shareholder engagement Senior management remuneration Regulatory and governanceGroup-wide reward, the Fair Pay Charter and pay diversity Business performance and risk assessment review Read more on our workforce engagement framework and how the Committee understands the views of our workforce inourCulture and Sustainability Committee report on pages 176 to 179 and in Our people and culture on pages 32 to 36 How did our shareholders vote? For Against Withheld Advisory vote on the 2024 remuneration report at the 2025AGM 1 1,941,855,272 98.87% 22,208,489 1.13% 787,019 Binding vote to approve the 2025 directors’ remuneration policyat the 2025 AGM 2 1,607,844,267 81.86% 356,270,992 18.14% 735,521 1 If withheld votes are considered as part of the overall voting outcome distribution, 98.83 per cent of votes would have been ‘For’ the resolution. 2 If withheld votes are considered as part of the overall voting outcome distribution, 81.83 per cent of votes would have been ‘For’ the resolution. At last year’s AGM, we proposed significant changes to our remuneration structure, responding to the removal of the variable pay cap for UK banks. This represented a significant change and allowed the Committee to rebalance total remuneration, fromfixed pay towards performance-linked variable remuneration, reinforcing alignment between executive director reward and performance, as well enabling us to better compete for talent with our global banking peers. Although we were pleased to see strong majority support for the policy, we recognise that a minority of shareholders were unable to support the resolution. The Committee consulted at length with shareholders during the development of the policy and prior to the AGM. While there were a variety of views raised by shareholders, there was strong support across the shareholder register regarding the more material aspects of the policy, including the changes in pay structure. The Committee remains committed to an open and transparent dialogue with shareholders. We once again engaged with shareholders in Q1 of 2026, and will continue this approach in future years. What advice does the Committee receive? In 2025, the Committee conducted a competitive tender process and Deloitte was appointed as the Committee’s remuneration adviser in September, replacing PwC who had advised the Committee since 2013. PwC and Deloitte are signatories to the voluntary remuneration consulting Code of Conduct. Deloitte provides other services tothe Group including advice on restructuring, HR, tax, risk, treasury, tech and innovation, financial and corporate banking. TheCommittee is satisfied the advice received was objective and independent and that no potential or actual conflict arose. The total fees paid were £103,343 to PwC and £80,000 to Deloitte, which includes advice to the Committee relating to executive directors’ remuneration and regulatory matters. Annual Report 2025 | Standard Chartered 199 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration disclosures How effective was the Committee in 2025? Action and decision Outcome and impact Terms of reference review • Conducted the annual review of the Committee’s terms of reference inNovember 2025 and recommended minor changes to the Board • The Board approved the minor amendments to the Committee’s terms of reference in February 2026 • Ensured the Committee roles and responsibilities remain appropriate and aligned with best practice Committee performance review • Reviewed progress against the 2025 Action Plan, which set out several actions arising from the internally facilitated performance review conducted in 2024 • A review of the Committee’s performance was facilitated by an independent external reviewer in accordance with the UK Code • The external reviewer’s report was reviewed and discussed by the Board with all Committee members present • Addressed all actions in the 2025 Action Plan toenhance the performance of the Committee • Developed a 2026 Action Plan to address the external reviewer’s recommendations from the 2025 performance review • Progress against the 2026 Action Plan will be monitored during 2026 Read more on the review on pages 150 to 152 The relationship between the remuneration of the GCE and all UK employees The 2025 ratios based on salary have decreased and ratios based on salary plus annual incentive have increased, reflecting improved annual incentive performance outcomes and the rebalancing of GCE total remuneration from fixed pay towards performance-linked variable remuneration under our new directors’ remuneration policy, which was approved by our shareholders at the 2025 AGM. The Committee considered the data for the three individuals identified at the quartiles for 2025 and believes it fairly reflects UK employee pay. They were full-time employees and received remuneration in line with policy, without exceptional pay. Our LTIP links remuneration to the achievement of long-term strategy and reinforces alignment with shareholder interests. Participation is typically senior employees who directly influence the award’s performance targets. The identified quartile employees are not LTIP participants. The ratio will depend materially on yearly LTIP outcomes for the GCE and accordingly may fluctuate. The Committee also discloses ratios using salary and salary plus annual incentive, as most UK employees do not typically receive LTIP awards. Ratio of the total remuneration of the GCE to that of the UK lower quartile, median and upper quartile employees GCE 2 UK employee 3 – £000 Pay ratio Year Method 1 £000 P25 P50 P75 P25 P50 P75 2025 A 12,694 117 166 256 109:1 77:1 50:1 2024 A 12,462 113 164 247 110:1 76:1 51:1 2023 A 7,309 110 162 247 66:1 45:1 30:1 2022 A 6,408 95 145 228 67:1 44:1 28:1 2021 A 4,740 92 139 215 52:1 34:1 22:1 2020 A 3,926 84 128 199 46:1 31:1 20:1 2019 A 5,360 83 128 212 65:1 42:1 25:1 2018 A 6,287 78 124 208 80:1 51:1 30:1 2017 A 4,683 76 121 203 61:1 39:1 23:1 1 Pay ratios are calculated using Option A methodology, aligned with investor guidance. 2 GCE pay is the single total figure of remuneration for 2025 and is restated for 2024 to reflect the final 2022–24 LTIP performance outcome assessed in March 2025. The2025 ratio will be restated in the 2026 Annual Report to reflect the final 2023–25 LTIP performance outcome for eligible employees and the GCE. 3 Employee pay data is based on FTE UK employees as at 31 December for the relevant year, excluding leavers, joiners and transfers in/out of the UK during the year to ensure a like-for-like comparison. Total remuneration is calculated in line with the single figure methodology and insured benefits data is based on notional premiums. No other adjustments or assumptions have been made. The GCFO and Group Chief Risk Officer regularly update the Committee on finance and risk matters and the Committee also receives input from the Board Risk Committee, Culture and Sustainability Committee and Chair of the Board Audit Committee on relevant matters. The Committee manages conflicts of interest when receiving views from senior individuals on remuneration proposals and noindividual is involved in deciding their own pay. Standard Chartered | Annual Report 2025200 ![]() Additional ratios of pay based on salary and salary plus annual incentive GCE UK employee – £000 Pay ratio Salary £000 P25 P50 P75 P25 P50 P75 2025 1,748 79 116 162 22:1 15:1 11:1 2024 2,517 85 116 156 30:1 22:1 16:1 2023 2,496 78 103 149 32:1 24:1 17:1 2022 2,418 72 87 138 34:1 28:1 18:1 2021 2,370 68 100 136 35:1 24:1 17:1 2020 2,370 63 93 116 38:1 25:1 20:1 2019 2,353 65 90 128 36:1 26:1 18:1 2018 2,300 59 86 142 39:1 27:1 16:1 2017 2,300 55 81 124 42:1 28:1 19:1 GCE UK employee – £000 Pay ratio Salary plus annual incentive £000 P25 P50 P75 P25 P50 P75 2025 5,150 102 142 227 51:1 36:1 23:1 2024 3,979 98 141 217 41:1 28:1 18:1 2023 3,958 96 138 220 41:1 29:1 18:1 2022 3,917 84 123 202 47:1 32:1 19:1 2021 3,559 79 122 186 45:1 29:1 19:1 2020 2,756 74 104 175 37:1 26:1 16:1 2019 3,604 73 109 187 49:1 33:1 19:1 2018 3,691 72 105 183 52:1 35:1 20:1 2017 3,978 69 103 182 58:1 39:1 22:1 180 160 100 120 140 80 60 40 20 0 14 10 12 8 6 4 2 0 Comparator median FTSE 100 Standard Chartered Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Value of £100 invested on 31 December 2016 GCE total remuneration (£m) Group performance versus the GCE’s remuneration This graph shows the Group’s TSR performance on a cumulative basis over the past 10 years alongside that of the FTSE 100 and peer banks. The graph also shows GCE remuneration based on the single figure over the 10 years ended 31 December 2025 for comparison. The FTSE 100 provides a broad comparison group against which shareholders may measure their relativereturns. The table below shows the single total figure of remuneration for the GCE since 2016 and the variable remuneration delivered asa percentage of maximum opportunity. BW BW BW BW BW BW BW BW BW BW Salary 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Single total figure of remuneration 1 £000 3,392 4,683 6,287 5,360 3,926 4,740 6,408 7,309 12,462 12,694 Annual incentive as percentage ofmaximum opportunity 45% 76% 63% 55% 18.5% 57% 70% 66% 66% 84% Vesting of LTIP awards as apercentage of maximum 2 – – 27% 38% 26% 23% 37% 57% 88% 88% 1 2024 single figure has been restated to reflect actual performance outcome and share price when the 2022–24 LTIP award started being released in March 2025. 2 2025 projected LTIP outcome of 88 per cent is subject to change until the final assessment of TSR performance in March 2026. Annual Report 2025 | Standard Chartered 201 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration disclosures Percentage change in remuneration levels This table below compares changes in remuneration of directors with UK employees. The same employee population is used forthe GCE pay ratio disclosure on pages 200 and 201. Employee remuneration is calculated on a mean basis for consistency year-on-year. Salary % change Taxable benefits % change 1 Annual incentive % change 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 GCE Bill Winters (30.5) 0.8 3.2 2.0 0.0 (11.4) 3.9 (3.0) 79.8 (26.5) 132.7 0.0 (2.5) 26.1 208.1 GCFO Diego De Giorgi 2 (24.7) – – – – 2.8 – – – – – – – – – Workforce average FTEUKemployee 0.6 2.9 10.4 3.3 3.1 (1.2) (1.2) 2.2 (7.0) (2.0) 2.9 11.5 0.8 14.3 38.2 Group Chair Maria Ramos 3 184.7 1.5 38.8 25.9 – 11,232.8 100.0 0.0 0.0 – Not applicable as these individuals are not eligible for annual incentive awards. Dr José Viñals (former Group Chair) 3 – 0.0 3.4 0.0 0.0 – (17.5) 53.2 170.2 (61.5) Shirish Apte 9.6 1.7 – – – 5,606.5 – – – – Jackie Hunt 51.8 1.5 – – – – – – – – Diane Jurgens – – – – – – – – – – Robin Lawther, CBE 2.6 2.2 – – – – – – – – Lincoln Leong – – – – – – – – – – Phil Rivett 20.3 2.0 5.7 3.9 – 0.0 0.0 0.0 0.0 – David Tang 2.6 2.7 8.8 0.0 18.3 (35.6) 55.3 0.0 0.0 (82.3) Dr Linda Yueh, CBE 2.9 10.4 – – – (12.1) – – – – 1 Due to developments in the application of tax rules and guidance, the Group has updated its reporting approach in relation to benefits. This has resulted inanincreased cost in 2025 compared with 2024. 2 On 10 February 2026, Diego De Giorgi stepped down from the Board. 3 In 2025, on 8 May José Viñals retired from the Board and Maria Ramos was appointed as Group Chair. Read more about what the GCE, GCFO, Group Chair and INEDs’ data changes relate to on pages 190 and 196 Scheme interests awarded, exercised and lapsed during the year Employees, including executive directors, are not permitted to engage in any personal investment strategies with regards totheir Company shares, including hedging against the share price of Company shares. Scheme interests awarded during 2025 Awards were granted to Bill and Diego under the 2025–27 LTIP on 12 May 2025. Performance measures apply to these awards. Type of interest awarded Basis on which award is made Number of shares 1 Award face value (£) 2 Award outcome achievable for minimum performance Performance period end 3 Bill Winters LTIP – conditional rights % of salary 816,213 8,713,074 25% 31 December 2027 Diego De Giorgi 4 LTIP – conditional rights % of salary 451,971 4,824,790 25% 31 December 2027 1 The number of shares awarded in respect of the LTIP took account of the lack of dividend equivalents (calculated by reference to market consensus dividend yield) such that the overall market value of the award is maintained. 2 The award face value is calculated by multiplying the number of shares awarded by the share award price of £10.675. 3 Details of the LTIP performance measures can be found on page 205. 4 Following the announcement of Diego’s resignation on 10 February 2026, this award has been forfeited. Executive directors’ shareholdings and share interests including share awards (audited) Shares that count towards the executive director shareholding requirements are beneficially owned shares and unvested share awards for which performance conditions have been satisfied (on a net of tax basis). As at 31 December 2025, Bill significantly exceeded his shareholding requirement. In addition to shares acquired from incentiveplans and the share element of salary, he has voluntarily purchased shares equivalent to 377 per cent of his salary fromhis own funds. £9.1m £7.5m £4.4m £1.8m £58.1m Diego De Giorgi Bill Winters Share held beneficially Unvested share awards not subject to performance measures (net of tax) Shareholding requirement Standard Chartered | Annual Report 2025202 ![]() Shares held beneficially 1,2,3 Unvested share awards not subject to performance measures (net of tax) 4 Total shares counting towards shareholding requirement Shareholding requirement Salary Value of shares counting towards shareholding requirement as a percentage of salary Unvested share awards subject to performance measures (before tax) Bill Winters 3,190,874 497,989 3,688,863 500% salary £1,500,000 4,481% 1,938,636 Diego De Giorgi 101,535 – 101,535 400% salary £1,100,000 168% 856,033 1 All figures are as at 31 December 2025 unless stated otherwise. The closing share price on 31 December 2025 was £18.220. No director had either: (1) an interest inStandard Chartered PLC’s preference shares or loan stocks of any subsidiary or associated undertaking of the Group; or (2) any corporate interests in Standard Chartered PLC’s ordinary shares. 2 The beneficial interests of directors and connected persons in the ordinary shares of the Company are set out above. The executive directors do not have any non-beneficial interest in the Company’s shares. Neither of the executive directors used ordinary shares as collateral for any loans. 3 The shares held beneficially include shares awarded to deliver the share element of executive directors’ salary prior to 1 April 2025, when part of salary was delivered in shares. Since this date, all salary is delivered in cash. 4 In March 2025, the final assessment of the 2022–24 LTIP award resulted in an 88 per cent outcome due to achievement against RoTE, relative TSR and strategic measures. The award is no longer subject to performance measures and is included here. The remaining 12 per cent of the award lapsed. 5 As Bill and Diego are UK taxpayers, 47 per cent tax is assumed to apply to other unvested share awards (marginal combined PAYE rate of income tax at 45 per cent and employee National Insurance contributions at 2 per cent) – rates may change. Andy Halford retired from the Company on 31 August 2024 and is subject to a two-year post-employment shareholding requirement. This is being monitored and, as at 31 December 2025, he is continuing to significantly exceed this requirement. Change in interests during the period 1 January to 31 December 2025 (audited) Bill Winters 1 Date of grant Share award price (£) As at 1 January Awarded 2 Vested 3 Lapsed As at 31 December Performance period end Vesting date 2018–20 LTIP 9 Mar 2018 7.782 28,179 – 28,179 – – 9 Mar 2021 9 Mar 2025 2019–21 LTIP 11 Mar 2019 6.105 30,604 – 30,604 – – 11 Mar 2022 11 Mar 2025 30,605 – – – 30,605 11 Mar 2026 2020–22 LTIP 9 Mar 2020 5.196 59,282 – 59,282 – – 9 Mar 2023 9 Mar 2025 59,282 – – – 59,282 9 Mar 2026 59,282 – – – 59,282 9 Mar 2027 2021–23 LTIP 15 Mar 2021 4.901 85,853 – 85,853 – – 15 Mar 2024 15 Mar 2025 85,853 – – – 85,853 15 Mar 2026 85,853 – – – 85,853 15 Mar 2027 85,853 – – – 85,853 15 Mar 2028 2022–24 LTIP 14 Mar 2022 4.876 151,386 – 133,219 18,167 – 14 Mar 2025 14 Mar 2025 151,386 – – 18,167 133,219 14 Mar 2026 151,386 – – 18,167 133,219 14 Mar 2027 151,386 – – 18,167 133,219 14 Mar 2028 151,388 – – 18,167 133,221 14 Mar 2029 2023–25 LTIP 13 Mar 2023 7.398 101,209 – – – 101,209 13 Mar 2026 13 Mar 2026 101,209 – – – 101,209 13 Mar 2027 101,209 – – – 101,209 13 Mar 2028 101,209 – – – 101,209 13 Mar 2029 101,209 – – – 101,209 13 Mar 2030 2024–26 LTIP 12 Mar 2024 6.600 123,275 – – – 123,275 12 Mar 2027 12 Mar 2027 123,275 – – – 123,275 12 Mar 2028 123,275 – – – 123,275 12 Mar 2029 123,275 – – – 123,275 12 Mar 2030 123,278 – – – 123,278 12 Mar 2031 2025–27 LTIP 12 May 2025 10.675 – 163,242 – – 163,242 31 Dec 2027 12 May 2028 – 163,242 – – 163,242 12 May 2029 – 163,242 – – 163,242 12 May 2030 – 163,242 – – 163,242 12 May 2031 – 163,245 – – 163,245 12 May 2032 Annual Report 2025 | Standard Chartered 203 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration disclosures Diego De Giorgi 1,5 Date of grant Share award price (£) As at 1 January Awarded 2 Vested Lapsed As at 31 December Performance period end Vesting date 2024–26 LTIP 12 Mar 2024 6.600 80,812 – – – 80,812 12 Mar 2027 12 Mar 2027 80,812 – – – 80,812 12 Mar 2028 80,812 – – – 80,812 12 Mar 2029 80,812 – – – 80,812 12 Mar 2030 80,814 – – – 80,814 12 Mar 2031 2025–27 LTIP 12 May 2025 10.675 – 90,394 – – 90,394 31 Dec 2027 12 May 2028 – 90,394 – – 90,394 12 May 2029 – 90,394 – – 90,394 12 May 2030 – 90,394 – – 90,394 12 May 2031 – 90,395 – – 90,395 12 May 2032 1 The unvested LTIP awards held by Bill and Diego are conditional rights. They do not have to pay towards these awards. Under these awards, shares are delivered on vesting or as soon as practicable thereafter. 2 For the 2025–27 LTIP awards granted to Bill and Diego on 12 May 2025, the values granted were: Bill: £7.4 million; Diego: £4.1 million. The number of shares awarded in respect of the LTIP took into account the lack of dividend equivalents (calculated by reference to market consensus dividend yield) such that the overall value ofthe award was maintained. Performance measures apply to 2025–27 LTIP awards. The closing price on the day before grant was £10.675. 3 Shares (before tax) were delivered to Bill from the vesting element of LTIP awards. The closing share price on the day before the shares were delivered were: • 10 March 2025: Shares in respect of the 2018–20 LTIP and 2020–22 LTIP. Previous day closing share price: £12.150. • 11 March 2025: Shares in respect of the 2019–21 LTIP. Previous day closing share price: £11.705. • 17 March 2025: Shares in respect of the 2021–23 LTIP. Previous day closing share price: £11.765. • 19 March 2025: Shares in respect of the 2022–24 LTIP. Previous day closing share price: £12.060. 4 The weighted average closing price for Bill’s awards that vested during the period was £11.976. 5 Following the announcement of Diego’s resignation on 10 February 2026, these awards have been forfeited. As at 31 December 2025, none of the directors had registered an interest or short position in the shares, underlying shares ordebentures of the Company or any of its associated corporations that was required to be recorded pursuant to Section 352ofthe Hong Kong Securities and Futures Ordinance, or as otherwise notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers. Read more on the details of share plan dilution limits onpages 406 to 407 Historical LTIP awards The current projected outcome for in-flight LTIP awards from the 2024 and 2025 performance years based on current performance as at 31 December 2025 are set out in the tables below. In the context of the change to using reported RoTE as the Group’s main metric for target setting, we are reviewing how we will measure progress against the existing in-flight LTIP ranges, and will provide an update in the 2026 Annual Report. Current position on the 2024–26 LTIP award: projected partial performance outcome Measure Weighting Minimum (25%) Maximum (100%) Assessment as at 31 December 2025 Underlying RoTE 1 in 2026 with a CET1 2 underpin 30% 10% 13% RoTE above maximum: indicative full outcome Relative TSR performance against peer group 30% Median Upper quartile TSR positioned above upper quartile: indicative full outcome Sustainability 25% Targets set for sustainability measures linked to the business strategy Performance tracking ontarget: indicative partial outcome Other strategic measures 15% Targets set for strategic measures linked to the business strategy Performance tracking ontarget: indicative partial outcome 1 Underlying RoTE represents the ratio of the current year’s underlying operating profit attributable to ordinary shareholders to the weighted average ordinary shareholders’ equity less the average goodwill and intangibles for the reporting period. Underlying RoTE normally excludes regulatory fines and certain other adjustments but, for remuneration purposes, such adjustments are subject to review by the Committee. 2 The CET1 underpin was set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2026. In addition, the Committee has the discretion to take into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period, for example in relation to Basel IV. Standard Chartered | Annual Report 2025204 ![]() Current position on the 2025–27 LTIP award: projected partial performance outcome Measure Weighting Minimum (25%) Maximum (100%) Assessment as at 31 December 2025 Underlying RoTE 1 in 2027 with a CET1 2 underpin 40% 11.5% 14.5% RoTE above maximum: indicative full outcome Relative TSR performance against peer group 40% Median Upper quartile TSR positioned above upper quartile: indicative full outcome Sustainability 20% Targets set for sustainability measures linked to the business strategy Performance tracking above target: indicative partial outcome 1 Underlying RoTE represents the ratio of the current year’s underlying profit attributable to ordinary shareholders plus fair value on other comprehensive income equity movement relating to Ventures segment to the weighted average tangible equity, being ordinary shareholders’ equity less the intangible assets for the reporting period. Underlying RoTE normally excludes material regulatory fines and certain other adjustments but, for remuneration purposes, this would be subject to review by the Committee. 2 The CET1 underpin was set at the higher of 13 per cent or the minimum regulatory level as at 31 December 2027. In addition, the Committee has the discretion to take into account at the end of the performance period any changes in regulatory capital and risk-weighted asset requirements that might have been announced and implemented after the start of the performance period, for example in relation to Basel IV. The Committee assesses the outcome value of LTIP awards on vesting and has the flexibility to adjust if the formulaic outcome is not considered to be an appropriate reflection of the performance achieved and to avoid windfall gains. Allocation of the Group’s earnings between stakeholders When considering Group variable remuneration, the Committee takes account of shareholders’ concerns about relative expenditure on pay and determines the allocation of earnings to expenditure on remuneration carefully and has approached this allocation in a disciplined way. The amount of corporate tax, including the bank levy, is included in the chart because itisasignificant payment and illustrates the Group’s contribution through the tax system. 1,918 3,754 8,510 9,109 $million 3,2802,062 2024 2025 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Staff costs Corporate taxation including levy Paid to shareholders in dividends and buybacks Approach to risk and control What and how? When? • The Group annual scorecard and LTIP performance criteria include risk and control measures • In addition, the Committee carries out a detailed review of all risk, control and conduct matters including ongoing investigations and any matters raised by regulators and may use its discretion to adjust remuneration to reflect matters not adequately captured by the scorecards • All variable remuneration is subject to risk adjustment provisions (through the reduction or forfeiture of the valueof current year variable remuneration or the application of malus or clawback to unpaid or paid variable remuneration as appropriate, at the Committee’sdiscretion) Adjustments would be applied for issues including, but not limited to: • Where employee conduct and/or performance falls short of the expected standards (including failure to meet appropriate standards of fitness and propriety) • Material failure of risk management at a Group, business area, division and/or business unit level • Material restatement of the Group’s financials or material breach of regulatory guidelines Read our Pillar 3 remuneration disclosures in our 2025 Pillar 3 Report at sc.com/financial-results Annual Report 2025 | Standard Chartered 205 Directors’ report ![]() #### Directors’ remuneration report #### Remuneration disclosures Remuneration of the five highest-paid individuals and senior management for the year to31 December 2025 Components of remuneration Five highest paid 1 $000 Senior management 2 $000 Salary, cash allowances and benefits in kind 13,473 25,570 Pension contributions 681 1,463 Variable remuneration awards paid or receivable 50,385 74,271 Payments made on appointment 7,319 7,319 Remuneration for loss of office (contractual or other) – 94 Other – – Total 71,858 108,717 Total HKD equivalent 560,384 847,843 1 The five highest paid individuals includes Bill Winters. 2 Senior management comprises the executive directors and the members of the Management Team at any point during 2025. Share award movements for the five highest-paid individuals for the year to 31 December 2025 1 LTIP 2 Deferred shares 2 Sharesave Weighted average Sharesave exercise price (£) Outstanding at 1 January 2025 3,246,134 3,090,430 3,649 5.01 Granted 3,4 1,168,088 881,757 – – Lapsed (114,210) – – – Vested/exercised (395,824) (861,411) – – Outstanding at 31 December 2025 3,904,188 3,110,776 3,649 5.01 Exercisable at 31 December 2025 – – – – Range of exercise prices (£) – – – 4.23 – 6.10 1 The five highest paid individuals includes Bill Winters. 2 Granted under the 2021 Plan and 2011 Plan. Employees do not contribute to the cost of these awards. 3 1,168,088 (LTIP) granted on 12 May 2025; 398,549 (Deferred shares) granted on 14 March 2025; 483,208 (Deferred shares) granted on 24 September 2025. 4 Deferred shares were granted at a share price of £11.580 (14 March 2025) and £14.545 (24 September 2025); LTIP shares were granted at a share price of £10.675, the closing price on the last trading day preceding the grant date. The vesting period for these awards ranges from 1-4 /7years. Read more about the awards for Bill Winters on page 203 Read more about the IFRS2 accounting standard adopted for share awards on page 403 Read more about the share awards and options for all employees on page 407 The table below shows the emoluments of: (1) the five highest-paid employees; and (2) senior management for the year ended 31 December 2025. Number of employees Remuneration band HKD Remuneration band USD equivalent Five highest-paid Senior management 1 3,000,001-3,500,000 384,685-448,799 – 1 14,000,001-14,500,000 1,795,194-1,859,308 – 1 29,000,001-29,500,000 3,718,616-3,782,730 – 1 31,500,001-32,000,000 4,039,187-4,103,300 – 1 32,000,001-32,500,000 4,103,301-4,167,415 – 1 41,000,001-41,500,000 5,257,354-5,321,468 – 2 54,000,001-54,500,000 6,924,320-6,988,434 – 2 55,500,001-56,000,000 7,116,662-7,180,776 – 1 69,500,001-70,000,000 8,911,856-8,975,970 1 – 73,500,001-74,000,000 9,424,769-9,488,883 1 1 78,500,001-79,000,000 10,065,909-10,130,023 1 1 132,500,001-133,000,000 16,990,229-17,054,343 1 1 148,000,001-148,500,000 18,977,765-19,041,879 1 1 Total 5 14 1 Senior management comprises of the executive directors and the members of the Management Team at any point during 2025. Standard Chartered | Annual Report 2025206 ![]() Other statutory and ## regulatorydisclosures This section sets out additional information required to be included in the Directors’ report. Where set out elsewhere in the report, the information in the tables below is incorporated by reference. The Group operates in the UK and overseas through several subsidiaries, branches and offices. Information about the principal activities of the Group is set out in the Strategic report on pages 1 to 52. #### Disclosures required pursuant to Large and Medium-sized Companies and Groups #### (Accounts and Reports) Regulations 2008 Engagement with clients, suppliers and others Pages 37 to 41 of the Strategic report Engagement with employees Pages 32 to 37 and 39 of the Strategic report Post balance sheet events Note 37 to the financial statements Directors’ interests Page 196 of the Directors’ remuneration report. As at 17 February 2026, there had been nochanges to those interests inrelation to directors remaining in office at that date. Future developments in the Group’s business Pages 1 to 52 of the Strategic report Debt and equity capital Notes 22 and 28 to the financial statements in addition topages 209 to 210 of this Directors’ report Loan capital Notes 22 and 27 to the financial statements Share buyback Note 28 to the financial statements in addition to pages 209 to 210 ofthis Directors’ report Financial instruments Notes 13 and 14 to the financial statements The Group’s 2025 financial statements have been prepared in accordance with the principles of the UK Finance Disclosure Code for Financial Reporting Disclosure. #### Disclosures required under UK Listing Rule 6.6.1 UKLR 6.6.1 (11-12) (Waiver of dividends) See Note 28 to the financial statements UKLR 6.6.1 (1) (2) (3-10) (13) N/A #### Application of the principles of the 2024 UK Corporate Governance Code Page Board leadership and company purpose Governance structure 140 Board of directors 130 – 134 Who we are and what we do 2 – 3 Our strategy 9 Integrity, conduct and ethics 118 – 121 Group Code of Conduct and Ethics 215 Key performance indicators 12 – 13 Enterprise Risk Management Framework 220 – 225 Stakeholder engagement and Section 172 statement 37 – 41 Board engagement with our shareholders 146 – 147 Board activities 141 – 145 Employee engagement and Employmentpolicies 213 – 215 Culture 148 Division of responsibilities Governance structure 140 Roles and responsibilities 149 Independence and time commitment 149 External directorships and other businessinterests 149 Page Composition, succession and evaluation Composition, succession and evaluation 150 Governance and Nomination Committeereport 155 – 160 Board and committee meeting attendance 138, 155, 161, 170, 176 and 180 Board of directors 130 – 134 Annual performance review 150 – 152 Director training and development 153 – 154 Audit, risk and internal control Audit Committee report 161 – 169 Non-audit services 165 Statement of directors’ responsibilities 219 Fair, balanced and understandable 219 Risk review 218 – 302 Viability statement 51 – 52 Remuneration Directors’ remuneration report 180 – 206 Annual Report 2025 | Standard Chartered 207 Directors’ report ![]() #### Other statutory and regulatory disclosures Our reporting methodology is based on ‘The Greenhouse Gas(GHG) Protocol – A Corporate Accounting and Reporting Standard (Revised Edition)’. We have adopted theoperational control approach to define our reporting boundary for GHG Scope 1 and 2 emissions. For Scope 3 financed and facilitated emissions, boundaries are noted for each high-emitting sector inthe ‘Our approach to measuring financed emissions’ table inthe Sustainability review onpage99. Information on the principles and methodologies used tocalculate the GHG emissions of the Group can be found inourEnvironmental Reporting Criteria document at sc.com/environmentcriteria. Reporting period, boundary and scope We report on sustainability and ESG matters throughout thisAnnual Report, including in the following sections: (i) Strategic report on pages 1 to 52; (ii) Sustainability review onpages 66 to 128; (iii) Risk review on pages 218 to 302; and (iv) in the Supplementary sustainability information section on pages 450 to 465. The reporting period for Scope 1 and Scope 2 emissions and energy consumption is from 1 October 2024 to 30 September 2025. This allows sufficient time for independent third-party assurance to be completed prior to the publication of the Sustainable finance taxonomies Standard Chartered continues to assess the applicability of sustainable finance taxonomies across the Group’s footprint. Reporting has commenced in several markets in accordance with local sustainable finance taxonomy regulatory requirements. The Group will continue to consider applicable taxonomy alignment in our business decisions, including at a client and transaction level, as well as more broadly at a sector strategy level. Given our footprint across Europe and the UK, Asia, Africa and the Middle East, we need to continually assess taxonomy alignment requirements based on information available from clients and through our due diligence processes. #### Streamlined energy and carbon reporting Environmental impact of our operations We aim to minimise the environmental impact of our operations as part of our commitment to be a responsible company. We report on the actions we take to reduce energy and water usage, and non-hazardous waste generated in ouroperations in the Sustainability review on page 93 and inthe ESG Data Pack at sc.com/sustainabilitylibrary. #### Environmental, Social and Governance disclosures Hong Kong Listing Rules Appendicies C1and C2 Our disclosures are consistent with the requirements of the ESG Reporting Guide contained in Appendix C1 and C2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. With respect to the KPIs noted in Appendix C2: ‘Comply or explain’ provisions, the Group does not report on KPI A1.3 and KPI A1.6 related to the production and handling of hazardous waste; KPI A2.4 related to water efficiency targets; KPI A2.5 related to packaging materials used for finished products; KPI B6.1 total products recalled due to safety and health reasons; and KPI B6.4 product recall procedures. As an office-based financial services provider these issues were not deemed material. For further information related to Aspect B4 Labour Standards and B5 Supply Chain Management, please also refer to the Group’s annual Modern Slavery Statement. With respect to the climate-related disclosures in Part D: ‘Comply or explain’ provisions, the Group has sought to comply with material requirements to the extent currently possible without undue cost or effort for the Group or for our clients and other third parties who provide or publish information required for our most material disclosures. Requirements for which we are not yet able to disclose all information are disclosed on page 71. Task Force on Climate-related Financial Disclosures (TCFD) In accordance with UK Listing Rule 6.6.6R(8), we confirm that we have made disclosures in this Annual Report consistent with the TCFD recommendations as per Section C – Guidance for All Sectors, and Section D – Supplemental Guidance for the Financial Sector: Banks of the 2021 TCFD Implementing Guidance. For further information, refer to our Climate Reporting Index on pages 458 to 465. Aspect B4 Labour Standards and B5 Supply Chain Management Refer to the Group’s annual Modern Slavery Statement (see below). Non-financial and sustainability information statement Our non-financial and sustainability information statement is included within page 50 of the Strategicreport. Modern slavery The Group annually publishes a Modern Slavery Statement under the UK Modern Slavery Act 2015 andthe Australian Modern Slavery Act 2018. The Statement for the year ended 31 December 2025 canbe located at sc.com/modernslavery. Standard Chartered | Annual Report 2025208 ![]() GHG emissions and energy consumption data The Group has disclosed Scope 1 and Scope 2 GHG emissions and energy consumption data as required by the Large andMedium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Units 2025 2024 2023 Reporting coverage of data Annual operating income from 1 October to 30 September $ million 20,818 19,110 17,414 Net internal area of occupied property m 2 864,961 850,817 880,515 GHG emissions Scope 1 and 2: Scope 1 emissions tCO 2 e 5,792 7,696 8,488 1 Scope 2 emissions (location-based) 2 tCO 2 e 74,591 82,837 85,741 Scope 2 emissions (market-based) 3 tCO 2 e 0 17,272 26,246 Scope 1 and 2 emissions (market-based) 3 tCO 2 e 5,792 24,968 34,734 Scope 1 and 2 emissions (UK and offshore area only) tCO 2 e 0 – 248 GHG emissions – Intensity: Total Scope 1 and 2 emissions (market-based)/intensity tCO 2 e/$ million 0 1 2 Environmental resource efficiency Energy Indirect non-renewable energy consumption GWh 126 125 142 Indirect renewable energy consumption GWh 13 14 16 Direct non-renewable energy consumption GWh 8 12 13 Direct renewable energy consumption GWh 2 2 2 Energy consumption GWh 150 154 173 Energy consumption (UK and offshore area only) GWh 5 7 6 1 As we aim to improve our emissions measurement and reporting year-on-year, we have included leased vehicle fleet emissions in our Scope 1 data since 2024 (733tCO 2 e in 2025 and 1,340 tCO 2 e in 2024) and fugitive emissions since 2023 (3,035 tCO 2 e in 2025, 3,877 tCO 2 e in 2024 and 5,266 tCO 2 e in 2023). 2 Location-based reductions are attributed to footprint reduction and efficiency gains. 3 Market-based emissions have decreased from 2024 to 2025 also due to footprint reduction, efficiency gains as well as the purchase of additional energy attribution certificates by the Group. Further detail on our environmental performance and the independent assurance report can be found in our ESG data pack at sc.com/sustainabilitylibrary; and associated assumptions and methodologies in our reporting criteria document at sc.com/environmentalcriteria Share capital, constitution and #### shareholderrights Share capital in issue The issued ordinary share capital of the Company was reduced by a total of 162,524,297 over the course of 2025. Thiswas due to the cancellation of ordinary shares as part of the Company’s two share buyback programmes. No ordinary shares were issued during the year. The Company has one class of ordinary shares, which carries no rights to fixed income. On a show of hands, each member present has the right to one vote at our general meetings. On a poll, each member isentitled to one vote for every share held. The issued nominal value of the ordinary shares represents 81.15 per cent of the total issued nominal value of all share capital. The remaining 18.85 per cent comprises preference shares, which have preferential rights to income and capital but which, in general, do not confer a right to attend and vote atour general meetings. There are no specific restrictions on the size of a holding oronthe transfer of shares, which are both governed by the Articles of Association and prevailing legislation. There are nospecific restrictions on voting rights and the directors arenot aware of any agreements between holders of the Company’s shares that may result in restrictions on the transfer of securities or on voting rights. No person has any special rights of control over the Company’s share capital and all issued shares are fully paid. Group’s Annual Report. Accordingly, the operating income used in the GHG emissions and energy consumption data table below for associated environmental intensity metrics corresponds to the same period, rather than the calendar year used for financialreporting. The reporting periods for other sustainability information in this Annual Report may differ and are set out onpage 74. There was no significant change in the boundary and scope ofour Scope 1 and Scope 2 emissions reported in this Annual Report from that of Standard Chartered PLC Annual Report 2024, published on 21 February 2025. Assurance Our Scope 1 and 2 emissions are assured (limited level) by anindependent company, Global Documentation, against therequirements of ISO 14064. Annual Report 2025 | Standard Chartered 209 Directors’ report #### Other statutory and regulatory disclosures Buyback At the AGM held on 8 May 2025, our shareholders renewed the Company’s authority to make market purchases of up to239,567,385 ordinary shares, equivalent to approximately 10 per cent of issued ordinary shares as at 19 March 2025, andup to all of the issued preference share capital. The authority to make market purchases up to 10 per cent ofissued ordinary share capital (and, prior to the 2025 AGM, a similar authority granted in the previous year at the 2024 AGM) was used during the year through two buyback programmes announced in February and in July 2025. Thesewere utilised as part of the Group’s approach to dividend growth and capital returns. The first share buyback programme commenced on 21 February 2025 and ended on30 July 2025. The second share buyback programme commenced on 1 August 2025 and ended on 26 January 2026. A total of 160,384,816 ordinary shares with a nominal value of$0.50 each were re-purchased under the two programmes for an approximate aggregate consideration paid of $2.8 billion. A monthly breakdown of the shares purchased during the period including the lowest and highest price paid per share is set out in Note 28 to the financial statements. Allordinary shares that were bought back were cancelled. Articles of Association The Articles of Association may be amended by special resolution of the shareholders. The Articles of Association contain provisions relating to the appointment, retirement and removal of directors. Read more on the election and appointment of directors on page 158. Directors’ powers Subject to company law, the Articles of Association and theauthority granted to directors in general meeting, thedirectors may exercise all the powers of the Company andmay delegate authorities to committees. The Company is granted authority to issue shares by the shareholders at its AGM. The size of the authorities granted depends on the purposes for which shares are to be issued and is within applicable legal and regulatory requirements. Shareholder rights Under the Companies Act 2006, shareholders holding 5 per cent or more of the paid-up share capital of the Company carrying the right of voting at general meetings of the Company are able to require the directors to hold a general meeting. Where such a request has been duly lodged with the Company, the directors are obliged to call a general meeting within 21 days of becoming subject to the request and must set a date for the meeting not more than 28 days from the date of the issue of the notice convening the meeting. Under the Companies Act 2006, shareholders holding 5 percent or more of the total voting rights at an AGM of the Company, or 100 shareholders entitled to vote at the AGM with an average of at least £100 paid-up share capital per shareholder, are entitled to require the Company to circulate a resolution intended to be moved at the Company’s next AGM. Such a request must be made not later than six weeks before the AGM to which the request relates or, if later, the time when notice is given of the AGM. Sufficiency of public float As at the date of this report, the Company has maintained the prescribed public float under the rules governing the listing of securities on The Stock Exchange of Hong Kong Limited (HKEx) (the Hong Kong Listing Rules), based on the information publicly available to the Company and within the knowledge of the directors. Free float percentage As of 31 December 2025, the free float percentage of voting rights attached to all of the Company’s listed ordinary and preference shares in issue was approximately 99.99 per cent. For information on the outstanding Fixed Rate Resetting Perpetual Subordinated Contingent Convertible AT1 securities issued by Standard Chartered PLC and the rights attached tothem, see Note 28 and sc.com/capital-securities-in-issue. Debenture issues and equity-linked agreements During the financial year ended 31 December 2025, other than as disclosed in the Annual Report and Notes 22, 27 and28 to the financial statements, the Company made noissuance of debentures (including debenture stock, bonds and any other debt securities). Details of the equity-linked agreements the Group entered into can be found in Note 28 to the financial statements. Electronic communications Our shareholders are encouraged to receive our corporate documents electronically. The annual and interim financial statements, Notice of AGM and dividend circulars are all available electronically. If you do not already receive your corporate documents electronically and would like to do soinfuture, please contact our registrars at the address on page467. Shareholders are also able to submit proxy votes orvoting instructions online by visiting our registrar’s website atwww.investorcentre.co.uk/eproxy. Dividends 2025: paid interim dividend of 12.3 cents per ordinary share (2024: paid interim dividend of 9 cents per ordinary share) 2025: proposed final dividend of 49 cents per ordinary share (2024: proposed final dividend of 28 cents per ordinary share) 2025: total dividend of 61 cents per ordinary share (2024: total dividend of 37 cents per ordinary share) In 2026, the Board adopted a dividend policy which formalised the existing approach to dividend payments. Thedividend policy provides that the Board is committed topaying a sustainable cash dividend to its shareholders, while retaining the flexibility to invest and grow the business. TheBoard decides the level of any dividend based on several factors including, but not limited to, capital adequacy and regulatory requirements, profitability and earnings and macroeconomic and credit conditions. This policy may besupplemented by additional shareholder distributions ifdeemed appropriate. Standard Chartered | Annual Report 2025210 ![]() #### Directors’ independence, interestsandconflicts The Company has received from each of the INEDs an annualconfirmation of independence, pursuant to Rule 3.13 of the Hong Kong Listing Rules, and still considers all the non-executive directors to be independent. Details of the directors’ beneficial and non-beneficial interests in the ordinary shares of the Company as at 31 December 2025 are shown in the Directors’ remuneration report on page 196. As at 17 February 2026, the latest practicable date before publication of this Annual Report, there had been no changes to those interests in relation todirectors remaining in office at that date. At no time during the year did any director hold a material interest in any contracts of significance (as defined in the Hong Kong Listing Rules) with the Company or any of its subsidiary undertakings. In accordance with the Companies Act 2006, we have established a process requiring directors to disclose proposed outside business interests before any areentered into. This enables prior assessment of any conflict or potential conflict of interest and any impact on time commitment. On behalf of the Board, the Governance and Nomination Committee reviews potential and existing conflicts of interest annually to consider if they continue to be conflicts of interest, and to revisit the terms upon which they were authorised. The Board is satisfied that these processes continue to operate effectively. The Company has granted indemnities to all its directors on terms consistent with the applicable statutory provisions. Qualifying third-party indemnity provisions for the purposes of section 234 of the Companies Act 2006 were accordingly in force during the financial year ended 31 December 2025 and remain in force at the date of this report. Qualifying pension scheme indemnity provisions (as defined by section 235 of the Companies Act 2006) were in force during the financial year ended 31 December 2025 for the benefit of the UK’s pension fund corporate trustee (Standard Chartered Trustees (UK) Limited) and remain in force at the date of this report. #### Significant and related/connected party #### contracts and arrangements The Company is not party to any significant agreements thatwould take effect, alter or terminate following a change of control of the Company. The Company does not have agreements with any director or employee that would provide compensation for loss of office or employment resulting from a takeover, except that provisions of the Company’s share schemes and plans may cause awards granted to employees under such schemes and plans to vest on a takeover, subject to any regulatory or tax considerations that may prevent this. Details of transactions with directors and officers and other related parties (within the meaning of IAS 24) are set out inNote 36 to the financial statements. Transactions with Temasek By virtue of its shareholding of over 10 per cent in the Company, Temasek and its associates are connected persons of the Company for the purpose of the Rules Governing the Listing of Securities on HKEx (the HK Listing Rules). The HK Listing Rules are intended to ensure that there is nofavourable treatment to Temasek or its associates to thedetriment of other shareholders in the Company. Unless transactions between the Group and Temasek or itsassociates are specifically exempt under the HK Listing Rulesor are subject to a specific waiver, they may require acombination of announcements, reporting and independent shareholders’approval. On 19 November 2024, the HKEx extended a waiver (theWaiver) it previously granted to the Company for the revenue banking transactions with Temasek which do not fall under the passive investor exemption (the Passive Investor Exemption) under Rules 14A.99 and 14A.100 of the HK Listing Rules. Under the Waiver, the HKEx agreed to waive the announcement requirement, the requirements to enter into written agreements and to set annual caps, and the annual report disclosure (including annual review) requirements under Chapter 14A of the HK Listing Rules for the three-year period ending 31 December 2027 on the conditions that: a) the Company will disclose details of the Waiver (including nature of the revenue banking transactions with Temasek and reasons for the Waiver) in subsequent annual reports; and b) the Company will continue to monitor the revenue banking transactions with Temasek during the three years ending 31 December 2027 to ensure that the 5 per cent threshold for the revenue ratio will not be exceeded. The main reasons for seeking the Waiver were: • The nature and terms of revenue banking transactions may vary and evolve over time and the transactions may be subject to the change in financial and capital markets outlook. As a result of that, having fixed-term written agreements would not be suitable to accommodate the various banking needs of the Company’s customers (including Temasek). • It would be impracticable to estimate and determine anannual cap on the revenue banking transactions with Temasek as the volume and aggregate value of each transaction are uncertain and unknown to the Company as a banking group due to multiple factors including market-driven factors. • The revenues generated from revenue banking transactions were insignificant. Without a waiver from theHKEx or an applicable exemption, these transactions would be subject to various percentage ratio tests which cater for different types of connected transactions and assuch may produce anomalous results. As a result of the Passive Investor Exemption and the Waiver, the vast majority of the Company’s transactions with Temasek and its associates fall outside of the connected transactions regime. However, non-revenue transactions with Temasek orany of its associates continue to be subject to monitoring for connected transaction issues. Annual Report 2025 | Standard Chartered 211 Directors’ report ![]() #### Other statutory and regulatory disclosures The Company confirms that: • the revenue banking transactions entered into with Temasek and its associates in 2025 were below the 5 per cent threshold for the revenue ratio test under the HK Listing Rules; and • it will continue to monitor revenue banking transactions with Temasek during the three years ending 31 December 2027 to ensure that the 5 per cent threshold for the revenue ratio will not be exceeded. The Company therefore satisfied the conditions of the Waiver. #### Major shareholders As at 31 December 2025, Temasek Holdings (Private) Limited (Temasek) is the only shareholder that has an interest of more than 10 per cent in the Company’s issued ordinary share capital carrying a right to vote at any general meeting. As at 31 December 2025, the Company has been notified of the following information, from holders of notifiable interests in the Company’s issued share capital in accordance with Rule 5 of the Financial Conduct Authority’s (FCA) Disclosure and Transparency Rules (DTRs). 1 Notifiable interests Interest in ordinaryshares (basedonvoting rightsdisclosed) Percentage of voting rights disclosed 2 Nature of holding as per disclosure Temasek Holdings (Private) Limited 447,461,831 17.00 Indirect BlackRock Inc. 183,640,172 5.55 Indirect (5.01%) Securities Lending (0.39%) Contracts for Difference (0.14%) The Capital Group Companies, Inc 121,730,334 5.04 Indirect Schroders Plc 36,744,077 4.95 Indirect 1 The information provided was correct at the date of notification. Theseholdings are likely to have changed since the Company was notified; however, notification of any change is not required until the next notifiable threshold is crossed. 2 The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in accordance with Rule 5 of the DTRs. For the period 1 January 2026 up to and including 17 February 2026 (the latest practicable date for inclusion in thisreport), the Company has not received any additional notifications pursuant to Rule 5 of the DTRs. Information provided to the Company pursuant to Rule 5 ofthe DTRs is published on the Company’s website at sc.com/stock-exchange-announcements and the London Stock Exchange website at www.londonstockexchange.com. #### Risk management and internal controls 3 Risk management The Board is responsible for maintaining and reviewing the effectiveness of the risk management framework, including approval of any material changes to the Enterprise Risk Management Framework (ERMF). There is an ongoing process for identifying, evaluating and managing topical and emerging risks that we face. The Board is satisfied that this process constitutes a robust assessment of all the principal risks and topical and emerging risks that the Group faces, including those that would threaten our business model, future performance, solvency or liquidity. Key areas of risk on financial instruments for the directors included the impairment of loans and advances, and valuation of financial instruments held at fair value. Read more on the risk assessment and management in the Audit Committee report on pages 161 to 169. The Risk review section sets out the principal risks, our approach to risk management, an overview of our ERMF andthe risk for each principal risk type. Read more on the Board-approved Risk Appetite Statement on page 221 andour risk management approach on pages 220 to 232. In accordance with Article 435(1)(e) of the Disclosure (CRR) Part of the PRA Rulebook, the Board Risk Committee, on behalfof the Board, has considered the adequacy of the risk management arrangements of the Group and has sought and received assurance that the risk management systems inplace are adequate with regard to the Group’s profile andstrategy. Internal controls The Board is responsible for maintaining and reviewing the effectiveness of the internal control framework covering all material controls, including financial, operational and compliance controls. Its effectiveness is reviewed regularly bythe Board, its committees, the Management Team and Group Internal Audit and Investigations (GIAI). In January 2024, the Financial Reporting Council (FRC) published a revised UK Corporate Governance Code (the Code), which introduces enhanced requirements for boards regarding risk management and internal controls. The most significant change is in respect of Provision 29, which requires the Board to make a declaration of the effectiveness of material controls in our FY2026 Annual Report. This declaration will supplement our existing annual ERMF effectiveness review. The Stock Exchange of Hong Kong amended its Corporate Governance Code and related listing rules in July 2025 regarding boards’ responsibilities over risk management and internal controls, including enhanced Mandatory Disclosure Requirements on significant control failings or weaknesses. Throughout 2025, our dedicated Programme has been preparing for the implementation ofboth codes through identifying and prioritising material controls against our Principal Risks, ensuring a robust foundation for the declaration of effectiveness. For the year ended 31 December 2025, the Board Risk Committee and Audit Committee jointly reviewed the effectiveness of the Group’s ERMF and internal control framework and discussed reports on the 2025 annual risk andcontrol self-assessment and on the internal controls forfinancial books and records. Group Internal Audit (GIA) represents the third line of defence and provides independent assurance of the effectiveness ofmanagement’s control of business activities (the first line) and of the control processes maintained by the Risk Framework Owners and Policy Owners (the second line). Theaudit programme includes obtaining an understanding of the processes and systems under audit review, evaluating 3 The Group’s Risk Management Framework and System of Internal Control applies only to wholly controlled subsidiaries of the Group, and not to Associates, JointVentures or Structured Entities of the Group. Standard Chartered | Annual Report 2025212 ![]() the design of controls, and testing the operating effectiveness and outcomes of key controls. The work of GIA is focused on the areas of greatest risk asdetermined by a risk-based assessment methodology. TheBoard considers the internal control systems of the Company to be effective and adequate. GIAI reports regularly to the Audit Committee, the Group Chair and the Group Chief Executive and the Group Chief Internal Auditor reports directly to the Chair of the Audit Committee and administratively to the Group Chief Executive. The findings of all adverse audits are reported to the Audit Committee, the Group Chair and the Group Chief Executive where immediate corrective action is required. The Board Risk Committee is responsible for exercising oversight, on behalf of the Board, of the Group’s key risks. Itreviews the Group’s Risk Appetite Statement and makes recommendations to the Board. The Audit Committee is responsible for oversight and advice to the Board on matters relating to financial, non-financial and narrative reporting. The Audit Committee’s role is to review, on behalf of the Board, the Group’s internal controls including internal financial controls. The risk management approach on page 223 describes the Group’s risk management oversight committee structure. Our business is conducted within a developed control framework, underpinned by policies and standards. These aredesigned to ensure the identification and management of risk, including Credit Risk, Traded Risk, Treasury Risk, Operational and Technology Risk, Information and Cyber Security Risk, Compliance Risk, Financial Crime Risk, Environmental, Social and Governance and Reputational (ESGR) Risk, and Model Risk. This framework incorporates the Group’s internal controls on financial reporting. The Board has established a management structure that clearly defines roles, responsibilities and reporting lines. Delegated authorities are documented and communicated. Executive risk committees regularly review the Group’s risk profile. The performance of the Group’s businesses is reported regularly to senior management and the Board. Performance trends and forecasts, as well as actual performance against budgets and prior periods, are monitored closely. Group financial information is prepared on the basis set out in Note1to the financial statements within the Statement ofcompliance and financial reporting is subject to the Group’s control framework for reconciliation processes. Policies, processes and internal controls have been established to facilitate complete, accurate and timely processing of transactions and the safeguarding of assets. These controls include appropriate segregation of duties, the regular reconciliation of accounts and the valuation of assets and positions. In respect of handling inside information, we have applied industry standard controls that meet regulatory requirements and expectations. These help ensure that insideinformation is disclosed only in the normal course ofprofessional duties, and to the minimum number of individuals possible. Pre-clearance controls are also in placeto review personal dealings in related securities. Suchsystemsand controls are designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. #### Safeguarding intellectual property rights The Group has brands including STANDARD CHARTERED, SC(logo), its blue/green livery, and various product brand names. These brands are protected through various legal means including but not limited to a trademark registration process in all relevant markets. The Group has a global brand protection strategy which enables proactive enforcement of the Group’s intellectual property rights against unauthorised third-party use. The Group also has processes to identify and protect innovation by various means including patents. #### Employee 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 opportunities to provide feedback and engage in a dialogue. We strive to listen and act on feedback from colleagues toensure internal communications are timely, informative, meaningful, and in support of the Group’s strategy and transformation. Pulse is our primary internal communications channel that allows colleagues to receive Group updates andinformation that is personalised by role and location, sign up for events, provide feedback, and navigate to otherinternal platforms. In addition to targeted digital communications, wealso organise audio and video calls, virtual and face-to-face townhalls, and other employee engagement and recognition events. We periodically analyse and measure the impact of our communications through a range of feedback tools, including an annual global internal communications survey to ensure our communications remain effective. Our senior leaders and people leaders play a critical 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 additional support to our senior leaders and people leaders with specific calls and communications packs to help them provide context and guidance to their team members to better understand their role in executing and delivering the Group’s strategy. Across the organisation, regular team meetings 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 individuals, the team and the business area have contributed to our overall performance and how recognition and reward relate to this. The Group’s senior leadership regularly shares global, business, function, and market updates on performance, strategy, structural changes, HR programmes, community involvement and other campaigns. The Board engages with and listens to the views of the workforce through several sources, including through interactive engagement sessions. Annual Report 2025 | Standard Chartered 213 Directors’ report #### Other statutory and regulatory disclosures Employees past, present and future can follow our progressthrough the Group’s LinkedIn network, Facebook page, Instagram and X, which collectively have nearly 13.1millionfollowers. The diverse range of internal and external communication tools and channels we have put in place aim to ensure thatall colleagues receive timely and relevant information tosupport their effectiveness. Read more on how the Company and the Board have engaged with employees andconsidered employee interests on page 39 of the Strategic Report. #### Employee share plans Employees are encouraged to participate in the Company’s performance through the Employee Sharesave Plans, the details of which are set out in Note 31 of the financial statements on pages 403 to 408. #### Employment policies We work hard to ensure our employees’ wellbeing so that they can thrive at work and in their personal lives. Our Group minimum standards provide employees with a range of flexible working options, in relation to both location and working patterns. Employees are provided with at least 30 days’ leave (through annual leave and public holidays), and new parents are provided a minimum of 20 calendar weeks’ fully paid leave, irrespective of gender, relationship status or how a child comes to permanently join a family. These benefits are in excess of the International Labour Organization’s (ILO) minimum standards. We seek to maintain a meaningful relationship based on mutual trust and respect with various employee representative bodies (including unions and work councils). Inour recognition and interactions, we are heavily influenced by the 1948 United Nations Universal Declaration of Human Rights, and several ILO conventions including the Right to Organise and Collective Bargaining Convention, 1949 (No. 98) and the Freedom of Association and Protection of the Right to Organise Convention, 1948 (No. 87). As at 31 October 2025, 13.5 per cent of employees, across 18 markets, have collective representation through unions or employee representative bodies. Working conditions and terms of employment of other employees are based on our Group and country policies, and in accordance with individual 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 mediation, aredealt with through our Group Grievance Standard. Thisincludes concerns related to bullying, harassment, sexual harassment, discrimination and/or victimisation, as well as concerns regarding conditions of employment (for example, working 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 reviewing the grievance, conducting fact finding into the grievance and providing a written outcome to the aggrieved employee. Where employees raiseconcerns regarding alleged wrongdoing pertaining toanother employee or in circumstances where the employee alleges wrongdoing, but does not wish to raise a grievance, such concerns are investigated in accordance with the Group Investigations Standard. If a grievance or investigation is upheld, the next steps mightinclude remedying a process or initiating a disciplinary review of the conduct of the colleague who is the subject ofthe concern. The Group Grievance Standard, Group Investigation Standard and accompanying process are reviewed on a periodic basis in consultation with stakeholders across HR, Legal, Compliance, and Group Internal Audit andInvestigations. Grievance and investigation trends are reviewed on aregular basis and action is taken to address any concerningtrends. There is a distinct Group Speaking 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 Group. Further information regarding Speaking Up can be found on pages 118 to 119. The Group is committed to creating a fair, consistent and transparent approach to making decisions in a disciplinary context. This commitment is codified in our Fair Accountability Principles, which underpin our Group Disciplinary Standard. Dismissals due to misconduct issues and/or performance (where required by law to follow a disciplinary process) are governed by the Group Disciplinary Standard. Where local law or regulation requires a different process with regards todismissals and other disciplinary outcomes, we have clearly documented country variances inplace. Our Group Diversity and Inclusion Standard applies to all employees, including the Management Team, and non- employed workers as well as any other individual working for the Group, including contractors, consultants and secondees. All colleagues are required to comply with this standard. Thestandard has been developed to ensure a diverse and inclusive workplace, with fair and equal treatment, and theprovision of opportunities for employees to participate fully and reach their full potential in a respectful working environment. All individuals are entitled to be treated withdignity and respect, and to a workplace free from harassment, bullying, discrimination and victimisation. Thishelps to support productive working conditions, decreased employee attrition, positive employee morale andengagement, maintains employee wellbeing and reduces people-related risk. Standard Chartered | Annual Report 2025214 ![]() All colleagues are responsible for fostering an inclusive culturewhere individuality and differing skills, capabilities 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, including conducting themselves inamanner that demonstrates appropriate, non-discriminatorybehaviours. Information on the Group’s wider diversity and inclusion strategy, including gender balance across the Group and targets for ethnic representation across the Group, can be found on pages 35 to 36. Read more on the Group’s approach to diversity and inclusion can be viewed at sc.com/diversity-and-inclusion We do not accept unlawful discrimination in our recruitment or employment practices on any grounds including but not limited to: sex, race, colour, nationality, ethnicity, national orindigenous origin, disability, age, marital or civil partner status, pregnancy or maternity/paternity, sexual orientation, gender identity, expression or reassignment, HIV or AIDS status, parental status, military and veterans status, flexibilityofworking arrangements, religion or belief. We are committed to providing equal opportunities and fairtreatment in recruitment, appraisals, pay and conditions, training, development, succession planning, promotion, grievance/disciplinary procedures and employment termination practices, that are inclusive and accessible, anddo not directly or indirectly discriminate. Recruitment, employment, training, development and promotion decisions are based on the skills, knowledge and behaviour required toperform the role to the Group’s standards. Implied in all employment terms and our fair pay charter is the commitment to equal pay for equal work. We comply with the duty to consider reasonable workplace adjustments (including during the hiring process by giving fulland fair considerations to all applications) to ensure all individuals feel supported and are able to participate fully and reach their potential. We aim to be a disability-confident organisation with afocus on removing barriers, improving accessibility and supporting colleagues who acquire a disability through appropriate training and workplace adjustments where possible to enable continued employment and career development. #### Health, safety and wellbeing Our health, safety and wellbeing (HSW) vision is to enable ahealthy, safe, and resilient workforce that supports employee productivity, operational resilience and sustainable performance. Effective management of HSW risks is fundamental to maintaining trust with colleagues, clients, regulators and communities, and forms part of the Bank’s enterprise risk management framework. Our global HSW programme encompasses both physical andmental health and wellbeing and is embedded across our operations. We comply with all applicable regulatory requirements and internal standards in every market, adopting the more stringent requirement. Status of health and safety management and compliance are reported atleast biannually to each country’s Management Team. HSW performance is reported annually to the Group Risk Committee and Board Risk Committee. We operate a global H&S management system and compliance tracker, complemented by leading indicators such as near-miss reporting, inspections, training completion and audit outcomes to strengthen preventive controls. We align to the International Labour Organization (ILO) Code of Practice and UK Health and Safety Executive (HSE) guidance, ensuring consistent recording, notification and management of occupational accidents and disease that may involve employees, contractors, and visitors. In 2025, there were no work-related fatalities or occupational illhealth cases. 16 major injuries were recorded, with commuting-related incidents remaining the most common. Major injuries follow the UK definition and fractures remain tobe the most common type accounting for 56 per cent ofthose recorded. We recorded a 14 per cent increase in reported injuries reflecting improved reporting awareness and earlier intervention. Injuryrates remain aligned with, or better than, industrybenchmarks. An Operational Excellence programme was implemented across the premises portfolio to address ageing assets, near-miss trends and third-party risk. Lessons learned are systematically reviewed to drive continuous improvement. The programme involves the review of the CRES process universe to incorporate business resilience risk and impacts ofageing and natural disasters to premises, risk profiling and tiering of real estate portfolio, third-party inspections, review of third-party supplier key performance metrics for integrated facilities management, training and upskilling for timely reporting, escalation, investigation and analysis of incidents. Except in markets where cover is provided through State- mandated healthcare, the Bank provides global access to medical and healthcare services. Counselling and proactive wellbeing support is provided through the Employee Assistance Programme and Unmind platform. Mental health is treated with the same priority as physical health. 513 Mental Health First Aiders across 51 markets support early intervention and stigma reduction. In 2025, 795 of our locations achieved the WELL Health-Safety Rating – an increase of more than 640 sites from 2024– and 21 locations earned the WELL Equity Rating,anaddition of 12 from 2024, while we are on our wayto obtaining certifications in major projects embedding accessibility, belonging and equitable experiences deeper into our global workplace strategy. These achievements reflect our continued effort to ensure every colleague feels safe, supported and able to perform at their best, wherever they are. Looking ahead, priorities include strengthening preventive risk management through data driven insights supporting decision making, embedding wellbeing into leadership capability, and reinforcing a culture of continuous improvement. Read more on how we support our colleagues’ wellbeing onpages 33 to 36 Annual Report 2025 | Standard Chartered 215 Directors’ report ![]() #### Group Code of Conduct and Ethics The Board has adopted a Group Code of Conduct and Ethics(the Code) relating to the lawful and ethical conduct ofbusiness and this is supported by the Group’s valued behaviours. This has been communicated to all directors andemployees, all of whom are expected to observe high standards of integrity and fair dealing in relation to customers, employees and regulators in the communities in which theGroup operates. Directors and employees are asked torecommit to the Code annually, and 99.7 per cent have completed the 2025 recommitment. All Board members haverecommitted to the Code. #### Suppliers and our supply chain In 2025, USD $5.08 billion was spent with 10,127 suppliers. Ofthis, 72.3 per cent of the total spend was in the Asia region, with 21.6 per cent in Europe and the Americas, and 6.1per cent in Africa and the Middle East. Furthermore, 80 per cent of total spend in 2025 was with 342 suppliers. In 2025, ourfive largest suppliers together accounted for 16.2 per cent of total spend, with the largest ten amounting to 25.18 per cent of total spend. 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 diligence and contract management. Read more on how the Group engages with suppliers onenvironmental and social matters in our Supplier Charterand Supplier Diversity and Inclusion standard at sc.com/suppliers and sc.com/supplier-diversity Read more on how we create value for our suppliers andother stakeholder groups on page 11 #### Political donations The Group has a policy in place which prohibits donations being made that would: (i) improperly influence legislation orregulation, (ii) promote political views or ideologies, and (iii) fund political causes. In alignment to this, no political donations were made in the year ended 31 December 2025. Read more regarding our public policy engagementon our website sc.com/politicalengagement #### Other statutory and regulatory disclosures #### Research and development During 2025, the Group invested $2.09 billion (2024: $2.13 billion) in research and development, of which $1.21(2024: $1.18 billion) was recognised as an expense. Theresearch and development investment primarily related to the planning, analysis, design, development, testing, integration, deployment and initial support of technologysystems. #### Responsible AI The Group has been actively embracing AI and digital innovation to stay competitive in the banking, financial services and insurance sector for a number of years. Theapproved AI use cases in the Bank are deployed in various domains such as customer engagement, operational efficiency, risk management, customer onboarding, employee engagement, management reporting and talent acquisition. Our Responsible AI governance has been established for several years and is led by a dedicated team within the ChiefData Office, who have been effectively managing thecentralised governance of all AI use cases. Our approach aligns with leading industry standards, specifically the Monetary Authority of Singapore Fairness, Ethics, Accountability, and Transparency (MAS FEAT) and Hong Kong Monetary Authority Big Data and Artificial Intelligence (HKMA BDAI) guidelines, which are benchmarks in the Banking regulator space. This alignment not only ensures ouradherence to high ethical and regulatory guidelines butalso positions us well for future industry developments. OurAudit Committee receives twice-yearly reports on DataRisk, which includes responsible AI. By order of the Board Scott Corrigan Group Company Secretary 24 February 2026 Standard Chartered PLC Registered No. 966425 Standard Chartered | Annual Report 2025216 ![]() ## Statement of directors’ ## responsibilities The directors are responsible for preparing the Annual Reportand the Group and Company financial statements inaccordance with applicable law and regulations. Company law requires the directors to prepare Group andCompany financial statements for each financial year.Underthat law: • the Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards and International Financial Reporting Standards as adopted by the European Union • the Company financial statements have been properly prepared in accordance with UK-adopted International Accounting Standards 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. Under company law the directors must not approve the financial statements unless they are satisfied that they give 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 directors are required to: • select suitable accounting policies and then apply themconsistently • make judgements and estimates that are reasonable, relevant and reliable • state whether they have been prepared in accordance with UK-adopted International Accounting Standards andInternational Financial Reporting Standards as adopted by the European Union • assess the Group and the Company’s ability to continue asa going concern, disclosing, as applicable, matters related to going concern, and • use the going concern basis of accounting unless they either intend to liquidate the Group or the Company ortocease operations or have no realistic alternative butto do so. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility 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 irregularities. Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report, a Directors’ Report, a Directors’ Remuneration Report and a Corporate Governance Statement that comply with that law andthoseregulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions. Responsibility statement of the directors inrespect of the annual financial report 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, liabilities, financial position andprofit or loss of the Company and the undertakings included in the consolidation taken as a whole, and • The Strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included inthe consolidation taken as a whole, together with adescription of the emerging risks and uncertainties thatthey face. We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy. By order of the Board. Bill Winters, CBE Group Chief Executive 24 February 2026 Annual Report 2025 | Standard Chartered 217 Directors’ report ![]() In this section 220 Enterprise Risk Management Framework 226 Principal Risks 233 Credit Risk 277 Traded Risk 281 Liquidity and Funding Risk 286 Operational and Technology Risk 287 Environmental, Social and Governance andReputational Risk 303 Capital review Risk review and ## Capital review #### Case study ## Broadening our ## wealth offering ## across the globe In February 2025, we opened our first Priority PrivateWealth Centre in Dubai, expanding our global wealth offering for high-net-worth clients inthe Middle East, Europe and Africa. The new centre caters to the growing demand ofhigh- net-worth individuals for bespoke, cross-border financial solutions, including a range of international investment opportunities and multi-market lending facilities. In 2025, we also opened additional Wealth Centres inMainland China, Hong Kong, Taiwan and Korea, bringingthenumber to 16. Read more: sc.com/wealthcentres Standard Chartered | Annual Report 2025218 ![]() Risk Index Page Risk management approach Enterprise Risk Management Framework 220 Principal Risks 226 Risk profile Credit Risk 233 Basis of preparation 233 Credit risk overview 233 Impairment model 233 Staging of financial instruments 233 IFRS 9 ECL principles and approaches 233 Summary of Credit Risk performance 234 Maximum exposure to Credit Risk 236 Analysis of financial instrument by stage 237 Credit quality analysis 238 • Credit quality by client segment 239 • Credit quality by key geography 241 Movement in gross exposures and credit impairment for loans and advances, debt securities, undrawncommitments and financial guarantees 246 Analysis of stage 2 balances 253 Credit impairment charge 254 Problem credit management and provisioning 254 • Forborne and other modified loans byclientsegment 254 • Forborne and other modified loans bykeygeography 255 Credit risk mitigation 255 • Collateral 255 • Collateral held on loans and advances 255 • Collateral – Corporate & Investment Banking 256 • Collateral – Wealth & Retail Banking 256 • Mortgage loan-to-value ratios bygeography 257 • Collateral and other credit enhancements possessed or called upon 257 Risk Index Page • Other Credit Risk mitigation 257 Other portfolio analysis 257 • Maturity analysis of loans and advances by client segment 257 • Credit quality by industry 258 • Industry and Retail Products analysis of loans and advances by key geography 259 • High carbon sectors 260 • Commercial real estate 262 Debt securities and other eligible bills 263 IFRS 9 ECL methodology 264 Traded risk 277 Counterparty Credit Risk 277 Market Risk 277 Liquidity and Funding Risk 281 Liquidity and Funding Risk metrics 281 Liquidity analysis of the Group’s balance sheet 282 Interest Rate Risk in the Banking Book 285 Operational and Technology Risk 286 Operational and Technology Risk profile 286 Other principal risks 286 Environmental, Social and Governance and Reputational Risk 287 Managing Climate Risk 287 Assessing the resilience of our strategy using scenario analysis 298 Capital Capital summary 303 • Capital ratios 303 • Capital base 304 Movement in total capital 305 Risk-weighted asset 306 Leverage ratio 308 The following parts of the Risk review and Capital review form part of these financial statements and are audited by the external auditors: a) Risk review: Disclosures marked as ‘audited’ from the start of Credit risk section (page 233) to the end of other principal risks in the same section (page 286); and b) Capital review: Tables marked as ‘audited’ from the start of ‘Capital base’ to the end of ‘Movement in total capital’, excluding ‘Total risk-weighted assets’ (pages 304 and 305). Annual Report 2025 | Standard Chartered 219 Risk review and Capital review ![]() ## Enterprise Risk Management ## Framework Effective risk management is essential in delivering consistent and sustainable performance for all our stakeholders and is acentral part of the financial and operational management of the Group. The Group adds value to clients and the communities in which they operate by balancing risk and reward to generate returns for shareholders. The Enterprise Risk Management Framework (ERMF) enables the Group to manage enterprise-wide risks, with the objective of maximising risk-adjusted returns while remaining within our Risk Appetite (RA). The ERMF is complemented by frameworks, policies and standards which are mainly aligned to the Principal Risk Types (PRTs), and is embedded across the Group, including its branches and subsidiaries. 1 It is reviewed and approved by the Board annually, with the latest version being effective from August 2025. 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 responsibility to identify and assess, openly discuss, and take prompt action to address existing and emerging risks. We expect our control functions to provide oversight and challenge constructively, collaboratively, and in a timely manner on the risks owned by the first line of defence. This effort is reflected in our valued behaviours and underpinned by our Code ofConduct and Ethics. The risks we face constantly evolve, and we must always lookfor ways to manage them as effectively as possible. While 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. Read more on our Code of Conduct and Ethics on page 118 Strategic risk management The Group’s approach to strategic risk management includes the following: • Risk identification: impact analyses of risks that arise fromthe Group’s growth plans, strategic initiatives, and business model vulnerabilities are reviewed. This assesses how existing risks have evolved in terms of relative importance and whether new risks have emerged. • Risk Appetite: impact analysis is performed to assess ifstrategic initiatives can be achieved within RA and highlight areas where additional RA should be considered. • Stress testing: identified risks are used to develop scenarios for enterprise stress tests. Roles and responsibilities Senior Managers Regime 2 Roles and responsibilities under the ERMF are aligned to the objectives of the Senior Managers Regime. The Group Chief Risk Officer (GCRO) is responsible for the overall development and maintenance of the Group’s ERMF and for identifying material risks which the Group may be exposed to. TheGCROdelegates effective implementation of the Risk 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 independent 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 origination, trading, and sales functions of the businesses. The Risk function is responsible for: • proposing the RA for approval by the Board • maintaining the ERMF, ensuring that it remains relevant and appropriate to the Group’s business activities, and iseffectively communicated and implemented across theGroup • ensuring that risks are properly assessed, risk and returndecisions are transparent and risks are controlled inaccordance with the Group’s standards and RA • overseeing and challenging the management of PRTs under the ERMF • ensuring that the necessary balance in making risk andreturn decisions is not compromised by short-term pressures to generate revenues. We have a unified second line of defence, with all the PRTs reporting into the GCRO. The unified second line supports theGroup’s strategy by building a sustainable ERMF that places regulatory and compliance standards, together with cultureof appropriate conduct, at the forefront of the Group’sagenda. 1 The Group’s ERMF and system of internal control applies only to wholly controlled subsidiaries of the Group, and not to associates, joint ventures orstructured entities of the Group. 2 Senior managers refer to individuals designated as senior management functions under the FCA and PRA Senior Managers Regime. 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 communities, and it is how we grow sustainably and profitably as an organisation. Standard Chartered | Annual Report 2025220 ![]() #### Three lines of defence model The Group applies a three lines of defence model to itsday-to-day activities for effective risk management, andtoreinforce a strong governance and control environment. Typically: • Businesses and functions engaged in or supporting revenue generating activities 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 activities act as the second line of defence. • Group Internal Audit acts as the third line of defence, providing independent assurance on the effectiveness ofcontrols supporting the activities 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 authorities are delegated. Risk management plans, processes, activities, and resource allocations are consistent with the three lines of defence model prescribed by the ERMF. Risk identification and assessment Identification and assessment of potentially adverse risk events is an essential first step in managing the risks of anybusiness or activity. To ensure consistency we use PRTs toclassify our risk exposures. However, we also recognise theneed to maintain a holistic perspective since: • a single transaction or activity may give 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 provision of services and technology. As the Group remains accountable for risks arising from the actions of such third parties, failure to adequately monitor and manage these relationships could materially impact theGroup’s ability to operate. The Group maintains a taxonomy of risks inherent to the strategy and business model, as well as a risk inventory which captures identified risks, including the Topical and Emerging Risks (TERs) which the Group is or might be exposed to. Multiple identification and assessment techniques are usedtoensure breadth and depth of understanding of the internal and external risk environment, as well as potential opportunities. A risk assessment of the corporate plan is undertaken annually, supplemented by risk assessments of new initiatives. Risk identification findings inform the related risk oversight process, RA and controls setting, scenario selection and design, and model refinement and development. The GCRO and the Group Risk Committee (GRC) regularly review reports on the risk profile for the PRTs, adherence to Group RA, stress test results and the risk identification results including TERs. Risk Appetite and profile The Group recognises the following constraints which determine the risks that we are willing 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 capabilities and resources, before breaching constraints determined by capital and liquidity requirements or the internal operational environment, or otherwise failing to meet the expectations of regulator and law enforcement agencies. • RA is defined by the Group and approved by the Board. Itis the boundary for the risk that the Group is willing toundertake to achieve its strategic objectives and corporate plan. We set our RA to enable us to grow sustainably while managing our risks, giving confidence toour stakeholders. The Group RA is supplemented by riskcontrol tools such as granular level limits, policies, andstandards to maintain the Group’s risk profile withinapproved RA. The Board is responsible for approving the RA Statements, which are underpinned by a set of financial and operational 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 at least annually to ensure that itisfit for purpose and aligned with strategy, with focus given to new or emerging risks. Risk Appetite Statement The Group will not compromise adherence to its RA in order to pursue revenue growth or higher returns. Read more on the Group’s RA Statements on page 221. Stress testing The objective of stress testing is to support the Group inassessing that it: • does not carry excessive risk concentrations that could produce unacceptably high losses under severe but plausible scenarios • has sufficient financial resources to withstand stress, including under severe 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 likelihood of occurring – and identifies, asrequired, actions to mitigate the likelihood or impact ofthose events • can meet risk appetite and planned distributions after considering relevant downside scenarios • has set RA metrics at appropriate levels. Enterprise stress tests incorporate capital and liquidity adequacy stress tests, including recovery and resolution, as well as reverse stress tests. The Group uses historical, topical, emerging and hypothetical forward-looking scenarios. Acommon set of scenarios is used across all legal entities complemented in some cases with entity-specific scenarios. Annual Report 2025 | Standard Chartered 221 Risk review and Capital review ![]() Stress tests are performed at the Group, country, business, and portfolio level under a wide range of risks and at varying degrees of severity. Unless specifically set by the regulator, scenario design is a bespoke process that aims to explore risks that can adversely impact the Group. The Board delegates approval of the Bank of England (BoE) stress test submissions to the Board Risk Committee (BRC), which reviews the recommendations from the GRC. Based onthe stress test results, the Group Chief Financial Officer (GCFO) and GCRO can recommend strategic actions to the Board to ensure that the Group’s strategy remains within RA. In addition, analysis is run at the PRT level to assess specific risks and concentrations that the Group may be exposed to. These include qualitative assessments such as stressing ofcredit sectors or portfolios, and quantitative assessments such as potential losses from severe but plausible market risk scenarios or internal stressed liquidity metrics. RA for market risk stress losses is set at the Group as well as legal entity level. Non-financial risk types are also stressed to assess the necessary capital requirements and/or operational resilience under the Operational and Technology RTF. The Group has also undertaken a number of Climate Risk stress tests, both those mandated by regulators as well as management scenarios. Principal Risk Types PRTs are those risks that are inherent in our strategy and business model and have been formally defined in the Group’s ERMF. These risks are managed through distinct RTFs which are approved by the GCRO. The PRTs and associated RA Statements are reviewed annually. The table below shows the Group’s current PRTs, their definitions and RA statements. Principal Risk Types Definition Risk Appetite Statement Credit Risk Potential for loss due to failure of a counterparty to meet its agreed obligations to pay the Group. The Group manages its credit exposures following the principle of diversification across products, geographies, client segments and industry sectors. Traded Risk Potential for market or counterparty credit risk losses resulting from activities undertaken by the Group in fair valued financial market instruments. The Group should control its financial marketsactivities to ensure that market and counterparty credit risk losses do not cause material damage to the Group’s franchise. Treasury Risk Potential for insufficient capital, liquidity, orfunding to support our operations, the riskof reductions in earnings or value from movements in interest rates impacting banking book items and the potential for losses from a shortfall in the Group’s pensionplans. The Group should maintain sufficient capital, liquidity and funding to support its operations, and an interest rate profile ensuring that thereductions in earnings or value from movements in interest rates impacting banking book items do not cause material damage to the Group’s franchise. In addition, the Group should ensure that 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 (including legal risks). The Group aims to mitigate and control Operational and Technology risks, to seek to ensure that events, including any related toconduct of business matters, do not cause the Group material harm as a result of business disruption, financial loss or reputational damage. Information and Cyber Security (ICS) Risk Risk to the Group’s assets, operations, andindividuals due to the potential for unauthorised access, use, disclosure, disruption, modification, or destruction ofinformation assets and/or informationsystems. The Group aims to mitigate and control ICS risks to ensure that incidents do not cause theGroup material harm, business disruption, financial loss or reputational damage, recognising that while incidents are unwanted, they cannot be entirely avoided. #### Enterprise Risk Management Framework Standard Chartered | Annual Report 2025222 ![]() ERMF effectiveness reviews The GCRO is responsible for annually affirming the effectiveness of the ERMF to the BRC via an effectiveness review. This review is based on the principle of evidence- based self-assessments for all the RTFs and relevant policies. A top-down review and challenge of the results is conducted by the GCRO with all RFOs and an opinion on the internal control environment is provided by Group Internal Audit. The ERMF effectiveness review measures year-on-year progress. The key outcomes of the 2025 review are: • Continued focus on embedding the ERMF across theorganisation. • Financial risks remain effectively managed, and the Group is continually making progress in embedding non-financial risk management. • Self-assessments performed in branches and banking subsidiaries reflect the embeddedness of the ERMF. Country and cluster risk committees continue to play an active role in overseeing and managing risks across our footprint markets. Ongoing effectiveness reviews allow for a structured approach to identify improvement opportunities and build plans to address them. Principal Risk Types Definition Risk Appetite Statement Financial Crime Risk 1 Potential for legal or regulatory penalties, material financial loss or reputational damage resulting from the failure to comply with applicable laws and regulations relating to international sanctions, anti-money laundering and anti-bribery and corruption,and fraud. The Group has no appetite for breaches oflaws and regulations related to Financial Crime, recognising that while incidents 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 or stakeholders or to the integrity 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; recognising that while incidents 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 financial performance, operations, or the Group’s name, brand or standing, arising from environmental, social or governance factors, or as a result of the Group’s actual or perceived actions or inactions. The Group aims to measure and manage financial and non-financial risks arising from climate change, reduce emissions in line with our net zero strategy and protect the Group from material reputational damage by upholding responsible conduct and striving todo no significant environmental and socialharm. Model Risk Potential loss that may occur because of decisions or the risk of misestimation that could be principally based on the output of models, due to errors in the development, implementation, or use of such models. The Group has no appetite for material adverse implications arising from misuse ofmodels or errors in the development or implementation of models; while accepting some model uncertainty. Executive and Board risk oversight Overview The corporate governance and committee structure helps theGroup to conduct our business. The Board has ultimate responsibility for risk management and approves the ERMF based on the recommendation of the BRC, which also recommends the Group RA Statement for all PRTs and other risks. In addition to the BRC and Audit Committee, the Culture and Sustainability Committee oversees the Group’s culture and key sustainability priorities. Group Risk Committee The GRC, which derives its authority from the GCRO, is responsible for ensuring the effective management of risk throughout the Group in support of the Group’s strategy. TheGCRO chairs the GRC, whose members are drawn from the Group Management Team. The GRC oversees the effective implementation of the ERMF for the Group, including the delegation of any part of its authorities to appropriate individuals or sub-committees. 1 Fraud forms part of the Financial Crime RA Statement but, in line with market practice, does not apply a zero-tolerance approach. Annual Report 2025 | Standard Chartered 223 Risk review and Capital review ![]() Group Risk Committee sub-committees Chair Roles and responsibilities Group Non-Financial Risk Committee (GNFRC) Global Head, Operational, Technology and Cyber Risk Governs the non-financial risks, including Fraud Risk, throughout the Group in support of the ERMF and the Group’s strategy. Group Financial Crime Risk Committee (GFCRC) Group Head, CFCR Ensures that the Financial Crime Risk profile (excluding Fraud Risk and Secondary Reputational Risk arising from Financial Crime Risk) is managed within RA and policies. Group Responsibility and Reputational Risk Committee (GRRRC) Global Head ERM Ensures the effective management of Environmental, Social, Governance and Reputational Risk across the Group. This includes providing oversight of matters arising from clients, products, transactions and strategic coverage-related decisions and matters escalated by the respective RFOs. International Financial Reporting Standards (IFRS) 9 Impairment Committee (IIC) Co-chaired by the Global Head ERM and Group Head, Central Finance Ensures the effective management of expected credit loss (ECL) computations, as well as stage allocation of financial assets for quarterly financial reporting. Model Risk Committee (MRC) Global Head, Model Risk Management Supports the Group strategy by ensuring the effective measurement and management of Model Risk in line with internal policies and model RA. Investment Committee Global Head of Stressed Assets Risk Ensures the optimised wind-down of the Group’s non-core direct investment activities in equities, quasi-equities (excluding mezzanine), funds and other alternative investments (excluding debt/debt-like instruments). SC Ventures (SCV) Risk Committee CRO, SC Ventures & Global Head, Digital Asset Risk Oversees the effective management of risk throughout SCV and the portfolio of controlled entities operating under SCV. Regulatory Interpretation Committee (RIC) Co-chaired by the Global Head ERM and Group Head, Central Finance Provides oversight of material regulatory interpretations forthe Capital Requirements Regulation (as amended by UKlegislation), the Prudential Regulatory Authority (PRA) rulebook and other relevant regulations impacting Group regulatory capital calculations and reporting. The areas and risk types in scope are credit risk, traded risk, operational risk, large exposures, leverage ratio and securitisation. Digital Assets Risk Committee (DRC) CRO, SC Ventures & Global Head, Digital Asset Risk Oversees effective risk management of the Digital Assets (DA) Risk profile of the Group. This includes providing subjectmatter expertise and oversight of DA Risk matters across thePRTs. Corporate & Investment Banking Financial Risk Committee (CIBFRC) Co-Heads CRO CIB and CRO, ASEAN & South Asia Ensures the effective management of financial risk throughout CIB in support of the Group’s strategy. Wealth & Retail Banking Risk Committee (WRBRC) Chief Risk Officer, WRB &GCNA Ensures the effective management of risk throughout WRB insupport of the Group’s strategy. #### Enterprise Risk Management Framework Standard Chartered | Annual Report 2025224 ![]() Group Risk Committee sub-committees Chair Roles and responsibilities HK & GCNA Risk Committee (HK&GCNA RC) CRO, Hong Kong & GCNA These committees ensure the effective management of risk in the clusters in support of the Group’s strategy. SG & ASEAN Risk Committee (SG&ASEANRC) CRO, Singapore & ASEAN Standard Chartered Bank (SCB) India Country Risk Committee (CRC & CNFRC) CRO, India & South Asia UK & Europe Risk Committee (UK & ERC) CRO, Europe US Risk Committee (URC) CRO, Americas Middle East and Pakistan Risk Committee (MEPRC) CRO, AME Africa Risk Committee CRO, AME Group Asset and Liability Committee The Group Asset and Liability Committee (GALCO) is chaired by the GCFO. Its members are drawn principally from the Management Team. GALCO is responsible for determining the Group’s balance sheet strategy and ensuring that, in executing the Group’s strategy, the Group operates within RA and regulatory requirements relating to capital, loss-absorbing capacity, liquidity, leverage, Interest Rate Risk in the Banking Book (IRRBB), Banking Book Basis Risk and Structural Foreign Exchange Risk. GALCO is also responsible for ensuring that internal and external recovery planning requirements are met. Annual Report 2025 | Standard Chartered 225 Risk review and Capital review ![]() ## Principal risks #### Credit Risk Mitigation Segment-specific policies are in place for Corporate & Investment Banking (CIB) and Wealth & Retail Banking (WRB) which set the principles that must be followed for the end-to-end credit process covering initiation, assessment, documentation, approval, monitoring and governance. The Group also sets out standards for the eligibility, enforceability, and effectiveness of mitigation arrangements. Potential losses are mitigated using a range of tools, such ascollateral, netting agreements, credit insurance, credit derivatives and guarantees. Risk mitigants are carefully assessed for their market value, legal enforceability, correlation, and counterparty risk of the protection provider. Collateral is valued prior to drawdown and monitored regularly thereafter as required, to reflect current market conditions, the probability of recovery and theperiod of time to realise the collateral in the event of liquidation. The Group also seeks to diversify its collateral holdings across asset classes and markets. Where guarantees, credit insurance, standby letters of credit or credit derivatives are used as Credit Risk mitigation, the creditworthiness of the protection provider is assessed and monitored using the same credit process applied to the obligor. Monitoring 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 information on key political and economic trends across major portfolios and countries, portfolio delinquency and loan impairment performance. In CIB, clients and portfolios are subject to additional review when they display signs of actual or potential weakness; for example, where there is a decline in the client’s position within their industry, financial deterioration, a breach of covenants, or non-performance of an obligation within the stipulated period. Such accounts are subject to a dedicated early alert process overseen by the Credit Issues Committee inthe relevant countries where client account strategies and credit grades are re-evaluated. In addition, remedial actions can be undertaken, such as exposure reduction, security enhancement or exiting the account. Credit-impaired accounts are managed by the Group’s specialist recovery unit, Stressed Asset Group (SAG), which is independent of theClient Coverage/Relationship Managers. Stressed Asset Risk is the second line risk unit and is responsible for theindependent challenge, monitoring and approving of thecredit risk decisions including stage 3 credit impairment provision of the credit-impaired accounts. Regular portfolio reviews across industries are conducted. Senior members from the CIB business and Risk participate inmore extensive portfolio reviews (known as the ‘industry portfolio review’) for certain industry groups. In addition to areview of the portfolio information, this 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 Financial Risk Committee. For WRB, exposures and collateral monitoring are performed at the counterparty and/or portfolio level across different client segments to ensure transactions and portfolio exposures remain within RA. Portfolio 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 specialist independent function. In some countries, aspects of collections and recovery activities are outsourced. For discretionary lending portfolios, similar processes to those of CIB are followed. Any material in-country developments that may impact sovereign ratings are monitored closely by Country Risk withinthe ERM function. The Country Risk Early Warning system, a triage-based risk identification system, categorises countries based on a forward-looking view of possible downgrades and the potential incremental risk-weighted assets (RWA) impact. In addition, an independent Credit Risk review team within the ERM function 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 within RA and policies. Results of the reviews are reported to the GRC and BRC. 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, including willingness, ability, and capacity to repay. The primary lending consideration for counterparties is based on their credit quality and operating cash flows, while for individual borrowers it is based on personal income or wealth. The risk assessment gives due consideration to the client’s liquidity and leverage position. Where applicable, the assessment includes a detailed analysis of the Credit Risk mitigation arrangements to determine the level of reliance on such arrangements as the secondary source of repayment in the event of a significant deterioration in a client’s credit quality leading to default. Client income, net worth, and the liquidity of assets by class are considered for overall risk assessment for wealth lending. Wealth lending credit limits are subject to the availability ofqualified collateral. #### We manage and control our PRTs through distinct RTFs, policiesandRA. Read more on the Group’s PRT definitions andRiskAppetite Statements on page 221 Standard Chartered | Annual Report 2025226 ![]() We implement a standard alphanumeric Credit Risk grade system to differentiate the credit quality of exposures for CIBclients, whereby credit grades (CG) 1 to 12 are assigned toreflect the probability of default of performing clients (CG1being the best performing), and credit grades 13 and 14areassigned to non-performing or defaulted clients. WRB internal ratings-based portfolios use application and behavioural credit scores that are calibrated to generate aprobability of default. The Risk Decision Framework uses acredit rating system to define the portfolio/new booking segmentation, shape and decision criteria for the unsecured consumer business segment. Advanced Internal Ratings-Based (AIRB) models cover the majority of our exposures and are used in assessing risks at a customer and portfolio level, setting strategy, and optimising our risk-return decisions. The Model Risk 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 validation team. Reviews are also triggered if the performance of amodel deteriorates materially against predetermined thresholds, measured through the ongoing model performance monitoring 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 established 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 limits covering large exposure limit to a single counterparty or a group of connected counterparties (based on control and economic dependence criteria), or at portfolio level for multiple exposures that are closely correlated. Single name and Portfolio RA metrics are set, where appropriate, bycredit grade, industry, products, tenor, collateralisation level, top clients, 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 GRC and BRC. Credit impairment For CIB, in line with the regulatory guidelines, Stage 3 expected credit 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 unlikeliness to pay itscredit obligations in full as they fall due. These credit- impaired accounts are managed by SAG. In WRB, loans to individuals and small businesses are considered credit-impaired as soon as any payment of interest or principal is 90 days overdue or they meet other objective evidence of impairment, such as bankruptcy, debt restructuring, fraud, or death, with unlikely continuation of contractual payments. Financial assets are written off, in the amount that is determined to be irrecoverable, when they meet conditions set such that empirical evidence suggests the client is unlikely to meet their contractual obligations, oraloss of principal is reasonably expected. Estimating the amount and timing of future recoveries involves significant judgement and considers the assessment of matters such as future economic conditions and the value of collateral, for which there may not be a readily accessible market. The total amount of the Group’s impairment provision is inherently uncertain, being sensitive to changes ineconomic and credit conditions across the markets inwhich the Group operates. Underwriting The underwriting of securities and loans is in scope of the CIBRA. The Underwriting Committee approves individual proposals to underwrite new security issues and loans for our clients in compliance with the RA statement. Additional risk triggers are set based on the type of exposure and credit grade as approved by the GCRO. #### Traded Risk Mitigation Traded Risk limits are calibrated to ensure that risk exposureis affordable under both BAU and stress conditions. TheTraded Risk Policy sets the principles that must be followed for the end-to-end traded risk management process including limit setting, risk capture and measurement, limit monitoring and escalation, risk mitigation and stress testing. Policies are reviewed and approved by the Global Head, Traded Risk Management periodically to ensure their ongoing effectiveness. Market Risk measurement The Group uses a VaR model to measure the risk of losses arising from future potential adverse movements in market rates, prices, and volatilities. 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. The Group applies two VaR methodologies: • Historical simulation: this involves the revaluation of allexisting positions to reflect the effect of historically 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 specific (credit spread) risk factors. The enhanced Volatility Scaling VaR (VSV) model went live in January 2025, where risk factors’ returns are scaled to reflect historical volatility. TheVSV model is more responsive to volatility changes observed in the market. • Monte Carlo simulation: this methodology is used in conjunction with historical simulations when historical data are not directly available. This approach is applied for the idiosyncratic credit spread risk factor or single name equity risk factor. The simulation is performed by calibrating the model to preserve volatility of risk factors. Annual Report 2025 | Standard Chartered 227 Risk review and Capital review ![]() 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. Counterparty Credit Risk measurement A Potential Future Exposure (PFE) model is used to measure the credit exposure arising from the positive mark-to-market of traded products. The PFE model provides a quantitative estimate of future potential movements in market rates, prices, and volatilities at a certain confidence level over different time horizons based on the tenor of the transactions. The Group applies two PFE methodologies: simulation-based, used for the bulk of FX, interest rates and commodity products, and add-on-based for credit products and residual non-simulation-based products. Monitoring Traded Risk Management monitors the overall portfolio risk and ensures that it is within specified limits and therefore RA. Limits are typically reviewed at least once a year. All material Traded Risks are monitored daily against approved limits. Traded Risk limits apply at all times unless separate intra-day limits have been set. #### Treasury Risk Mitigation The Group develops policies to address material Treasury Risks and aims to maintain its risk profile within RA. In order todo this, metrics are set against Capital Risk, Liquidity and Funding Risk and IRRBB. Where appropriate, RA metrics are cascaded down to clusters and countries in the form of limits and management action triggers. Capital Risk In order to manage Capital Risk, strategic business, financial plans and capital plans (Corporate Plan) are drawn up covering a five-year horizon and are approved by the Board annually. The plan ensures that adequate levels of capital, including loss-absorbing capacity, and an efficient mix of the different components of capital, are maintained to support our strategy and business plans. This process considers downside scenarios and the availability of recovery actions tocourse correct, as appropriate. Treasury is responsible for the ongoing assessment of the demand for capital and the updating of the Group’s capitalplan. RA metrics including capital, leverage, minimum requirement for own funds and eligible liability (MREL) and double leverage are assessed within the Corporate Plan to ensure that the strategy can be achieved within risk tolerances. Structural Foreign Exchange Risk The Group’s structural FX position results from the Group’s non-US dollar investment in the share capital and reserves ofsubsidiaries and branches. The FX translation gains or losses are recorded in the Group’s translation reserves with adirect impact on the Group’s Common Equity Tier 1 ratio. The Group contracts hedges to manage its structural FX position in accordance with the RA, and as a result the Group has taken net investment hedges to partially cover its exposure to certain non-US dollar currencies to mitigate the FX impact of such positions on its CET1 ratio. Liquidity and Funding Risk At Group, cluster and entity level we implement various business-as-usual and stress risk metrics to monitor and manage Liquidity and Funding risk. This ensures that the Group maintains an adequate and well-diversified liquidity buffer, as well as a stable funding base, to meet its liquidity and funding regulatory requirements. The risk management approach and RA are assessed annually through the Internal Liquidity Adequacy Assessment Process. A funding plan, which is part of the Corporate Plan process, is developed for efficient liquidity projections to ensure that the Group is adequately funded to support thebusiness growth and meet its obligations and client funding needs. Read more on Liquidity and Funding Risk on page 281 Interest Rate Risk in the Banking Book This risk arises from differences in the repricing profile, interestrate basis, and optionality of banking book assets, liabilities and off-balance sheet items. IRRBB represents aneconomic and earnings risk to the Group and its capital adequacy. TheGroup monitors and manages IRRBB using multiple RAmetrics. Read more on IRRBB on page 285 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 liabilities with respect to its occupational pension plans or other long-term benefit obligations. For a funded plan, it represents the risk that additional contributions will need to be made because of a future funding shortfall. For unfunded obligations, it represents the risk that the cost of meeting future benefit payments is greater than currently anticipated. The Pension Risk is monitored against the RA and reported tothe GRC. The RA metric is calculated as the total capital requirement (including both Pillar 1 and Pillar 2A capital) inrespect of Pension Risk, expressed as a number of basis points of RWA. Recovery and resolution planning In line with PRA requirements, the Group maintains a Recovery Plan, which is a live document to be used by management inthe event of financial stress in order to restore the Group’s financial strength to a stable and sustainable position. TheRecovery Plan includes a set of recovery indicators, anescalation framework, and a set of management actions capable of being implemented during a stress. A Recovery Plan is also maintained within each major entity, and all Recovery Plans are subject to periodic fire-drill testing. #### Principal risks Standard Chartered | Annual Report 2025228 ![]() 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 Group. In support of this strategy, the Group has a set of capabilities, arrangements, and resources in place to maintain, test and improve resolution capabilities, and continues to meet the required resolvability outcomes on an ongoing basis. The Resolvability Self-Assessment Report was submitted bythe Group to the PRA in October 2023, with an update provided in January 2024. The Group also published its latest resolvability disclosure, as required by the BoE, on 6 August 2024. The next Group Resolvability Self-Assessment Report will be submitted to the BoE/PRA in October 2026. Monitoring 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 activities and those that arise from internal and external events. Internal risk management reports covering the balance sheet and the capital, liquidity, and IRRBB positions are presented to the relevant country Asset and Liability Committee. Thereports contain key information on balance sheet trends, exposures against RA and supporting risk measures which enable members to make informed decisions around the overall management of the balance sheet. In addition, an independent Treasury CRO team within ERM reviews the prudency and effectiveness of Treasury Risk management. Pension Risk is managed by the Head of Pensions and Reward Analytics, and monitored by the Treasury CRO onaperiodic basis. #### Operational and Technology Risk Mitigation 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 identification and assessment of operational risks, including design and operation of mitigating controls(applicable to all risks as per the Non-Financial Risk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 identification of risks to support the achievement ofclient and business outcomes • the assessment of inherent risk on the impact to client andbusiness outcomes, and likelihood of occurrence • the design and monitoring of key controls to effectively and efficiently mitigate prioritised risks within 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 within the RA. We continue to strengthen our commitment to operational resilience through a robust risk management framework which enables the Group to anticipate, prevent, adapt, respond to, recover from, and learn from both internal andexternal disruptions, supported by ongoing reviews, control testing, and scenario-based assessments aimed atanticipating and reducing the potential impact of operational disruptions. The Group is required to conduct anannual self-assessment to evaluate its operational resilience. Thisself-assessment reviews the effectiveness ofthe operational resilience framework, identifies areas forimprovement, and ensures compliance with regulatory expectations. These activities support the continuous oversight and improvement of our response and recoverycapabilities. Monitoring To deliver services to clients and to participate in the financial services sector, the Group runs processes which are exposed to Operational and Technology risks. The Group prioritises and manages risks which are significant to our clients and tothe financial services sectors. The control indicators are regularly monitored 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 prioritisation and timeliness ofriskdecisions, including risk acceptances with treatment plans for risks that exceed acceptable thresholds. The BRC 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 materiality and significance of the risk.These Operational and Technology RA metrics are consolidated on a regular basis and reported at the relevant Group committees, providing senior management with the relevant information to inform their risk decisions. Read more on Operational and Technology Risk onpage286 Annual Report 2025 | Standard Chartered 229 Risk review and Capital review 1 Red Team focuses on simulating real-world attacks to identify vulnerabilities and test the effectiveness of an organization’s defences, acting as adversaries tochallenge the security measures. Purple Team enhances collaboration between the Red Team and the Blue Team (defenders) to improve threat detection, response, and overall security posture by sharing insights and strategies from both offensive and defensive perspectives. 2 Read more on how we manage financial crime, including sanctions on page 119. #### Information and Cyber Security (ICS) Risk Mitigation ICS Risk is managed through the ICS RTF, comprising a risk assessment methodology and supporting policy, standards, and methodologies. The ICS Policy and standards are aligned to industry best practice models including the National Institute of Standards and Technology Cyber Security Framework. ISO 27001, Payment Card Industry-Data Security Standard (PCI-DSS), Swift Customer Security Controls Framework (CSCF) and Legal, Regulatory and Mandatory (LRM) requirements. We undertake an annual ICS Effectiveness Review to evaluate ICS Risk management practices in alignment with the ERMF. Monitoring 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 identify key threats, in-scope applications and key controls required to ensure the Group remains within RA. The ICS Risk profiles of all businesses, functions and countries are consolidated to present a holistic Group-level ICS Risk profile for ongoing monitoring. During these reviews, the status of each risk is assessed against the Group’s controls toidentify any changes to impact and likelihood, which affects the overall risk rating. ICS Board level responsibility and oversight is assured through the BRC. The Board education programme includes updates on the cyber security strategy, which is in place at a Group and Business level to adhere tointernal standards and applicable laws andregulations. ICS Risk Security Testing and External Reviews The Group assesses its cyber posture through extensive control testing and by executing offensive security testing exercises, including independent vulnerability analysis and testing, code reviews, penetration tests and Red and Purple Team 1 attack simulation testing. This approach constantly tests the Group’s defences and approach to cyber security. These show a wider picture of the Group’s risk profile, leading to better visibility on potential ‘in flight’ risks. We perform independent third-party verification regarding the state of our internal information technology and ICS controls through industry recognised certifications andattestations: • PCI DSS controls are assessed annually, in line with market regulatory requirements. • We are System and Organisation Controls 2 type 2 certified, the scope of which covers the digital products and services to financial markets, global banking, cross products, cash management, trade finance, securities services and client services group using the Straight2Bank application suite. • We undergo assessment based on the requirements stipulated by Swift’s Customer Security Programme (CSP) to ensure high compliance. The Group also tracks remediation of security matters identified by external reviews, such as the BoE CBEST Threat Intelligence-Led Assessment and the Hong Kong Monetary Authority’s (HKMA) Intelligence-led Cyber Attack Simulation Testing (iCAST). 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 remediation and tracking. #### Financial Crime Risk 2 Roles and responsibilities The Group Head, CFCR is the Group’s Chief Compliance andMoney-Laundering Reporting Officer and performs theFinancial Conduct Authority (FCA) Senior Management Control Functions SMF 16 and SMF 17 in accordance with requirements set out by the FCA, including those set out intheSystems and Controls chapter of the FCA Handbook. Mitigation The CFCR function is responsible for the establishment and maintenance of policies, standards, and oversight of first lineof defence controls to ensure continued compliance withfinancial crime laws and regulations, and the mitigation ofFinancial Crime Risk. This includes controls covering key financial crime risks such as money laundering, terrorist financing, sanctions compliance, bribery and corruption, and fraud. We mitigate these risks through core controls such as client due-diligence, sanctions screening and other risk-based measures, supported by ongoing efforts to build awareness and capability across our people. In this, the requirements ofthe Operational and Technology RTF are followed toensure a consistent approach to the management ofprocesses and controls. Financial Crime Risk management is built on a risk-based approach, meaning the risk management plans, processes, activities, and resource allocations are determined according to the level of risk. Monitoring The Group monitors enterprise-wide financial crime risksthrough the Financial Crime Risk Assessment. This is undertaken annually to assess the inherent financial crime risk exposures and the associated processes and controls bywhich these exposures are mitigated. As part of this, the Group monitors sanctions compliance risk, reflecting changes in global sanctions requirements and developments across an increasingly complex sanctions landscape. The controls designed to mitigate Financial Crime Risk in business operations are governed in line with the Operational and Technology RTF. The Group has a monitoring and reporting process in place for Financial Crime Risk, which includes escalation and reporting to the CFCR and relevant Country, Business, Senior Management and Board committees. #### Principal risks Standard Chartered | Annual Report 2025230 ![]() While not a formal governance committee, the CFCR Oversight Group provides oversight of CFCR risks including the effective implementation of the Financial Crime RTF. Italso provides oversight, challenge and direction to CFCR policy owners on material changes and positions taken in CFCR-owned policies, including issues relating to regulatory interpretation and the Group’s Financial Crime Risk RA. #### Compliance Risk Roles and responsibilities The Group Head, CFCR is the Group’s Chief Compliance andMoney-Laundering Reporting Officer and performs theFCA Senior Management Control Functions SMF 16 and SMF 17 inaccordance with requirements set out by the FCA, includingthose set out in the Systems and Controls chapter ofthe FCA Handbook. All activities that the Group engages in must comply with the relevant country/local specific and extraterritorial regulations. Compliance Risk includes the risks associated with a failure tocomply with all regulations that are applicable to the Group regardless of the issuing regulatory authority. Where Compliance Risk arises, or could arise, from failure to manage another PRT, the oversight and management processes for that specific PRT must be followed, to ensure that effective 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 divided into two distinct categories: those issued by financial service regulatory authorities and those issued by non-financial service regulators. The Group is exposed to both categories of regulation, and roles and responsibilities differ depending onthe category. For regulations issued by financial services regulatory authorities and other regulators that may issue regulations pertaining to Compliance Risk, CFCR identifies new and amended regulations as and when issued and communicates the relevant regulatory obligations to the country RFO. Where regulatory obligations do not relate torisks for which CFCR is the RFO, the respective RTF sets outsecond line of defence ownership. Each of the assigned second line of defence functions have responsibilities, including monitoring relevant regulatory developments from non-financial services regulators atbothGroup and country levels, policy development, implementation, and validation as well as oversight and challenge of first line of defence processes and controls. Mitigation The CFCR function is responsible for the establishment and maintenance of policies, standards, and oversight of the first line of defence controls to ensure compliance with laws and regulations, and the mitigation of Compliance Risk. In this, therequirements of the Operational and Technology RTF arefollowed to ensure a consistent approach to the management of processes and controls. Monitoring The monitoring of controls designed to mitigate the risk ofregulatory non-compliance in processes is governed in line with the Operational and Technology RTF. Compliance Risk reporting includes escalation and reporting to the CFCR and relevant Country, Business, Senior Management and BRC. While not a formal governance committee, the CFCR Oversight Group provides oversight of CFCR risks including the effective implementation of the Compliance RTF, and oversight, challenge and direction to CFCR policy owners onmaterial changes and positions taken in CFCR-owned policies, including issues relating to regulatory interpretation and the Group’s Compliance Risk RA. The Regulatory Change Oversight Forum provides visibility and oversight of material and/or complex large-scale regulatory change impacting non-financial risks. #### Environmental, Social and Governance #### andReputational (ESGR) Risk Mitigation The ESGR RTF provides the overall risk management approach for ESGR risks. The ESG Risk policy outlines the Group’s commitment to integrating ESG considerations into its business, operations, and decision-making process. The policy sets out the requirements for identifying, assessing, escalating and managing ESG risks for the Group’s operations, clients/ transactions and third parties. The Reputational Risk policy outlines the requirements for identifying, assessing, escalating and managing negative shifts in stakeholder perception arising from client onboarding and due diligence, transactions, product design and product features, or strategic coverages such as entry into new markets or investments. Whenever potential for stakeholder concerns is identified, issues are subject to review and decision by both the first and second lines of defence. The policy also sets out the key considerations for mitigating greenwashing risk that can arise during product and/or deal lifecycle, sustainability reporting and disclosures, and external campaigns related to sustainability themes. Monitoring Exposure to Reputational Risks arising from transactions, clients, products and strategic coverage is monitored throughestablished triggers to prompt the appropriate risk-based considerations and assessment by the first line ofdefence and escalations to the second line of defence. Riskacceptance decisions and thematic trends are also reviewed on a periodic basis. Exposure to ESG Risks is monitored through triggers embedded within the first line of defence processes. The environmental and social risks are considered for clients and transactions viaClient Environmental, Social and Governance Risk Assessments (C-ESGRA), Transaction Environmental and Social Risk Assessments (ESRA), Reputational Risk Materiality Assessments (RRMA) and/or Climate Risk Assessments (CRA). Annual Report 2025 | Standard Chartered 231 Risk review and Capital review Vendors that are identified as high risk which meet thehigh-risk category and country combinations based onresponses provided by the supplier at onboarding areassessed for modern slavery risk. Exposure to Climate Risk is monitored in conjunction with other PRTs. We have embedded qualitative and quantitative climate considerations into the Group’s Credit Underwriting Principles for Oil and Gas, Mining, Shipping, Commercial Real Estate and Project Finance portfolios. Starting October 2025, we have introduced a client-level Physical Risk Grading Framework in order to identify and monitor key risk hotspots in the CIB portfolio with regard to clients’ exposure to extreme weather events. This is in addition to the Transition Risk Grading already in place for CIB clients. We have also expanded coverage of Climate and Credit Risk considerations to physical collateral, as they serve as key risk mitigants, especially in default events. We use available data or proxy methodologies to assess the portfolios within WRB for transition risks particularly consumer mortgage. We assess physical risk concentrations for our WRB portfolio on a quarterly basis and assess the physical risk vulnerabilities ofour sites periodically and when new sites are onboarded. We have initiated an evaluation of physical risk vulnerabilities at our primary vendors’ delivery sites this year. We are also monitoring the climate risk-related vulnerabilities and readiness of our top corporate liquidity providers, including the concentration of liquidity exposures with clients with high transition and/or high physical risk. Our Net Zero Climate Risk Working Forum meets at least quarterly todiscuss account plans and risk management strategies for high climate risk and net zero divergent clients. We are also enhancing the oversight on any new materially misaligned clients through a mandatory second line review as part ofthedeal approval process. 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Group Internal Capital Adequacy Assessment Process (ICAAP). Management information is reviewed at a quarterly frequency and any breaches in RA are reported to the GRCand BRC. #### Model Risk Mitigation The Model Risk Policy and Standards define requirements formodel development, validation, implementation and use, including regular model performance monitoring and, where required, model risk mitigants. Model deficiencies identified through the development or validation process, or model performance issues identified through ongoing monitoring, are mitigated through respective model risk mitigants. Mitigants include model overlays aseither post-model adjustments (PMAs) or management adjustments, model restrictions and potentially a model recalibration or redevelopment, all of which undergo independent review, challenge, and approval. PMAs are usedto address observed deficiencies caused from within themodel, by adjusting the model output either directly orindirectly (e.g. adjusting parameters). Where a PMA is applied as a mitigant for a model used inPillar 1 or Pillar 2 calculations or models with material impact on financial accounting disclosures (e.g. IFRS 9), theindependent review must be performed by Group Model Validation (GMV) with sign-off from the Model Approver prior to implementation. Management adjustments are usedto address issues by applying management decisions without adjusting a direct modelling component. 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 remediation plans implemented where necessary. Group Model Risk Policy and Standards also define requirements for Deterministic Quantitative Methods (DQMs)that are used as part of an end-to-end modelled process. DQMs are similar in nature to a model, however the processing component is either purely deterministic or has an element of expert judgement. Unlike a model, there is no use of statistical, economic, financial or mathematical theories. Monitoring The Group monitors Model Risk via a set of RA metrics. Adherence to Model RA and any threshold breaches are reported to the BRC, GRC and MRC. These metrics and thresholds are reviewed twice per year to ensure that threshold calibration remains appropriate, and the themes adequately cover the current risks. Models undergo regular performance monitoring based ontheir level of perceived Model Risk, with monitoring results presented, and breaches escalated to the Model Sponsor, Model Owner, GMV and respective MRC or Individual Delegated Model Approvers. In addition, all models are subject to periodic revalidation, with frequency and intensity of the revalidation work determined by the materiality and uncertainty of the model. Model Risk management produces Model Risk reports covering the model landscape, which include performance metrics, identified model issues and remediation plans. Theseare presented for discussion at the Model Risk governance committees on a regular basis. #### Principal risks Standard Chartered | Annual Report 2025232 ![]() ## Credit Risk (audited) Staging of financial instruments Financial instruments that are not already credit-impaired are originated into stage 1 and a 12-month ECL provision isrecognised. Instruments will remain in stage 1 until they are repaid, unless they experience significant credit deterioration (stage 2) orthey become credit-impaired (stage 3). Instruments will transfer to stage 2 and a lifetime ECL provision is recognised when there has been a significant change in the Credit Risk compared to what was expectedatorigination. The framework used to determine a Significant Increase inCredit Risk (SICR) is set out below. Basis of preparation Unless otherwise stated, the balance sheet and income statement information presented within this section is based on the booking location. The accounting policy for the presentation of geographic information has been changed from being based on a management view which was principally the location from which a client relationship ismanaged, to being based on a view reflecting the location inwhich exposures are financially booked in 2025. Read more in Note 1 to the financial statements. Prior period amounts have been re-presented in line with this change with the impact presented in Note 40 to the financial statements. 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 16 ‘Reverse repurchase and repurchase agreements including other similar secured lending and borrowing’. Credit risk overview Credit Risk is the potential for loss due to the failure of acounterparty to meet its contractual obligations to pay theGroup. Credit exposures arise from both the banking andtrading books. Impairment model IFRS 9 mandates an impairment model that requires the recognition of expected credit losses (ECL) on all financial debt instruments held at amortised cost, Fair Value through Other Comprehensive Income (FVOCI), undrawn loan commitments and financial guarantees. Read more on the accounting policy on page 342 and the IFRS 9 ECL methodology on page 264. IFRS 9 ECL principles and approaches The main methodology principles and approach adopted by the Group are set out in the following table. Title Supplementary Information Page Approach for determiningECL • IFRS 9 ECL methodology 264 • Application of lifetime ECL 264 Key assumptions and judgements indeterminingECL • Incorporation of forward-looking information 266 • Forecast of key macroeconomic variables underlying the ECL calculation and the impact of non-linearity 266 • Impact of multiple economic scenarios 269 • Judgemental adjustments and management overlays 270 • Sensitivity of ECL calculation to macroeconomic variables 271 Significant Increase inCreditRisk (SICR) • Quantitative and Qualitative criteria 274 Credit-impaired (or defaulted) exposures (Stage 3) • Expert credit judgement 344 Transfers betweenstages • Movement in gross exposures and credit impairment 246 Modified financial assets • Forborne and other modified loans 254 Governance of PMAs and application of expert credit judgement in respect of ECL • IFRS 9 Impairment Committee 275 Stage 1 • 12-month ECL • Performing Stage 2 • Lifetime ECL • Performing but has exhibited SICR Stage 3 • Credit-impaired • Non-performing Annual Report 2025 | Standard Chartered 233 Risk review and Capital review ![]() #### Credit Risk (audited) #### Summary of Credit Risk Performance Maximum Exposure The Group’s on-balance sheet maximum exposure to Credit Risk increased by $43.2 billion to $866.6 billion (31 December 2024: $823.4 billion). Cash and balances at Central banks increased by $14.3 billion to $77.7 billion (31 December 2024: $63.4 billion) reflecting deposit growth in Greater China andNorth Asia requiring a corresponding increase in statutory reserve placements, and increased unrestricted balances driven by funding inflows and high-quality liquid assetdeployment. Debt securities (not held at fair value through profit or loss) increased by $22.2 billion to $165.8 billion (31 December 2024: $143.6 billion) due to deployment of excess surplus and liquidity buffer purposes. Loans and advances to customers increased by $5.8 billion to $286.8 billion (31 December 2024: $281.0 billion), which comprises of a $3.0 billion increase in CIB, $9.1 billion increase in WRB and Ventures, offset by $7.1 billion decrease in Central and other items. Fair value through profit and loss increased by $14.1 billion to $186.2 billion (31 December 2024: $172.0 billion), largely due toan increase in treasury bills and in loans to customers in thefinancing, insurance and non-banking and commercial real estate sectors. Derivative financial instruments decreased by $15.7 billion to$65.8 billion (31 December 2024: $81.5 billion) mainly duetothe weakening of the US dollar. Off-balance sheet instruments increased by $40.3 billion to $313.4 billion (31 December 2024: $273.2 billion), due to an increase inundrawn commitments, financial guarantees and other equivalents driven by client demand. Read more on ‘Maximum exposure to Credit Risk’ on page 236; ‘Credit quality by client segment’ on page 238 Loans and Advances The Group continues to focus on high-quality origination with 95 per cent (31 December 2024: 94 per cent) of the Group’s gross loans and advances to customers classified as stage 1. Stage 1 gross loans and advances to customers increased by $6.0 billion to $275.1 billion (31 December 2024: $269.1 billion). CIB gross stage 1 balances increased by $4.1 billion to $132.8 billion (31 December 2024: $128.7 billion) across severalsectors including transport, telecom and utilities and commercial real estate. WRB and Ventures gross stage 1 balances increased by $8.9 billion to $127.3 billion (31 December 2024: $118.4 billion), mainly due to a $5.3 billion increase in the mortgage portfolio across Korea and Singapore and $5.2 billion increase in secured wealth products due to higher demand in Singapore and Hong Kong. Central and other items, gross stage 1 balances decreased by $7.0 billion to $15.0 billion (31 December 2024: $22.0 billion) primarily due to maturity of placements held with the Monetary Authority of Singapore. Stage 2 gross loans and advances to customers decreased by $0.8 billion to $9.8 billion (31 December 2024: $10.6 billion). CIB gross stage 2 balances decreased by $0.8 billion to $7.9 billion (31 December 2024: $8.6 billion), largely due to lower balances in the financing, insurance and non-banking sector from asovereign portfolio upgrade. WRB and Ventures gross stage 2 loans and advances to customers balances remained stable at $2.0 billion (31 December 2024: $2.0 billion). Stage 3 gross loans and advances decreased by $0.2 billion to $6.0 billion (31 December 2024: $6.2 billion) primarily in CIB due to restructuring related write-offs in the China commercial real estate sector offset by a downgrade in the government sector. This also contributed to a reduction in the CIB stage 3cover ratio before collateral. The total stage 3 cover ratioreduced by 11.8 per cent to 51.8 per cent (31 December 2024: 63.6 per cent) of which around 8 per cent was related toCRE restructuring and 7 per cent was related to downgrades with low levels of coverage, where strong credit mitigants are in place. This was partially offset by other portfolio movements. The total stage 3 cover ratio post tangible collateral decreased to 68.4 per cent (31 December 2024: 77.8 per cent) with some of the downgrades being covered by guarantees and insurance which are not included as tangible collateral. The WRB stage 3 cover ratio after collateral increased to 88.5per cent (31 December 2024: 83.1 per cent) driven by an increase in credit impairment provisions and collateral values. Read more on ‘Analysis of financial instruments by stage’ onpage 237; ‘Credit quality by client segment’ on page 238; ‘Credit quality by industry’ on page 258 Analysis of Stage 2 The proportion of CIB exposures in stage 2 due to quantitative factors decreased mainly due to model changes and asovereign portfolio upgrade. In Central and other items, balances reduced to $1.7 billion (31 December 2024: $2.1 billion) primarily due to a sovereign upgrade and portfolio movements. Read more on ‘Credit quality by client segment’ on page 238; ‘Analysis of stage 2 balances’ on page 253; SICR quantitative and qualitative criteria on page 274 Credit Impairment charges The Group’s ongoing credit impairment was a net charge of$676 million (31 December 2024: $557 million). WRB contributed a net charge of $595 million (31 December 2024: $623 million) which is mainly driven by unsecured products as per normalised flow and provisions for stressed assets. The year-on-year decrease was due to portfolio quality improvements and a reduction in unsecured exposures which is in line with our strategic pivot to affluent. Standard Chartered | Annual Report 2025234 ![]() CIB contributed a net charge of $4 million (31 December 2024: $120 million release). The increase was mainly due to portfolio movements, higher judgemental overlays, and lower releases compared to 2024. Ventures had a charge of $59 million (31 December 2024: $73 million) as delinquency rates have improved following a change in credit underwriting criteria. Central and other items contributed a net charge of $18 million (31 December 2024: $19 million release), which included the impact of model updates in 2025. Read more on ‘Financial review‘ on page 57; ‘Creditimpairment charge’ on page 254 Commercial Real Estate (CRE) The Group provides loans to CRE and data centres counterparties of which $10 billion 1 is to counterparties in the CIB segment where thesource of repayment is substantially derived from rental orsale of real estate and is secured by real estate collateral. Theremaining CRE loans comprise working capital loans toreal estate corporates, loans with non-property collateral, unsecured loans and loans to real estate entities of diversified conglomerates. The average loan-to-value (LTV) ratio of the performing book CRE portfolio remained stable at 54 per cent (31 December 2024: 54 per cent). The proportion of loans with an LTV greater than 80 per cent has increased to 6 per cent (31 December 2024: 4 per cent). Total on and off-balance sheet exposure to China CRE decreased by $1.2 billion to $0.8 billion (31 December 2024: $2.0 billion) mainly from restructuring related write-offs and exposure reductions which also reduced stage 3 exposure to$0.4 billion (31 December 2024: $1.3 billion) and stage 3 provision coverage to 67 per cent (31 December 2024: 87 percent). TheGroup continues to hold a judgemental management overlay, which decreased by $34 million to$36 million (31 December 2024: $70 million) due to repayments and utilisation during the year. The Group isfurther indirectly exposed to China CRE through its associate investment inChina Bohai Bank. The Group’s loans and advances to Hong Kong CRE clients decreased by $1.0 billion to $1.5 billion (31 December 2024: $2.5 billion), due to repayments. 32 per cent (31 December 2024: 21 per cent) were in stage 2 and 6 per cent (31 December 2024: nil) in stage 3. Within stage 2, $0.4 billion (31 December 2024: nil) is rated as CG12. The portfolio is 86 per cent (31 December 2024: 82 per cent) secured with an average LTV of below 50 per cent (31 December 2024: below 40 per cent) and continues to be subject to proactive risk management with close monitoring of valuations and regular stress tests. TheGroup continues to hold a judgemental management overlay, which decreased by $11 million to$47 million (31 December 2024: $58 million) due torepayments and upgrades. Read more on ‘Judgemental management overlays’ onpage 271 High carbon sectors The Group’s high carbon sectors exposure has increased by$5.4 billion to $43.1 billion (31 December 2024: $37.7 billion) due to the oil and gas, CRE and power sectors. High carbon sector exposure is at 12.6 per cent of the Group’s maximum exposure (31 December 2024: 11.8 per cent). Oil and gas exposure has increased by $2.0 billion to $9.5 billion (31 December 2024: $7.4 billion) due to an increasein short-term trade products, increased lending togas infrastructure projects, and increased Carbon Capture, Utilisation and Storage (CCUS) exposure. CRE and power exposures have increased by $3 billion to $17 billion (31 December 2024: $14 billion) due to the growth ofthese sectors. Power continues to show a positive growth inlower carbon generation, through renewables financing, carbon efficient gas and the run-down of coal generation. The increase in high carbon exposure does not directly translate into higher emissions intensity, as the exposure includes lending to both higher and lower emissions intensity counterparties, including sustainable finance and transition finance lending. Read more on the emissions profile of all high carbon sectors on page 92; ‘High carbon sectors’ exposure on page 260; 2030 targets and progress against those targets onpage91 1 The Group’s CRE net nominal exposure, adjusted for non-property collateral. Annual Report 2025 | Standard Chartered 235 Risk review and Capital review ![]() #### Credit Risk (audited) 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 2025, before and after taking into account any collateral held or other Credit risk mitigation. Read more on ‘Summary of Credit Risk performance’ on page 234 2025 2024 Credit risk management Credit risk management Maximum exposure $million Collateral 8 $million Master netting agreements $million Net Exposure $million Maximum exposure $million Collateral 8 $million Master netting agreements $million Net exposure $million On-balance sheet Cash and balances at central banks 77,746 – – 77,746 63,447 – – 63,447 Loans and advances to banks 1 43,901 3,724 – 40,177 43,593 2,946 – 40,647 Of which – reverse repurchase agreements and other similar securedlending 3,724 3,724 – – 2,946 2,946 – – Loans and advances to customers 1 286,788 134,253 – 152,535 281,032 119,047 – 161,985 Of which – reverse repurchase agreements and other similar securedlending 8,242 8,242 – – 9,660 9,660 – – Investment securities – Debt securities andother eligible bills 2,3 165,753 – – 165,753 143,562 – – 143,562 Fair value through profit or loss 4 186,173 84,130 – 102,043 172,031 86,195 – 85,836 Loans and advances to banks 2,984 – – 2,984 2,213 – – 2,213 Loans and advances to customers 12,355 – – 12,355 7,084 – – 7,084 Reverse repurchase agreements and other similar lending 84,130 84,130 – – 86,195 86,195 – – Investment securities – Debt securities and other eligible bills 4 86,704 – – 86,704 76,539 – – 76,539 Derivative financial instruments 5 65,782 14,168 44,712 6,902 81,472 15,005 60,280 6,187 Accrued income 2,631 – – 2,631 2,776 – – 2,776 Assets held for sale 9 1,042 – – 1,042 889 – – 889 Other assets 6 36,770 – – 36,770 34,585 – – 34,585 Total balance sheet 866,586 236,275 44,712 585,599 823,387 223,193 60,280 539,914 Off-balance sheet 7 Undrawn Commitments 199,245 3,513 – 195,732 182,529 2,489 – 180,040 Financial Guarantees and other equivalents 114,193 3,214 – 110,979 90,632 1,807 – 88,825 Total off-balance sheet 313,438 6,727 – 306,711 273,161 4,296 – 268,865 Total 1,180,024 243,002 44,712 892,310 1,096,548 227,489 60,280 808,779 1 Amounts are net of ECL provisions. An analysis of credit quality is set out in the credit quality analysis section (page 239). Further details of collateral held by client segment and stage are set out in the collateral analysis section (page 255). The Group also has credit mitigation through Credit Default Swaps and Credit Linked Notes as set out on page 257. 2 Excludes equity and other investments of $1,203 million (31 December 2024: $994 million). Further details are set out in Note 13 financial instruments. 3 The Group has credit insurance over $4.2 billion (31 December 2024: $4.03 billion) of other eligible bills. 4 Excludes equity and other investments of $9,084 million (31 December 2024: $5,486 million). Further details are set out in Note 13 financial instruments. 5 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 positive and negative mark-to-market values of applicable derivative transactions. 6 Other assets include Hong Kong certificates of indebtedness, cash collateral, and acceptances, in addition to unsettled trades and other financial assets. 7 Excludes ECL provisions of $224 million (31 December 2024: $255 million) which are reported under Provisions for liabilities and charges. 8 Adjusted for over-collateralisation, which has been determined with reference to the drawn and undrawn component as this best reflects the effect on the amount arising from expected credit losses. 9 The amount is after ECL provisions. Further details are set out in Note 21 Assets held for sale and associated liabilities. Standard Chartered | Annual Report 2025236 ![]() Analysis of financial instruments by stage (audited) The table below presents the gross and credit impairment balances by stage for the Group’s amortised cost and FVOCI financial instruments as at 31 December 2025. Read more on ‘Summary of Credit Risk performance’ on page 234 2025 Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Cash and balances atcentralbanks 76,520 – 76,520 463 (1) 462 773 (9) 764 77,756 (10) 77,746 Loans and advances tobanks (amortised cost) 43,608 (6) 43,602 217 (1) 216 90 (7) 83 43,915 (14) 43,901 Loans and advances tocustomers (amortisedcost) 275,062 (528) 274,534 9,823 (446) 9,377 5,964 (3,087) 2,877 290,849 (4,061) 286,788 Debt securities and other eligible bills 5 164,283 (56) 1,198 (5) 296 (5) 165,777 (66) Amortised cost 57,005 (22) 56,983 243 (2) 241 26 – 26 57,274 (24) 57,250 FVOCI 2 107,278 (34) 955 (3) 270 (5) 108,503 (42) – Accrued income (amortisedcost) 4 2,631 2,631 – – 2,631 – 2,631 Assets held forsale 1,053 (22) 1,031 8 – 8 8 (5) 3 1,069 (27) 1,042 Other assets 4 36,769 – 36,769 – – – 7 (6) 1 36,776 (6) 36,770 Undrawn commitments 3 195,032 (49) 4,208 (33) 5 (2) 199,245 (84) Financial guarantees, trade credits and irrevocable letterof credits 3 112,091 (26) 1,511 (16) 591 (98) 114,193 (140) Total 907,049 (687) 17,428 (502) 7,734 (3,219) 932,211 (4,408) 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 provision in respect of debt securities measured at FVOCI is held within the OCI reserve. 3 These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a liability and therefore there is no ‘net carrying amount’. ECL allowances on off-balance sheet instruments are held as liability provisions to the extent that the drawn and undrawn components of loan exposures can be separately identified. Otherwise they will be reported against the drawn component. 4 Stage 1 ECL is not material. 5 Stage 3 gross includes $278 million originated credit-impaired debt securities with impairment of $5 million. 2024 Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Gross balance 1 $million Total credit impairment $million Net carrying value $million Cash and balances atcentralbanks 62,597 – 62,597 432 (4) 428 426 (4) 422 63,455 (8) 63,447 Loans and advances tobanks (amortised cost) 43,208 (10) 43,198 318 (1) 317 83 (5) 78 43,609 (16) 43,593 Loans and advances to customers (amortised cost) 269,102 (483) 268,619 10,631 (473) 10,158 6,203 (3,948) 2,255 285,936 (4,904) 281,032 Debt securities and other eligible bills 5 141,862 (23) 1,614 (4) 103 (2) 143,579 (29) Amortised cost 54,637 (15) 54,622 475 (2) 473 42 – 42 55,154 (17) 55,137 FVOCI 2 87,225 (8) 1,139 (2) 61 (2) 88,425 (12) Accrued income (amortisedcost) 4 2,776 2,776 – – 2,776 – 2,776 Assets held for sale 840 (7) 833 38 – 38 58 (45) 13 936 (52) 884 Other assets 4 34,585 – 34,585 – – – 3 (3) – 34,588 (3) 34,585 Undrawn commitments 3 178,516 (50) 4,006 (52) 7 (1) 182,529 (103) Financial guarantees, trade credits and irrevocable letterof credits 3 87,991 (16) 2,038 (7) 603 (129) 90,632 (152) Total 821,477 (589) 19,077 (541) 7,486 (4,137) 848,040 (5,267) 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 provision in respect of debt securities measured at FVOCI is held within the OCI reserve. 3 These are off-balance sheet instruments. Only the ECL is recorded on-balance sheet as a liability and therefore there is no ‘net carrying amount’. ECL allowances on off-balance sheet instruments are held as liability provisions to the extent that the drawn and undrawn components of loan exposures can be separately identified. Otherwise they will be reported against the drawn component. 4 Stage 1 ECL is not material. 5 Stage 3 gross includes $59 million originated credit-impaired debt securities with impairment of Nil. Annual Report 2025 | Standard Chartered 237 Risk review and Capital review ![]() #### Credit Risk (audited) #### 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 monitoring of risk. All loans are assigned a CG, which is reviewed periodically 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-impaired) clients. Consumer and Business Banking portfolios are analysed by days past due and Private Banking by the type of collateral held. Mapping of credit quality The Group uses the following internal risk mapping to determine the credit quality for loans. Credit quality description Corporate & Investment Banking Private Banking 1 Wealth & Retail Banking 4 Internal grade mapping S&P external ratings equivalent Regulatory PDrange (%) Internal ratings Internal grade mapping 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 impaired) 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+ to C 15.751 to 99.999 Stressed Assets Group (SAG) Managed Past due loans 30days and over till90days 1 For Private Banking, classes of risk represent the type of collateral held. Class I represents facilities with liquid collateral, such as cash and marketable securities. Class II represents unsecured/partially secured facilities and those with illiquid collateral, such as equity in private enterprises. Class III represents facilities with residential or commercial real estate collateral. Class IV covers margin trading facilities. 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 within Business 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, ECL provisions and ECL coverage by business segment and stage. ECL coverage represents the ECL reported for each segment and stage as a proportion of the gross loan balance for each segment and stage. Read more on ‘Summary of Credit Risk performance’ on page 234 Standard Chartered | Annual Report 2025238 ![]() Loans and advances by client segment (audited) Amortised cost 2025 Banks $million Customers Undrawn commitments $million Financial Guarantees $million Corporate & Investment Banking $million Wealth & Retail Banking $million Ventures $million Central & other items $million Customer Total $million Stage 1 43,608 132,772 124,657 2,649 14,984 275,062 195,032 112,091 • Strong 31,257 94,399 119,351 2,628 14,228 230,606 176,123 67,184 • Satisfactory 12,351 38,373 5,306 21 756 44,456 18,909 44,907 Stage 2 217 7,859 1,903 61 – 9,823 4,208 1,511 • Strong 42 1,767 1,414 39 – 3,220 1,340 351 • Satisfactory 172 4,984 154 8 – 5,146 2,662 1,052 • Higher risk 3 1,108 335 14 – 1,457 206 108 Of which (stage 2): • Less than 30 days past due – 86 154 8 – 248 – – • More than 30 days past due 3 158 335 14 – 507 – – Stage 3, credit-impaired financial assets 90 4,201 1,723 38 2 5,964 5 591 Gross balance 1 43,915 144,832 128,283 2,748 14,986 290,849 199,245 114,193 Stage 1 (6) (128) (346) (42) (12) (528) (49) (26) • Strong (2) (59) (304) (39) (12) (414) (28) (12) • Satisfactory (4) (69) (42) (3) – (114) (21) (14) Stage 2 (1) (310) (114) (22) – (446) (33) (16) • Strong (1) (4) (79) (13) – (96) (4) – • Satisfactory – (217) (12) (3) – (232) (20) (9) • Higher risk – (89) (23) (6) – (118) (9) (7) Of which (stage 2): • Less than 30 days past due – (9) (12) (3) – (24) – – • More than 30 days past due – (1) (23) (6) – (30) – – Stage 3, credit-impaired financial assets (7) (2,214) (846) (25) (2) (3,087) (2) (98) Total credit impairment (14) (2,652) (1,306) (89) (14) (4,061) (84) (140) Net carrying value 43,901 142,180 126,977 2,659 14,972 286,788 Stage 1 0.0% 0.1% 0.3% 1.6% 0.1% 0.2% 0.0% 0.0% • Strong 0.0% 0.1% 0.3% 1.5% 0.1% 0.2% 0.0% 0.0% • Satisfactory 0.0% 0.2% 0.8% 14.3% 0.0% 0.3% 0.1% 0.0% Stage 2 0.5% 3.9% 6.0% 36.1% 0.0% 4.5% 0.8% 1.1% • Strong 2.4% 0.2% 5.6% 33.3% 0.0% 3.0% 0.3% 0.0% • Satisfactory 0.0% 4.4% 7.8% 37.5% 0.0% 4.5% 0.8% 0.9% • Higher risk 0.0% 8.0% 6.9% 42.9% 0.0% 8.1% 4.4% 6.5% Of which (stage 2): • Less than 30 days past due 0.0% 10.5% 7.8% 37.5% 0.0% 9.7% 0.0% 0.0% • More than 30 days past due 0.0% 0.6% 6.9% 42.9% 0.0% 5.9% 0.0% 0.0% Stage 3, credit-impaired financial assets(S3) 7.8% 52.7% 49.1% 65.8% 100.0% 51.8% 40.0% 16.6% • Stage 3 Collateral – 314 678 – – 992 – 56 • Stage 3 Cover ratio (after collateral) 7.8% 60.2% 88.5% 65.8% 100.0% 68.4% 40.0% 26.1% Cover ratio 0.0% 1.8% 1.0% 3.2% 0.1% 1.4% 0.0% 0.1% Fair value through profit or loss Performing 36,580 62,780 2 1 – 62,783 – – • Strong 28,277 39,351 2 1 – 39,354 – – • Satisfactory 8,303 23,429 – – – 23,429 – – • Higher risk – – – – – – – – Impaired (CG13-14) 92 14 – – – 14 – – Gross balance (FVTPL) 2 36,672 62,794 2 1 – 62,797 – – Net carrying value (incl FVTPL) 80,573 204,974 126,979 2,660 14,972 349,585 – – 1 Loans and advances includes reverse repurchase agreements and other similar secured lending of $8,242 million under Customers and of $3,724 million under Banks, held at amortised cost. Loans and advances includes reverse repurchase agreements and other similar secured lending of $50,443 million under Customers and of $33,689 million under Banks, held at fair value through profit or loss. Annual Report 2025 | Standard Chartered 239 Risk review and Capital review ![]() #### Credit Risk (audited) Amortised cost 2024 Banks $million Customers Undrawn commitments $million Financial Guarantees $million Corporate & Investment Banking $million Wealth & Retail Banking $million Ventures $million Central & other items $million Customer Total $million Stage 1 43,208 128,746 117,015 1,383 21,958 269,102 178,516 87,991 • Strong 31,239 90,725 111,706 1,367 21,540 225,338 162,574 56,070 • Satisfactory 11,969 38,021 5,309 16 418 43,764 15,942 31,921 Stage 2 318 8,643 1,905 48 35 10,631 4,006 2,038 • Strong 8 1,229 1,413 31 – 2,673 994 471 • Satisfactory 125 6,665 155 6 – 6,826 2,862 1,403 • Higher risk 185 749 337 11 35 1,132 150 164 Of which (stage 2): • Less than 30 days past due – 55 155 6 – 216 – – • More than 30 days past due 2 7 337 11 – 355 – – Stage 3, credit-impaired financial assets 83 4,476 1,617 12 98 6,203 7 603 Gross balance 1 43,609 141,865 120,537 1,443 22,091 285,936 182,529 90,632 Stage 1 (10) (80) (383) (20) – (483) (50) (16) • Strong (7) (28) (325) (18) – (371) (33) (7) • Satisfactory (3) (52) (58) (2) – (112) (17) (9) Stage 2 (1) (303) (147) (23) – (473) (52) (7) • Strong – (41) (70) (14) – (125) (10) – • Satisfactory (1) (218) (32) (3) – (253) (32) (4) • Higher risk – (44) (45) (6) – (95) (10) (3) Of which (stage 2): • Less than 30 days past due – (1) (32) (3) – (36) – – • More than 30 days past due – – (45) (6) – (51) – – Stage 3, credit-impaired financial assets (5) (3,178) (759) (11) – (3,948) (1) (129) Total credit impairment (16) (3,561) (1,289) (54) – (4,904) (103) (152) Net carrying value 43,593 138,304 119,248 1,389 22,091 281,032 – – Stage 1 0.0% 0.1% 0.3% 1.4% 0.0% 0.2% 0.0% 0.0% • Strong 0.0% 0.0% 0.3% 1.3% 0.0% 0.2% 0.0% 0.0% • Satisfactory 0.0% 0.1% 1.1% 12.5% 0.0% 0.3% 0.1% 0.0% Stage 2 0.3% 3.6% 7.7% 47.9% 0.0% 4.4% 1.3% 0.3% • Strong 0.0% 3.3% 5.0% 45.2% 0.0% 4.7% 1.0% 0.0% • Satisfactory 0.8% 3.3% 20.6% 50.0% 0.0% 3.7% 1.1% 0.3% • Higher risk 0.0% 5.9% 13.4% 54.5% 0.0% 8.4% 6.7% 1.8% Of which (stage 2): • Less than 30 days past due 0.0% 1.8% 20.6% 50.0% 0.0% 16.7% 0.0% 0.0% • More than 30 days past due 0.0% 0.0% 13.4% 54.5% 0.0% 14.4% 0.0% 0.0% Stage 3, credit-impaired financial assets(S3) 6.0% 71.0% 46.9% 91.7% 0.0% 63.6% 14.3% 21.4% • Stage 3 Collateral 1 297 584 – – 881 – 46 • Stage 3 Cover ratio (after collateral) 7.2% 77.6% 83.1% 91.7% 0.0% 77.8% 14.3% 29.0% Cover ratio 0.0% 2.5% 1.1% 3.7% 0.0% 1.7% 0.1% 0.2% Fair value through profit or loss Performing 36,967 58,506 6 – – 58,512 – – • Strong 30,799 38,084 3 – – 38,087 – – • Satisfactory 6,158 20,314 3 – – 20,317 – – • Higher risk 10 108 – – – 108 – – Impaired (CG13-14) – 13 – – – 13 – – Gross balance (FVTPL) 2 36,967 58,519 6 – – 58,525 – – Net carrying value (incl FVTPL) 80,560 196,823 119,254 1,389 22,091 339,557 – – 1 Loans and advances includes reverse repurchase agreements and other similar secured lending of $9,660 million under Customers and of $2,946 million under Banks, held at amortised cost. 2 Loans and advances includes reverse repurchase agreements and other similar secured lending of $51,441 million under Customers and of $34,754 million under Banks, held at fair value through profit or loss. Standard Chartered | Annual Report 2025240 ![]() Loans and advance analysis by client segment, credit quality and key geography Credit grade Regulatory 1 year PDrange (%) S&P external ratingsequivalent 2025 Corporate & Investment Banking and Central & other items Gross Credit impairment Stage 1 $million Stage 2 $million Stage 3 $million Total $million Stage 1 $million Stage 2 $million Stage 3 $million Total $million Strong 108,627 1,767 – 110,394 (71) (4) – (75) 1A-2B 0 – 0.045 A+ and above 27,495 71 – 27,566 (14) – – (14) 3A-4A 0.046 – 0.110 A/A- to BBB+/BBB 32,856 428 – 33,284 (3) – – (3) 4B-5B 0.111 – 0.425 BBB to BBB-/BB+ 48,276 1,268 – 49,544 (54) (4) – (58) Satisfactory 39,129 4,984 – 44,113 (69) (217) – (286) 6A-7B 0.426 – 1.350 BB+/BB to BB- 24,871 1,564 – 26,435 (16) (26) – (42) 8A-9B 1.351 – 4.000 BB-/B+ to B 9,738 1,758 – 11,496 (36) (125) – (161) 10A-11C 4.001 – 15.75 B/B- to B-/CCC+ 4,520 1,662 – 6,182 (17) (66) – (83) Higher risk – 1,108 – 1,108 – (89) – (89) 12 15.751 – 99.999 CCC/C – 1,108 – 1,108 – (89) – (89) Credit-impaired – – 4,203 4,203 – – (2,216) (2,216) 13-14 100 Impaired – – 4,203 4,203 – – (2,216) (2,216) Total 147,756 7,859 4,203 159,818 (140) (310) (2,216) (2,666) 2024 Strong 112,265 1,229 – 113,494 (28) (41) – (69) 1A-2B 0 – 0.045 A+ and above 32,160 31 – 32,191 (2) – – (2) 3A-4A 0.046 – 0.110 A/A- to BBB+/BBB 40,712 524 – 41,236 (8) (33) – (41) 4B-5B 0.111 – 0.425 BBB to BBB-/BB+ 39,393 674 – 40,067 (18) (8) – (26) Satisfactory 38,439 6,665 – 45,104 (52) (218) – (270) 6A-7B 0.426 – 1.350 BB+/BB to BB- 24,928 2,677 – 27,605 (21) (24) – (45) 8A-9B 1.351 – 4.000 BB-/B+ to B 9,514 2,618 – 12,132 (20) (169) – (189) 10A-11C 4.001 – 15.75 B/B- to B-/CCC+ 3,997 1,370 – 5,367 (11) (25) – (36) Higher risk – 784 – 784 – (44) – (44) 12 15.751 – 99.999 CCC/C – 784 – 784 – (44) – (44) Credit-impaired – – 4,574 4,574 – – (3,178) (3,178) 13-14 100 Impaired – – 4,574 4,574 – – (3,178) (3,178) Total 150,704 8,678 4,574 163,956 (80) (303) (3,178) (3,561) Annual Report 2025 | Standard Chartered 241 Risk review and Capital review ![]() #### Credit Risk (audited) Undrawn commitment and financial guarantees by client segment and credit quality Credit grade Regulatory 1 year PDrange (%) S&P external ratingsequivalent 2025 Corporate & Investment Banking and Central & other items Notional Credit impairment Stage 1 $million Stage 2 $million Stage 3 $million Total $million Stage 1 $million Stage 2 $million Stage 3 $million Total $million Strong 165,772 1,499 – 167,271 (26) (1) – (27) 1A-2B 0 – 0.045 A+ and above 30,194 344 – 30,538 (2) – – (2) 3A-4A 0.046 – 0.110 A/A- to BBB+/BBB 60,619 453 – 61,072 (5) – – (5) 4B-5B 0.111 – 0.425 BBB to BBB-/BB+ 74,959 702 – 75,661 (19) (1) – (20) Satisfactory 62,472 3,652 – 66,124 (32) (28) – (60) 6A-7B 0.426 – 1.350 BB+/BB to BB- 46,842 1,299 – 48,141 (16) (3) – (19) 8A-9B 1.351 – 4.000 BB-/B+ to B 11,762 1,388 – 13,150 (11) (16) – (27) 10A-11C 4.001 – 15.75 B/B- to B-/CCC+ 3,868 965 – 4,833 (5) (9) – (14) Higher risk – 292 – 292 – (16) – (16) 12 15.751 – 99.999 CCC+/C – 292 – 292 – (16) – (16) Credit-impaired – – 583 583 – – (100) (100) 13-14 100 Impaired – – 583 583 – – (100) (100) Total 228,244 5,443 583 234,270 (58) (45) (100) (203) 2024 Strong 140,733 1,265 – 141,998 (22) (6) – (29) 1A-2B 0 – 0.045 A+ and above 29,623 280 – 29,903 (1) – – (1) 3A-4A 0.046 – 0.110 A/A- to BBB+/BBB 53,568 492 – 54,060 (4) – – (4) 4B-5B 0.111 – 0.425 BBB to BBB-/BB+ 57,542 493 – 58,035 (17) (6) – (23) Satisfactory 46,394 4,200 – 50,594 (23) (33) – (56) 6A-7B 0.426 – 1.350 BB+/BB to BB- 2,544 1,065 – 3,609 (4) (6) – (10) 8A-9B 1.351 – 4.000 BB-/B+ to B 30,438 1,162 – 31,600 (11) (16) – (27) 10A-11C 4.001 – 15.75 B/B- to B-/CCC+ 13,412 1,973 – 15,385 (8) (11) – (19) Higher risk – 286 – 286 – (11) – (11) 12 15.751 – 99.999 CCC+/C – 286 – 286 – (11) – (11) Credit-impaired – – 593 593 – – (129) (129) 13-14 100 Impaired – – 593 593 – – (129) (129) Total 187,127 5,751 593 193,471 (45) (50) (129) (224) Standard Chartered | Annual Report 2025242 ![]() Loans and advances analysis by client segment, credit quality and key geography Corporate & Investment Banking and Central & other items 2025 Gross Credit Impairment Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Total Coverage % Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Defaulted $million Total $million Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Impaired $million Total $million Hong Kong 29,977 11,244 41,221 235 1,140 433 1,808 1,181 1,181 (19) (25) (44) – (78) (78) (156) (424) (424) (1.4)% Corporate Lending 15,933 4,481 20,414 215 1,127 382 1,724 546 546 (16) (20) (36) – (75) (78) (153) (384) (384) (2.5)% Non Corporate Lending 1 5,337 2,255 7,592 20 13 51 84 588 588 (1) (4) (5) – (3) – (3) (39) (39) (0.6)% Banks 8,707 4,508 13,215 – – – – 47 47 (2) (1) (3) – – – – (1) (1) (0.0)% Singapore 25,585 9,638 35,223 636 962 25 1,623 240 240 (4) (11) (15) (2) (16) – (18) (170) (170) (0.5)% Corporate Lending 9,996 4,552 14,548 617 849 25 1,491 162 162 (3) (9) (12) (2) (16) – (18) (159) (159) (1.2)% Non Corporate Lending 1 11,217 1,198 12,415 – 71 – 71 39 39 (1) (1) (2) – – – – (8) (8) (0.1)% Banks 4,372 3,888 8,260 19 42 – 61 39 39 – (1) (1) – – – – (3) (3) (0.0)% China 12,149 1,718 13,867 – 123 12 135 89 89 (2) (1) (3) – – – – (16) (16) (0.1)% Corporate Lending 4,410 1,196 5,606 – 122 12 134 87 87 (1) (1) (2) – – – – (14) (14) (0.3)% Non Corporate Lending 1 4,321 210 4,531 – – – – – – (1) – (1) – – – – – – (0.0)% Banks 3,418 312 3,730 – 1 – 1 2 2 – – – – – – – (2) (2) (0.1)% UK 16,597 7,627 24,224 52 1,300 462 1,814 868 868 – – – – (30) – (30) (371) (371) (1.5)% Corporate Lending 7,136 3,350 10,486 52 1,129 462 1,643 538 538 – – – – (28) – (28) (346) (346) (3.0)% Non Corporate Lending 1 7,028 2,188 9,216 – 87 – 87 329 329 – – – – (2) – (2) (24) (24) (0.3)% Banks 2,433 2,089 4,522 – 84 – 84 1 1 – – – – – – – (1) (1) (0.0)% US 20,847 3,737 24,584 431 417 – 848 298 298 (2) (3) (5) – (21) – (21) (53) (53) (0.3)% Corporate Lending 6,629 3,075 9,704 163 367 – 530 298 298 (1) (3) (4) – (20) – (20) (53) (53) (0.7)% Non Corporate Lending 1 13,681 171 13,852 258 44 – 302 – – (1) – (1) – (1) – (1) – – (0.0)% Banks 537 491 1,028 10 6 – 16 – – – – – – – – – – – 0.0% Others 34,729 17,516 52,245 455 1,214 179 1,848 1,617 1,617 (46) (33) (79) (3) (72) (11) (86) (1,189) (1,189) (2.4)% Corporate Lending 18,355 13,663 32,018 428 1,108 176 1,712 1,341 1,341 (30) (25) (55) (2) (65) (11) (78) (997) (997) (3.2)% Non Corporate Lending 1 4,586 2,788 7,374 14 67 – 81 275 275 (15) (7) (22) – (7) – (7) (192) (192) (2.9)% Banks 11,788 1,065 12,853 13 39 3 55 1 1 (1) (1) (2) (1) – – (1) – – (0.0)% Total 139,884 51,480 191,364 1,809 5,156 1,111 8,076 4,293 4,293 (73) (73) (146) (5) (217) (89) (311) (2,223) (2,223) (1.3)% 1 Include financing, insurance and non-banking corporations and governments. Annual Report 2025 | Standard Chartered 243 Risk review and Capital review ![]() #### Credit Risk (audited) Corporate & Investment Banking and Central & other items 2024 Gross Credit Impairment Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Total Coverage % Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Defaulted $million Total $million Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Impaired $million Total $million Hong Kong 29,643 12,079 41,722 230 1,539 64 1,833 1,308 1,308 (8) (8) (16) (33) (107) (9) (149) (1,157) (1,157) (2.9)% Corporate Lending 13,230 6,180 19,410 225 1,329 64 1,618 1,296 1,296 (5) (4) (9) (33) (102) (9) (144) (1,157) (1,157) (5.9)% Non Corporate Lending 1 4,526 2,730 7,256 4 206 – 210 12 12 (1) (3) (4) – (5) – (5) – – (0.1)% Banks 11,887 3,169 15,056 1 4 – 5 – – (2) (1) (3) – – – – – – (0.0)% Singapore 34,114 8,762 42,876 500 1,019 35 1,554 337 337 – (8) (8) (4) (14) – (18) (196) (196) (0.5)% Corporate Lending 9,545 4,457 14,002 469 658 35 1,162 265 265 – (6) (6) (4) (14) – (18) (195) (195) (1.4)% Non Corporate Lending 1 20,156 1,091 21,247 29 358 – 387 – – – (1) (1) – – – – – – (0.0)% Banks 4,413 3,214 7,627 2 3 – 5 72 72 – (1) (1) – – – – (1) (1) (0.0)% China 10,370 2,744 13,114 49 133 14 196 171 171 (3) (1) (4) – – – – (86) (86) (0.7)% Corporate Lending 4,934 2,143 7,077 49 133 14 196 168 168 (1) (1) (2) – – – – (83) (83) (1.1)% Non Corporate Lending 1 3,241 363 3,604 – – – – – – (1) – (1) – – – – – – (0.0)% Banks 2,195 238 2,433 – – – – 3 3 (1) – (1) – – – – (3) (3) (0.2)% UK 21,555 5,985 27,540 48 1,940 141 2,129 756 756 (10) (4) (14) – (27) (6) (33) (258) (258) (1.0)% Corporate Lending 2,331 2,082 4,413 47 1,433 27 1,507 658 658 (9) (3) (12) – (27) (6) (33) (237) (237) (4.3)% Non Corporate Lending 1 17,040 1,753 18,793 1 507 112 620 97 97 (1) (1) (2) – – – – (21) (21) (0.1)% Banks 2,184 2,150 4,334 – – 2 2 1 1 – – – – – – – – – 0.0% US 15,707 4,400 20,107 92 433 33 558 4 4 (4) (1) (5) (1) (1) – (2) (3) (3) (0.0)% Corporate Lending 5,334 2,705 8,039 77 322 – 399 1 1 (3) (1) (4) (1) (1) – (2) – – (0.1)% Non Corporate Lending 1 9,688 123 9,811 15 79 – 94 3 3 (1) – (1) – – – – (3) (3) (0.0)% Banks 685 1,572 2,257 – 32 33 65 – – – – – – – – – – – 0.0% Others 32,116 16,437 48,553 318 1,726 681 2,725 2,081 2,081 (10) (33) (43) (3) (70) (29) (102) (1,483) (1,483) (3.1)% Corporate Lending 21,909 12,516 34,425 291 1,030 490 1,811 1,883 1,883 (6) (26) (32) (3) (38) (28) (69) (1,333) (1,333) (3.8)% Non Corporate Lending 1 332 2,296 2,628 22 610 41 673 191 191 – (6) (6) – (31) (1) (32) (149) (149) (5.4)% Banks 9,875 1,625 11,500 5 86 150 241 7 7 (4) (1) (5) – (1) – (1) (1) (1) (0.1)% Total 2 143,505 50,407 193,912 1,237 6,790 968 8,995 4,657 4,657 (35) (55) (90) (41) (219) (44) (304) (3,183) (3,183) (1.7)% 1 Include financing, insurance and non-banking corporations and governments. 2 Amounts have been re-presented from management view to financial booking basis in line with RNS on Re-Presentation of Financial Information issued on2 April2025. Refer to the bridge tables in Note 40 on page 424. Standard Chartered | Annual Report 2025244 ![]() Wealth & Retail Banking and Ventures 2025 Gross Credit impairment Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Total Coverage % Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Defaulted $million Total $million Strong $million Satisfactory $million Total $million Strong $million Satisfactory $million Higher Risk $million Total $million Impaired $million Total $million Hong Kong 43,564 220 43,784 265 64 39 368 230 230 (74) (10) (84) (32) (5) (9) (46) (77) (77) (0.5)% Mortgages 31,375 150 31,525 70 46 12 128 67 67 (1) – (1) – – – – (3) (3) (0.0)% Credit cards 4,332 33 4,365 112 18 23 153 19 19 (49) (5) (54) (30) (5) (9) (44) (16) (16) (2.5)% Others 7,857 37 7,894 83 – 4 87 144 144 (24) (5) (29) (2) – – (2) (58) (58) (1.1)% Singapore 33,327 52 33,379 448 25 32 505 347 347 (63) (17) (80) (7) (2) (7) (16) (279) (279) (1.1)% Mortgages 15,809 12 15,821 196 18 11 225 16 16 – – – – – – – (7) (7) (0.0)% Credit cards 2,531 25 2,556 18 7 20 45 22 22 (47) (17) (64) (5) (2) (7) (14) (17) (17) (3.6)% Others 14,987 15 15,002 234 – 1 235 309 309 (16) – (16) (2) – – (2) (255) (255) (1.8)% Korea 19,829 190 20,019 269 7 20 296 190 190 (23) (2) (25) (12) (2) (1) (15) (78) (78) (0.6)% Mortgages 15,321 150 15,471 232 6 15 253 88 88 (1) – (1) (1) – – (1) (3) (3) (0.0)% Credit cards 16 – 16 – – – – – – – – – – – – – – – 0.0% Others 4,492 40 4,532 37 1 5 43 102 102 (22) (2) (24) (11) (2) (1) (14) (75) (75) (2.4)% Rest of World 25,259 4,865 30,124 471 66 258 795 994 994 (183) (16) (199) (41) (6) (12) (59) (437) (437) (2.2)% Mortgages 15,532 2,321 17,853 196 41 149 386 471 471 (4) (5) (9) (2) – (1) (3) (148) (148) (0.9)% Credit cards 1,124 15 1,139 95 4 9 108 28 28 (21) (3) (24) (20) (1) (2) (23) (21) (21) (5.3)% Others 8,603 2,529 11,132 180 21 100 301 495 495 (158) (8) (166) (19) (5) (9) (33) (268) (268) (3.9)% Total 121,979 5,327 127,306 1,453 162 349 1,964 1,761 1,761 (343) (45) (388) (92) (15) (29) (136) (871) (871) (1.1)% 2024 Hong Kong 41,906 320 42,226 288 47 40 375 228 228 (59) (14) (73) (33) (20) (4) (57) (69) (69) (0.5)% Mortgages 31,080 265 31,345 55 14 24 93 75 75 – – – – – – – (7) (7) (0.0)% Credit cards 4,210 19 4,229 93 30 1 124 14 14 (36) (11) (47) (27) (19) (1) (47) (14) (14) (2.5)% Others 6,616 36 6,652 140 3 15 158 139 139 (23) (3) (26) (6) (1) (3) (10) (48) (48) (1.2)% Singapore 26,755 52 26,807 441 39 34 514 312 312 (29) (26) (55) (6) (6) (6) (18) (265) (265) (1.2)% Mortgages 13,531 12 13,543 160 32 15 207 9 9 – – – – – – – (4) (4) (0.0)% Credit cards 2,248 25 2,273 14 5 16 35 16 16 (9) (26) (35) (5) (5) (4) (14) (19) (19) (2.9)% Others 10,976 15 10,991 267 2 3 272 287 287 (20) – (20) (1) (1) (2) (4) (242) (242) (2.3)% Korea 18,062 220 18,282 378 9 22 409 112 112 (22) (1) (23) (28) (4) (1) (33) (33) (33) (0.5)% Mortgages 13,198 171 13,369 250 8 17 275 62 62 – – – – – – – (2) (2) (0.0)% Credit cards 36 1 37 1 – – 1 – – (1) – (1) – – – – – – (2.6)% Others 4,828 48 4,876 127 1 5 133 50 50 (21) (1) (22) (28) (4) (1) (33) (31) (31) (1.7)% Rest of World 26,085 4,998 31,083 338 76 241 655 977 977 (239) (13) (252) (39) (5) (18) (62) (403) (403) (2.2)% Mortgages 15,079 2,007 17,086 136 43 141 320 459 459 (4) (2) (6) – – (1) (1) (124) (124) (0.7)% Credit cards 1,148 351 1,499 29 12 19 60 40 40 (33) (1) (34) (21) – (1) (22) (27) (27) (5.2)% Others 9,858 2,640 12,498 173 21 81 275 478 478 (202) (10) (212) (18) (5) (16) (39) (252) (252) (3.8)% Total 112,808 5,590 118,398 1,445 171 337 1,953 1,629 1,629 (349) (54) (403) (106) (35) (29) (170) (770) (770) (1.1)% Annual Report 2025 | Standard Chartered 245 Risk review and Capital review ![]() #### Credit Risk (audited) Undrawn commitment and financial guarantees – by client segment credit quality Amortised cost Wealth & Retail Banking and Ventures 2025 Notional ECL Stage 1 $million Stage 2 $million Stage 3 $million Total $million Stage 1 $million Stage 2 $million Stage 3 $million Total $million Strong 70,447 82 – 70,529 (13) (4) – (17) Satisfactory 467 10 – 477 (2) (1) – (3) Higher risk – 22 – 22 – (1) – (1) Impaired – – 4 4 – – – – Total 70,914 114 4 71,032 (15) (6) – (21) 2024 Strong 70,595 100 – 70,695 (15) (3) – (18) Satisfactory 850 11 – 861 (5) (1) – (6) Higher risk – 21 – 21 – (3) – (3) Impaired – – 8 8 – – – – Total 71,445 132 8 71,585 (20) (7) – (27) Movement in gross exposures and credit impairment forloans and advances, debt securities, undrawn commitments and financial guarantees (audited) The tables overleaf set out the movement in gross exposures and credit impairment by stage in respect of amortised costloans to banks and customers, undrawn commitments, financial guarantees and debt securities classified at amortised cost and FVOCI. The tables are presented for the Group and separately for CIB and WRB (which also includes a separate presentation for secured and unsecured exposures). Methodology The movement lines within the tables are an aggregation ofmonthly movements over the year and will therefore reflectthe accumulation of multiple trades during the year. The credit impairment charge in the income statement comprises the amounts within 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 financial instruments only. The approach for determining the key line items in the tables is set out below. • Transfers – transfers between stages are deemed to occur at the beginning of a month based on prior month closing balances. • Net remeasurement from stage changes – the remeasurement of credit impairment provisions arising from a change in stage is reported within the stage thatthe assets are transferred to. For example, assets transferred into stage 2 are remeasured from a 12-month to a lifetime ECL, with the effect of remeasurement reported in stage 2. For stage 3, this represents the initial remeasurement from specific provisions recognised onindividual assets transferred into stage 3 in the year. • Net changes in exposures – new business written less repayments in the year. Within stage 1, new business written will attract up to 12 months of ECL charges. Repayments of non-amortising loans (primarily within CIB)will have low amounts of ECL provisions attributed tothem, due to the release of provisions over the term tomaturity. In stages 2 and 3, the net change in exposures reflects repayments although stage 2 may include new facilities where clients are on non-purely precautionary early alert, are CG 12. • Changes in risk parameters – for stages 1 and 2, this reflects changes in the probability of default (PD), loss given default (LGD) and exposure at default (EAD) of assets during the year, which includes the impact of releasing provisions over the term to maturity. It also includes the effect of changes in forecasts of macroeconomic variables during the year. In stage 3, this line represents additional specific provisions recognised onexposures held within stage 3. • Interest due but not paid – change in contractual amount of interest due in stage 3 financial instruments but not paid, being the net of accruals, repayments and write-offs, together with the corresponding change in credit impairment. Changes to ECL models, which incorporate changes to model approaches and methodologies, are not reported as a separate line item as these have an impact over a number oflines and stages. Standard Chartered | Annual Report 2025246 ![]() Movements during the year Stage 1 gross exposures increased by $69.4 billion to $790.1 billion (31 December 2024: $720.7 billion). CIB exposure increased by $45.5 billion to $412.6 billion (31 December 2024: $367.1 billion), due to an increase in exposures in financial guarantees in the financing, insurance and non-banking sector. WRB exposures increased by $6.5 billion to $186.1 billion (31 December 2024: $179.6 billion), largely driven by mortgages in Korea and Singapore, and increased demand in secured wealth products. Debt securities increased by $22.4 billion, largely in the Central and other items segment which hadalso seen a $7.0 billion reduction in loan balances to customers. Total stage 1 provisions increased by $83 million to$665 million (31 December 2024: $582 million). CIB provisions increased by $61 million to $194 million (31 December 2024: $133 million), due to an increase in management overlays and portfolio movements. WRB provisions reduced by $41 million to $351 million (31 December 2024: $392 million), due to apivot to affluent clients. Stage 2 gross exposures decreased by $1.7 billion to $17.0 billion (31 December 2024: $18.6 billion), primarily driven by a net reduction in CIB exposures primarily due to a sovereign upgrade, model changes and portfolio movements. WRB exposures were broadly stable at $2.0 billion (31 December 2024: $2.0 billion). Stage 2 provisions decreased by $36 million to $501 million (31 December 2024: $537 million). CIB provisions decreased by $8 million to $354 million (31 December 2024: $362 million), due to portfolio movements and sovereign upgrade. WRB provisions decreased by $31 million to $120 million (31 December 2024: $151 million) mainly driven by improvements from credit remediation actions. Debt securities primarily held in the Central and other items segment decreased by $416 million, due to sovereign upgrades. Stage 3 gross exposures remained stable at $6.9 billion (31 December 2024: $7.0 billion). CIB exposures decreased by$0.3 billion to $4.9 billion (31 December 2024: $5.2 billion) due to repayments, restructuring related write-offs, which was offset by one downgrade in the government sector. Debtsecurities classified as purchased or originated credit-impaired instruments (POCI) increased by $0.2 billion to $0.3 billion (31 December 2024: $0.1 billion) due to higher holdings of treasury bills in one defaulted sovereign. WRB exposures remained stable at $1.7 billion (31 December 2024:$1.6 billion). CIB provisions decreased by $1 billion to $2.3 billion (31 December 2024: $3.3 billion), due to releases from repayments and restructuring related write-offs. WRB provisions remained stable at $0.8 billion (31 December 2024:$0.8 billion). The amount of stage 3 exposures written off in 2025 that remain subject to enforcement activity is$1.7 billion (31 December 2024: $1.2 billion). Annual Report 2025 | Standard Chartered 247 Risk review and Capital review ![]() #### Credit Risk (audited) All segments (audited) Amortised cost and FVOCI Stage 1 Stage 2 Stage 3 5 Total Gross balance 3 $million Total credit impairment $million Net $million Gross balance³ $million Total credit impairment $million Net $million Gross balance 3 $million Total credit impairment $million Net $million Gross balance 3 $million Total credit impairment $million Net $million As at 1 January 2024 723,876 (526) 723,350 22,268 (517) 21,751 8,144 (4,499) 3,645 754,288 (5,542) 748,746 Transfers to stage 1 16,433 (543) 15,890 (16,423) 543 (15,880) (10) – (10) – – – Transfers to stage 2 (33,301) 128 (33,173) 33,770 (153) 33,617 (469) 25 (444) – – – Transfers to stage 3 (1,631) 63 (1,568) (146) 168 22 1,777 (231) 1,546 – – – Net change in exposures 29,928 (173) 29,755 (18,435) 80 (18,355) (1,383) 622 (761) 10,110 529 10,639 Net remeasurement fromstage changes – 61 61 – (185) (185) – (203) (203) – (327) (327) Changes in risk parameters – 84 84 – (242) (242) – (873) (873) – (1,031) (1,031) Write-offs – – – – – – (1,260) 1,260 – (1,260) 1,260 – Interest due but unpaid – – – – – – 53 (53) – 53 (53) – Discount unwind – – – – – – – 135 135 – 135 135 Exchange translation differences and other movements 1 (14,626) 324 (14,302) (2,427) (231) (2,658) 147 (268) (121) (16,906) (175) (17,081) As at 31 December 2024 2 720,679 (582) 720,097 18,607 (537) 18,070 6,999 (4,085) 2,914 746,285 (5,204) 741,081 Income statement ECL (charge)/release 6 (28) (347) (454) (829) Recoveries of amounts previously written off – – 279 279 Total credit impairment (charge)/release 4 (28) (347) (175) (550) As at 1 January 2025 720,679 (582) 720,097 18,607 (537) 18,070 6,999 (4,085) 2,914 746,285 (5,204) 741,081 Transfers to stage 1 17,431 (630) 16,801 (17,429) 630 (16,799) (2) – (2) – – – Transfers to stage 2 (39,710) 125 (39,585) 40,040 (144) 39,896 (330) 19 (311) – – – Transfers to stage 3 (170) 1 (169) (3,038) 255 (2,783) 3,208 (256) 2,952 – – – Net change in exposures 74,970 (221) 74,749 (19,400) 5 (19,395) (1,558) 502 (1,056) 54,012 286 54,298 Net remeasurement fromstage changes – 73 73 – (176) (176) – (187) (187) – (290) (290) Changes in risk parameters – 168 168 – (135) (135) – (1,035) (1,035) – (1,002) (1,002) Write-offs – – – – – – (1,718) 1,718 – (1,718) 1,718 – Interest due but unpaid – – – – – – (159) 159 – (159) 159 – Discount unwind – – – – – – – 102 102 – 102 102 Exchange translation differences and other movements 1 16,876 401 17,277 (1,823) (399) (2,222) 506 (136) 370 15,559 (134) 15,425 As at 31 Dec 2025 2 790,076 (665) 789,411 16,957 (501) 16,456 6,946 (3,199) 3,747 813,979 (4,365) 809,614 Income statement ECL (charge)/release 6 20 (306) (720) (1,006) Recoveries of amounts previously written off – – 341 341 Total credit impairment (charge)/release 4 20 (306) (379) (665) 1 Includes fair value adjustments and amortisation on debt securities. 2 Excludes Cash and balances at central banks, Accrued income, Assets held for sale and Other assets gross balances of $118,232 million (31 December 2024: $101,755 million) and Total credit impairment of $43 million (31 December 2024: $63 million). 3 The gross balance includes the notional amount of off balance sheet instruments. 4 Reported basis. 5 Stage 3 gross includes $278 million (31 December 2024: $59 million) originated credit-impaired debt securities with impairment of $5 million (31 December 2024: $Nil). 6 Does not include charge relating to Other assets of $7 million (31 December 2024: release of $3 million). Standard Chartered | Annual Report 2025248 ![]() Corporate & Investment Banking (audited) Amortised cost and FVOCI Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million As at 1 January 2024 337,189 (151) 337,038 16,873 (318) 16,555 6,256 (3,651) 2,605 360,318 (4,120) 356,198 Transfers to stage 1 10,390 (245) 10,145 (10,390) 245 (10,145) – – – – – – Transfers to stage 2 (25,698) 47 (25,651) 25,810 (58) 25,752 (112) 11 (101) – – – Transfers to stage 3 (186) (4) (190) (186) 22 (164) 372 (18) 354 – – – Net change in exposures 50,866 (50) 50,816 (16,508) 88 (16,420) (1,063) 607 (456) 33,295 645 33,940 Net remeasurement fromstage changes – 16 16 (4) (36) (40) – (100) (100) (4) (120) (124) Changes in risk parameters 2 – 32 32 – (129) (129) – (324) (324) – (421) (421) Write-offs – – – – – – (321) 321 – (321) 321 – Interest due but unpaid – – – – – – 25 (25) – 25 (25) – Discount unwind – – – – – – – 104 104 – 104 104 Exchange translation differences and other movements 2 (5,455) 222 (5,233) (726) (176) (902) 13 (237) (224) (6,168) (191) (6,359) As at 31 December 2024 367,106 (133) 366,973 14,869 (362) 14,507 5,170 (3,312) 1,858 387,145 (3,807) 383,338 Income statement ECL (charge)/release 2 (2) (77) 183 104 Recoveries of amounts previously written off – – 26 26 Total credit impairment (charge)/release (2) (77) 209 130 As at 1 January 2025 367,106 (133) 366,973 14,869 (362) 14,507 5,170 (3,312) 1,858 387,145 (3,807) 383,338 Transfers to stage 1 11,606 (387) 11,219 (11,606) 387 (11,219) – – – – – – Transfers to stage 2 (30,544) 29 (30,515) 30,795 (48) 30,747 (251) 19 (232) – – – Transfers to stage 3 (111) – (111) (1,567) 56 (1,511) 1,678 (56) 1,622 – – – Net change in exposures 58,190 (119) 58,071 (17,214) 32 (17,182) (883) 505 (378) 40,093 418 40,511 Net remeasurement fromstage changes – 4 4 (1) (16) (17) – (145) (145) (1) (157) (158) Changes in risk parameters – 55 55 – (79) (79) – (299) (299) – (323) (323) Write-offs – – – – – – (1,075) 1,075 – (1,075) 1,075 – Interest due but unpaid – – – – – – (187) 187 – (187) 187 – Discount unwind – – – – – – – 69 69 – 69 69 Exchange translation differences and other movements 6,343 357 6,700 (1,597) (324) (1,921) 431 (365) 66 5,177 (332) 4,845 As at 31 December 2025 412,590 (194) 412,396 13,679 (354) 13,325 4,883 (2,322) 2,561 431,152 (2,870) 428,282 Income statement ECL (charge)/release (60) (63) 61 (62) Recoveries of amounts previously written off – – 54 54 Total credit impairment (charge)/release (60) (63) 115 (8) 1 The gross balance includes the notional amount of off balance sheet instruments. 2 Business segments have been re-presented in line with the RNS on Re-Presentation of Financial information issued on 2 April 2025. Annual Report 2025 | Standard Chartered 249 Risk review and Capital review ![]() #### Credit Risk (audited) Wealth & Retail Banking (audited) Amortised cost and FVOCI Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million As at 1 January 2024 190,999 (325) 190,674 2,472 (140) 2,332 1,485 (759) 726 194,956 (1,224) 193,732 Transfers to stage 1 5,126 (288) 4,838 (5,116) 288 (4,828) (10) – (10) – – – Transfers to stage 2 (7,393) 80 (7,313) 7,525 (80) 7,445 (132) – (132) – – – Transfers to stage 3 (98) 1 (97) (1,254) 211 (1,043) 1,352 (212) 1,140 – – – Net change in exposures (3,926) (89) (4,015) (1,505) 21 (1,484) (431) – (431) (5,862) (68) (5,930) Net remeasurement fromstage changes – 29 29 – (144) (144) – (44) (44) – (159) (159) Changes in risk parameters 2 – 35 35 – (152) (152) – (531) (531) – (648) (648) Write-offs – – – – – – (808) 808 – (808) 808 – Interest due but unpaid – – – – – – 28 (28) – 28 (28) – Discount unwind – – – – – – – 30 30 – 30 30 Exchange translation differences and other movements 2 (5,128) 165 (4,963) (92) (155) (247) 139 (22) 117 (5,081) (12) (5,093) As at 31 December 2024 179,580 (392) 179,188 2,030 (151) 1,879 1,623 (758) 865 183,233 (1,301) 181,932 Income statement ECL (charge)/release 2 (25) (275) (575) (875) Recoveries of amounts previously written off – – 253 253 Total credit impairment (charge)/release (25) (275) (322) (622) As at 1 January 2025 179,580 (392) 179,188 2,030 (151) 1,879 1,623 (758) 865 183,233 (1,301) 181,932 Transfers to stage 1 5,261 (234) 5,027 (5,259) 234 (5,025) (2) – (2) – – – Transfers to stage 2 (8,822) 92 (8,730) 8,901 (92) 8,809 (79) – (79) – – – Transfers to stage 3 (52) 1 (51) (1,437) 193 (1,244) 1,489 (194) 1,295 – – – Net change in exposures 6,130 (47) 6,083 (2,291) (5) (2,296) (772) – (772) 3,067 (52) 3,015 Net remeasurement fromstage changes – 40 40 – (155) (155) – (42) (42) – (157) (157) Changes in risk parameters – 50 50 – (37) (37) – (681) (681) – (668) (668) Write-offs – – – – – – (604) 604 – (604) 604 – Interest due but unpaid – – – – – – 28 (28) – 28 (28) – Discount unwind – – – – – – – 33 33 – 33 33 Exchange translation differences and other movements 3,965 139 4,104 65 (107) (42) 43 220 263 4,073 252 4,325 As at 31 December 2025 186,062 (351) 185,711 2,009 (120) 1,889 1,726 (846) 880 189,797 (1,317) 188,480 Income statement ECL (charge)/release 43 (197) (723) (877) Recoveries of amounts previously written off – – 287 287 Total credit impairment (charge)/release 43 (197) (436) (590) 1 The gross balance includes the notional amount of off-balance sheet instruments. 2 Business segments have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. Standard Chartered | Annual Report 2025250 ![]() Wealth & Retail Banking – Secured (audited) Amortised cost and FVOCI Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million As at 1 January 2024 129,798 (33) 129,765 1,827 (16) 1,811 1,062 (525) 537 132,687 (574) 132,113 Transfers to stage 1 3,839 (23) 3,816 (3,836) 23 (3,813) (3) – (3) – – – Transfers to stage 2 (4,952) 13 (4,939) 5,054 (13) 5,041 (102) – (102) – – – Transfers to stage 3 (43) – (43) (566) 19 (547) 609 (19) 590 – – – Net change in exposures 2,570 (11) 2,559 (917) 8 (909) (268) – (268) 1,385 (3) 1,382 Net remeasurement fromstage changes – 6 6 – (15) (15) – (7) (7) – (16) (16) Changes in risk parameters 2 – 10 10 – (6) (6) – (123) (123) – (119) (119) Write-offs – – – – – – (114) 114 – (114) 114 – Interest due but unpaid – – – – – – 53 (53) – 53 (53) – Discount unwind – – – – – – – 16 16 – 16 16 Exchange translation differences and other movements 2 (4,496) (10) (4,506) (57) (31) (88) (33) 41 8 (4,586) – (4,586) As at 31 December 2024 126,716 (48) 126,668 1,505 (31) 1,474 1,204 (556) 648 129,425 (635) 128,790 Income statement ECL (charge)/release 2 5 (13) (130) (138) Recoveries of amounts previously written off – – 80 80 Total credit impairment (charge)/release 5 (13) (50) (58) As at 1 January 2025 126,716 (48) 126,668 1,505 (31) 1,474 1,204 (556) 648 129,425 (635) 128,790 Transfers to stage 1 4,097 (17) 4,080 (4,095) 17 (4,078) (2) – (2) – – – Transfers to stage 2 (6,064) 7 (6,057) 6,121 (7) 6,114 (57) – (57) – – – Transfers to stage 3 (3) – (3) (634) 14 (620) 637 (14) 623 – – – Net change in exposures 8,276 (11) 8,265 (1,687) 9 (1,678) (447) – (447) 6,142 (2) 6,140 Net remeasurement fromstage changes – 4 4 – (32) (32) – (7) (7) – (35) (35) Changes in risk parameters – (18) (18) – 41 41 – (174) (174) – (151) (151) Write-offs – – – – – – (101) 101 – (101) 101 – Interest due but unpaid – – – – – – 53 (53) – 53 (53) – Discount unwind – – – – – – – 19 19 – 19 19 Exchange translation differences and other movements 3,767 18 3,785 63 (28) 35 10 64 74 3,840 54 3,894 As at 31 December 2025 136,789 (65) 136,724 1,273 (17) 1,256 1,297 (620) 677 139,359 (702) 138,657 Income statement ECL (charge)/release (25) 18 (181) (188) Recoveries of amounts previously written off – – 93 93 Total credit impairment (charge)/release (25) 18 (88) (95) 1 The gross balance includes the notional amount of off balance sheet instruments. 2 Business segments have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. Annual Report 2025 | Standard Chartered 251 Risk review and Capital review ![]() #### Credit Risk (audited) Wealth & Retail Banking – Unsecured (audited) Amortised cost and FVOCI Stage 1 Stage 2 Stage 3 Total Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million Gross balance 1 $million Total credit impairment $million Net $million As at 1 January 2024 61,201 (292) 60,909 645 (124) 521 423 (234) 189 62,269 (650) 61,619 Transfers to stage 1 1,287 (265) 1,022 (1,280) 265 (1,015) (7) – (7) – – – Transfers to stage 2 (2,441) 67 (2,374) 2,471 (67) 2,404 (30) – (30) – – – Transfers to stage 3 (55) 1 (54) (688) 192 (496) 743 (193) 550 – – – Net change in exposures (6,496) (78) (6,574) (588) 13 (575) (163) – (163) (7,247) (65) (7,312) Net remeasurement fromstage changes – 23 23 – (129) (129) – (37) (37) – (143) (143) Changes in risk parameters – 25 25 – (146) (146) – (408) (408) – (529) (529) Write-offs – – – – – – (694) 694 – (694) 694 – Interest due but unpaid – – – – – – (25) 25 – (25) 25 – Discount unwind – – – – – – – 14 14 – 14 14 Exchange translation differences and other movements (632) 175 (457) (35) (124) (159) 172 (63) 109 (495) (12) (507) As at 31 December 2024 52,864 (344) 52,520 525 (120) 405 419 (202) 217 53,808 (666) 53,142 Income statement ECL (charge)/release (30) (262) (445) (737) Recoveries of amounts previously written off – – 172 172 Total credit impairment (charge)/release (30) (262) (273) (565) As at 1 January 2025 52,864 (344) 52,520 525 (120) 405 419 (202) 217 53,808 (666) 53,142 Transfers to stage 1 1,164 (217) 947 (1,164) 217 (947) – – – – – – Transfers to stage 2 (2,758) 85 (2,673) 2,780 (85) 2,695 (22) – (22) – – – Transfers to stage 3 (49) 1 (48) (803) 179 (624) 852 (180) 672 – – – Net change in exposures (2,146) (36) (2,182) (604) (14) (618) (325) – (325) (3,075) (50) (3,125) Net remeasurement fromstage changes – 36 36 – (123) (123) – (35) (35) – (122) (122) Changes in risk parameters – 68 68 – (78) (78) – (507) (507) – (517) (517) Write-offs – – – – – – (503) 503 – (503) 503 – Interest due but unpaid – – – – – – (25) 25 – (25) 25 – Discount unwind – – – – – – – 14 14 – 14 14 Exchange translation differences and other movements 198 121 319 2 (79) (77) 33 156 189 233 198 431 As at 31 December 2025 49,273 (286) 48,987 736 (103) 633 429 (226) 203 50,438 (615) 49,823 Income statement ECL (charge)/release 68 (215) (542) (689) Recoveries of amounts previously written off – – 194 194 Total credit impairment (charge)/release 68 (215) (348) (495) 1 The gross balance includes the notional amount of off balance sheet instruments. Standard Chartered | Annual Report 2025252 ![]() Analysis of stage 2 balances The table below analyses total stage 2 gross on-and off- balance sheet exposures and associated expected credit provisions by the key SICR driver that caused the exposures tobe classified as stage 2 as at 31 December 2025 and 31 December 2024 for each segment. Read more on our criteria for Significant Increase inCreditRisk on page 274 Where multiple drivers apply, the exposure is allocated based on the table order. For example, a loan may have breached the defined IFRS 9 PD thresholds, which is a quantitative trigger, and could also be on non-purely precautionary early alert, a qualitative trigger; in this instance, the exposure isreported under ‘Quantitative’. Management overlay ECL isreported separately as the impact is spread across exposures with both quantitative and qualitative drivers. Read more on ‘Summary of Credit Risk Performance’ onpage 234 2025 Corporate & Investment Banking Wealth & Retail Banking Ventures Central & other items 1 Total Gross $million ECL $million Coverage % Gross $million ECL $million Coverage % Gross $million ECL $million Coverage % Gross $million ECL $million Coverage % Gross $million ECL $million Coverage % Quantitative 6,742 131 1.9% 1,291 89 6.9% 60 18 30.0% 297 3 1.0% 8,390 241 2.9% Qualitative 6,937 101 1.5% 571 10 1.8% – – 0.0% 1,373 3 0.2% 8,881 114 1.3% 30 days past due – – 0.0% 147 15 10.2% 10 4 40.0% – – 0.0% 157 19 12.1% Management overlay – 122 0.0% – 6 0.0% – – 0.0% – – 0.0% – 128 0.0% Total stage 2 13,679 354 2.6% 2,009 120 6.0% 70 22 31.4% 1,670 6 0.4% 17,428 502 2.9% 2024 2 Quantitative 8,465 112 1.3% 1,366 104 7.6% 48 20 41.7% 154 – 0.0% 10,033 236 2.4% Qualitative 6,404 93 1.5% 452 6 1.3% – – 0.0% 1,970 1 0.1% 8,826 100 1.1% 30 days past due – – 0.0% 212 19 9.0% 6 4 66.7% – – 0.0% 218 23 10.6% Management overlay – 157 0.0% – 22 0.0% – 3 0.0% – – 0.0% – 182 0.0% Total stage 2 14,869 362 2.4% 2,030 151 7.4% 54 27 50.0% 2,124 1 0.0% 19,077 541 2.8% 1 Includes Gross and ECL for Cash and balances at central banks and Assets held for sale. 2 Amounts previously reported as ‘Increase in PD’ have been reported as Quantitative and all other amounts have been aggregated into and reported as Qualitative. Annual Report 2025 | Standard Chartered 253 Risk review and Capital review ![]() #### Credit Risk (audited) Credit impairment charge (audited) The table below analyses credit impairment charges or releases of the ongoing business portfolio and restructuring business portfolio for the year ended 31 December 2025. Read more on ‘Summary of Credit Risk Performance’ on page 234 2025 2024 1 Stage 1 & 2 $million Stage 3 $million Total $million Stage 1 & 2 $million Stage 3 $million Total $million Ongoing business portfolio Corporate & Investment Banking 121 (117) 4 78 (198) (120) Wealth & Retail Banking 159 436 595 301 322 623 Ventures (2) 61 59 10 63 73 Central & other items 18 – 18 (18) (1) (19) Credit impairment charge/(release) 296 380 676 371 186 557 Restructuring business portfolio Others (3) (1) (4) 1 (11) (10) Credit impairment charge/(release) (3) (1) (4) 1 (11) (10) Total credit impairment charge 293 379 672 372 175 547 1 Business segments have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025, with no change in total credit impairment charge. #### Problem credit management and provisioning (audited) Forborne and other modified loans by client 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 difficulties. Net forborne loans increased by $238 million to $1,022 million (31 December 2024: $784 million), of which CIB accounted for$167 million largely driven by a new performing forborne loan in Hong Kong. WRB increased by $71 million to $254 million (31 December 2024: $183 million) mainly due to higher conversion in Malaysia and introduction of forbearance measures in China. Amortised cost 2025 2024 Corporate & Investment Banking $million Wealth & Retail Banking $million Total $million Corporate & Investment Banking $million Wealth & Retail Banking $million Total $million Gross stage 1 and 2 forborne loans 295 61 356 17 36 53 Modification of terms and conditions 1 90 61 151 17 36 53 Refinancing 2 205 – 205 – – – Impairment provisions (68) – (68) – (1) (1) Modification of terms and conditions 1 (8) – (8) – (1) (1) Refinancing 2 (60) – (60) – – – Net stage 1 and 2 forborne loans 227 61 288 17 35 52 Collateral 4 36 40 – 27 27 Gross stage 3 forborne loans 1,295 311 1,606 2,065 258 2,323 Modification of terms and conditions 1 1,208 311 1,519 1,824 258 2,082 Refinancing 2 87 – 87 241 – 241 Impairment provisions (754) (118) (872) (1,481) (110) (1,591) Modification of terms and conditions 1 (727) (118) (845) (1,242) (110) (1,352) Refinancing 2 (27) – (27) (239) – (239) Net stage 3 forborne loans 541 193 734 584 148 732 Collateral 175 25 200 172 55 227 Net carrying value of forborne loans 768 254 1,022 601 183 784 1 Modification of terms is any contractual change apart from refinancing, as a result of credit stress of the counterparty, i.e. interest reductions, loan covenant waivers. 2 Refinancing is a new contract to a borrower in credit stress, such that they are refinanced and can pay other debt contracts that they were unable to honour. Standard Chartered | Annual Report 2025254 ![]() Forborne and other modified loans by key geography Net forborne loans increased by $238 million to $1,022 million (31 December 2024: $784 million), mainly due to performing forborne loans in Hong Kong. Amortised cost 2025 2024 1 Hong Kong $million Korea $million China $million Singapore $million UK $million US $million Other $million Total $million Hong Kong $million Korea $million China $million Singapore $million UK $million US $million Other $million Total $million Performing forborne loans 147 10 – 3 48 – 80 288 2 8 – 3 – – 39 52 Stage 3 forborne loans 131 24 73 32 103 – 371 734 110 25 85 25 81 1 405 732 Net forborne loans 278 34 73 35 151 – 451 1,022 112 33 85 28 81 1 444 784 1 Amounts have been re-presented from management view to financial booking basis in line with RNS on Re-Presentation of Financial Information issued on2 April2025. Refer to the bridge tables in Note 40 on page 424. Credit Risk mitigation Potential credit losses from any given account, customer orportfolio are mitigated using a range of tools such as collateral, netting arrangements, credit insurance and creditderivatives, taking into account expected volatility andguarantees. The reliance that can be placed on these mitigants is carefully assessed in light of issues such as legal certainty and enforceability, market valuation correlation and counterparty risk of the guarantor. Read more on Credit Risk Mitigation on page 226 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 mitigation policy andfor the effect of over-collateralisation. The extent of over-collateralisation has been determined 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 arising from ECL. The value ofcollateral reflects management’s best estimate and isbacktested against our prior experience. Collateral held on loans and advances The table below details collateral held against exposures, separately disclosing stage 2 and stage 3 exposure and corresponding collateral. Amortised cost 2025 Net amount outstanding Collateral Net exposure Total $million Stage 2 financial assets $million Credit- impaired financial assets (S3) $million Total 2 $million Stage 2 financial assets $million Credit- impaired financial assets (S3) $million Total $million Stage 2 financial assets $million Credit- impaired financial assets (S3) $million Corporate & Investment Banking 1 186,081 7,765 2,070 34,122 2,292 314 151,959 5,473 1,756 Wealth & Retail Banking 126,977 1,789 877 99,641 916 678 27,336 873 199 Ventures 2,659 39 13 – – – 2,659 39 13 Central & other items 14,972 – – 4,214 – – 10,758 – – Total 330,689 9,593 2,960 137,977 3,208 992 192,712 6,385 1,968 2024 Corporate & Investment Banking 1 181,897 8,657 1,376 36,750 3,052 298 145,147 5,605 1,078 Wealth & Retail Banking 119,248 1,758 858 85,163 891 584 34,085 867 274 Ventures 1,389 25 1 – – – 1,389 25 1 Central & other items 22,091 35 98 80 35 – 22,011 – 98 Total 324,625 10,475 2,333 121,993 3,978 882 202,632 6,497 1,451 1 Includes loans and advances to banks. 2 Adjusted for over-collateralisation based on the drawn and undrawn components of exposures. Annual Report 2025 | Standard Chartered 255 Risk review and Capital review ![]() #### Credit Risk (audited) Collateral – Corporate & Investment Banking (audited) Our underwriting standards encourage taking specific charges on assets and we consistently seek high-quality, investment grade collateral. Collateral taken for longer-term and sub-investment grade corporate loans increased to 55 per cent (31 December 2024: 49 per cent). For CIB, the unadjusted market value of collateral across all asset types, without adjusting for over collateralisation, increased to $412 billion (31 December 2024: $383 billion) predominantly due to an increase in reverse repos. 84 per cent (31 December 2024: 88 per cent) of tangible collateral excluding reverse repurchase agreements and financial guarantees held comprises physical assets with the remainder held in cash. Overall collateral remained broadly stable at $34.1 billion (31 December 2024: $36.8 billion). Non-tangible collateral, such as guarantees and standby letters of credit, is also held against corporate exposures, although the financial effect of this type of collateral is less significant in terms of recoveries. However, this is considered when determining the loss given default and other credit- related factors. Collateral is also held against off-balance sheet exposures, including undrawn commitments and trade-related instruments. Corporate & Investment Banking Amortised cost 2025 $million 2024 $million Maximum exposure 186,081 181,897 Property 9,086 8,504 Plant, machinery and other stock 783 935 Cash 3,034 1,973 Reverse repos 7,816 12,568 AAA 587 – AA- to AA+ 233 938 A- to A+ 2,454 8,324 BBB- to BBB+ 2,122 1,437 Lower than BBB- – 95 Unrated 2,420 1,774 Financial guarantees andinsurance 7,717 7,075 Commodities 11 33 Ships and aircraft 5,675 5,662 Total value of collateral 1,2 34,122 36,750 Net exposure 151,959 145,147 1 Adjusted for over-collateralisation based on the drawn and undrawn components of exposures. 2 The Group also has credit mitigation through Credit default swaps andCredit Linked Notes as set out on page 257. Collateral – Wealth & Retail Banking (audited) In WRB, fully secured products increased to 88 per cent of the total portfolio (31 December 2024: 85 per cent), due to an increase in the mortgage portfolio and higher demand for secured wealth products. The following table presents an analysis of loans to individuals by product; split between fully secured, partially secured andunsecured. Amortised cost 2025 2024 Fully secured 1 $million Partially secured 1 $million Unsecured $million Total 2 $million Fully secured 1 $million Partially secured 1 $million Unsecured $million Total 2 $million Maximum exposure 111,633 490 14,854 126,977 101,264 536 17,448 119,248 Loans to individuals Mortgages 82,128 – – 82,128 76,696 – – 76,696 CCPL 5 – – 13,372 13,372 – – 16,343 16,343 Secured wealth products 27,055 – – 27,055 21,928 – – 21,928 Other 4,5 2,450 490 1,482 4,422 2,640 536 1,105 4,281 Total collateral 2 99,641 85,163 Net exposure 3 27,336 34,085 Percentage of total loans 88% 0% 12% 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 origination. All other secured loans are considered to be partially secure. 2 Collateral values are adjusted where appropriate in accordance with our risk mitigation policy and for the effect of over-collateralisation. 3 Amounts net of ECL. 4 Includes Auto Loans previously presented separately. Prior period has been represented. 5 Prior period has been represented between CCPL and Other for $463 million under Fully secured to align product classification. Standard Chartered | Annual Report 2025256 ![]() Mortgage loan-to-value ratios by geography (audited) Loan-to-value (LTV) ratios measure the ratio of the current mortgage outstanding to the current fair value of the properties onwhich they are secured. For the majority of mortgage loans, the value of property held as security significantly exceeds the principal outstanding of theloan. The average LTV of the overall mortgage portfolio remains stable at 48.0 per cent (31 December 2024: 48.9 per cent). The decrease in Hong Kong residential mortgage LTV to 55.9 per cent (31 December 2024: 58.6 per cent) was due to an increase in property prices. However, 28.8 per cent of Hong Kong mortgage exposure is backed by credit insurance. Specifically, 94.6 per cent of Hong Kong mortgage exposure with LTV greater than 80 per cent is backed by credit insurance. An analysis of LTV ratios by geography for the mortgage portfolio is presented in the table below. Amortised cost 2025 2024 Hong Kong % Gross Singapore % Gross Korea % Gross Other % Gross Total % Gross Hong Kong % Gross Singapore % Gross Korea % Gross Other % Gross Total % Gross Less than 50 per cent 42.7 51.8 62.9 46.7 51.0 40.9 52.7 64.1 50.2 51.3 50 per cent to 59 per cent 17.3 19.4 13.3 14.8 16.0 17.6 21.8 13.2 15.4 16.5 60 per cent to 69 per cent 14.5 15.8 13.7 17.2 15.1 12.7 15.6 13.5 17.0 14.3 70 per cent to 79 per cent 5.3 12.7 8.9 14.2 9.5 5.5 9.6 8.3 12.7 8.5 80 per cent to 89 per cent 8.6 0.2 0.9 5.9 4.3 5.1 0.1 0.8 4.1 2.9 90 per cent to 99 per cent 6.7 0.0 0.2 0.7 2.4 8.2 0.0 0.1 0.5 3.0 100 per cent and greater 4.9 0.1 0.1 0.5 1.7 10.1 0.1 0.1 0.2 3.5 Average portfolio loan-to-value 55.9 42.7 41.8 49.9 48.0 58.6 42.5 42.1 48.0 48.9 Loans to individuals –mortgages($million) 31,714 16,054 15,808 18,552 82,128 31,506 13,756 13,703 17,731 76,696 Collateral and other credit enhancements possessed or called upon (audited) The Group obtains assets by taking possession of collateral (such as property, plant and equipment) 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 securities acquired may be held by the Group for investment purposes and are classified as fair value through profit or loss, and the related loan written off. The carrying value of collateral possessed that is held on the Group’s balance sheet as of 31 December 2025 is $nil (31 December 2024: $24 million). Other Credit Risk mitigation (audited) Other forms of credit risk mitigation 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 $3.5 billion (31 December 2024: $3.5 billion). These credit default swaps are accounted for as financial 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 Risk and Foreign Exchange Rate 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 $22.4 billion (31 December 2024: $18.6 billion). The Group continues to hold the underlying assets for which the credit linked notes provide mitigation. The credit linked notes of $1.9 billion (31 December 2024: $2.0 billion) are recognised as a financial liability at amortised cost on the balance sheet and are adjusted, where appropriate, for reductions in expected future cash flows with a corresponding credit impairment in the income statement. 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. Annual Report 2025 | Standard Chartered 257 Risk review and Capital review ![]() #### Credit Risk (audited) Other portfolio analysis This section provides maturity analysis by credit quality byindustry, and industry and retail products analysis bykeygeography. Maturity analysis of loans and advances byclientsegment Shorter maturities give us the flexibility to respond promptly to events and rebalance or reduce our exposure to clients orsectors that are facing increased pressure or uncertainty. Loans and advances in the CIB segment remain predominantly short-term, with $84.0 billion (31 December 2024: $91.1 billion) maturing in less than one year. 90 per cent (31 December 2024: 91 per cent) of loans to banks mature inless than one year, withexposures remaining stable at$43.9 billion (31 December 2024: $43.6 billion). The WRB short-term book of one year or less, is broadly stable at 29 per cent (31 December 2024: 27 per cent). The WRB long-term book of over five years, also remained broadly stable at 62 per cent (31 December 2024: 62 per cent). Amortised cost 2025 2024 One year orless $million One to five years $million Over five years $million Total $million One year orless $million One to five years $million Over five years $million Total $million Corporate & Investment Banking 83,996 40,495 20,341 144,832 91,065 33,130 17,670 141,865 Wealth & Retail Banking 36,930 12,317 79,036 128,283 32,252 13,194 75,091 120,537 Ventures 1,917 819 12 2,748 1,001 442 – 1,443 Central & other items 14,723 259 4 14,986 22,085 2 4 22,091 Gross loans and advances to customers 137,566 53,890 99,393 290,849 146,403 46,768 92,765 285,936 Impairment provisions (3,523) (443) (95) (4,061) (4,369) (409) (126) (4,904) Net loans and advances to customers 134,043 53,447 99,298 286,788 142,034 46,359 92,639 281,032 Net loans and advances to banks 39,360 3,946 595 43,901 39,591 3,699 303 43,593 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 impairment and net basis. Read more on ‘Summary of Credit Risk Performance’ section on page 234 Amortised cost 2025 Stage 1 Stage 2 Stage 3 Total Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Industry: Energy 13,541 (34) 13,507 803 (37) 766 461 (412) 49 14,805 (483) 14,322 Manufacturing 20,599 (14) 20,585 744 (19) 725 598 (320) 278 21,941 (353) 21,588 Financing, insurance andnon-banking 37,062 (13) 37,049 506 (10) 496 278 (181) 97 37,846 (204) 37,642 Transport, telecom andutilities 17,893 (11) 17,882 2,281 (43) 2,238 390 (108) 282 20,564 (162) 20,402 Food and household products 8,319 (9) 8,310 295 (17) 278 186 (177) 9 8,800 (203) 8,597 Commercial real estate 13,103 (12) 13,091 2,067 (161) 1,906 706 (418) 288 15,876 (591) 15,285 Mining and quarrying 4,881 (5) 4,876 244 (7) 237 33 (29) 4 5,158 (41) 5,117 Consumer durables 6,279 (7) 6,272 288 (15) 273 239 (230) 9 6,806 (252) 6,554 Construction 2,046 (9) 2,037 353 (1) 352 127 (127) – 2,526 (137) 2,389 Trading companies &distributors 633 (1) 632 11 – 11 81 (47) 34 725 (48) 677 Government 17,915 (17) 17,898 119 – 119 950 (82) 868 18,984 (99) 18,885 Other 5,485 (8) 5,477 148 – 148 154 (85) 69 5,787 (93) 5,694 Total 2 147,756 (140) 147,616 7,859 (310) 7,549 4,203 (2,216) 1,987 159,818 (2,666) 157,152 Retail Products: Mortgage 80,672 (11) 80,661 992 (5) 987 641 (161) 480 82,305 (177) 82,128 Credit Cards 8,077 (129) 7,948 289 (74) 215 64 (53) 11 8,430 (256) 8,174 Personal Loans and other unsecured lending 7,719 (186) 7,533 194 (44) 150 334 (160) 174 8,247 (390) 7,857 Secured wealth products 26,609 (43) 26,566 324 (6) 318 530 (359) 171 27,463 (408) 27,055 Other 4,229 (19) 4,210 165 (7) 158 192 (138) 54 4,586 (164) 4,422 Total 127,306 (388) 126,918 1,964 (136) 1,828 1,761 (871) 890 131,031 (1,395) 129,636 Net carrying value (customers) 1 275,062 (528) 274,534 9,823 (446) 9,377 5,964 (3,087) 2,877 290,849 (4,061) 286,788 Net carrying value (Banks) 1 43,608 (6) 43,602 217 (1) 216 90 (7) 83 43,915 (14) 43,901 1 Includes reverse repurchase agreements and other similar secured lending held at amortised cost of $8,242 million for customers and $3,724 million for Banks. 2 Include Central & other items loans and advances to customers balance as set out in the Loans and advances by client segment table on page 239. Standard Chartered | Annual Report 2025258 ![]() Amortised cost 2024 Stage 1 Stage 2 Stage 3 Total Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Gross balance $million Total credit impairment $million Net carrying amount $million Industry: Energy 12,147 (9) 12,138 468 (57) 411 870 (559) 311 13,485 (625) 12,860 Manufacturing 19,942 (12) 19,930 840 (16) 824 418 (305) 113 21,200 (333) 20,867 Financing, insurance andnon-banking 34,452 (16) 34,436 1,238 (6) 1,232 154 (142) 12 35,844 (164) 35,680 Transport, telecom and utilities 16,099 (11) 16,088 2,309 (32) 2,277 330 (85) 245 18,738 (128) 18,610 Food and household products 8,425 (8) 8,417 267 (8) 259 251 (198) 53 8,943 (214) 8,729 Commercial real estate 12,135 (10) 12,125 1,714 (126) 1,588 1,485 (1,265) 220 15,334 (1,401) 13,933 Mining and quarrying 5,542 (3) 5,539 287 (12) 275 124 (57) 67 5,953 (72) 5,881 Consumer durables 5,988 (6) 5,982 218 (26) 192 292 (259) 33 6,498 (291) 6,207 Construction 1,925 (2) 1,923 528 (5) 523 171 (160) 11 2,624 (167) 2,457 Trading companies &distributors 589 – 589 24 (1) 23 88 (48) 40 701 (49) 652 Government 28,870 – 28,870 441 (12) 429 205 (18) 187 29,516 (30) 29,486 Other 4,590 (3) 4,587 344 (2) 342 186 (82) 104 5,120 (87) 5,033 Total 4 150,704 (80) 150,624 8,678 (303) 8,375 4,574 (3,178) 1,396 163,956 (3,561) 160,395 Retail Products: Mortgage 75,340 (8) 75,332 896 (2) 894 606 (136) 470 76,842 (146) 76,696 Credit Cards 8,037 (121) 7,916 222 (80) 142 71 (60) 11 8,330 (261) 8,069 Personal Loans and other unsecured lending 3 9,563 (228) 9,335 236 (53) 183 274 (129) 145 10,073 (410) 9,663 Secured wealth products 21,404 (37) 21,367 402 (6) 396 518 (353) 165 22,324 (396) 21,928 Other 2,3 4,054 (9) 4,045 197 (29) 168 160 (92) 68 4,411 (130) 4,281 Total 118,398 (403) 117,995 1,953 (170) 1,783 1,629 (770) 859 121,980 (1,343) 120,637 Net carrying value (customers) 1 269,102 (483) 268,619 10,631 (473) 10,158 6,203 (3,948) 2,255 285,936 (4,904) 281,032 Net carrying value (Banks) 1 43,208 (10) 43,198 318 (1) 317 83 (5) 78 43,609 (16) 43,593 1 Includes reverse repurchase agreements and other similar secured lending held at amortised cost of $9,660 million for customers and $2,946 million for Banks. 2 Includes Auto Loans previously presented separately. Prior period has been represented. 3 Prior period has been represented between Personal Loan and other unsecured lending and Other for $463 million to align product classification. 4 Include Central & other items loans and advances to customers balance as set out in the Loans and advances by client segment table on page 240. Industry and Retail Products analysis of Loans and advances by key geography This section provides an analysis of the Group’s amortised cost loan portfolio, net of provisions, by industry andgeography. The geographic disclosures below are presented on a booking location basis. As the Group operates a global booking model across CIB and Central and other items, thebooking location does not necessarily reflect the country of risk (which is the country that can directly or indirectly put the counterparty at risk for the highest amount of potential financial losses) of the underlying counterparties. On a country of risk basis, the countries analysed in the tablebelow for CIB and Central and other items would cover approximately 50 per cent (31 December 2024: 53 per cent) of net loans and advances compared to 74 per cent (31 December 2024: 75 per cent) on a reported booking location basis. Loans and advances to customers in the United Kingdom, Hong Kong andSingapore would be approximately lower by49 per cent (31 December 2024: 65 per cent), 70 per cent (31 December 2024: 59 per cent) and 39 per cent (31 December 2024: 26 percent) respectively. Loans and advances to customers inChina and United States would be approximately higher by 49 per cent (31 December 2024: 55 per cent) and 6per cent (31 December 2024: 9 per cent) respectively. The manufacturing sector group is spread across a diverse range of industries, including automobiles and components, capital goods, pharmaceuticals, biotech and life sciences, technology hardware and equipment, chemicals, paper products and packaging, with lending spread over 3,340clients. Annual Report 2025 | Standard Chartered 259 Risk review and Capital review ![]() #### Credit Risk (audited) Corporate & Investment Banking and Central & other items Amortised Cost 2025 2024 1 Hong Kong $million China $million Singapore $million UK $million US $million Other $million Total $million Hong Kong $million China $million Singapore $million UK $million US $million Other $million Total $million Industry: Energy 2,254 103 4,005 3,685 1,730 2,545 14,322 1,036 60 3,089 3,666 1,771 3,238 12,860 Manufacturing 4,653 3,311 2,775 848 2,553 7,448 21,588 4,077 4,200 1,655 660 2,307 7,968 20,867 Financing, insurance and non-banking 4,225 4,404 1,959 8,119 14,150 4,785 37,642 3,633 3,486 2,401 12,282 9,900 3,978 35,680 Transport, telecom and utilities 6,125 87 4,337 1,817 1,552 6,484 20,402 5,131 612 3,766 2,596 880 5,625 18,610 Food and household products 341 301 1,489 1,162 1,081 4,223 8,597 1,038 428 1,472 1,151 685 3,955 8,729 Commercial Real estate 4,067 231 1,209 2,000 2,296 5,482 15,285 4,512 334 1,421 1,107 1,575 4,984 13,933 Mining and Quarrying 434 541 401 1,525 101 2,115 5,117 608 606 866 1,644 214 1,943 5,881 Consumer durables 2,416 503 359 308 414 2,554 6,554 2,780 293 504 154 481 1,995 6,207 Construction 179 119 354 198 247 1,292 2,389 318 156 482 96 247 1,158 2,457 Trading Companies &Distributors 47 143 126 31 36 294 677 95 103 106 31 40 277 652 Government 3,993 126 10,557 1,486 2 2,721 18,885 3,836 117 20,266 1,671 4 3,592 29,486 Other 1,594 472 956 720 445 1,507 5,694 1,419 563 816 724 233 1,278 5,033 Net Loans and advances toCustomers 30,328 10,341 28,527 21,899 24,607 41,450 157,152 28,483 10,958 36,844 25,782 18,337 39,991 160,395 Net Loans and advances toBanks 13,258 3,731 8,356 4,606 1,044 12,906 43,901 15,058 2,432 7,701 4,337 2,322 11,743 43,593 1 Amounts have been re-presented from management view to financial booking basis in line with RNS on Re-Presentation of Financial Information issued on 2 April 2025 and also to include Central & other items amounts. Refer to the bridge tables in Note 40 on page 424. Wealth & Retail Banking and Ventures Amortised Cost 2025 2024 2 Hong Kong $million Korea $million Singapore $million Other $million Total $million Hong Kong $million Korea $million Singapore $million Other $million Total $million Mortgages 31,714 15,808 16,054 18,552 82,128 31,506 13,703 13,756 17,731 76,696 Credit Cards 4,424 17 2,529 1,204 8,174 4,262 38 2,252 1,517 8,069 Personal Loans and other unsecured lending 3 996 2,474 332 4,055 7,857 1,057 2,796 301 5,509 9,663 Secured wealth products 6,444 19 14,812 5,780 27,055 5,229 24 10,793 5,882 21,928 Other Retail 1,3 597 2,069 129 1,627 4,422 579 2,153 194 1,355 4,281 Net Loans andadvances toCustomers 44,175 20,387 33,856 31,218 129,636 42,633 18,714 27,296 31,994 120,637 2 Includes Auto Loans previously presented separately. Prior period has been represented. 3 Prior year has been represented to include Ventures. 4 Prior period has been represented between Personal Loans and other unsecured lending and Other Retail for $463 million to align product classification. High carbon sectors Sectors are identified and grouped as per the International Standard Industrial Classification (ISIC) system and exposure numbers have been updated to include all in-scope ISIC codes used for target setting among the high carbon sectors. The exposure is a mixture of high carbon loans, and lending tagged as sustainable finance such as green buildings incommercial real estate, renewable plants in power, andCCUS in oil and gas. The maximum exposures shown in the table include loans and advances at amortised cost, Fair Value through profit orloss, and committed facilities available as per IFRS 9 –Financial Instruments. Read more on ‘Summary of Credit Risk Performance’ section on page 234 Standard Chartered | Annual Report 2025260 ![]() Maximum exposure 2025 Maximum on Balance Sheet Exposure (net of credit impairment) $million Collateral $million Net On Balance Sheet Exposure $million Undrawn Commitments (net of credit impairment) $million Financial Guarantees (netof credit impairment) $million Net Off Balance Sheet Exposure $million Total On & Off Balance Sheet NetExposure $million Industry: Automotive manufacturers 4,409 412 3,997 4,712 730 5,442 9,439 Aviation 2,010 1,176 834 1,206 820 2,026 2,860 Steel 1,767 296 1,471 834 237 1,071 2,542 Coal Mining 2 1 1 – 8 8 9 Aluminium 875 39 836 371 93 464 1,300 Cement 781 52 729 693 264 957 1,686 Shipping 6,861 4,300 2,561 2,183 180 2,363 4,924 Commercial Real Estate 9,397 4,406 4,991 3,050 188 3,238 8,229 Oil & Gas 9,462 992 8,470 12,257 8,314 20,571 29,041 Power 7,585 1,180 6,405 6,138 1,548 7,686 14,091 Total 1,5 43,149 12,854 30,295 31,444 12,382 43,826 74,121 Total Corporate & Investment Banking 2 204,974 27,925 177,049 135,410 105,414 240,824 417,872 Total Group 3,4 430,158 137,977 292,181 208,841 114,053 322,894 615,074 2024 Industry: Automotive manufacturers 3,881 69 3,812 3,331 605 3,936 7,748 Aviation 1,829 960 869 842 928 1,770 2,639 Steel 1,526 316 1,210 816 325 1,141 2,351 Coal Mining 25 – 25 – – – 25 Aluminium 1,341 32 1,309 354 53 407 1,716 Cement 709 55 654 637 267 904 1,558 Shipping 7,038 5,037 2,001 2,176 397 2,573 4,574 Commercial Real Estate 7,635 3,400 4,235 2,758 684 3,442 7,677 Oil & Gas 7,421 988 6,433 7,928 7,079 15,007 21,440 Power 6,341 1,500 4,841 4,538 1,124 5,662 10,503 Total 1,5 37,746 12,357 25,389 23,380 11,462 34,842 60,231 Total Corporate & Investment Banking 2 196,823 32,152 164,671 118,106 81,132 199,238 363,909 Total Group 3,4 420,117 121,993 298,124 193,115 90,602 283,717 581,841 1 Maximum on balance sheet exposure includes FVTPL amount of High Carbon sector is $2,202 million (31 December 2024: $749 million). 2 Includes on balance sheet FVTPL amount of $62,795 million (31 December 2024: $ 58,519 million) for Corporate & Investment Banking loans to customers. 3 Total Group includes net loans and advances to banks and net loans and advances to customers held at amortised cost of $43,901 million (31 December 2024: $43,593 million) and $286,788 million (31 December 2024: $ 281,032 million) respectively and loans to banks and loans and advances to customers held at FVTPL of$36,673 million (31 December 2024: $ 36,967 million) and $62,798 million (31 December 2024: $ 58,525 million) respectively. Refer to Loans and advances by client segment table on page 239. 4 Agriculture is a further sector for which the Group set a net zero target in 2025 (see net zero section on page 90). The value chain in scope for this sector incorporates from pre-farm production (fertiliser) to post-farm processing (food traders, processors and wholesales). The total outstanding loan exposure to this sector is$11,239 million (31 December 2024: $11,531 million) with financial guarantees of $1,908 million (31 December 2024: $2,174 million) and undrawn commitments of$10,977 million (31 December 2024:$8,791 million) Whilst there is a net zero target on this sector and transition risk is a consideration, the sector is not considered atraditional high carbon sector as it is not linked to heavy industry and the consumption of energy. 5 The ratio of total high carbon sector lending to the Group’s total assets is 5.9% (31 December 2024: 5.8%), which is the high carbon sector and agriculture sector balances over the total Group balance sheet. Annual Report 2025 | Standard Chartered 261 Risk review and Capital review ![]() #### Credit Risk (audited) Maturity and ECL for high-carbon sectors Sector 2025 2024 Loans and advances (Drawn funding) $million Maturity Buckets 1 Expected Credit Loss $million Loans and advances (Drawn funding) $million Maturity Buckets 1 Expected Credit Loss $million Less than 1year $million More than 1to 5 years $million More than 5years $million Less than 1year $million More than 1to 5 years $million More than 5years $million Automotive Manufacturers 4,411 3,137 1,041 233 1 3,883 3,458 369 56 2 Aviation 2,013 329 201 1,483 3 1,833 231 404 1,198 4 Steel 1,790 863 167 760 23 1,598 941 133 524 72 Coal Mining 15 15 – – 12 38 25 13 – 13 Aluminium 882 731 151 – 8 1,352 1,089 177 86 11 Cement 820 579 241 – 39 724 356 368 – 15 Shipping 6,884 737 2,413 3,734 23 7,053 1,035 2,450 3,568 15 Commercial RealEstate 9,552 5,264 4,081 207 155 7,773 3,880 3,680 213 138 Oil & Gas 9,525 3,483 1,739 4,303 64 7,580 2,601 2,407 2,572 159 Power 7,646 2,079 1,725 3,842 61 6,401 1,700 1,404 3,297 60 Total balance 1 43,538 17,217 11,759 14,562 389 38,235 15,316 11,405 11,514 489 1 Gross of credit impairment. #### Sectors of interest Commercial real estate 2025 Maximum on Balance Sheet Exposure (netofcredit impairment) 2 $million Collateral $million Net On Balance Sheet Exposure $million Undrawn Commitments (net of credit impairment) $million Financial Guarantees (net of credit impairment) $million Net Off Balance Sheet Exposure $million Total On & Off Balance Sheet NetExposure $million Commercial Real Estate 16,230 6,848 9,382 7,662 244 7,906 17,288 2024 Commercial Real Estate 14,037 5,947 8,090 4,932 670 5,602 13,692 2 Includes net loans and advances of $15,286 million (31 December 2024: $13,933 million) as detailed in the table below. Analysis of credit quality of loans and advances of Commercial Real Estate Amortised costs 2025 Gross $million 2024 Gross $million Strong 9,070 7,222 Satisfactory 5,728 6,515 Higher risk 372 112 Credit impaired (stage 3) 706 1,485 Total Gross Balance 15,876 15,334 Strong (4) (83) Satisfactory (95) (44) Higher risk (73) (9) Credit impaired (stage 3) (418) (1,265) Total Credit Impairment (590) (1,401) Total Net of Credit Impairment 15,286 13,933 Strong 0.0% 1.1% Satisfactory 1.6% 0.7% Higher risk 19.6% 8.0% Credit impaired (stage 3) 59.2% 85.1% Cover Ratio 3.7% 9.1% An analysis of the net CRE loans and advances by key geography, is set out on page 260. Standard Chartered | Annual Report 2025262 ![]() Debt securities and other eligible bills (audited) This section provides further detail on gross debt securities and treasury bills. The credit quality descriptions in the table below align to those used for CIB and Central and other items, as described on page 238. Debt securities held that have a short-term external rating are reported against the long-term rating ofthe issuer. For securities that are unrated, the Group applies an internal credit rating, as described under the ‘Credit rating and measurement’ section on page 226. Total gross debt securities and other eligible bills increased by $22.2 billion to $165.8 billion (31 December 2024: $143.6 billion) primarily due to an increase in high quality liquidity assets held in stage 1, mainly in Hong Kong and Singapore. Stage 2 balances decreased by $0.4 billion to $1.2 billion (31 December 2024: $1.6 billion) largely due to sovereign upgrades. Stage 3 balances increased by $0.2 billion to $0.3 billion (31 December 2024: $0.1 billion) largely due to higher exposures to previously defaulted sovereigns in Africa. Amortised cost andFVOCI 2025 2024 Gross $million ECL $million Net 2 $million Gross $million ECL $million Net 2 $million Stage 1 164,283 (56) 164,227 141,862 (23) 141,839 • Strong 160,390 (49) 160,341 138,353 (19) 138,334 • Satisfactory 3,893 (7) 3,886 3,509 (4) 3,505 Stage 2 1,198 (5) 1,193 1,614 (4) 1,610 • Strong 68 – 68 562 – 562 • Satisfactory 1,130 (5) 1,125 31 – 31 • High Risk – – – 1,021 (4) 1,017 Stage 3 296 (5) 291 103 (2) 101 Gross balance 1 165,777 (66) 165,711 143,579 (29) 143,550 1 Stage 3 gross includes $278 million (31 December 2024: $59 million) originated credit-impaired debt securities with $5 million impairment (31 December 2024: $Nil). The Group also has credit insurance over $4.2 billion (31 December 2024: $4.03 billion) of other eligible bills. 2 FVOCI instruments are not presented net of ECL on the balance sheet. While the presentation is on a net basis for the table, the total net on-balance sheet amount is $165,753 million (31 December 2024: $143,562 million). Refer to the Analysis of financial instrument by stage table. Annual Report 2025 | Standard Chartered 263 Risk review and Capital review ![]() #### Credit Risk (audited) #### Approach for determining ECL Credit loss terminology Component Definition Probability of default (PD) The probability that a counterparty will default, over the next 12 months from the reporting date (stage 1) or over the lifetime 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 lifetime (or term structure) PDs are based on statistical models, calibrated using historical data and adjusted toincorporate forward-looking economic assumptions. Loss given default (LGD) The loss that is expected to arise on default, incorporating the impact of forward-looking economic assumptions 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 financial asset, taking into account forward-looking economic assumptions where relevant. Exposure at default (EAD) The expected balance sheet exposure at the time of default, taking into account expected changes over the lifetime of the exposure. This incorporates the impact of drawdowns of facilities with limits, repayments of principal and interest, and amortisation. To determine the ECL, these components are multiplied together: PD for the reference period (up to 12 months or lifetime) x LGD x EAD and discounted to the balance sheet date using the effective interest rate as the discount rate. IFRS 9 ECL models have been developed for the CIB businesses on a global basis, in line with their respective portfolios. However, for some of the key countries, country-specific models have also been developed. The calibration of forward-looking information is assessed ata country or region level to take into account local macroeconomic conditions. Retail ECL models are country and product specific, given thelocal nature of the WRB business. For less material portfolios, primarily in retail, the Group has adopted less sophisticated approaches based on historical roll rates or loss rates: • For medium-sized portfolios, a roll rate model is applied, which uses a matrix that gives the average loan migration rate between delinquency states from period to period. Amatrix multiplication is then performed to generate the final PDs by delinquency bucket over different time horizons. • For smaller portfolios, a loss rate approach is applied. These use an adjusted gross charge-off rate, developed using monthly write-off and recoveries over an appropriate historical observation window (typically 12 months, extended to 24 months for certain portfolios where this provides a more stable and representative estimate), and total outstanding balances. • While the loss rate approaches do not incorporate forward looking information, to the extent that there are significant changes in the macroeconomic forecasts an assessment will be completed on whether an adjustment to the modelled output is required. For a limited number of exposures, proxy parameters orapproaches are used where the data is not available tocalculate the origination PDs for the purpose of applying the SICR criteria or for some retail portfolios where a full history ofLGD data is not available, estimates based ontheloss experience from similar portfolios are used. Theuse of proxies is monitored and will reduce over time. When existing IFRS 9 PD models are redeveloped, where material and without undue cost or effort, origination PDs are recalibrated if there is a change in measurement approach toensure credit risk is measured on a consistent basis. Achange in measurement approach refers to changes in theconceptual or methodological basis of PD estimation that affect comparability of estimates with the previous model. The following processes are in place to assess the ongoing performance of the models: • Quarterly model monitoring that uses recent data tocompare the differences between model predictions and actual outcomes against approved thresholds. • Annual independent validation performed by Group Model Validation (GMV) with the depth of validation determined by the model materiality. Material models would go through a full annual re-validation process, whilea less intensive validation process will be performed on non-material models. Application of lifetime ECL ECL is estimated based on the period over which the Group isexposed to Credit Risk. For the majority of exposures this equates to the maximum contractual period. For retail credit cards and corporate overdraft facilities, 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 facilities is36 months. #### IFRS 9 ECL methodology (audited) Standard Chartered | Annual Report 2025264 ![]() Composition of credit impairment provisions (audited) The table below summarises the key components of the Group’s credit impairment provision balances as at 31 December 2025 and31 December 2024. 2025 2024 Corporate & Investment Banking $ million Wealth & Retail Banking $ million Ventures $ million Central & other items 4 $ million Total $ million Corporate & Investment Banking $ million Wealth & Retail Banking $ million Ventures $ million Central & other items 4 $ million Total $ million Modelled ECL provisions (base forecast) 375 527 96 63 1,061 337 613 61 37 1,048 Impact of multiple economic scenarios 1 56 31 3 23 113 24 19 – – 43 Modelled ECL provisions before management judgements 431 558 99 86 1,174 361 632 61 37 1,091 Includes: Model performance post model adjustments – 10 – – 10 – 14 – – 14 Judgemental post model adjustments 2 – (10) (2) – (12) – (23) – – (23) Management overlays 3 167 24 – 11 202 179 27 7 – 213 Total modelled provisions 598 572 97 97 1,364 540 636 68 37 1,281 Of which: Stage 1 194 351 49 92 686 133 392 30 34 589 Stage 2 354 120 24 5 503 362 151 27 1 541 Stage 3 50 101 24 – 175 45 93 11 2 151 Stage 3 non-modelled provisions 2,272 745 – 27 3,044 3,267 665 – 54 3,986 Total credit impairment provisions 2,870 1,317 97 124 4,408 3,807 1,301 68 91 5,267 1 Includes upwards judgemental post-model adjustment of $90 million (31 December 2024: $28 million). 2 Excludes $90 million upwards judgemental post-model adjustment which is included in ‘Impact of multiple economic scenarios’. 3 $61 million (31 December 2024: $32 million) is in stage 1, $128 million (31 December 2024: $181 million) in stage 2 and $14 million (31 December 2024: Nil) in stage 3. 4 Includes ECL on cash and balances at central banks, accrued income, assets held for sale and other assets. Model performance post model adjustments (PMAs) As part of model monitoring and independent validation processes, where a model’s performance breaches the approved monitoring thresholds or validation standards, anassessment is performed to determine whether a model performance PMA is required to temporarily remediate the model issue. Read more on the process for the determination of PMAs in the ‘Governance of PMAs and application ofexpert credit judgement in respect of ECL’ section onpage275. As at 31 December 2025, model performance PMAs have been applied for 4 models out of the total of 110 models. Inaggregate, these PMAs increase the Group’s impairment provisions by $10 million (less than one per cent of modelled provisions) compared with a $14 million increase at 31 December 2024. In addition to these model performance PMAs, separate judgemental post model and management adjustments have also been applied as set out on page 270. Annual Report 2025 | Standard Chartered 265 Risk review and Capital review ![]() 2025 $ million 2024 $ million Model performance PMAs Corporate & Investment Banking – – Wealth & Retail Banking 10 14 Total model performance PMAs 10 14 Key assumptions and judgements indeterminingECL Incorporation of forward-looking information The evolving economic environment is a key determinant ofthe ability of a bank’s clients to meet their obligations as they fall due. It is a fundamental principle of IFRS 9 that the provisions banks hold against potential future Credit Risk losses should not just depend 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anticipate a sharp slowdown in the world economy over the coming year, it should hold more provisions today to absorb the credit 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 information in the form offorecasts of the values of economic variables and asset pricesthat are likely to have an effect on the repayment ability of the Group’s clients. 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 specific economic variables and asset prices. Theresearch team takes consensus views into consideration, and senior management review projections for some core country variables against consensus when forming their view of the outlook. For the period beyond five years, management utilises the in-house research view and third-party model outputs, which allow for a reversion to long-term growth rates or norms. All projections are updated on a quarterly basis. Forecast of key macroeconomic variables underlying the ECL calculation and the impact on non-linearity In the Base Forecast – management’s view of the most likelyoutcome – the pace of growth of the world economy in2026 is expected to remain broadly unchanged from 2025 at around 3.1 per cent. This compares to the average of 3.7 per cent growth for the 10 years prior to COVID-19 (between 2010 and 2019). Growth in 2025 had been supported by exporters front-loading exports to the US and consumers in key marketsremaining resilient. 2026 for many economies is likely to be a year of transition from monetary to fiscal policy, and from export-led to increasingly domestic (particularly investment-led) growth. The US economy is expected to grow slightly faster in 2026 than the 1.5 per cent growth for last year. The outlook is supported by strong business investment and spending, which will be underpinned by corporate tax cuts and the race for AI adoption. Similarly, the outlook for the Middle East is expected to be slightly better in 2026 as OPEC+ cuts are phased out resulting in the gradual recovery in oil output. Ongoing diversification and infrastructure programmes will also support investment spending. In Asia growth is expected to remain robust though moderate on the fading effects from the strong front-loading of exports to the US in 2025. Political uncertainty in some countries may also weigh on growth. Africa is expected to remain strong, with the region less exposed than others to trade tensions. In larger economies such as Nigeria and South Africa, reform momentum will provide additional support. In contrast, growth prospects inthe Euro area are expected to remain muted around 1percent (unchanged from 2025) given trade pressures –bothfrom US tariffs and increasing competition from China –andthe uneven picture across economies in the region. The risks around the economic outlook remain elevated amid persistent trade policy uncertainty, heightened geopolitical tensions, including around disruptions to global international relationships, and fears of financial-market corrections –allofwhich point to potentially higher probability ofadverseoutcomes. While the quarterly Base Forecasts inform the Group’s strategic plan, one key requirement of IFRS 9 is that the assessment of provisions should consider multiple future economic environments. For example, the global economy may grow at a different pace than the Base Forecast, and these variations would have different implications for the provisions that the Group should hold today. As the negative impact of an economic downturn on credit losses tends to begreater than the positive impact of an economic upturn, ifthe Group sets provisions only on the ECL under the Base Forecast it might maintain a level of provisions that does notappropriately capture the range of potential outcomes. Toaddress the inherent uncertainty in economic forecast, and the property of skewness (or non-linearity), IFRS 9 requires reported ECL to be a probability-weighted 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 simulation, which addresses the challenges of crafting many realistic alternative scenarios in the many countries in which the Group operates. The alternative scenarios are modelled while considering the degree of historical uncertainty (or volatility) observed from Q1 1990 to Q3 2025 around economic outcomes, the trends in each macroeconomic variable modelled and the correlation in the unexplained movements around these trends. Collectively, the 50 scenarios explore arange of hypothetical alternative outcomes for the global economy, including scenarios that turn out better than expected and those that amplify anticipated stresses. The GDP graphs below illustrate the shape of the Base Forecast for key footprint markets in relation to prior periods’ actuals. The long-term growth rates are based on the pace ofeconomic expansion expected for 2030. The tables below provide a summary of the Group’s Base Forecast for these markets. The peak/trough amounts show the highest and lowest points within the Base Forecast. #### Credit Risk (audited) Standard Chartered | Annual Report 2025266 ![]() China’s GDP growth is expected to ease slightly to 4.3 per cent in 2026 from 4.9 per cent in 2025, reflecting the fading impact from the front-loading of activity last year and the ongoing correction in the property sector. Similarly, GDP growth is expected to moderate in Hong Kong and ease more sharply in Singapore as external demand turns less supportive in 2026. While growth in India is also expected toease to 6.5 per cent from 6.9 per cent in 2025, it will remain amongst the fastest growing economies in the world. Theoutlook will be supported by consumption supported bypolicies such as tax cuts, ample rainfall and low inflation. Korea’s GDP growth is expected to accelerate to 2 per cent in2026 from 1 per cent in 2025 as construction investment turns positive, facility investment stays stable and private consumption strengthens. Singapore GDP YoY% 15 Q1 16 Q3 21 Q1 19 Q3 18 Q1 22 Q3 24 Q1 25 Q3 27 Q4 29 Q2 30 Q4 15 Q4 20 Q2 18 Q4 17 Q2 21 Q4 23 Q2 24 Q4 26 Q2 28 Q3 30 Q1 27 Q1 Long-term growth Forecast Actual 20 15 10 5 0 -5 -10 -15 Hong Kong GDP YoY% Korea GDP YoY% India GDP YoY% 15 Q1 16 Q3 21 Q1 19 Q3 18 Q1 22 Q3 24 Q1 25 Q3 27 Q4 29 Q2 30 Q4 15 Q4 20 Q2 18 Q4 17 Q2 21 Q4 23 Q2 24 Q4 26 Q2 28 Q3 30 Q1 27 Q1 Long-term growth Forecast Actual 20 18 14 10 16 12 8 6 4 2 0 -2 -4 -6 -8 15 Q1 16 Q3 21 Q1 19 Q3 18 Q1 22 Q3 24 Q1 25 Q3 27 Q4 29 Q2 30 Q4 15 Q4 20 Q2 18 Q4 17 Q2 21 Q4 23 Q2 24 Q4 26 Q2 28 Q3 30 Q1 27 Q1 Long-term growth Forecast Actual 10 8 4 0 -4 -8 6 2 -2 -6 -10 -12 15 Q1 16 Q3 21 Q1 19 Q3 18 Q1 22 Q3 24 Q1 25 Q3 27 Q4 29 Q2 30 Q4 15 Q4 20 Q2 18 Q4 17 Q2 21 Q4 23 Q2 24 Q4 26 Q2 28 Q3 30 Q1 27 Q1 Long-term growth Forecast Actual 8 6 4 2 0 -2 -4 15 Q1 16 Q3 21 Q1 19 Q3 18 Q1 22 Q3 24 Q1 25 Q3 27 Q4 29 Q2 30 Q4 15 Q4 20 Q2 18 Q4 17 Q2 21 Q4 23 Q2 24 Q4 26 Q2 28 Q3 30 Q1 27 Q1 Long-term growth Forecast Actual 30 20 10 0 -10 -20 -30 China GDP YoY% Annual Report 2025 | Standard Chartered 267 Risk review and Capital review ![]() 2025 year-end forecasts China Hong Kong GDP growth (YoY%) Unemployment % 3-month interestrates % House prices 5 (YoY %) GDP growth (YoY%) Unemployment % 3-month interestrates % House prices 8 (YoY %) Base forecast 1 2025 4.9 3.5 1.7 (3.8) 2.8 3.6 3.2 (4.0) 2026 4.3 3.4 1.5 (2.0) 2.5 3.6 3.5 4.2 2027 4.1 3.3 1.4 (1.2) 2.5 3.3 3.5 5.0 2028 3.9 3.3 1.4 (0.3) 2.1 3.2 3.5 4.3 2029 3.5 3.3 1.4 0.9 1.5 3.2 3.5 3.9 5-year average 2 3.8 3.3 1.4 (0.1) 2.0 3.3 3.5 4.2 Quarterly peak 4.7 3.4 1.5 2.3 2.6 3.7 3.5 5.7 Quarterly trough 3.3 3.3 1.4 (2.5) 1.1 3.2 3.5 2.3 Monte Carlo Low 3 (6.9) 2.9 (0.3) (8.3) (4.3) 1.7 (0.8) (21.0) High 4 14.3 3.8 3.6 15.4 7.5 5.5 7.4 33.9 2025 year-end forecasts Singapore Korea GDP growth (YoY%) Unemployment 6 % 3-month interestrates % House prices (YoY %) GDP growth (YoY%) Unemployment % 3-month interestrates % House prices (YoY %) Base forecast 1 2025 4.2 2.9 1.8 3.8 1.0 3.0 2.7 0.1 2026 2.0 3.0 1.1 3.0 2.0 3.2 2.4 0.5 2027 2.9 2.8 2.1 2.6 1.8 3.1 2.3 1.2 2028 3.2 2.8 3.0 2.7 2.0 3.0 2.3 1.7 2029 2.6 2.8 3.0 2.7 2.1 3.0 2.3 1.7 5-year average 2 2.7 2.8 2.4 2.8 2.0 3.1 2.3 1.3 Quarterly peak 4.3 3.0 3.0 3.7 2.6 3.2 2.4 1.7 Quarterly trough 0.5 2.8 1.0 2.6 1.5 3.0 2.3 0.4 Monte Carlo Low 3 (5.5) 1.7 (0.4) (16.8) (3.4) 1.1 (1.0) (6.4) High 4 9.8 4.3 6.4 22.5 6.6 5.2 6.3 8.6 2025 year-end forecasts Brent Crude $ pb India GDP growth (YoY%) Unemployment 7 % 3-month interestrates % House prices (YoY %) Base forecast 1 2025 6.9 NA 5.5 5.0 69.1 2026 6.5 NA 6.0 6.3 63.4 2027 6.5 NA 6.4 6.4 66.9 2028 6.4 NA 6.5 6.3 70.8 2029 6.2 NA 6.5 6.2 72.3 5-year average 2 6.3 NA 6.3 6.3 69.5 Quarterly peak 6.5 NA 6.5 6.5 75.2 Quarterly trough 5.9 NA 5.8 6.1 62.0 Monte Carlo Low 3 3.0 NA 1.0 2.0 30.0 High 4 10.5 NA 13.7 10.6 146.5 #### Credit Risk (audited) Standard Chartered | Annual Report 2025268 ![]() 2024 year-end forecasts China Hong Kong GDP growth (YoY%) Unemployment % 3-month interestrates % House prices 5 (YoY %) GDP growth (YoY%) Unemployment % 3-month interestrates % House prices 8 (YoY %) 5-year average 2 4.1 3.3 1.7 (1.3) 2.2 3.1 2.4 3.8 Quarterly peak 5.3 3.5 1.9 2.3 3.5 3.2 2.9 6.8 Quarterly trough 3.2 3.1 1.6 (5.6) 1.5 3.0 2.1 (2.6) Monte Carlo Low 3 (1.0) 2.8 0.6 (10.1) (1.8) 1.8 0.3 (13.1) High 4 9.3 3.7 3.0 7.8 5.8 5.1 5.3 22.2 2024 year-end forecasts Singapore Korea GDP growth (YoY%) Unemployment 6 % 3-month interestrates % House prices (YoY %) GDP growth (YoY%) Unemployment % 3-month interestrates % House prices (YoY %) 5-year average 2 2.3 2.7 2.0 2.4 2.0 2.8 2.9 2.8 Quarterly peak 3.4 2.8 2.4 3.2 2.2 2.9 3.2 4.8 Quarterly trough 0.6 2.7 1.6 (0.4) 1.5 2.8 2.9 1.9 Monte Carlo Low 3 (2.7) 2.0 0.3 (10.5) (1.3) 2.2 0.8 (4.3) High 4 7.0 3.6 3.9 17.5 5.2 3.5 5.7 9.8 2024 year-end forecasts India Brent crude $ pb GDP growth (YoY%) Unemployment % 3-month interestrates % House prices (YoY %) 5-year average 2 6.6 NA 6.0 6.4 76.2 Quarterly peak 7.1 NA 6.2 7.3 77.8 Quarterly trough 5.9 NA 6.0 6.0 74.8 Monte Carlo Low 3 3.2 NA 1.9 (0.1) 44.5 High 4 10.0 NA 10.3 12.6 107.8 1 Data presented are those used in the calculation of ECL and presented as average growth for the year. These may differ slightly to forecasts presented elsewhere in the Annual Report as they are finalised before the period end. 2 5-year averages covering 20 quarters from Q1 2026 to Q4 2030 for the 2025 annual report. They cover Q1 2025 to Q4 2029 for the numbers reported for the 2024 Annual Report. 3 Represents the 10 th percentile in the range of economic scenarios used to determine non-linearity. 4 Represents the 90 th percentile in the range of economic scenarios used to determine non-linearity. 5 A judgemental management adjustment is held in respect of the China commercial real estate sector. 6 Singapore unemployment rate covers the resident unemployment rate, which refers to citizens and permanent residents. 7 India unemployment is not available due to insufficient data. 8 A judgmental management adjustment is held for risks relating to the property sector in Hong Kong. Impact of multiple economic scenarios The Monte Carlo approach generates many alternative scenarios that cover our global footprint and while the range of scenarios was restricted through the use of ceilings and floors applied to the underlying macroeconomic variables, these were redeveloped in the first half of 2025 to capture abroader range of outcomes. Given continuing heightened level of geopolitical and trade uncertainty, $90 million (31 December 2024: $28 million) judgemental non-linearity PMAs have been applied, comprising $63 million (31 December 2024: $13 million) forCIBand Central and other items, and $27million (31 December2024: $15 million) for WRB and Ventures. The total amount of non-linearity has primarily been estimated by assigning probability weights of 59 per cent, 26per cent and 15 per cent respectively to the Base Forecast, ‘Market Correction’ (MC), and ‘Bank Capital Stress Test’ (BCST) scenarios which are presented on page 273 and comparing this to the unweighted Base Forecast ECL. At31 December 2024, probability weights of 68 per cent, 22 per cent and 10 per cent respectively were assigned to the Base Forecast, ‘Higher for Longer Commodities and Rates’, and ‘Global Trade and Geopolitical Tensions’ scenarios as disclosed in the 2024 Annual Report. The judgemental non-linearity PMA represents the differencebetween the probability weighted ECL calculated using the three scenarios and the probability weighted ECL calculated by the Monte Carlo model together with an adjustment of $12 million (31 December 2024: $nil million) primarily to incorporate non-linearity for portfolios under aloss rate approach. The total amount of non-linearity including these PMAs is$113 million (31 December 2024: $43 million). The CIB and Central and other items portfolios accounted for $79 million (31 December 2024: $24 million) of the calculated non-linearity, with the remaining $34 million (31 December 2024: $19 million) attributable to WRB and Ventures portfolios. Annual Report 2025 | Standard Chartered 269 Risk review and Capital review ![]() The impact of multiple economic scenarios on total modelled ECL is set out in the table below, together with the management overlays and other judgemental adjustments. Base forecast $million Multiple economic scenarios 1 $million Management overlays and other judgemental adjustments $million Total modelled ECL 2 $million Total modelled expected credit loss at 31 December 2025 1,061 113 190 1,364 Total modelled expected credit loss at 31 December 2024 1,048 43 190 1,281 1 Includes upwards judgemental PMAs of $90 million (31 December 2024: $28 million). 2 Total modelled ECL comprises stage 1 and stage 2 balances of $1,189 million (31 December 2024: $1,130 million) and $175 million (31 December 2024: $151 million) of modelled ECL on stage 3 loans. The average ECL under multiple scenarios is 11 per cent (31 December 2024: 4 per cent) higher than the ECL calculated using only the most likely scenario (the Base Forecast). Portfolios that are more sensitive to non-linearity include those with greater leverage and/or a longer tenor, such as commercial real estate, project finance and shipping finance portfolios. Sovereign exposures also contributed to increased non-linearity in 2025 as the BCST scenario included a significant decline in equity indices. Other portfolios displayed minimal non-linearity owing to limited responsiveness to macroeconomic impacts for structural reasons, such as significant collateralisation as with the WRB mortgage portfolios. #### Stage 3 assets Credit-impaired assets managed by Stressed Asset Group (SAG) incorporate forward-looking economic assumptions in respect of the recovery outcomes identified and are assigned individual probability weightings per IFRS 9. These assumptions are not based on a Monte Carlo simulation but are informed by the Base Forecast. Read more on the assessment of credit-impaired financial assets in Note 8 to the financial statements on page 344. Judgemental management adjustments As at 31 December 2025, the Group held judgemental adjustments for ECL as set out in the table below. All of the judgemental adjustments have been determined after taking account of the model performance PMAs reported on page 265. They are reassessed quarterly and are reviewed and approved by the IFRS 9 Impairment Committee (IIC) and will be released when nolonger relevant. 31 December 2025 Corporate & Investment Banking $million Wealth & Retail Banking and Ventures Central & other $million Total $million Mortgages $million Credit Cards $million Other $million Total $million Judgemental post model adjustments 1 44 (6) (3) 23 14 20 78 Judgemental management overlays 167 – 5 19 24 11 202 Total judgemental adjustments 211 (6) 2 42 38 31 280 Judgemental adjustments by stage: Stage 1 61 – (4) 15 11 31 103 Stage 2 150 (6) 4 14 12 – 162 Stage 3 – – 2 13 15 – 15 31 December 2024 Judgemental post model adjustments 1 13 – 9 (17) (8) 5 Judgemental management overlays 179 – 5 29 34 213 Total judgemental adjustments 192 – 14 12 26 218 Judgemental adjustments by stage: Stage 1 27 – 10 (7) 3 30 Stage 2 165 – 5 28 33 198 Stage 3 – – (1) (9) (10) (10) 1 Includes upwards judgemental PMAs of $90 million (31 December 2024: $28 million) relating to non-linearity. Excluding this judgemental PMAs are $12 million release (31 December 2024: $23 million release). #### Credit Risk (audited) Standard Chartered | Annual Report 2025270 ![]() Judgemental PMAs As at 31 December 2025, judgemental PMAs have been applied to increase ECL by a net $78 million (31 December 2024: $5 million increase). $90 million (31 December 2024: $28 million) of the increase in ECL related to multiple economic scenarios (see ‘Impact of multiple economic scenarios’ section on page 269). This was partly offset by a reduction of ECL of$12 million (31 December 2024: $23 million) for certain WRB models, primarily to adjust for temporary factors impacting modelled outputs. These will be released when these factorsnormalise. Judgemental management overlays In CIB and Central and other items, judgemental management overlays of $178 million (31 December 2024: $179 million) includes: Hong Kong The Group’s loans and advances to Hong Kong CRE clients were $1.5 billion as at 31 December 2025 (31 December 2024: $2.5 billion), with the decrease due to repayments. The overlay of $47 million (31 December 2024: $58 million) inHong Kong reflects subdued economic activity and increasing commercial property vacancy rates, which contributes to an uncertain outlook that is not yet fully reflected in the credit grades and modelled ECL. During 2025, there has been increased pressure in property prices/ valuations, interest serviceability and repayment capacity. The risk of further impairment remains as a result of subdued economic activity in the property sector and the related liquidity constraints faced by counterparties as a result. Theoverlay has been determined by estimating the impact of a deterioration to certain exposures. The decrease from 31 December 2024 was driven by repayments and upgrades. China CRE The Group’s loans and advances to China CRE clients decreased by $1.1 billion to $0.8 billion (31 December 2024: $1.9 billion), due to debt restructuring related write-offs andrepayments during the year. Heightened risk management continues to be carried out on this portfolio and a management overlay of $36 million (31 December 2024: $70 million) has been retained by estimating the impact offurther deterioration to exposures in this sector. The$34 million overlay decrease from 31 December 2024 wasprimarily driven by repayments and utilisation due tomovement to stage 3. Other In CIB and Central and other items, additional overlays of$95 million (31 December 2024: $51 million) have been taken in Bangladesh together with marginal amounts for climate risks and other items. The overlay in Bangladesh reflects the political situation that has contributed to an increasing level of uncertainty in the macroeconomic outlook as well as the impact of a recent change in the restructuring policy announced by the local regulator and has been determined by estimating the impact of a deterioration tocertain exposures. In WRB and Ventures, judgemental management overlays of$24 million (31 December 2024: $34 million) includes $12 million (31 December 2024: $21 million) in Korea to cover the risks relating to the failure of two e-commerce payment platforms in 2024, and marginal amounts for climate risks and other items. Read more on the adjustment for Climate Risk in Note 1 ofthe‘Notes to the financial statements’ on page 332. Sensitivity of ECL calculation tomacroeconomicvariables The ECL calculation relies on multiple variables and is inherently non-linear and portfolio-dependent, which implies that no single analysis can fully demonstrate the sensitivity ofthe ECL to changes in the macroeconomic variables. TheGroup has conducted a series of analyses with the aim ofidentifying the macroeconomic variables which might have the greatest impact on the overall ECL. These encompassed single variable and multi-variable exercises, using simple up/ down variation and extracts from actual calculation data, aswell as bespoke scenario design assessments. The primary conclusion of these exercises is that no individual macroeconomic variable is materially influential. 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 uninfluential; rather, that the Group believes that consideration of macroeconomics 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 uncertainties surrounding the macroeconomic outlook. To explore this, a sensitivity analysis of ECL was undertaken to explore the effect of slower economic recoveries across the Group’s footprint markets. Two downside scenarios are considered. The first scenario explores a modest downturn driven by financial market corrections in the US and other major economies. The second is a roll forward of the 2025 BCST scenario and is characterised by a synchronised and severe downturn across all key markets, global supply side disruptions (including tariffs) and a high commodity price, inflation and interest rate environment. Annual Report 2025 | Standard Chartered 271 Risk review and Capital review ![]() Baseline Market Correction Bank Capital Stress Test Five year average Peak/Trough Five year average Peak/Trough Five year average Peak/Trough China GDP 3.8 4.7/3.3 3.4 4.1/1.9 2.8 4.4/(1.8) China unemployment 3.3 3.4/3.3 3.5 3.7/3.3 4.4 5.0/3.6 China property prices (0.1) 2.3/(2.5) (2.6) 1.8/(10.0) (4.1) 10.8/(12.4) Hong Kong GDP 2.0 2.6/1.1 1.4 2.2/0.4 0.2 2.8/(7.0) Hong Kong unemployment 3.3 3.7/3.2 3.8 4.2/3.2 6.7 8.2/4.3 Hong Kong property prices 4.2 5.7/2.3 3.8 5.3/1.0 (3.1) 7.9/(9.9) US GDP 1.9 2.1/1.2 1.2 2.5/(0.8) 0.1 1.4/(3.8) Singapore GDP 2.7 4.3/0.5 2.2 3.7/(1.2) 1.1 3.8/(7.0) India GDP 6.3 6.5/5.9 5.9 6.3/4.9 4.8 6.2/0.0 Crude oil 69.5 75.2/62.0 67.5 75.2/55.6 109.1 139.2/81.0 Period covered from Q1 2026 to Q4 2030. Base (GDP, YoY%) Market Correction Difference from Base 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 China 4.3 4.1 3.9 3.5 3.3 2.7 3.5 3.4 3.2 4.0 (1.6) (0.6) (0.5) (0.2) 0.6 Hong Kong 2.5 2.5 2.1 1.5 1.2 1.0 1.8 1.5 1.2 1.4 (1.5) (0.7) (0.6) (0.3) 0.2 US 1.7 1.8 1.9 2.1 2.0 (0.5) 1.0 1.4 1.8 2.4 (2.2) (0.8) (0.5) (0.2) 0.4 Singapore 2.0 2.9 3.2 2.6 2.6 0.2 2.5 2.9 2.4 3.1 (1.8) (0.5) (0.3) (0.2) 0.5 India 6.5 6.5 6.4 6.2 6.1 5.4 6.2 6.1 6.1 6.1 (1.1) (0.3) (0.3) (0.2) (0.0) Each year is from Q1 to Q4. For example 2026 is from Q1 2026 to Q4 2026. Base (GDP, YoY%) Bank Capital Stress Test Difference from Base 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 China 4.3 4.1 3.9 3.5 3.3 0.7 0.6 4.3 4.2 4.0 (3.6) (3.5) 0.4 0.7 0.7 Hong Kong 2.5 2.5 2.1 1.5 1.2 (3.4) (3.4) 2.6 2.6 2.6 (5.9) (5.9) 0.4 1.1 1.4 US 1.7 1.8 1.9 2.1 2.0 (1.4) (1.9) 1.2 1.3 1.3 (3.1) (3.8) (0.7) (0.8) (0.8) Singapore 2.0 2.9 3.2 2.6 2.6 (2.4) (3.2) 3.5 3.6 3.6 (4.4) (6.1) 0.3 1.0 1.0 India 6.5 6.5 6.4 6.2 6.1 2.5 3.2 6.2 6.2 6.3 (4.0) (3.3) (0.2) (0.1) 0.3 Each year is from Q1 to Q4. For example 2026 is from Q1 2026 to Q4 2026. The total modelled stage 1 and 2 ECL provisions (including both on and off-balance sheet instruments) would be approximately $101 million higher under the ‘MC’ scenario, and $498 million higher under the ‘BCST’ roll-forward scenario than the baseline ECL provisions (which excluded the impact of multiple economic scenarios and management overlays which may already capture some of the risks in these scenarios). Stage 2 exposures as a proportion of stage 1 and 2 exposures would increase from 2.2 per cent in the base case to 2.3 per cent and 3.5 per cent respectively under the ‘MC’, and ‘BCST’ roll-forward 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 majority of the increase in ECL in CIB came from the Corporate, commercial real estate and Sovereign portfolios. For the main corporate portfolios, ECL would increase by $44 million and $23 million for ‘MC’, and ‘BCST’ roll-forward scenarios respectively and the proportion of stage 2 exposures would increase from 3.6 per cent in the base case to 4.1 per cent and 4.7 per cent respectively. For the WRB portfolios, most of the increase in ECL came from the unsecured retail portfolios, particularly the credit card portfolios in Hong Kong and Singapore and Private Banking, although Mortgages in Korea and Malaysia were also impacted in the BCST scenario. Under the ‘MC’, and ‘BCST’ roll-forward scenarios, credit card ECL would increase by $7 million and $51 million respectively, largely in the Singapore and Hong Kong portfolios and the proportion ofstage 2 credit card exposures would increase from 2.4 per cent in the base case to 2.7 per cent and 4.6 per cent for eachscenario respectively, with the Singapore portfolio mostimpacted. Mortgages ECL would increase by $2 million and $29 million for each scenario respectively, with portfolios in Korea and Malysia impacted in the ‘BCST’ scenario and the proportion of stage 2 mortgages would increase from 1.5per cent in the base case to 1.5 per cent and 1.7 per cent respectively. There was no material change in modelled stage 3 provisionsas these primarily relate to unsecured WRB exposures for which the LGD is not sensitive to changes inthemacroeconomic forecasts. There is also no material change for non-modelled stage 3 exposures as these are more sensitive to client specific factors than to alternative macroeconomic scenarios. #### Credit Risk (audited) Standard Chartered | Annual Report 2025272 ![]() The actual outcome of any scenario may be materially different due to, among other factors, the effect of management actions to mitigate potential increases in risk and changes in the underlying portfolio. Gross as reported 1 $million ECL as reported 2 $million ECL Base case $million Market Correction $million Bank Capital Stress Test $million Stage 1 modelled Corporate & Investment Banking 412,590 149 127 159 165 Wealth & Retail Banking and Ventures 198,220 404 392 404 420 • Mortgages 82,421 12 11 11 15 • Credit cards 47,125 154 148 148 147 • Other 68,674 238 233 245 258 Central & Other items 179,266 57 34 45 115 Total stage 1 excluding management judgements 4 790,076 610 553 608 700 Stage 2 modelled Corporate & Investment Banking 13,679 232 198 237 410 Wealth & Retail Banking and Ventures 2,079 144 122 129 208 • Mortgages 1,002 13 12 13 37 • Credit cards 299 81 75 82 127 • Other 778 50 35 34 44 Central & Other items 1,199 5 5 5 58 Total stage 2 excluding management judgements 4 16,957 381 325 371 676 Total Stage 1 & 2 modelled Corporate & Investment Banking 426,269 381 325 396 575 Wealth & Retail Banking and Ventures 200,299 548 514 533 628 • Mortgages 83,423 25 23 24 52 • Credit cards 47,424 235 223 230 274 • Other 69,452 288 268 279 302 Central & Other items 180,465 62 39 50 173 Total excluding management judgements 4 807,033 991 878 979 1,376 Stage 3 exposures excluding other assets 6,946 3,184 Other financial assets 3 118,232 43 ECL from management judgements 4 190 Total financial assets reported as at 31 December 2025 932,211 4,408 1 Gross balances includes both on- and off- balance sheet instruments; allocation between stage 1 and 2 will differ by scenario. 2 Includes ECL for both on- and off-balance sheet instruments. 3 Includes cash and balances at central banks, Accrued income, Other financial assets; and Assets held for sale. 4 Management judgements are as disclosed on page 270 except for $90 million relating to non-linearity. The difference between total stage 1 and 2 ECL asreported and the total stage 1 and 2 ECL Base case reflect the total non-linearity of $113 million. Annual Report 2025 | Standard Chartered 273 Risk review and Capital review ![]() #### Significant increase in Credit Risk (SICR) Quantitative criteria SICR is assessed by comparing the risk of default at the reporting date to the risk of default at origination. Whether achange in the risk of default is significant or not is assessed using quantitative and qualitative criteria. These criteria 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 lifetime probability of default (IFRS 9 PD) over the residual 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 initial recognition as these may increase by several multiples without representing a significant increase in credit risk. Where IFRS 9 PDs are relatively high at initial recognition, a relative measure is more appropriate in assessing whether there is a significant increase in credit risk, as the IFRS 9 PDs increase more quickly. The SICR thresholds have been calibrated based on the following principles: • Stability – The thresholds are set to achieve a stable stage2 population at a portfolio level, trying to minimise 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. • Relationship with 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 quantitative thresholds are a relative 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 WRB (excluding Private Banking) clients, portfolio specific quantitative thresholds are across the following portfolios: Credit Cards (Hong Kong, Singapore, Malaysia, UAE), Personal Loans (Taiwan, Korea), Business Client Mortgages (India), and Mortgages (Hong Kong, UAE). In 2025, we have updated SICR for Hong Kong mortgage, UAE mortgage, Singapore Credit Cards and Malaysia Credit Cards. The impact of the threshold changes in 2025 was immaterial. These thresholds capture both relative and absolute increases in IFRS 9 PD, with average lifetime IFRS 9 PD cut-offs. They are further tailored based on customer utilisation bands for credit cards; behavioural score and months on book for personal loans; and maximum delinquency in the last 12 months for business client mortgages. The approach also differentiates between exposures that are current and those that are one to29dayspast due. The range of thresholds applied are: Portfolio Relative IFRS 9 PD increase (%) Absolute IFRS 9 PD increase (%) Customer utilisation (%) Months on book (months) Average IFRS 9 PD (lifetime %) Credit cards – Current 70–200 3.4–6.2 85–95 – 4.1–13.5 Credit cards – 1-29 days past due 20–210 2.5–6.1 25–67 – 1.6–9.5 Personal loan – Current 100–250 8.5 – ≥6 – Personal loan – 1-29 days past due 100–300 8.5 – ≥6 – Mortgages – Current 100–500 2.7–3.5 – – – Mortgages – 1-29 days past due 100–700 3.5 – – – Business Client Mortgages – Current 100 4.4 – – – Business Client Mortgages – 1-29 days past due 100 7.0 – – – #### Credit Risk (audited) Standard Chartered | Annual Report 2025274 ![]() For all other material WRB portfolios (excluding Private Banking) for which a statistical model has been built, the quantitative 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 within their Personal loan portfolios compared with the Group’s other personal loan portfolios. The original lifetime IFRS 9 PD term structure is determined based on the original application score or risk 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 margining or LTV covenants have been breached. ForClass I assets (lending against diversified liquid collateral), if these margining requirements have not been met within 30days of a trigger, a significant increase in credit risk is assumed to have occurred. For Class I and Class III assets (real-estate lending), a significant 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 within five days of a trigger. Class II assets are typically unsecured or partially secured, or secured against illiquid collateral such as shares in private companies. Significant credit deterioration of these assets is deemed to have occurred when any early alert trigger has been breached. Qualitative criteria Qualitative factors that indicate that there has been a significant 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 exhibits risk or potential weaknesses of a material nature requiring closer monitoring, supervision or attention by management. Weaknesses in such a borrower’s account, ifleft uncorrected, could result in deterioration of repayment prospects and the likelihood of being downgraded. Indicators could include a rapid erosion of position within the industry, concerns over management’s ability to manage operations, weak/deteriorating operating results, liquidity 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significant increase in credit risk. Accounts rated CG12 are primarily managed by relationship managers in the CIB unit with support from SAG for certain accounts. All CIB clients are placed in CG12 when they are 30 DPD unless they are granted a waiver through a strict governance process. In WRB, SICR is also assessed for where specific risk 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 specific products/customer cohorts or across the overall consumer banking portfolio inthe affected market. For less material portfolios, which are modelled based on aroll-rate or loss-rate approach, SICR is primarily assessed through the 30 DPD trigger, supplemented where relevant byqualitative factors. Backstop Across all portfolios, accounts that are 30 or more DPD on contractual payments of principal and/or interest that have not been captured by the criteria above are considered tohave experienced a significant increase in credit risk. 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 criteria. Such instances are expected to be rare, for example due to events and material uncertainties arising close to the reporting date. Governance of PMAs and application of expert credit judgement in respect of ECL The Group’s Credit Policy and Standards framework details the requirements for continuous monitoring to identify any changes in credit quality and resultant ratings, as well as ensuring a consistent approach to monitoring, managing andmitigating credit risks. The framework aligns with the governance of ECL estimation through the early recognition of significant deteriorations in ratings which drive stage 2 and3 ECL. The models used in determining ECL are reviewed and approved by the Group Credit Model Assessment Committee (CMAC) or Delegate Model Approver (DMA), which is appointed by the Model Risk Committee. CMAC has the responsibility to assess and approve the use of models and to review all IFRS 9 interpretations related to models. CMAC also provides oversight on operational matters related to model development, performance monitoring and model validation activities, including standards and regulatory matters. Prior to submission to CMAC for approval, the models arevalidated 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 validation, review of the model development and calibration process, out-of-sample performance testing, and assessment of compliance review against IFRS 9 rules and internal standards. Model performance PMAs The process of PMA identification, calculation 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 within the monitoring thresholds or validation standards. The level of PMAs and remediation plans are regularly tracked at CMAC. Annual Report 2025 | Standard Chartered 275 Risk review and Capital review 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 Principal and Interest (SPPI) tests. • Reviews and approves ECL for financial assets classified asstages 1, 2 and 3 for each financial reporting period. • Reviews and approves stage allocation rules andthresholds. • Approves material adjustments in relation to ECL for fairvalue through other comprehensive income (FVOCI) andamortised cost financial assets. • Reviews, challenges and approves base macroeconomic forecasts and the multiple macroeconomic scenarios approach that are utilised in the forward-looking ECLcalculations. The IIC consists of senior representatives from Risk and Finance. It meets atleast 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 ECL provisions and any judgemental management overlays thatmay be necessary. The IIC is supported by an expert panel which also reviews and challenges the base case projections and multiple 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 jurisdictions. #### Credit Risk (audited) Standard Chartered | Annual Report 2025276 ![]() ## Traded risk Counterparty Credit Risk Counterparty Credit Risk is the potential for loss in the event of the default of a derivative counterparty, after taking into account the value of eligible collaterals and risk mitigation techniques. The Group’s counterparty credit exposures are included in the Credit Risk section. Derivative financial instruments Credit Riskmitigation 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 positive and negative mark-to-market values of applicable derivativetransactions. In addition, the Group enters into collateral agreements withcounterparties when collateral is deemed a necessary ordesirable mitigant to the exposure. Cash collateral includes collateral called under a variation margin process from counterparties if total uncollateralised mark-to-market exposure exceeds the threshold and minimum transfer amount specified in the CSA. With certain counterparties, theCSA is reciprocal and requires the Group to post collateral if the overall mark-to-market values of positions are in thecounterparty’s favour and exceed an agreed threshold. Tomitigate settlement risk of FX transactions, the Group uses safe settlement processes like Delivery versus Payment (DvP) and Continuously Linked Settlement (CLS). The group also enters into risk-reducing bilateral netting agreements to net payments and receipts of the same currency on the same day. Market Risk (audited) Market Risk is the potential for fair value loss due to adverse moves in financial markets. A summary of our current policies and practices regarding Market Risk management is provided in the ‘Principal Risks’section on page 227. The primary categories of Market Risk for the Group are: • Interest Rate Risk: arising from changes in yield curves andimplied volatilities • Foreign Exchange Risk: arising from changes in currency exchange rates and implied volatilities • Commodity Risk: arising from changes in commodity prices and implied volatilities • Credit Spread Risk: arising from changes in the price of debt instruments and credit-linked derivatives and driven by factors other than the level of risk-free interest rates • Equity Risk: arising from changes in the prices of equities and implied volatilities Market Risk movements (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. Global financial markets generally proved resilient in 2025. The first half of the year was marked by trade concerns due to the US’ raising tariffs to the highest levels in a century and causing developed market equities to record a year-to-date fall of 17 per cent in April. The second half of the year saw fiscal and monetary stimulus with all major asset classes delivering positive returns and developed market equities ending the year with a 22 per cent return from the low inApril.Highlights included: President Trump’s April tariff announcement triggering a two-day $5 trillion stock market retracement followed by recovery as tariffs were paused and/or negotiated; the Federal Reserve cutting rates three times in 2025, while the European Central Bank cut rates eight times and the Bank of Japan hiked; oil prices reaching $78/barrel in June after military confrontation between Israel and Iran but falling to $60/barrel by year-end on increased supply and weakening demand; Big Technology firms spending c$400 billion on AI infrastructure, raising concerns about the viability of returns; notable defaults in Q4 in the Private Credit market, including First Brands Group and Tricolor Holdings; and the price of gold increasing by 65 per cent as it is increasingly perceived as a safe haven asset. Trading VaR The Group’s exposure to Market Risk arises predominantly from the Trading book: • The Group provides clients with access to markets, facilitation of which entails the Group taking moderate Market Risk positions. All trading teams support client activity. There are no proprietary trading teams. Hence, income earned from Market Risk-related activities is primarily driven by the volume of client activity. The average level of trading VaR in 2025 was $25.4 million, 20per cent higher than 2024 ($21.1 million). The increase inaverage trading VaR was driven by an increase in market volatility combined with a VaR model enhancement to make the model more responsive to market volatility. Daily Value at Risk (VaR at 97.5%, one day) (audited) Trading 2025 2024 Average $million High $million Low $million Year end $million Average $million High $million Low $million Year end $million Interest Rate Risk 12.7 19.8 7.9 11.5 12.7 22.0 7.0 12.0 Credit Spread Risk 9.7 13.4 5.4 8.6 6.6 9.6 4.8 5.4 Commodity Risk 9.9 21.7 2.9 6.3 4.8 10.0 2.4 4.3 Foreign Exchange Risk 6.3 12.3 3.1 3.9 9.2 15.0 5.0 7.4 Diversification effect (13.2) NA NA (12.8) (12.2) NA NA (8.3) Total 1 25.4 34.9 15.5 17.5 21.1 33.1 13.0 20.8 1 The total VaR is non-additive across risk types due to diversification effects, which is measured as the difference between the sum of the VaR by individual risk typeor business and the combined total VaR. As the maximum and minimum occur on different days for different risk types or businesses, it is not meaningful tocalculate a portfolio diversification benefit for these measures. Annual Report 2025 | Standard Chartered 277 Risk review and Capital review ![]() #### Traded risk Risks not in VaR In 2025, the main market risks not reflected in VaR were: • basis risks for which the historical market price data islimited and is therefore proxied, giving rise to potentialproxy basis risk that is not captured in VaR • deal contingent FX and IR derivatives where the risk ofaspecific condition not being met, typically the closing of a merger & acquisition transaction, and the derivative being unwound at a loss is not captured in VaR • potential depeg risk from currencies currently pegged or managed, where the historical one-year VaR observation period may not reflect the possibility of a change in the currency regime or a sudden depegging Additional capital is set aside to cover such ‘risks not in VaR’. Backtesting In 2025, there were no regulatory backtesting negative exceptions at Group level. An enhancement to the VaR model was implemented fromJanuary 2025 to increase the model’s responsiveness toabrupt upturns in market volatility. The graph below illustrates the performance of the VaR model used in capital calculations. It compares the 99 percentile profit and loss confidence level given by the VaR model with the hypothetical profit and loss of each day giventhe actual market movement ignoring any intra-day trading activity. The following table sets out how trading VaR is distributed across the Group’s businesses: Trading 2025 2024 Average $million High $million Low $million Year end $million Average $million High $million Low $million Year end $million Macro Trading 2 18.1 28.2 9.9 11.2 17.0 29.9 10.0 17.1 Global Credit 10.9 15.8 6.9 7.2 6.8 11.1 4.3 5.8 Central Funding Desk 9.0 15.6 2.5 6.8 4.1 5.6 2.4 2.8 XVA 3.0 4.9 2.3 2.7 3.3 4.4 2.4 2.4 Diversification effect (15.6) NA NA (10.4) (10.1) NA NA (7.3) Total 1 25.4 34.9 15.5 17.5 21.1 33.1 13.0 20.8 1 The total VaR is non-additive across risk types due to diversification effects, which is measured as the difference between the sum of the VaR by individual risk typeor business and the combined total VaR. As the maximum and minimum occur on different days for different risk types or businesses, it is not meaningful tocalculate a portfolio diversification benefit for these measures. 2 Macro Trading comprises the Rates, FX and Commodities businesses. 2025 Backtesting chart Internal model approach regulatory trading book at Group level Hypothetical profit and loss (P&L) versus VaR (99 per cent, one day) 80 20 30 40 50 60 70 10 (40) (20) (10) (30) 0 (50) Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Hypothetical P&L Positive VaR at 99% Negative VaR at 99% Positive exceptions Negative exceptions Standard Chartered | Annual Report 2025278 ![]() Structural foreign exchange exposures The tables below set out the principal structural foreign exchange exposures (net of investment hedges) of the Group and thenet investment hedges using derivative financial instruments to partly cover the Group’s exposure to various foreign exchange currencies. 2025 2024 Structural foreignexchange exposure (net of investment hedges) $million Net investment hedges $million Structural foreignexchange exposure (net of investment hedges) $million Net investment hedges $million Hong Kong dollar 4,537 5,516 4,232 5,359 Singapore dollar 3,956 – 3,306 – Chinese Renminbi 2,833 2,558 3,593 1,640 Indian rupee 2,160 3,099 3,480 1,784 Malaysian ringgit 1,637 – 1,539 – Euro 1,449 – 1,112 – Taiwanese dollar 1,221 1,135 1,087 1,092 Bangladeshi taka 1,102 – 1,113 – Korean won 1,010 3,389 1,363 3,048 Thai baht 769 – 763 – UAE dirham 636 1,852 807 1,470 Pakistani rupee 381 – 392 – Indonesian rupiah 266 – 230 – Other 3,848 29 3,407 – Total 25,805 17,578 26,424 14,393 Changes inthe valuation of these positions are taken to translation reserves. For analysis of the Group’s capital position and requirements, refer to the ‘Capital review’ section. Non-Trading VaR The Group’s exposure to Market Risk also arises from the Non-trading book: • Treasury is required to hold a liquid assets buffer, much ofwhich is held in high-quality marketable debt securities • The Group underwrites and sells down loans, and invests inselect investment grade debt securities with no tradingintent The average level of non-trading VaR in 2025 was $47 million, 37 per cent higher than 2024 ($34.2 million). The increase inaverage non-trading VaR was driven by an increase in market volatility combined with a VaR model enhancement to make themodel more responsive to market volatility and larger USagency bonds inventory in the CIB non-trading portfolio. Annual Report 2025 | Standard Chartered 279 Risk review and Capital review ![]() Daily Value at Risk (VaR at 97.5%, one day) (audited) Non-trading 1 2025 2024 Average $million High $million Low $million Year end $million Average $million High $million Low $million Year end $million Interest Rate Risk 41.7 64.6 23.8 39.7 28.0 35.5 17.4 32.5 Credit Spread Risk 18.8 29.0 13.5 13.9 17.2 24.8 10.0 15.7 Commodity Risk 1.8 4.8 0.8 1.6 1.3 1.8 0.6 0.8 Equity Risk – – – – 0.4 0.9 – – Diversification effect (15.3) NA NA (12.0) (12.7) NA NA (10.2) Total 2 47.0 66.6 32.3 43.2 34.2 44.3 28.6 38.8 The following table sets out how non-trading VaR is distributed across the Group’s businesses: Non-trading 1 2025 2024 Average $million High $million Low $million Year end $million Average $million High $million Low $million Year end $million Treasury 34.3 47.8 26.0 29.3 32.9 40.8 26.9 38.6 Global Credit 24.2 34.1 9.9 24.1 5.0 13.4 2.4 8.8 Macro Trading 1.8 4.8 0.8 1.6 – – – – Listed Private Equity – – – – 0.4 0.9 – – Diversification effect (13.3) NA NA (11.8) (4.1) NA NA (8.6) Total 2 47.0 66.6 32.3 43.2 34.2 43.3 28.6 38.8 1 The non-trading book VaR generally does not include fair value loans. 2 The total VaR is non-additive across risk types due to diversification effects, which is measured as the difference between the sum of the VaR by individual risk typeor business and the combined total VaR. As the maximum and minimum occur on different days for different risk types or businesses, it is not meaningful tocalculate a portfolio diversification benefit for these measures. #### Traded risk Standard Chartered | Annual Report 2025280 ![]() ## Liquidity and Funding Risk Liquidity and Funding Risk is the risk that the Group may not have sufficient stable or diverse sources of funding to meet itsobligations as they fall due. The Group’s Liquidity and Funding Risk framework requires each country to ensure that it operates within predefined liquidity limits and remains in compliance with Group liquidity policies and practices, as well as local regulatory requirements. The Group achieves this through a combination of setting Risk Appetite and associated limits, policy formation, risk measurement and monitoring, prudential and internal stress testing, governance and review. Throughout 2025, the Group retained a robust liquidity position across key metrics. The Group continues to focus onimproving the quality and diversification of its funding mixand remains committed to supporting its clients. Primary sources of funding (audited) The Group’s funding strategy is largely driven by its policy tomaintain adequate liquidity at all times, in all countries. This is done to ensure the Group can meet all of its obligations as they fall due. The Group’s funding profile is therefore well diversified across different sources, maturities and currencies. The Group‘s assets are funded predominantly by customer deposits, supplemented with wholesale funding, which isdiversified by type and maturity. The Group maintains access to wholesale funding markets inall major financial centres in which it operates. This seeks toensure that the Group has market intelligence, maintains stable funding lines and can obtain optimal pricing when performing cash flow management activities. In 2025, the Group issued approximately $10 billion worth ofsecurities from its holding company, Standard Chartered PLC. The issuances included $2 billion of Additional Tier 1 securities and approximately $8 billion of senior debt securities across multiple currencies. Over this same period, there were Additional Tier 1 calls of $1 billion, Tier 2 calls of around $2.1 billion and senior debt redemptions (calls and maturities) of $4.9 billion. There is approximately $7.8 billion of the Group’s Additional Tier 1, senior and subordinated debt securities that are either falling due for repayment contractually or callable by the Group before the end ofQ42026. Liquidity and Funding Risk metrics The Group continually monitors key liquidity metrics, both ona country basis and consolidated across the Group. The following liquidity and funding Board Risk Appetite metrics define the maximum amount and type of risk that the Group is willing to assume in pursuit of its strategy: liquidity coverage ratio (LCR), internal liquidity stress tests, recovery capacity and net stable funding ratio (NSFR). In addition tothe Board Risk Appetite, there are further limits that apply at Group andcountry level to measure and monitor specific risks such as cross currency risk, concentration risk and short term funding risk. Liquidity coverage ratio (LCR) The LCR is a regulatory requirement set to ensure the Group has sufficient unencumbered high-quality liquid assets tomeet its liquidity needs in a 30-calendar-day liquidity stressscenario. The Group monitors and reports its liquidity positions under the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook and has maintained its LCR above the prudential requirement. The Group maintained robust liquidity ratios throughout 2025. At the reporting date, the Group LCR was 155 per cent (31 December 2024: 138 per cent), with a surplus to both Board-approved Risk Appetite and regulatory requirements. Adequate liquidity was held across our footprint to meet alllocal prudential LCR requirements where applicable. TheLiquidity buffer reported below is after deductions madeto reflect the impact of limitations in the transferability of liquidity held at an entity level across the Group. Thisresulted in an adjustment of $44 billion to LCR HQLA asat 31 December 2025. 2025 $million 2024 $million Liquidity buffer 194,827 170,306 Total net cash outflows 125,383 123,226 Liquidity coverage ratio 155% 138% Stressed coverage The Group intends to maintain a prudent and sustainable funding and liquidity position, in all countries, such that it can withstand a severe but plausible liquidity stress. 4.5% 7.9%63.6%9.7% 7.4%1%5.9% Equity Customer accounts Derivative financial instrumentsSubordinated liabilities and other borrowed funds Deposit by banks Debt securities in issue Other liabilities Group’s composition of liabilities and equity 31 December 2025 Annual Report 2025 | Standard Chartered 281 Risk review and Capital review ![]() #### Liquidity and Funding Risk Our approach to managing liquidity and funding is reflected inthe Board-level Risk Appetite Statement which includes thefollowing: “The Group should have sufficient stable and diverse sources offunding to meet its contractual and contingent obligations asthey fall due.” The Group’s internal liquidity adequacy assessment process (‘ILAAP’) stress testing framework covers the following stressscenarios: • Standard Chartered-specific – Captures the liquidity impactfrom an idiosyncratic event affecting Standard Chartered only with the rest of the market assumed to be operatingnormally. • Market wide – Captures the liquidity impact from a market-wide crisis affecting all participants in a country, region or globally. • Combined – Assumes both Standard Chartered-specific andMarket-wide events affect the Group simultaneously andhence is the most severe scenario. All scenarios include, but are not limited to, modelled outflows for retail and wholesale funding, off-balance sheet funding risk, cross-currency funding risk, intraday risk, franchise risk and risksassociated with a deterioration of a firm’s credit rating. Concentration risk approach captures single name and industryconcentrations. ILAAP stress testing results show that, as at 31 December 2025, Group and all countries were able to survive for a period of time with positive surpluses as defined under each scenario. The results take into account currency convertibility and portability constraints while calculating the liquidity surplus at Group level. Standard Chartered Bank’s credit ratings as at 31 December 2025 were A+ with stable outlook (Fitch), A+ with stable outlook (S&P) and A1 with stable outlook (Moody’s). As of 31 December 2025, the estimated contractual outflow of a three-notch long-term ratings downgrade is $1.3 billion. Advances-to-deposits ratio This is defined as the ratio of total loans and advances to customers relative to total customer deposits. An advances-to- deposits ratio 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. The Group’s advances-to-deposits ratio has remained stable in2025 at 51.4 per cent. Deposits from customers as at 31 December 2025 are $549,575 million (31 December 2024: $486,261 million). 2025 $million 2024 $million Total loans and advances to customers 1,2 282,427 259,269 Total customer accounts 3 549,575 486,261 Advances-to-deposits ratio 51.4% 53.3% 1 Excludes reverse repurchase agreement and other similar secured lending of$8,242 million (31 December 2024: $9,660 million) and includes loans andadvances to customers held at fair value through profit and loss of$12,355 million (31 December 2024: $7,084 million). 2 Loans and advances to customers for the purpose of the advances-to-deposits ratio excludes $8,474 million of approved balances held with central banks, confirmed as repayable at the point of stress (31 December 2024: $19,187 million). 3 Includes customer accounts held at fair value through profit or loss of$19,414 million (31 December 2024: $21,772 million). Net stable funding ratio (NSFR) The NSFR is a PRA regulatory requirement that stipulates institutions to maintain a stable funding profile in relation toanassumed duration of their assets and off-balance sheet activities 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 liabilities and capital, based on their perceived stability and the amount of stable funding they provide. Likewise, RSF factors are applied to assets and off-balance sheet exposures according to the amount of stable funding they require. The regulatory requirements for NSFR are to maintain aratio of at least 100 per cent. The average ratio for the past four quarters is 139 per cent. Liquidity pool The liquidity value of the Group’s LCR eligible liquidity pool atthereporting date was $195 billion. The figures in the table below account for haircuts, currency convertibility and portability constraints per PRA rules for transfer restrictions (amounting to$44 billion as at 31 December 2025), and therefore are not directly comparable with the consolidated balance sheet. Aliquidity pool is held to offset stress outflows as defined intheLCR per PRA rulebook. 2025 $million 2024 $million Level 1 securities Cash and balances at central banks 78,290 76,094 Central banks, governments / public sector entities 101,122 74,182 Multilateral development banks and international organisations 10,623 14,386 Other 396 343 Total Level 1 securities 190,431 165,005 Level 2 A securities 3,643 4,367 Level 2B securities 753 934 Total LCR eligible assets 194,827 170,306 Liquidity analysis of the Group’s balance sheet(audited) Contractual maturity of assets and liabilities The following table presents assets and liabilities by maturity groupings based on the remaining period to the contractual maturity date as at the balance sheet date on a discounted basis. Contractual maturities do not necessarily reflect actual repayments or cash flows. Within the tables below, cash and balances with central banks, interbank placements and investment securities that are fair valued through other comprehensive income are used by the Group principally for liquidity management purposes. Standard Chartered | Annual Report 2025282 ![]() As at the reporting date, assets remain predominantly short-dated, with 58 per cent maturing in less than one year. 2025 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Assets Cash and balances at central banks 66,116 – – – – – – 11,630 77,746 Derivative financial instruments 15,827 11,627 10,412 5,333 3,983 5,451 8,309 4,840 65,782 Loans and advances to banks 1,2 21,323 21,142 12,878 6,884 5,379 7,437 3,672 1,858 80,573 Loans and advances to customers 1,2 78,546 42,487 20,359 15,298 14,309 41,579 34,064 102,943 349,585 Investment securities 1 20,439 36,061 19,632 17,255 15,152 33,157 49,952 71,096 262,744 Other assets 1 18,173 50,528 1,406 994 1,474 388 31 10,531 83,525 Total assets 220,424 161,845 64,687 45,764 40,297 88,012 96,028 202,898 919,955 Liabilities Deposits by banks 1,3 32,466 2,001 1,370 690 644 2,105 2,359 4 41,639 Customer accounts 1,4 415,483 42,912 29,297 12,974 13,881 8,931 58,405 3,291 585,174 Derivative financial instruments 16,630 14,829 9,795 5,701 3,534 5,145 8,392 4,178 68,204 Senior debt 5 879 1,513 2,665 1,948 1,500 9,190 19,390 22,503 59,588 Other debt securities in issue 1 2,885 3,412 9,108 5,880 3,725 2,188 1,384 697 29,279 Other liabilities 17,665 40,951 3,453 1,054 1,413 1,485 1,892 4,738 72,651 Subordinated liabilities and other borrowed funds 16 60 25 154 14 1,442 741 6,382 8,834 Total liabilities 486,024 105,678 55,713 28,401 24,711 30,486 92,563 41,793 865,369 Net liquidity gap (265,600) 56,167 8,974 17,363 15,586 57,526 3,465 161,105 54,586 2024 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Assets Cash and balances at central banks 55,646 – – – – – – 7,801 63,447 Derivative financial instruments 22,939 15,556 12,217 7,265 4,328 7,067 7,448 4,652 81,472 Loans and advances to banks 1,2 22,381 21,722 10,588 6,771 4,986 8,407 3,715 1,990 80,560 Loans and advances to customers 1,2 65,688 58,765 25,739 15,479 16,192 31,240 31,766 94,688 339,557 Investment securities 1 13,016 25,886 21,546 14,789 14,688 32,815 41,423 62,418 226,581 Other assets 1 12,601 32,130 1,333 381 931 71 64 10,560 58,071 Total assets 192,271 154,059 71,423 44,685 41,125 79,600 84,416 182,109 849,688 Liabilities Deposits by banks 1,3 24,293 2,345 1,621 848 571 4,342 1,939 3 35,962 Customer accounts 1,4 379,926 37,502 25,863 10,152 10,123 9,695 47,367 2,635 523,263 Derivative financial instruments 21,680 17,115 11,773 7,018 4,353 6,660 8,144 5,321 82,064 Senior debt 5 609 1,755 4,074 2,132 932 7,926 18,784 17,886 54,098 Other debt securities in issue 1 2,734 2,663 6,550 4,535 5,015 851 1,206 688 24,242 Other liabilities 12,173 43,574 3,020 1,441 155 4,494 682 2,854 68,393 Subordinated liabilities and other borrowed funds – 64 23 180 13 359 1,978 7,765 10,382 Total liabilities 441,415 105,018 52,924 26,306 21,162 34,327 80,100 37,152 798,404 Net liquidity gap (249,144) 49,041 18,499 18,379 19,963 45,273 4,316 144,957 51,284 1 Loans and advances, investment securities, deposits by banks, customer accounts and debt securities in issue include financial instruments held at fair value through profit or loss, see Note 13 Financial instruments. 2 Loans and advances include reverse repurchase agreements and other similar secured lending of $96.1 billion (31 December 2024: $98.8 billion). 3 Deposits by banks include repurchase agreements and other similar secured borrowing of $8.5 billion (31 December 2024: $8.7 billion). 4 Customer accounts include repurchase agreements and other similar secured borrowing of $35.6 billion (31 December 2024: $37.0 billion). 5 Senior debt maturity profiles are based upon contractual maturity, which may be later than call options over the debt held by the Group. Annual Report 2025 | Standard Chartered 283 Risk review and Capital review ![]() #### Liquidity and Funding Risk Behavioural maturity of financial assets andliabilities The cash flows presented in the previous section reflect thecash flows that will be contractually payable over the residual maturity of the instruments. However, contractual maturities do not necessarily reflect the timing of actual repayments orcash flow. In practice, certain assets and liabilities behave differently 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 qualitative and quantitative techniques, including analysis of observed customer behaviour over time. Maturity of financial liabilities onanundiscounted basis (audited) The following table analyses the contractual cash flows payable for the Group’s financial liabilities by remaining contractual maturities on an undiscounted basis (except fortrading liabilities and derivatives not treated as hedging derivatives). The financial liability balances in the table below will not agree with the balances reported in the consolidated balance sheet as the table incorporates all contractual cash flows, on an undiscounted basis, relating to both principal andinterest payments. Derivatives not treated as hedging derivatives are included in the ‘On demand’ time bucket andnot by contractual maturity. Within the ‘More than five years and undated’ maturity band are undated financial liabilities, the majority of which relate to subordinated debt, on which interest payments are not included as this information would not be meaningful, given the instruments are undated. Interest payments on these instruments are included within the relevant maturities uptofive years. 2025 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Deposits by banks 32,536 2,012 1,381 704 658 2,137 2,395 4 41,827 Customer accounts 416,850 43,261 29,727 13,247 14,222 9,090 58,627 4,033 589,057 Derivative financial instruments 67,101 13 35 34 51 110 492 512 68,348 Debt securities in issue 4,081 5,139 12,176 8,290 5,590 13,118 24,492 26,510 99,396 Subordinated liabilities and other borrowed funds 35 116 50 164 15 1,529 978 11,934 14,821 Other liabilities 16,179 41,722 3,276 1,044 1,410 1,485 1,892 6,171 73,179 Total liabilities 536,782 92,263 46,645 23,483 21,946 27,469 88,876 49,164 886,628 2024 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Deposits by banks 24,303 2,360 1,660 862 589 4,347 1,939 4 36,064 Customer accounts 380,377 37,790 26,277 10,384 10,438 9,937 47,642 3,396 526,241 Derivative financial instruments 80,055 13 12 10 3 216 592 1,163 82,064 Debt securities in issue 3,622 4,551 11,007 7,056 6,319 10,261 23,184 21,337 87,337 Subordinated liabilities and other borrowed funds 19 134 46 206 14 392 2,345 13,800 16,956 Other liabilities 10,421 44,933 2,894 1,408 152 4,433 682 4,802 69,725 Total liabilities 498,797 89,781 41,896 19,926 17,515 29,586 76,384 44,502 818,387 Standard Chartered | Annual Report 2025284 ![]() Interest Rate Risk in the Banking Book The following table provides the estimated impact to a hypothetical base case projection of the Group’s earnings under the following scenarios: • A 50 basis point parallel interest rate shock (up and down) to the current market-implied path of rates, across all yieldcurves • A 100 basis point parallel interest rate shock (up and down) to the current market-implied path of rates, across all yield curves These interest rate shock scenarios assume all other economic variables remain constant. The sensitivities shown represent the estimated change to a hypothetical base case projected net interest income (NII), plus the change in interest rate implied income and expense from FX swaps used to manage banking book currency positions, under the different interest rate shock scenarios. The base case projected NII is based on the current market- implied path of rates and forward rate expectations. The NII sensitivities below stress this base case by a further 50 or 100bps. Actual observed interest rate changes will likely differ from market expectation. Accordingly, the shocked NII sensitivity does not represent a forecast of the Group’s net interest income. The interest rate sensitivities are indicative stress tests and based on simplified scenarios, estimating the aggregate impact of an unanticipated, instantaneous parallel shock across all yield curves over a one-year horizon. The assessment assumes that the size and mix of the balance sheet remain constant and that there are no specific management actions in response to the change in rates. Noassumptions are made in relation to the impact on credit spreads in a changing rateenvironment. Significant modelling and behavioural assumptions are maderegarding scenario simplification, market competition, pass-through rates, asset and liability re-pricing tenors, and price flooring. In particular, the assumption that interest rates of all currencies and maturities shift by the same amount concurrently, and that no actions are taken to mitigate the impacts arising from this are considered unlikely. Reported sensitivities will vary over time due to a number of factors including changes in balance sheet composition, market conditions, customer behaviour and risk management strategy. Therefore, while the NII sensitivities are a relevant measure of the Group’s interest rate exposure, they should not be considered an income or profit forecast. Net interest income sensitivity (audited) Estimated one-year impact to earnings from aparallel shift in yield curves at the beginning oftheperiod of: 2025 USD bloc $million HKD bloc $million SGD bloc $million GBP bloc $million CNY bloc 2 $million JPY bloc $million EUR bloc $million Other currency bloc 1 $million Total $million + 50 basis points 50 60 20 20 – 10 20 80 260 - 50 basis points (90) (30) (20) (20) (10) (10) (20) (90) (290) + 100 basis points 90 120 30 50 – 20 30 160 500 - 100 basis points (170) (80) (30) (50) (30) (30) (40) (190) (620) 2024 + 50 basis points 20 30 10 10 20 10 10 100 210 - 50 basis points (40) (30) (20) (10) (30) (10) (20) (110) (270) + 100 basis points 30 60 20 20 30 10 30 190 390 - 100 basis points (90) (50) (40) (30) (50) (20) (40) (230) (550) 1 The largest exposures within the Other currency bloc are TWD and KRW. 2 The +50bps and +100bps CNY sensitivities are positive, but round to zero. As at 31 December 2025, 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 $260 million. The equivalent impact from a parallel decrease of 50 basis points would result in a reduction in projected NIIof $290 million. The Group estimates the one-year impact ofan instantaneous, parallel increase across all yield curves of 100 basis points to increase projected NII by $500 million. Theequivalent impact from a parallel decrease of 100 basis points would result in a reduction in projected NII of$620 million. The benefit from rising interest rates is primarily from reinvesting at higher yields and from assets re-pricing faster and to a greater extent than deposits. NII sensitivity in falling rate scenarios has increased versus 31 December 2024, due to an increase in balance sheet size, with assets repricing faster than liabilities, and due to lower HIBOR rates. This impact was partially offset by an increase in programmatic hedging. Over the course of 2025, the notional of interest rate swaps, Hold to Collect (HTC)-accounted bond portfolios and fixed rate commercial assets used to reduce NII sensitivity through the cycle increased from $80 billion to $109 billion. As at 31 December 2025, the $87 billion interest rate swaps and HTC-accounted bond portfolios had a yield of 3.4 per cent and a weighted average maturity of 2.5 years, which reflects the behaviouralised lives of the rate-insensitive deposit and equity balances that they hedge. Annual Report 2025 | Standard Chartered 285 Risk review and Capital review ![]() Operational and Technology Risk profile Operational and Technology risks remain elevated in areas such as Operational Resilience, Third-Party Risk Management, Change Mismanagement Risk and Transaction Processing Risk, which are being addressed by ongoing processes and system enhancement programmes. The Group continues to monitor and manage Operational and Technology risks associated with external factors such asgeopolitical factors, Nth Party Risk and the risk arising fromadoption and use of Artificial Intelligence. This enables the Group to keep pace with new business developments, whilst ensuring that its risk and control frameworks evolve accordingly. The Group continues to enhance its risk management capabilities to understand the full spectrum ofrisks in the operating environment, strengthen its defences and improve its overall resilience. Operational and Technology risk events andlosses Operational losses are one indicator of the effectiveness and robustness of our non-financial risk and control environment. The Group’s profile of operational loss events in 2025 and 2024 is summarised in the table below, which shows the distribution of gross operational losses by Basel business line. In 2025, Payments and Settlements is higher due to high value payment related events and Retail Banking due to prior period adjustments. Distribution of Operational Losses byBaselbusiness line 2 % Loss 2025 2024 1 Agency Services 8.9% 0.0% Asset Management 0.0% 0.0% Commercial Banking 5.2% 1.3% Corporate Finance 0.0% 0.1% Corporate Items 8.1% 61.7% Payment and Settlements 30.6% 7.6% Retail Banking 42.1% 27.1% Retail Brokerage 0.0% 0.0% Trading and Sales 5.1% 2.2% The Group’s profile of operational loss events in 2025 and 2024 is also summarised by Basel event type in the table below. It shows the distribution of gross operational losses byBasel event type. Distribution of Operational Losses byBaselevent type 2 % Loss 2025 2024 1 Business disruption and systemfailures 1.9% 1.7% Clients products and businesspractices 1.5% 22.9% Damage to physical assets 0.0% 0.0% Employment practices and workplace safety 0.0% 0.1% Execution delivery and processmanagement 78.5% 71.8% External fraud 12.5% 3.2% Internal fraud 5.6% 0.3% Other principal risks The losses arising from operational failures for other principal and integrated risks are reported as operational losses. Operational losses do not include operational risk-related credit impairments. ## Operational and Technology Risk 1 Losses in 2024 have been restated to include incremental events recognisedin 2025. 2 Operational losses for 2024 and 2025 are based on data as of 5 January 2026. Standard Chartered | Annual Report 2025286 ![]() ## Environmental, Social and Governance ## and Reputational Risk Environmental, Social and Governance andReputational (ESGR) Risk is defined as the risk of potential or actual adverseimpact on the environment and/or society, or to theGroup’s financial performance, operations or theGroup’s name, brand or standing, arising from environmental, social orgovernance factors, or as a result of the Group’s actual orperceived actions or inactions. ESGRRisk continues tobe an area of growing importance, driving a need for strategic transformation across business activities andrisk management. Group ESGR Risk Appetite (RA) Statement andMetrics Our ESGR RA Statement as set out on page 223 is approved annually by the Board and supported by RA metrics and Management Team Limits 1 (MTLs) across relevant risk types. The RA metrics are approved on an annual basis by the Board and the MTLs by the Group Risk Committee, and any breaches are reported to the Board Risk Committee and the Group Risk Committee. For Climate Risk, RA and MTL metrics are set across Corporate & Investment Banking (CIB) Credit Risk, Wealth & Retail Banking (WRB) Credit Risk, Country Risk and TradedRisk. Key metrics are cascaded to all countries that are booked in Entity Risk Appetite Allocation 2 (ERAA) locations. The country ESGR Risk profile is also reviewed at country-level risk committees for all ERAA markets. Managing Climate Risk An environmental (such as climate), social or governance event, or change in condition, if it occurs, could result inactualor potential financial loss or non-financial detriments to the Group. As such, Climate Risk is identified as a material risk for the Group, which manifests through the Group’s businesses and operations and impacts the relevant Principal Risk Types 3 (PRTs). The Group is exposed to Climate Risk through our clients, own operations, vendors, suppliers and from the industries and markets that we operate in. Therefore, wefocus our disclosures on how climate-related risks are governed, managed and embedded in our business. We manage Climate Risk according to the characteristics ofthe relevant PRTs. Risk Framework Owners for the relevant PRTs are responsible for embedding Climate Risk requirements within their respective risk types. In 2025, wehave continued to embed Climate Risk into existing risk management frameworks and processes. The Climate Risk identification and assessments across the PRTs span short-, medium- andlong-term horizons to enable the right level of monitoring and to inform the decision-making process. Read more on page 108 for more information on thedefinitions forshort-, medium- and long-term horizons. Refer to the Credit Risk –CIB and WRB sections, Operational, Technology andCyber Risk (OTCR), Country Risk, Traded Risk, Treasury Riskand Model Risk for more information on how Climate Risk impactsthe relevant PRTs. Disclaimer For the avoidance of doubt, this ESGR Risk section is subject to the statements included in (i) the ‘Forward-looking statements’ section; and (ii) the ‘Basis of preparation and caution regarding data limitations’ section provided under ‘Important Notices’ on page 467. #### Climate Risk Taxonomy Climate Risk The potential for financial loss and non-financial detriments arising from climate change and society’s response to it. It manifests through the Group’s businesses andoperations and may impact a variety of PRTs. Physical Risk Risks arising from increasing severity and frequency of climate and weather-related events, which can damage property and other infrastructure, disrupt supply chains and impact food production. This could lead to declining asset valuations and challenges with insurance claims, resulting in greater financial losses. Indirect effects on the macroeconomic environment, such as lower output and productivity, may exacerbate these direct impacts. Physical Risk: Acute Specific event-driven weather events, including increased severity of extreme weather events, such as cyclones, hurricanes, floods or wildfires. Physical Risk: Chronic Longer-term shifts in climate patterns, such as changing precipitation patterns, sea-level rise and longer-term drought. Transition Risk Risks arising from the adjustment towards a carbon-neutral economy, which will require significant structural changes to the economy. These changes will prompt areassessment of a wide range of asset values, a change in energy prices and a fall in income and creditworthiness of some borrowers. In turn, this could lead to credit losses for lenders and market losses for investors. 1 Management Team Limits (MTLs) complement the Risk Appetite and enable the Management Team and the Risk Framework Owners (RFOs) tofine tune adherence to the RA and performance. 2 These are allocated by the Group to booking locations that are selected according to internally defined materiality criteria. 3 Refer to the Principal Risks section for more information on the relevant risk types. The strategic impact of Country Risk is considered alongside other Climate Risks. Annual Report 2025 | Standard Chartered 287 Risk review and Capital review ![]() #### ESGR Risk The Board committees consider climate-related risks and opportunities when reviewing and guiding strategic decisions. Board-level oversight is exercised through the Board Risk Committee, and regular Climate Risk updates are provided tothe Board and the Board Risk Committee. At an executive level, the Group Risk Committee has appointed the Group Responsibility and Reputational Risk Committee (GRRRC), consisting of senior representatives from business, risk and other functions such as Legal, Compliance, Financial Crime and Conduct Risk (CFCR) and Corporate Affairs, Brand and Marketing (CABM), to oversee the effective management ofthe ESGR Risk Type Framework and ensure that the Climate Risk profile remains within RA. Key financial regulators across our footprint have proposed orset supervisory expectations on climate and environmental risk management. Those expectations are broadly aligned with the Basel Committee principles for the management ofclimate-related financial risks, but local implementation varies. We actively engage with industry bodies and regulators to seek consistency in policy making across our markets. Climate Risk-related regulatory developments and obligations set by both financial and non-financial service regulators are tracked at Group and country level, with roles and responsibilities set out in the Group’s ESGR Risk Policy. Read more on the Group’s governance approach for climate-related risks and opportunities on page 107 Processes for identifying, assessing, prioritising and monitoring Climate Risks Climate-related events continue to unfold globally, accompanied by rising regulatory expectations across the various jurisdictions where the Group operates. In response, we apply a structured process to identify, assess, prioritise and monitor climate-related risks across our operations and credit portfolios. Climate Risks are identified through a mix ofqualitative and quantitative information, including Climate Risk Assessments (CRAs) and climate scenario analysis. Wecontinue to enhance our existing CRA framework to strengthen the evaluation of a client’s exposure to climate- related risks. Ongoing improvements to the questionnaire used for CRAs have been made in 2025 to incorporate more granular climate data, reflecting advances in data quality and availability along with the introduction of a Physical Riskgrading. These enhancements support the integration ofclimate considerations in credit risk analysis and portfolio management. In addition, we also measure the climate risks arising from our own properties, data centres and vendors, enabling the Group to make more informed and forward- looking decisions that are aligned with our sustainability objectives. Various toolkits are used to quantitatively measureclimate-related Physical and Transition Risks. Theserisks can result in impacts to other PRTs. Stress testing and scenario analysis are used to assess the impact of Climate Risk and this is described in greater detail in the Scenario Analysis section on page 298. Internal training programmes to better identify and mitigate Climate Risk To effectively embed climate risks across the Group, we continue to run a comprehensive eight-module role-specific Climate Risk training programme tailored to specific roles. The Climate Risk training includes a core module covering climate change science, transition scenarios, CRAs and Net Zero targets and alignment calculations, and sector-specific training, focusing on Oil and Gas, Power, Steel, Aluminium, Shipping and Automobile clients. This has augmented our existing foundational sustainability training, which covers Climate Risk at a basic level. We recognise that various countries have been stepping up their regulatory requirements and monitoring in relation to Climate Risk. Inresponse to thistrend, Climate Risks are being included asa key topic for discussion in internal knowledge sharing programmes for risk functions and training programmes fornew joiners. Periodic training sessions on Climate Risk integration continue to be provided to the first and second line of defence to further strengthen the understanding ofClimate Risk and its application within the Group. Limitations with existing tools and data We recognise that assessing Climate Risk has its limitations as quantifying approaches are still evolving: • Data availability and client coverage continue to pose challenges, especially in emerging markets. With the limited coverage of granular client-level information at both Group and entity level, there is reliance on proxies, e.g. sector and regional averages, sovereign heatmaps, and credit grade projections and movements. • Most tools and modelling approaches present a gross risk profile that often overlooks existing adaptation measures, as well as government policies to protect and build for changing climate. Assumptions in climate modelling also continue to relyon nascent methodologies that do not factor non-linear shifts and complex feedback loops or the social dimension ofclimate change. • Over time, sovereigns and policymakers are expected to drivemarket trends, such as investment in adaptation plans, technological advancements, innovative risk transfer and mitigation approaches to combat the potential impacts ofclimate change. • Notwithstanding the above, we continue to observe an improvement in data quality and coverage. We have also streamlined our processes and are continuing to pursue the initiative to have a centralised data store, which enables the Group to capture all sustainability-related data for our clients. This includes monitoring of data quality, which reduces the usage of proxies over time. Wecontinue to refine our evaluations and methodologies progressively asthe availability and quality of data improves. The data that we have captured through various sources hashelped us develop our client-level CRAs for existing andnew clients, improve our internal climate modelling capabilities and strengthen the risk measurement and monitoring of our portfolios. Looking ahead We expect a continuing trend of change in the coming yearsand therefore we intend to: (i) focus on our Physical Riskmeasurement capabilities; (ii) improve the assessment ofsector-specific nuances for high-risk emitting sectors and better integration in credit decisions; (iii) improve Physical and Transition risk measurement capabilities for a portion ofour SME clients portfolio; (iv) finalise the development of an in-house scenario expansion model; (v) expand Climate Risk model coverage; and (vi) continue to support countries with local ESGR-related regulations, stress testing requirements and disclosures. Standard Chartered | Annual Report 2025288 ![]() #### Climate – Credit Risk We have continued to enhance our Climate Risk approach, which outlines the approach fora baseline level of effective riskmitigation. 1. Identify risks and mitigation plans • Data gathering • Client outreach • Scenario analysis 4. Portfolio management and monitoring • Credit underwriting principles • Risk Appetite (% Black or Red) • High Climate Risk clients monitoring 5. Controls and assurance • Control Sample Testing • Independent assurance 2. Analysing the risks Climate Risk Assessment (BRAG) Green Amber Red Black • Review and approval • BCA analysis • Risk triggers • Financial impacts • Warning signals 3. Evaluating the risk Business Credit Application (BCA) 5 4 3 2 1 #### CIB Credit Risk This section covers details of how we assess Climate Risk for our corporate clients, including insights gained from our client-level assessments and progress made to further strengthen our framework for climate and credit related portfolio and risk management. The figure below outlines our process in assessing Climate Risk. 1. Identify risks and mitigation plans Our client-level Climate Risk Questionnaire (CRQ) helps assess the potential financial risks from climate change using quantitative and qualitative information. The assessment presents a consolidated view across five pillars of how exposed and ready for transition or adaptation our clients may be. Out of the five pillars, the first one relates to identifying relevant data sources and disclosures and is the only section that is not scored. Data sources anddisclosures Gross Physical Risk Physical Risk adaptation Gross Transition Risk Credibility of Transition Plans (CTPs) Reporting • Sources of data • Level of disclosures, Carbon Disclosures Project rating Exposure to acute andchronic events • Asset locations exposed to PhysicalRisk events (flood, storms, droughts, etc.) • Model output to assess current and future risk to client’s operating locations Mitigations to acute and chronic events • Assessment of client’s adaptation plans • Insurance coverage to protect against Physical Risk Relative emissions forsector and region • Reliance on fossil fuel/carbon products, net zero trajectory alignment • Policy – environmental impact due to sovereign decarbonisation policy in sector • Potential financial impact from various climate scenarios Decarbonisation plan, governance and emission targets • Assess client’s plans and their credibility totransition their business and supply chain backed by robust governance mechanisms • Emissions reporting targets and plan toachieve them • Capex in low-carbon technologies, internal carbon pricing scenarios Annual Report 2025 | Standard Chartered 289 Risk review and Capital review ![]() #### ESGR Risk The CRQ helps us to form a view of the overall Climate Risk profile of our clients and supports the underlying themes that feedinto our broader scenario analysis, and corporate planning exercises and Net Zero portfolio alignment. In October 2025, weenhanced our CRQ by introducing a client-level Physical Risk BRAG Grading in order to identify and monitor key risk hotspots inthe CIB portfolio regarding clients’ exposure to extreme weather events. Read more on Analysing the Climate Risk BRAG ratings on page 291. Coverage of our analysis As at September 2025, we have completed CRAs for 4,209 clients, representing circa 71 per cent of our corporate client limits. The levels and consistency in the availability of climate information from public disclosures has increased in the last three years.However, this is still a developing aspect in some of our footprint markets where the transition journey is in a nascent stage. Thedifference between our own ambitions and the nationally determined contributions in some of our markets has furtherhighlighted the importance of engaging with our clients on this topic, so we are able to assess clients across our marketsappropriately. Read more on our Net Zero aspiration on pages 90 to 110 How different markets in our footprint compare Clients are assessed across the four pillars relating to gross Physical and Transition Risks, as well as their respective mitigation levels, i.e. Physical Risk adaptation and credibility of transition plan, each of which are scored between 0 and 100 per cent. Alower score for risk levels and a higher score for mitigation levels indicates a better result (i.e. lower risk or higher mitigation levels). The average of these scores across all assessed clients by market is shown below. Client-level Climate Risk Assessment scores by markets YTD Assessment as of September 2025 Number of clients Gross Physicalscore Physical Risk adaptation Gross TransitionRisk Credibility of Transition Plan Asia – Greater China & North Asia (GCNA) 1,638 61% 39% 52% 61% Asia – ASEAN & South Asia (ASA) 994 61% 33% 52% 53% Africa & Middle East (AME) 348 67% 18% 53% 38% Europe & Americas (E&A) 1,229 69% 52% 51% 75% Total 4,209 64% 40% 52% 61% • Transition Risk scores remained stable and improved across regions. – We continue to see better Credibility of Transition Plan (CTP) and Physical Risk adaptation scores for corporates domiciled in E&A, where disclosure levels are the highest, 2050 Net Zero plans have been committed to, and the plans toeffectively manage Climate Risk are being put in place. – There has been a slight slowdown in the pace of transition planning at the corporate level given the continued focus onenergy security amid increased geopolitical pressures. However, the long-term trend of gradual increase in quantifiable climate change commitments, driven by increasing CTPs numbers across markets, remains intact. • Physical Risk adaptation continues to be an area of concern for the majority of our markets, with the lowest absolute scores inAME followed by Asia. • Asia continues to dominate our total volume of clients, with a 63 per cent share of the global client base assessed. Standard Chartered | Annual Report 2025290 ![]() Portfolio Distribution across key markets (%) Europe & Americas Africa & Middle East Asia – GCNA Asia – ASA 24 30 22 2 1 15 3 74 70 76 81 Green Amber Red Black 2. Analysing the Climate Risk BRAG ratings Each client is assigned a colour-coded Climate Risk rating (Black ‘B’, Red ‘R’, Amber ‘A’, Green ‘G’ BRAG) based onthegross Transition Risk and Transition Risk mitigation. There are currently four types of BRAG ratings assigned toclients. Black Clients are deemed to have very high exposure toTransition Risk with little or no mitigation plans Red Clients are deemed to have very high exposure toTransition Risk but with acceptable or good mitigation plans Amber Clients are deemed to have high exposure toTransition Risk but with acceptable or good mitigation plans Green Clients are deemed to have low or limited exposure to Transition Risk The chart below shows the portfolio distribution of clients from a Transition Risk BRAG perspective across our markets split by the outstanding exposure as of September 2025. There are no exposures to Black-rated clients. Since October 2025, the Physical Risk BRAG, which is based onthe gross Physical Risk and Physical Risk adaptation has been introduced, and we expect to provide more information on the Physical Risk profile of our portfolio in our 2026 Annual Report when all in-scope clients go through a CRQ refresh over the next 12 months. The assessment aims to drive better credit risk decision-making from a Physical Risk perspective, as we embed this into our risk management approach in2026. 3. Evaluating the risk (linkage to credit process) Once a Climate Risk grading is assigned to a client, the impacts from climate-related risks are integrated into theexisting credit approval process qualitatively and/or quantitatively through inclusion within the business risk analysis and financial modelling. If the risks are deemed material and not adequately represented via the existing credit rating of the client, subjective warning signals may beadded to influence the credit rating. Additionally, risk triggers are added to monitor risks that are not adequately mitigated and to seek additional information from the clientwhere applicable. 4. Portfolio management and monitoring A. Origination stage We have embedded qualitative and quantitative climate considerations into the Group’s credit underwriting principles for Oil and Gas, Metals and Mining, Shipping, Commercial Real Estate (CRE) and Project Finance portfolios. This includes introducing portfolio-level caps for Black- and Red-rated clients and lower preference for emission-intensive transactions. The underlying principles vary depending on the sector and are intended to help steer the portfolio in the desired direction over the medium term, and also consider the Group’s 2030 financed emission targets. B. Exposure monitoring and RA thresholds Concentration of Black- and Red-rated clients remains withinproposed RA thresholds across our portfolio as at September 2025. Our Green-rated clients are concentrated inmore developed markets, and this reflects the higher level of Climate Risk disclosures and governance established by companies in these markets. Asia has the highest proportion of exposure which is rated Red. Among the key markets, Bangladesh, Nepal, Vietnam and Indonesia drive this higher risk concentration due to a combination of clients that have fewer disclosures and high Transition Risk, particularly fossil fuel-heavy industries, and some imposition of policies to transition the broader nation. This, combined with weaker transition plans, leads corporates in these markets to be rated as higher Climate Risks. C. Credit mitigation – collateral We have expanded coverage of Climate Risk and Credit Risk considerations to assess corporate clients’ collateral, given that they serve as key risk mitigants, especially in default events. An internal methodology was launched in November 2024 to identify and monitor Physical Risks for property collateral in CIB. As of September 2025, 351 in scope properties have been assigned a Collateral BRAG grading (199 Green, 143 Amber and 9 Red). We plan to continue analysing the underlying risks in the higher risk collaterals and their mitigants to embed them within our existing processes in 2026. D. High risk client monitoring A key strategic focus area is to fully embed Climate Risk and Net Zero targets into business and credit decisions. To enable this, the Net Zero Climate Risk Working Forum (Forum) meets at least quarterly to discuss account plans for high Climate Risk and Net Zero divergent clients. In 2025, 23 client groups have been reviewed across the high emitting sectors such Oiland Gas (ten), Power (four), Steel (two), Automobile Annual Report 2025 | Standard Chartered 291 Risk review and Capital review ![]() #### ESGR Risk Temperature Alignment Temperature Alignment and Comparison toclientpeers Credibility of Transition Plan Readiness and Robustness of transition strategy from client risk assessments Net Zero Emissions Impact Influence on Net Zero alignment from both internalandregional context Client Level Transaction Level Manufacturers (two), CRE (one), Aviation (one), Metals and Mining (one), Cement (one), and Aluminium (one). The focus of these meetings is to: • increase engagement with the selected clients to gain adeeper understanding of their transition commitments and the strategies that they have in place to achieve them • drive proactive management of exposures primarily inhigh Transition Risk sectors • identify opportunities to support clients in their decarbonisation journey through advisory and/or financing services • request further information from clients on Physical Risk adaptation measures employed where Physical Risk isdeemed to be high • decide on relationship strategies where appropriate. To further enhance client engagement and risk management, including considerations around refinancing risks, client selection criteria for the Forum is being updated toformally include vulnerable clients identified from climate scenario analysis. 5. Controls and assurance Independent control checks by the first line of defence andassurance reviews by the second line of defence on integrating Climate Risk within the credit process are carried out quarterly to improve the quality and effectiveness of assessing Climate Risk. The results of the assurance testing and steps to address gaps are periodically shared with impacted stakeholders and as part of governance updates torisk committees. Assessing ESGR Risks for CIB We perform additional client-level due diligence for: (i) corporate clients covered by the Group’s net zero targets forhigh-carbon sectors (Oil and Gas, Power, Steel, Aluminium,Cement, Automobiles, Shipping, Aviation, CRE and Agriculture); (ii) clients with a coal nexus; and (iii) those that have been assessed at a client-level as high Climate Risk. Theassessment focuses on three pillars covering both client and transaction-level aspects: The above-mentioned due diligence supplements our existing Environmental and Social (E&S) risk management processes as well as our oversight against our Position Statements and Prohibited Activities list. Reviews are conducted at a client- level through the use of a single ESGR assessment, the CESGRA, which consolidates Reputational and E&S assessments, including those related to our Position Statements, and theadequacy of risk mitigating actions. This includes considerations such as ringfencing of financing and actions by the client to address ESGR-related risks. In cases of non-compliance with the above-mentioned criteria and/ orinthe case of any elevated reputational risk, such clients areescalated to the relevant CIB Client Review Committee and/or the GRRRC, where transactions and clients can be rejected or approval conditions can be set to ensure that the risks are well managed. Transactions may also be escalated to the Board, where appropriate. The Group has governance frameworks and standards for Sustainable Finance (SF), which set out the requirements and responsibilities for managing greenwashing risks through the ongoing monitoring of SF products, transactions and clients throughout their lifecycle, from labelling to disclosures. The Green and Sustainable Product Framework, Sustainability Bond Framework and Transition Finance Framework outline how we apply the ‘Green’, ‘Social’, ‘Sustainable’ or ‘Transition’ labels across products and transactions. In addition, the E&S Risk Management (ESRM) Framework provides an overview of our approach to identifying, assessing and managing theenvironmental and social risks associated with our clientrelationships. SF products are approved by the Sustainable Finance Governance Committee prior to roll out. SF-labelled transactions are approved by SF-empowered approvers (including escalation to ESGR Risk team for sustainability- linked transactions in sensitive sectors or where the SF characteristics require further discussion) or the Transition Finance (TF) Labelling Sub-Committee for TF transactions ona transaction-by-transaction basis. An assessment toolkit has been rolled out to standardise the Group’s assessment ofSF characteristics of sustainability-linked SF transactions; this serves as the basis for identifying whether escalation tothe ESGR Risk team is required. The assessment toolkit has also been digitised in the approval workflows. For post-trade monitoring of SF transactions, all approval SF conditions are required to be monitored and tracked in a timely manner. Anew digitised solution has been rolled out to support the effective monitoring of these conditions by the deal teams. To prevent overconcentration of SF liability products, daily monitoring through an automated dashboard has also beenestablished. We have enhanced these standards andcontrols to incorporate requirements from emerging regulatory obligations and to address the market integrity and greenwashing concerns from regulators around the sustainability-linked loan market. The Group manages the potential risk of greenwashing in ourmarketing and advertising in line with internal guidance defining the requirements for the review and approval ofsustainability-related marketing campaigns and communications. These requirements have been set out in the governance standards for segment campaigns, corporate communications and brand management. Standard Chartered | Annual Report 2025292 ![]() #### WRB Credit Risk In 2025, we continued to enhance our capabilities to embed Climate Risk into our monitoring and risk management across products and segments in the WRB portfolio. In terms of risk assessment coverage, as of September 2025, we have assessed Physical Risk for 75 per cent and Transition Risk for 69 per cent of the overall WRB portfolio. 1 The level of coverage of Private Banking considers the following: Physical Risk assessment is only conducted for exposures that are backed by property collaterals, while Transition Risk assessment is limited to exposures that are collateralised by stocks and bonds in industries that are deemed to be vulnerable to transition risk. 2 The proxy Transition Risk assessment for residential mortgages is carried out on an annual basis and has a one-year lag (as at December 2024) due to data dependencies. The increase in coverage (compared to last year) is mainly due to the extension of the assessment to residential mortgages in Korea. Outstanding Exposures Assessed ($bn) Of which Overall WRB Residential Mortgage SME Banking Private Banking 1 Credit Cards Personal Loans (CCPL) Physical Risk 98.2 79.4 4.7 3.2 10.9 Transition Risk 90.4 68.7 2 2.5 5.0 14.1 Physical Risk measurement and monitoring (%) Transition Risk measurement and monitoring (%) 1. Physical Risk management approach for WRB Secured portfolios (backed by residential, commercial orindustrial property) For our portfolios secured against property collateral, Physical Risk assessments are conducted for the underlying residential, commercial or industrial property. We continue to leverage Munich Re’s Risk Suite to measure acute and chronic Physical Risks impacting each asset based on their geolocation. Unsecured portfolios For our unsecured portfolios, such as credit cards and personal loans, we recognise that Physical Risks have the potential to drive higher credit losses through second-order impacts that affect our clients’ ability to repay, rather than impact our clients directly. To estimate this, we employ aproxy methodology to assess the level of Physical Risk inherently present at the regional and country levels. Risk monitoring and reporting Our risk management approach for WRB is underpinned byarobust monitoring and escalation process. We assess exposure concentrations within our portfolios that are subject tohigh risk across acute and chronic hazards quarterly andreport these at Group and country risk management committees. Wefocus on flood risk and the risk of rising sealevels, due to the inherent physical characteristics of ourkeyoperating markets. Throughout 2025, physical risk levelsacross most products and markets have remained largelystable. Risk management To manage and mitigate Physical Risks in our property- collateralised portfolios, our primary strategy continues to relyon the existing credit underwriting process, through the setting of prudent loan-to-value (LTV) limits, supported by careful consideration of locations where we accept collateral, a robust and independent property valuation process, as well as mandating insurance for the life of the loan. To mitigate residual risks, which may begin to materialise especially forour residential mortgages that are subject to sustained exposure to heightened Physical Risk, some markets have established zoning policies that involve the identification ofhigh Physical Risk zones, followed by the implementation of differentiated underwriting policy criteria for mortgages which are located in high risk regions. In addition, where required, ad hoc analyses are conducted after the occurrence of severe weather events to determine impacts, and whetherany portfolio corrective actions are necessary. Toensure Credit Risk in high Physical Risk zones iswell managed, we monitor our exposures against a RA set against property collateral that are subjected to high flood risk with high LTV ratios. #### Climate – Credit Risk Overall WRB Residential Mortgage SME Banking Private Banking CCPL 69 31 92 8 28 72 31 69 100 Transition Risk assessed Transition Risk not assessed Overall WRB Residential Mortgage SME Banking Private Banking CCPL Physical Risk assessed Physical Risk not assessed 75 25 99 53 47 20 80 77 23 1 Annual Report 2025 | Standard Chartered 293 Risk review and Capital review ![]() #### ESGR Risk In 2025, the Physical Risk profile across products and markets remained stable, even after the recalibration of flood risk scores inlate 2024 due to an update in Munich Re’s storm surge model. The table below outlines the Physical Risk concentration ofourportfolio in key markets, regarding key acute and chronic Physical Risks. Assessment of acute and chronic Physical Risk for top 10 markets’ exposure backed by property collateral, indicatingexposure concentration subject to high gross risk (as of September 2025) Proportion of book Global Korea Hong Kong Taiwan 21% 36% 9% Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Flood Risk 12.9% 12.5% 10.8% 10.0% 16.3% 16.6% 11.2% 11.2% 100-year Flood Zones 1 5.1% 5.0% 4.2% 3.7% 4.7% 5.1% 2.2% 2.2% Sea-level rise (Year 2100, RCP 8.5) 2.3% 2.3% 0.6% 0.7% 3.6% 3.6% 0.0% 0.0% Proportion of book India Singapore Malaysia UAE 5% 18% 4% 2% Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Flood Risk 17.0% 16.9% 4.4% 4.4% 5.2% 5.3% 5.5% 5.3% 100-year Flood Zones 1 6.9% 7.0% 2.5% 2.6% 2.4% 2.4% 5.0% 4.9% Sea-level rise (Year 2100, RCP 8.5) 0.9% 0.8% 0.1% 0.0% 0.3% 0.4% 36.0% 35.4% Proportion of book Jersey Vietnam China 2% 1% 2% Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Q3-24 Q3-25 Trend Flood Risk 19.4% 18.0% 51.0% 53.2% 47.9% 44.8% 100-year Flood Zones 1 18.4% 17.2% 30.9% 32.4% 34.5% 32.1% Sea-level rise (Year 2100, RCP 8.5) 0.0% 0.3% 1.5% 1.5% 8.6% 8.4% Note: Movements are called out for markets showing a change of more than 5 per cent year-on-year in exposure concentration subject to high Physical Risk. 1 100-year flood zones are defined as land areas subject to a one per cent or greater chance of flooding in any given year. Such areas also may be referenced asbeing subject to the one per cent annual chance flood, the one per cent annual exceedance probability flood, or the 100-year flood. Singapore (%) Hong Kong (%) $ {1}{3}.{6} bn 82 8 3 2 5 $ {2}{8}.{7} bn 94 5 4 Taiwan (%) Korea (%) $ {6}.{4} bn 63 18 8 5 6 $ {1}{9}.{7} bn 37 27 14 10 12 Transition Risk ratings using Group mortgage baseliningapproach by exposure concentration (asofDecember2024) 3 Very Low Low Medium High Very High 2 The previous year’s figures for Singapore residential mortgage Transition Risk have been recalculated. The total exposure for Singapore in the previous year was $11.4bn, comprising Very Low (80per cent), Low (10 per cent), Medium (3 per cent), High (2 per cent) and Very High (5 per cent). 3 The exposures used for transition risk assessments are based ondata that take into consideration data quality and normalisation adjustments to enhance consistency and comparability across the portfolio. 2. Transition Risk management approach forWRB While Energy Performance Certificates (EPC) for properties are available across the UK and EU real estate markets, our key residential mortgage markets in Asia and AME continue to have no regulatory requirements around minimum building or unitenergy efficiency. As a result, to measure the potential impacts of Transition Risk on our largest WRB portfolio, residential mortgages, we rely on proxy assessment approaches for our residential mortgage portfolios in Hong Kong, Korea, Singapore 2 and Taiwan. We continue to leverage our internally derived methodology that quantifies the robustness of our clients’ disposable income to cope with potential increases in energy spend. Since we started measuring this in 2023, we have observed relatively low Transition Risk levels in our residential mortgage portfolio. We intend to improve upon this early-stage Transition Risk assessment approach with more mature and accurate data points as they become available. Standard Chartered | Annual Report 2025294 ![]() For our Jersey residential mortgage portfolio, which largely comprises buy-to-let properties located in the UK, we continue tomonitor concentration across EPC ratings. A B C D E 0.3% 75% 10% 11% 4% $ {0}.{3} bn EPC ratings for residential mortgages in Jersey, bycount(as of August 2024) (%) A B C Prior to 2000 2000-2021 2022 onwards D E A B C D E A B C D E 1 6 7 1 0 8 15 58 1 2 0 0 0 0 0 Transition Risk ratings for residential mortgages inJersey using EPC ratings by exposure concentration (asofAugust2025) Assessing ESGR Risks for WRB For WRB clients, beyond the consideration of climate-related credit impacts, the Group identifies and manages ESGR Risksthroughout the client onboarding and ongoing review processes. For SME and selected Private Banking lending clients, we perform additional due diligence through E&S Risk Assessments to ensure that our clients are not engaged in certain prohibited activities as defined by the Group’s Position Statements. For clients and/or prospective clients that may potentially expose the Group to heightened stakeholder perception risk, we conduct Reputational Risk Materiality Assessments and determine whether further escalation totheWRB Client Committee and/or GRRRC is necessary, toseek approval for onboarding or retention. In 2025, we enhanced the ESGR risk identification and management processes for Private Banking clients to ensure that our risk management approach remains robust amid theGroup’s growth strategy focusing on affluent and high-net-worth banking. In 2026 and beyond, we aim to extend enhanced ESGR risk identification and management approaches to other WRB segments, taking a risk-based approach to focus on sub-segments exhibiting higher risks. For wealth solutions and products offered to WRB clients, arobust governance framework ensures ESGR and greenwashing risks are identified and managed. More information can be found in the Sustainable Finance Frameworks and the ESRM Framework. Country Risk The Group uses a set of Physical and Transition Risk rankings to identify the markets that are most vulnerable and least ready to adapt and mitigate climate-related Physical and Transition Risks. Based on the aggregated Physical and Transition Risk scores,sovereigns are split into decile-based buckets ranging from1(low risk) to 10 (high risk). These rankings are used asqualitative and quantitative inputs to our internal Country Risk management process spanning annual sovereign credit grades and limits reviews, inputs to climate-related scenario analysis and RA. In 2025, we started to progressively introduce CRQs for a portion of our Small and Medium Enterprise (SME) clients thatare involved in manufacturing operations and/or operate in sectors which we identify as being exposed tohigher Transition Risks. We anticipate that this will help us understand the extent ofour SME clients’ exposure to both Physical and Transition Risks, their risk management actions and transition plans, andhow we can progressively help them to cope with theimpacts of transitioning towards a low-carbon global economy. Looking ahead to 2026, we aim to roll this out tomore key markets and implement additional automated features to improve efficiency in the assessment process. Annual Report 2025 | Standard Chartered 295 Risk review and Capital review ![]() #### ESGR Risk Gross Country Risk (GCR) exposure distribution across the Physical Risk categories (as at 30 September 2025) Bucket (Low) 1 2 3 4 5 6 7 8 9 (High) 10 Exposures % 2.16% 19.21% 35.90% 11.55% 19.55% 2.20% 1.53% 6.07% 0.48% 1.36% GCR exposure distribution across the Transition Risk categories (as at 30 September 2025) Bucket (Low) 1 2 3 4 5 6 7 8 9 (High) 10 Exposures % 1.84% 4.39% 22.03% 25.84% 13.59% 7.35% 21.37% 3.03% 0.56% 0.00% Insights • For both Physical and Transition Risk, our exposure to high-risk countries (buckets 9 and 10) remains well below RA thresholds. • The rankings are largely driven by the level of financial risk that countries are exposed to and their ability to absorb these losses. As such, the rankings are largely dependent on countries’ development stage, economy-wide diversification, in-country inequalities and gross exposure to Transition and Physical Risk shocks. • Additionally, we keep close track of Transition Risk events, such as the establishment of the EU’s and UK’s Carbon BorderAdjustment Mechanism (CBAM) and its potential impact on our key portfolios. Other markets with carbon pricing mechanisms (such as Singapore, South Korea and South Africa) are also being monitored as part of Country Risk annual reviews. From a Physical Risk standpoint, the Group continues to monitor extreme weather events in key footprint markets aspart of our annual Country Risk reviews. Limitations • The computation inputs are based on the latest available data which may be dated. Proxies have been used where data for thesovereign is not available. • The ranking uses equally spaced decile scores and provides the results in an ordinal manner. While the simplicity helps inadoption and provides the relative position of the sovereigns, other systems may provide more information. Operational, Technology and Cyber Risk Climate Risk primarily manifests as an Operational, Technology and Cyber Risk when Physical Risk disrupts our properties, datacentres and vendor arrangements. We evaluate the Physical Risk vulnerabilities of all our sites, both existing and new, on a periodic basis. Across 2025, we focused on sites hosting Important Business Services, especially those vulnerable to extreme Physical Risks, to strengthen resilience. Asextreme weather events increase in frequency and severity, we are committed to enhancing our response and recovery strategies through comprehensive response plans. We have initiated an evaluation of Physical Risk vulnerabilities at our primary suppliers’ delivery sites to proactively address potential business disruptions. Across 2026, we aim to develop comprehensive solutions to ensure robust and resilient operations. Our Transition Risk approach remains in line with our achieved target of Net Zero in our own operations by end-2025 and weintendto maintain this going forward via Power Purchase Agreements and Energy Attribute Certificates in key markets suchasSingapore and Taiwan. As part of the operational risk scenario analysis process, we continue to assess the impact across key countries exposed toextreme flood risk and/or extreme heat stress based on the Representative Concentration Pathway (RCP) 8.5 scenario. Wealsocontinue assessing suppliers that are identified as presenting higher risks of Modern Slavery using a risk-based approach. The Group continued to conduct on-site Modern Slavery-related audits for select suppliers, with the number ofauditsincreasing in 2025. Insights • From an acute risk perspective, 14 per cent of the Group’s locations globally are subject to extreme flood risk, 15 per cent with extreme storm risk and none with extreme risk from wildfire. Given our footprint, a higher proportion of the Group’s locations in GCNA (18 per cent for flood; 28 per cent for storm) and ASA (15 per cent for flood; 8 per cent for storm) are subject to extreme acute risks, and 6 per cent of locations in E&A to flood risks. • In the locations where weather events such as storms or cyclones are frequent, the buildings are built in consideration ofthese risks to local building standards. • From a chronic risk perspective, under RCP 8.5, our operating locations’ (globally) exposure to heat stress is at 26 per cent (41per cent for AME; 55 per cent for ASA). Exposure to sea-level rise remains below 5 per cent. • A broad range of mitigation options are considered, such as property insurance and operating a diversified location strategy to reduce concentration risk. Standard Chartered | Annual Report 2025296 ![]() Assessment of gross Physical Risk at our own operating locations (as of September 2025) Physical Risk event Time horizon Scenario Asia – GCNA Asia – ASA AME E&A Global Flood (Acute) 2025 N/A 18% 15% 6% 6% 14% Wildfire (Acute) 0% 0% 0% 0% 0% Storm (Acute) 28% 8% 1% 6% 15% Sea-level rise (Chronic) 2100 RCP 8.5 1% 1% 4% 0% 2% Heat Stress (Chronic) 2050 RCP 8.5 0% 55% 41% 3% 26% Number of operating locations 398 287 195 32 912 Traded Risk We manage the Climate Risk of Traded Risk exposures through the stress-testing framework. Climate Risks are incorporated in the scenarios monitored against the Traded Risk stress RA, covering all fair value exposures in the trading and banking books. Climate-related stress scenarios are designed to include Transition Risk effects from climate change policies and shocks to markets due to supply and demand disruption from physical climate events. Three scenarios are currently in place: two physical and one transitional. The assumptions and results are subject to internal governance. In 2024, a new transition scenario, where the US unexpectedly participates inthe CBAM, was approved and we aim to replace the current transition scenario in 2026. We continue to address gaps related to market risk factors and shorter-term shocks. Our Climate Risk management for Traded Risk exposures is evolving and we are working closely with industry bodies and academics to better assess and monitor climate-related risks and opportunities. Treasury Risk From a capital perspective, Climate Risk considerations are part of our Internal Capital Adequacy Assessment Process (ICAAP) submissions. Our approach for assessing Climate Riskimpact on capital adequacy has improved from qualitative judgements to quantitative simulations across arange of scenarios with the availability of tools and greater understanding of our portfolio. We consider Climate Risk inour ICAAP across Credit Risk, OTCR and Traded Risk. From a liquidity risk perspective, we continue to monitor Climate Risk-related vulnerabilities and readiness of our top corporate liquidity providers, leveraging the client outreach and data-gathering exercise undertaken on the asset side. The most recent exposure concentration in the Red Climate Risk rating is broadly comparable with what we see for our top corporate client exposures on the asset side. The results of the analysis have been considered as part of our Internal Liquidity Adequacy Assessment Process. We periodically monitor the concentration of our High- Quality Liquid Assets (HQLA) in countries with high Climate Risk from both transition and physical risk perspectives. Countries classified in Buckets 1 to 5 are deemed low risk, while those in Buckets 9 to 10 are considered high risk. Less than 2 per cent of HQLA are held in a high Climate Risk country as at September 2025. Model Risk Since 2022 we have been building our internal Climate Risk modelling capabilities to assess impacts from Climate Risk togradually reduce our reliance on vendor models. We have developed six sector-specific Transition Risk Probability ofDefault (PD) models for Corporates, including Oil andGas, Mining, Steel, Power, Shipping and Automotive. In2025,we enhanced the granularity for the Power model byconsidering different energy types to better capture sub-sector risk drivers and expanded the Climate Risk model scope to assess Transition Risk for Specialised Lending (including Project Finance and Shipping Finance) scorecards. Wealso developed Physical Risk Loss Given Default (LGD) models for Retail Mortgages to improve Physical Risk assessments in IFRS 9 ECL and for Climate Risk stress testing purposes. The Sovereign climate PD model has been further enhanced to align with the redeveloped underlying IFRS9 model.The development of internal Climate Risk models has reduced our reliance on external vendor models, and we plan to continue enhancing our internal capabilities by extending model coverage (e.g.todevelop models to cover more portfolios, or to develop more granular sector-specific models) and incorporating model enhancements recommended by internal and externalstakeholders. All the Climate Risk models are independently validated by the second line of defence and approved by the Credit Model Assessment Committee. The models were used to estimate climate impact on ECL for IFRS 9 and for stress testing purposes. The Climate Risk models are governed by the Group Model Risk Policy, Group Model Risk Standard and Climate Risk Model Family Standard, which have been enhanced to align with the more stringent model governance as outlined by the Prudential Regulation Authority (PRA) supervisory statement (SS) 1/23. Key priorities for 2026 include our aim to expand model coverage to capture Physical Risk LGD for Corporates and toincorporate client transition plans into existing Transition Risk PD models. Annual Report 2025 | Standard Chartered 297 Risk review and Capital review #### ESGR Risk Assessing the resilience of our strategy using scenario analysis We use scenario analysis to assess climate-related risks andopportunities in the short, medium and long term and toevaluate how risks and opportunities may evolve under different situations. Our approach considers the Group’s global nature of operations combined with the emerging markets footprint and covers both the CIB business, with a focus oncorporates, and the WRB business, with a focus on residentialmortgages. Our Climate Risk stress testing and scenario analysis capabilities are supported by a dedicated team with expertise in scenario planning, climate and financial data analytics, and regulatory compliance. The team, spread across geographies, is responsible for conducting scenario analysis for both the Group and country-specific exercises. Continuous training, participation in climate forums, vendor engagement and partnerships with key organisations helpusbenchmark our capabilities, build further on our capabilities and make informed strategic decisions for effective risk mitigation. In 2025, we have continued to further strengthen our scenarioanalysis capabilities, by adopting phase 4 of the Network for Greening the Financial System (NGFS) scenarios, expanding the coverage of internal models, progressing inthe implementation of climate models within the strategic stress testing platforms, and developing our infrastructure further to incorporate Climate Risk into data, modelling and analysis. The scenario analysis is executed as part of our annual Climate Risk Management Stress Test (MST) exercise, based on our exposures as of December 2024. The results from scenario analysis serve multiple use cases, including as one of the inputs to CIB clients’ Climate Risk grading (BRAG) assessment, which is integrated into the existing credit approval process. This integration is key to informing the overall Climate Risk management process. Quarterly refresh of the scenario analysis for CIB monitors expected stressed losses from Climate Risks against predefined thresholds over a five-year horizon. High-risk clients identified through scenario analysis are disseminated for further consideration and discussion in key forums. The results are used for assessment of Pillar 2A capital add-on as part of ICAAP for CIB and WRB segments, and for assessing credit impairment due to Climate Risk with a focus on CIB sectors with interim 2030 targets, as part of corporate planning. In addition to executing the annual internal Climate Risk MST and scenario analysis, we have also participated in several regulatory Climate Risk stress tests in 2025, including those conducted by the Monetary Authority of Singapore, Bank ofMauritius, Bank Negara Malaysia, Otoritas Jasa Keuangan (OJK) and Central Bank of the UAE. The Scenario Analysis Process Executing scenario analysis requires a coordinated effort across multiple workstreams with data gathered from various sources – both internal and external. Publicly available climate scenarios covering a broad range of risks are leveraged and, where required, these scenarios are expanded further for key climate and macroeconomic variables using vendor models. These scenario variables are used by the Climate Risk models to assess the impact on the credit portfolio, focusing on potential changes in asset quality, non-performing assets and loan losses across different business lines and geographic regions. In line with growing expectations from stakeholders and forprudential risk management purposes, the Group has developed internal models for CIB business, to assess the changes to counterparties’ credit profiles due to climate related risks, for high priority sectors. These models, focused on Transition Risks, apply microeconomic elasticity theory ofsupply and demand as a core quantitative approach. Theapproach is an industry standard for climate stress testing and is based on climate transition costs including the impact of rising carbon prices, technology investment costs and changes in carbon intensities (covering Scope 1, 2 and 3 emissions). The client financials used in these models are based on internal data, but the emissions profile is sourced from vendors and external sources. Key attributes related totransition plans and Physical Risk scores sourced from CRAsand Physical and Transition Risk rankings defined aspart of Country Risk are used as inputs to the scenario analysis process. For Physical Risk assessment of properties in the WRB business, we rely on Munich Re’s Risk Suite to understand the exposure of properties to different hazards. This is combined with internal data capturing property details that help to estimate mitigant capabilities of the properties to Physical Risks. We also gather data from internal sources on current insurance practices in our key markets to improve our estimation of stress losses. These results are subject to internal governance, including review and challenge by an expert panel, and are also tabled at the Group Risk Committee and the Board Risk Committee. The results are also shared with the first and the second line of defence for portfolio monitoring and to guide risk management strategies. Standard Chartered | Annual Report 2025298 ![]() Scenarios used by the Group The table below summarises the Climate Risk scenarios used internally by the Group across risk types for scenario analysis and ICAAP assessments. These scenarios have been selected as they cover a broad range of Physical and Transition Risks covering different plausible futures. The scenarios are not forecasts but rather serve as tools to explore risks and understand impacts inarange of climate future states oftheworld. Risk types Scenario family Number of scenarios Risk measure Refer page no Credit Risk – CIB NGFS Phase 4 4 Stressed ECL 300 Credit Risk – WRB Intergovernmental Panel on Climate Change’s (IPCC) RCP 1 scenario 1 Stranded Assets Loss Estimate 301 OTCR IPCC RCP scenario 1 Physical Risk concentration 296 Traded Risk Bespoke (two Physical scenarios andone Transition scenario) 3 Stressed Loss 297 Key Scenario Features The table below details key features of different scenarios used. While certain scenarios focus on Transition (T) risks, others focus on Physical (P) risk. Current Policies and Fragmented World scenarios are hybrid scenarios with a focus on both Transition (T) and Physical (P) risks. Scenario family Scenario name Key features NGFS (Phase4) Net Zero 2050 (T) Global warming limited to 1.5°C through stringent climate policies and innovation. Global net zero CO 2 emissions around 2050 in alignment with the Paris Agreement. Delayed Transition (T) Strong policies will be needed to limit warming to below 2°C. Annual emissions do not decrease until 2030. Current Policies (P+T) No additional policies beyond those currently implemented, along with slow technology change. Global temperature rises close to 3°C by 2100. Fragmented World (P+T) The Fragmented World scenario assumes delayed and divergent climate policy ambition globally, leading to high Physical and Transition Risks. IPCC (2050,2100) RCP 2.6 (P) RCP 4.5 (P) RCP 8.5 (P) Pathways of Greenhouse Gas (GHG) emissions and atmospheric concentrations, air pollutant emissions and land use to project their consequences for the climate system. Current and projected hazard scores across a range of hazards such as tropical cyclones, river flood, sea level rise, heat stress, precipitation stress, wildfire and drought stress from Munich Re’s Risk Suite are used. Scenarios used for CIB Corporates The scenarios used for CIB clients, as listed below, are characterised by different levels of Transition and Physical Risk, drivenbyvarious features in each scenario. Key Scenario Variables Net Zero 2050 Delayed Transition Current Policies Fragmented World Temperature rise 2100 1.4°C 1.7°C 2.9°C 2.3°C Carbon price ($2010/tCO 2 ) 2030 187 9 9 9 2050 590 350 8 132 Oil price ($2010/GJ) 2030 13 14 14 14 2050 15 17 19 19 Gas price change (vs 2020, %) 2030 39 17 17 17 2050 11 6 45 42 GDP baseline change (vs 2020, %) 2030 34 37 37 37 2050 108 110 117 114 GDP change with high chronic Physical Risk damage (vs2020, %) 2030 31 34 34 34 2050 96 95 101 95 Scenarios Assumptions The NGFS scenarios highlight a fundamental trade-off between managing Transition Risk and mitigating Physical Risk. Thescenarios themselves depict policy implementation, with the (shadow) carbon prices in different scenarios reflective of the stringency of policies and regulations and how technology costs might evolve. The Net Zero 2050 scenario is an orderly scenario with coordinated and ambitious climate policies introduced early on, with a secular increase in carbon prices. The Delayed Transition scenario shows a delayed policy response with disproportionately higher transition costs. Carbon prices in disorderly scenarios (Delayed Transition), which become dominant from 2030, are typically higher for a given temperature outcome, compared to orderly transition scenarios. The Fragmented World scenario is reflective of delayed and uncoordinated policy action with both higher transition costs and Physical Risks. The Current Policies scenario assumes a Hot House world with insufficient global efforts, reflecting lower carbon prices, to halt significant global warming. 1 RCPs are scenarios that describe future concentrations of GHGs and aerosols in the atmosphere. Annual Report 2025 | Standard Chartered 299 Risk review and Capital review ![]() #### ESGR Risk 1 Fossil fuels include Coal, Oil and Gas. Others include Hydro, Nuclear and Geothermal. The scenarios recognise that policy responses will be unevenly distributed, with significant regional variation. Moreover, prices are generally lower in emerging economies due to lower policy stringency and a greater availability oflow-cost abatement options. The Net Zero 2050 scenario largely shows coordinated global policy action with moderate regional variation. In contrast, the Delayed Transition and Fragmented World scenarios exhibit greater regional disparity. In the Delayed Transition scenario, by 2050, carbon prices reach more than $500 per ton of CO 2 forEU and US, but are lower than $300 per ton of CO 2 for Asia and Africa; whereas in the Fragmented World scenario, carbon prices reach more than $300 per ton of CO 2 in the EUand US but are lower than $100 per ton of CO 2 in Asia andpractically non-existent inAfrica. This is directly relevant to the Group given our footprint across these regions. The NGFS scenarios include a wide range of macroeconomic variables, capturing structural relationships between key aggregates such as the GDP growth, unemployment and inflation that differ across regions. The macroeconomic implications vary dramatically across these pathways; while strong early action requires significant upfront investment and shifts in sectoral activity, the economic gains (likely to materialise beyond 2050) from avoided climate damages ultimately make it the least costly path. Across scenarios, GDPbaseline is projected to rise in the range of 108 per cent to 117per cent by 2050 compared to 2020, when chronic Physical Risk damages are not considered. However, when such damages are factored in, the GDP rise is significantly impacted and projected to increase in the range of 95 per cent to 101 per cent. In addition to the publicly available macroeconomic variables for the NGFS scenarios, a more thorough impact on the macroeconomy is captured through the expansion of macroeconomic variables, which are provided by an external vendor. The model combines emissions, abatement, and climate damages with an economic module to represent the implications of the latest climate science and climate policy on economic activity and produces the macroeconomic variables at the industry and regional level, among others. The scenarios also provide nuanced insights into energy systems and incorporate the latest trends in renewable energy technologies such as solar and wind, as well as key mitigation technologies. For instance, the capital costs for solar photovoltaic energy are projected to decrease rapidly, resulting in higher adoption of these technologies. This is reflected in the Net Zero 2050 scenario variables where the use of solar and wind energy, which was 4EJ/year and 6EJ/ year in 2020, is projected to reach 170EJ/year and 94EJ/year by 2050, respectively. Orderly scenarios assume a rapid and significant shift in the energy mix away from fossil fuels toward renewables, biomass and increased electrification, coupled with substantial improvements in energy efficiency. This reduced demand of fossil fuels, 1 as captured in the chart below, is projected to decline by 85 per cent by 2050 in the Net Zero 2050 scenario. Additionally, based on recent industry experience, the scenarios also account for the limited availability of Carbon Dioxide Removal and Carbon Capture and Storage technologies. Ultimately, the scenarios serve asatool for exploring these complex interdependencies rather than as a predictive forecast. 2020 Reference Current Policies Fragmented World Delayed Transition Net Zero 2050 83 2 10 5 68 21 7 4 52 31 11 6 29 48 16 7 15 55 21 9 Fossil Solar & Wind Biomass Others Scenario Assumptions Energy Mix by 2050, acrossscenarios (%) Scenario analysis results for CIB In 2025, we assessed the impact of climate-related risks on our corporate, sovereign and financial institution clients, covering 98 per cent of CIB exposures as at December 2024. This assessment, across the four NGFS scenarios, is primarily reflective of the gross Transition Risks, and limited impact from Physical Risks. While client-level transition plans were not factored into the modelling, they were referenced to draw additional insights for climate sensitive sectors. Wehave usedenhanced Transition Risk models, which are internally developed and better capture the climate scenario narratives when compared to the first-generation models used in 2024. The cumulative Loan Impairment (LI) intensity measures the level of incremental ECL against the Exposure At Default (EAD). We expect this metric to enable us to assess the relative size of our exposure subject to potential losses from Climate Risks.As the graph below illustrates, cumulative LI intensities donotgo beyond 3 per cent during the forecast horizon fortheclimate scenarios considered in our scenario analysis. Weexpect the cumulative LI intensity to rise the most in the Net Zero 2050 and Delayed Transition scenarios, followed by Fragmented World scenario, primarily driven by corporates. The high LI intensity in the Net Zero 2050 scenario is reflective of the high Transition Risks noted by higher carbon prices, coupled with the need for greater investment to move to alow-carbon economy. The high LI intensity in the Delayed Transition scenario illustrates that delayed transition will beequally disruptive due to a lower level of innovation that limits the ability to decarbonise effectively, and rising carbon prices that squeeze profit margins. Standard Chartered | Annual Report 2025300 ![]() Cumulative LI Intensity is calculated as gross ECL over EAD For corporate clients, we focused on the sectors in the table below that have been identified as more vulnerable to potential climate impacts. Sectors such as Oil and Gas, Utilities, and Automobiles and Components are most impacted, primarily due tothe rise in carbon prices in the scenarios and to some extent by the consequent macroeconomic changes. It is assumed that clients with credible transition plans in climate sensitive sectors are less affected as they are better able to identify opportunities arising from climate change. The change in LI intensities compared with previous disclosures is largely due to heightened severity of NGFS Phase 4 scenarios and the enhancement in internal models. Cumulative LI intensities for key corporate sectors Long Term – 2050 EAD Y0 (%) Net Zero 2050 Delayed Transition Current Policies Fragmented World Automobiles & Components 3 High High Medium High Building Products, Construction & Engineering 5 Medium Medium Medium Medium Consumer Durables & Apparel 5 Low Low Medium Medium CRE 8 Low Low Low Medium Metal & Mining 3 Medium Medium Low Medium Oil & Gas 8 High High Low High Telecommunication Services 1 Low Low Low Low Transportation & Storage 8 Medium Medium Low Medium Utilities 5 High High High High Others 54 Low Low Low Low Total portfolio 100 Medium Medium Low Medium EAD data is as of December 2024. Scenario analysis results for WRB Stranded assets analysis is conducted to evaluate the residential mortgages portfolio, to account for extreme Physical Risk. Dueto the higher materiality of residential mortgages portfolio, and the greater relevance and impact of Physical Risk on thisportfolio, it has been selected for scenario analysis. We define stranded assets as properties that are expected to become uninhabitable and/or unusable due to increased frequency and intensity of Physical Risk events from acute and chronic risks. These stranded assets are expected to see a complete erosion to the value of the property. The stranded assets analysis is both data and expert-judgement driven. The following chart illustrates the stranded assetlossesfor 2050 across key residential mortgage markets under the RCP8.5 scenario, based on Munich Re’s Risk Suite. Weexamined exposure concentration 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. This analysis also considered additional details, such as ageand type of the property and inbuilt flood defence mechanism for the acute risk and distance to coast for the chronic risk, subject to data availability. Cumulative LI Intensity Trajectory for CIB – Corporates 3% 2% 1% 0.0% Current Policies Delayed Transition Fragmented World Net Zero 2050 2024 2025 2030 2035 2040 2045 2050 0.8% to 2.2% The moderately high LIintensity observed for the Fragmented World scenario isdriven by sharp regional divergence, with cumulative LIintensity in 2050 observed to be the highest for AME, followed by Asia and E&A. These results are driven by differences in the capacity to execute transition plans, exposure to Physical Risks, combined with uncoordinated carbon policies across regions. Relatively lower LI intensity observed in the NGFS Current Policies scenario reflects the nascent modelling capabilities to incorporate second-order impacts on supply chain and for assessing the Physical Risk impact to client asset locations. Annual Report 2025 | Standard Chartered 301 Risk review and Capital review ![]() Markets such as Hong Kong, Korea, India, Malaysia and China exhibit a higher level of potential losses as more properties in these markets will be exposed to flood and storm risks while properties in UAE exhibit a higher level of sea-level rise risk by the year 2050. We have considered insurance benefits in markets such as Hong Kong, China, UAE and Korea, where there is mandatory coverage against flood and storm risks. However, given the potential issues around affordability and availability of insurance in the longer term, these benefits are considered only in the short term until 2030 with an appropriate level of haircut. For markets where data limitations exist, we were not able to consider the application of mitigating factors against stranded assets, such as property age and property type, in our analysis this year. We aim to address these limitations in future iterations where feasible. We have established zoning policies to ringfence against properties subject to high Physical Risk in Korea where the homeowners’ insurance coverage does not fully mitigate residual Physical Risk. These measures will help to ensure that the Group remains resilient to the adverse climate conditions. Additionally, it is also worth noting that the analysis does not consider the level of adaptation measures enforced by government policies. Our peak ECL intensities for 2050 across the range of climate scenarios, after incorporating stranded asset overlay, are minimal relative to the counterfactual base scenario without climate impacts. We plan to continue to refine our approach to ensure its effectiveness. Overall, the results indicate that the risks are manageable as we continue to actively manage the portfolio to mitigate Physical Risk build-up. Group’s resilience demonstrated While further enhancements to our modelling and risk assessment capabilities are ongoing, the results of scenario analysis for both CIB and WRB have provided further validation to the actions the Group is taking in terms of our Net Zero ambitions and strategy. Additionally, it aligns with our management initiatives aimed at improving the data quality and building in-house modelling expertise. Overall, webelieve that the level of potential credit losses can be mitigated by continuing to take actions across sectors as part of our Net Zero roadmap, engaging with our clients on this topic and supporting clients on their transition journey. Recent events in countries like India, Pakistan and the South China Sea region have highlighted the increasing frequency, intensity and unexpected nature of natural disasters. In India, extreme rainfall in states like Punjab and Himachal Pradesh caused widespread flooding and significant damage to infrastructure and agriculture. Uttarakhand also experienced landslides, cloud bursts and flash floods. In Pakistan, intense monsoon rainfall in Punjab and Khyber Pakhtunkhwa resulted in severe urban flooding, affecting vulnerable communities. Typhoon Ragasa severely affected areas of Philippines and Taiwan, and impacted South China, Hong Kong and Macau. These events underscore the vulnerabilities due to climate change. Despite recent challenges, the Group has exhibited significant resilience, attributable to its robust balance sheet and risk management practices. Limitations and next steps Reliance on emerging methodologies, dependencies onnascent models undergoing continuous refinements, andvarying data limitations across markets, such as the availability of uniform and consistent data points for Physical Risk assessment, further impacting expected loss calculation, are some challenges that underpin the scenario analysis. Many of these limitations are shared across the industry. Given the complexities of climate modelling, it should also be noted that the results do not include the real-world aspects, such as the non-linear shifts and complex feedback loops. Asmore climate science literature and solution providers become available and banks start to use them extensively tobuild internal understanding and capabilities, the transparency and sophistication of modelling methodologies and assumptions will increase. The continuous refinements inmodels and methodologies is expected to be an ongoingprocess. Nonetheless, the current results provide a strategic direction of the sense of portfolio concentrations subject to potential climate losses. These results are used to inform portfolio oversight and opportunity identification with clients on their transition and adaptation pathways. Additionally, considerable developments have been made inbuilding capability from a people, process and technology perspective to support stress tests and scenario analysis at both Group and country level. As we look ahead, we plan toexpand the scope of internal models used for scenario analysis, leverage the enhanced internal climate adjusted sovereign models, and use the newly built climate aware LGDstress models among others. We also plan to conclude integrating internal Climate Risk models within the Group’sinfrastructure. The size of the bubble is indicative of the stranded asset losses assessed forresidential mortgages portfolio. ‘Others’ includes Vietnam, Jersey, Bangladesh, Brunei, Kenya, Pakistan andSriLanka. Chronic Risk (Sea Level Rise) Acute Risks (Flood and Storm) Low Medium High Low Medium High Korea India Singapore China Taiwan UAE Malaysia Others Hong Kong Expected Losses due to Stranded Assets for Residential Mortgages by 2050 #### ESGR Risk Standard Chartered | Annual Report 2025302 ![]() ## Capital review Capital summary The Group’s capital, leverage and minimum requirements forown funds and eligible liabilities (MREL) position ismanaged within the Board-approved risk appetite. TheGroup is wellcapitalised with low leverage and high levels of loss-absorbing capacity. Capital ratios 2025 2024 CET1 capital 14.1% 14.2% Tier 1 capital 17.0% 16.9% Total capital 20.6% 21.5% Leverage ratio 4.7% 4.8% MREL ratio 33.5% 34.2% Risk-weighted assets (RWA) $million 258,031 247,065 The Group‘s capital, leverage and MREL positions were allabove current requirements and Board-approved risk appetite. For further detail see the Capital section in the Standard Chartered PLC Pillar 3 Disclosures for FY 2025. TheGroup’s CET1 capital was 12 basis points lower than 2024.Profits, movements in other comprehensive income and FXtranslation reserves were offset by RWA growth, increase inregulatory deductions and distributions (including ordinary share buybacks of $2.8 billion during the year). The PRA updated the Group’s Pillar 2A requirement during Q32025. As at 31 December 2025, the Group’s Pillar 2A was 3.3 per cent of RWA, of which at least 1.9 per cent must be held in CET1 capital. The Group’s minimum CET1 capital requirement was 10.3 per cent at 31 December 2025. #### The Capital review provides an analysis of the Group’s capital #### andleverage position, and requirements. The Group CET1 capital ratio as at 31 December 2025 reflects theshare buyback of $2.8 billion during the year. The CET1 capital ratio also includes an accrual for the FY 2025 dividend. The Board has recommended a final dividend for FY 2025 of$1,092 million or 49 cents per share resulting in afull year 2025 dividend of 61 cents per share, a 65 per cent increase onthe 2024 dividend per share. In addition, the Board has announced a further share buyback of $1.5 billion, the impact of which will reduce the Group’s CET1 capital by around 58 basis points in the first quarter of 2026. The Group expects to manage CET1 capital dynamically within our 13-14 per cent target range, in support of our aim ofdelivering future sustainable shareholder distributions. The Group’s MREL leverage requirement as at 31 December 2025 was 28.4 per cent of RWA. This is composed of a minimum requirement of 24.5 per cent of RWA and the Group’s combined buffer (comprising the capital conservation buffer, the G-SII buffer and the countercyclical buffer). The Group’s MREL ratio was 33.5 per cent of RWA and 9.2 per cent of leverage exposure at 31 December 2025. During 2025, the Group successfully raised $9.9 billion of MRELeligible securities from its holding company, Standard Chartered PLC. Issuance includes $2.0 billion of Additional Tier1 and $7.9 billion of callable senior debt. The Group raised an additional $0.6 billion of Additional Tier 1 and $3.7 billion in senior securities post the balance sheet date, i.e. not included in the FY 2025 MREL position. The Group is a G-SII, with a 1.0 per cent G-SII CET1 capitalbuffer. The Standard Chartered PLC G-SII disclosure ispublished at sc.com/financial-results Annual Report 2025 | Standard Chartered 303 Risk review and Capital review ![]() #### Capital review Capital base 1 (audited) 2025 $million 2024 $million CET1 capital instruments and reserves Capital instruments and the related share premium accounts 5,120 5,201 Of which: share premium accounts 3,989 3,989 Retained earnings 24,528 24,950 Accumulated other comprehensive income (and other reserves) 10,406 8,724 Non-controlling interests (amount allowed in consolidated CET1) 262 235 Independently audited year-end profits 5,100 4,072 Foreseeable dividends (1,377) (923) CET1 capital before regulatory adjustments 44,039 42,259 CET1 regulatory adjustments Additional value adjustments (prudential valuation adjustments) (693) (624) Intangible assets (net of related tax liability) (6,145) (5,696) Deferred tax assets that rely on future profitability (excludes those arising from temporary differences) (15) (31) Fair value reserves related to net losses on cash flow hedges (315) (4) Deduction of amounts resulting from the calculation of excess expected loss (599) (702) Net gains on liabilities at fair value resulting from changes in own credit risk 412 278 Defined-benefit pension fund assets (149) (149) Fair value gains arising from the institution’s own credit risk related to derivative liabilities (70) (97) Exposure amounts which could qualify for risk weighting of 1250% (25) (44) Total regulatory adjustments to CET1 (7,599) (7,069) CET1 capital 36,440 35,190 Additional Tier 1 capital (AT1) instruments 7,529 6,502 AT1 regulatory adjustments (20) (20) Tier 1 capital 43,949 41,672 Tier 2 capital instruments 9,308 11,449 Tier 2 regulatory adjustments (30) (30) Tier 2 capital 9,278 11,419 Total capital 53,227 53,091 Total risk-weighted assets (unaudited) 258,031 247,065 1 Capital base is prepared on the regulatory scope of consolidation. Standard Chartered | Annual Report 2025304 ![]() Movement in total capital (audited) 2025 $million 2024 $million CET1 at 1 January 35,190 34,314 Ordinary shares issued in the period and share premium – – Share buyback (2,800) (2,500) Profit for the period 5,100 4,072 Foreseeable dividends deducted from CET1 (1,377) (923) Difference between dividends paid and foreseeable dividends (557) (469) Movement in goodwill and other intangible assets (449) 432 Foreign currency translation differences 931 (525) Non-controlling interests 26 18 Movement in eligible other comprehensive income 283 636 Deferred tax assets that rely on future profitability 16 10 Decrease/(increase) in excess expected loss 101 52 Additional value adjustments (prudential valuation adjustment) (69) 106 IFRS 9 transitional impact on regulatory reserves including day one – 2 Exposure amounts which could qualify for risk weighting 18 – Fair value gains arising from the institution’s own Credit Risk related to derivative liabilities 27 19 Others – (54) CET1 at 31 December 36,440 35,190 AT1 at 1 January 6,482 5,492 Net issuances (redemptions) 1,026 1,015 Foreign currency translation difference and others 1 (25) AT1 at 31 December 7,509 6,482 Tier 2 capital at 1 January 11,419 11,935 Regulatory amortisation (227) 1,189 Net issuances (redemptions) (2,175) (1,517) Foreign currency translation and fair value differences 251 (191) Tier 2 ineligible minority interest 10 (3) Others – 6 Tier 2 capital at 31 December 9,278 11,419 Total capital at 31 December 53,227 53,091 The main movements in capital in the period were: • CET1 capital increased by $1.2 billion as retained profits of $5.1 billion, movement in other comprehensive income of $0.5 billion and foreign currency translation impact of $0.9 billion were partly offset by share buyback of $2.8 billion, distributions paid and foreseeable of $1.9 billion, and an increase in regulatory deductions and other movements of $0.5 billion. • AT1 capital increased by $1.0 billion following the issuance of $1.0 billion of 7.63 per cent securities and $1.0 billion of 7.00 per cent securities partly offset by the redemption of $1.0 billion of 6.00 per cent securities. • Tier 2 capital decreased by $2.1 billion due to the redemption of $2.2 billion of Tier 2 during the year partly offset by the reversal of regulatory amortisation and foreign currency translation impact. Annual Report 2025 | Standard Chartered 305 Risk review and Capital review ![]() #### Capital review Risk-weighted assets by business 2025 Credit risk $million Operational risk $million Market risk $million Total risk $million Corporate & Investment Banking 125,366 23,842 26,713 175,921 Wealth & Retail Banking 45,075 11,707 – 56,782 Ventures 4,352 475 76 4,903 Central & other items 17,352 (801) 3,874 20,425 Total risk-weighted assets 192,145 35,223 30,663 258,031 2024 1 Credit risk $million Operational risk $million Market risk $million Total risk $million Corporate & Investment Banking 124,635 19,987 24,781 169,403 Wealth & Retail Banking 47,764 9,523 – 57,287 Ventures 2,243 142 21 2,406 Central & other items 14,661 (173) 3,481 17,969 Total risk-weighted assets 189,303 29,479 28,283 247,065 Movement in risk-weighted assets Credit risk Corporate & Investment Banking $million Wealth & Retail Banking $million Ventures $million Central & other items $million Total $million Operational risk $million Market risk $million Total risk $million At 1 January 2024 116,621 50,771 1,885 22,146 191,423 27,861 24,867 244,151 Assets growth & mix 11,616 (491) 358 (5,176) 6,307 – – 6,307 Asset quality (2,472) (316) – (384) (3,172) – – (3,172) Model updates 1,620 (1) – – 1,619 – (400) 1,219 Methodology and policy changes 38 39 – – 77 – (1,300) (1,223) Acquisitions and disposals – – – – – – – – Foreign currency translation (2,788) (1,397) – (691) (4,876) – – (4,876) Other, Including non-credit riskmovements – (841) – (1,234) (2,075) 1,618 5,116 4,659 At 31 December 2024 1 124,635 47,764 2,243 14,661 189,303 29,479 28,283 247,065 Assets growth & mix (1,712) (3,361) 2,109 1,919 (1,045) – – (1,045) Asset quality 1,343 (483) – 567 1,427 – – 1,427 Model updates (1,265) 198 – – (1,067) – 63 (1,004) Methodology and policy changes – – – – – – – – Acquisitions and disposals (293) (92) – (19) (404) – – (404) Foreign currency translation 2,658 1,049 – 224 3,931 – – 3,931 Other, Including non-credit riskmovements – – – – – 5,744 2,317 8,061 At 31 December 2025 125,366 45,075 4,352 17,352 192,145 35,223 30,663 258,031 1 RWA balances are now presented to reflect the RNS on Presentation of Financial Information issued on 2 April 2025. Prior periods have been re-presented and there is no change in total RWA. Standard Chartered | Annual Report 2025306 ![]() Movements in risk-weighted assets RWA increased by $11.0 billion, or 4.4 per cent, from 31 December 2024 to $258.0 billion. This was due to the increase in Credit Risk RWA of $2.8 billion, Market Risk RWA of $2.4 billion and Operational Risk RWA of $5.7 billion. Corporate & Investment Banking Credit Risk RWA increased by $0.7 billion, or 0.6 per cent, from31 December 2024 to $125.4 billion due to: • $2.7 billion increase from foreign currency translation • $1.3 billion increase mainly due to deterioration in asset quality from sovereign downgrades and other client grademoves • $1.7 billion decrease from changes in asset growth and mix – $5.0 billion decrease from optimisation actions – $3.3 billion increase from asset growth • $1.3 billion decrease from industry-wide regulatory changes to align IRB model performance • $0.3 billion decrease from exit of business in Cameroon. Wealth & Retail Banking Credit Risk RWA decreased by $2.7 billion, or 5.6 per cent, from 31 December 2024 to $45.1 billion mainly due to: • $3.4 billion decrease from changes in asset growth and mix • $0.5 billion decrease mainly due to improvement inassetquality • $0.1 billion decrease from exit of business in Gambia • $1.0 billion increase from foreign currency translation • $0.2 billion increase from industry-wide regulatory changes to align IRB model performance Ventures Ventures is comprised of Mox Bank Limited, Trust Bank andSC Ventures. Credit Risk RWA increased by $2.1 billion, or94.0 per cent from 31 December 2024 to $4.4 billion fromasset balance growth from Mox Bank Limited and SCVentures. Central & other items Central & other items RWA mainly relate to the Treasury Market’s liquidity portfolio, equity investments and current and deferred tax assets. Credit Risk RWA increased by $2.7 billion, or 18.4 per cent, from 31 December 2024 to $17.4 billion mainly due to: • $1.9 billion increase from changes in asset growth and mix • $0.6 billion increase due to deterioration in asset quality mainly from sovereign downgrades and other client grademoves • $0.2 billion increase from foreign currency translation. Market Risk Total Market Risk RWA increased by $2.4 billion, or 8.4 per cent, from 31 December 2024 to $30.7 billion mainly due to a $2.1 billion increase in Standardised Approach (SA) Specific Interest Rate Risk RWA due primarily to increases in the Credit Trading Portfolio. Operational Risk Operational Risk RWA increased by $5.7 billion, or 19.5 per cent, from 31 December 2024 to $35.2 billion, primarily driven by an increase in average income measured over a rolling three-year time horizon. The Group has brought forward the annual refresh of Operational Risk RWA with RWA increase recognised in Q4’25 rather than Q1’26, as earlier guided, resulting in two operational risk RWA increases in 2025. Annual Report 2025 | Standard Chartered 307 Risk review and Capital review ![]() Leverage ratio The Group’s leverage ratio, which excludes qualifying claims on central banks, was 4.7 per cent at FY 2025, which was above thecurrent minimum requirement of 3.7 per cent. The leverage ratio was 11 basis points lower than FY 2024. Leverage exposure increased by $69.8 billion from the increase in Loans and advances and other assets of $85.2 billion, an increase in Derivatives of $3.7 billion partly offset by decrease in claims on central banks of $16.9 billion, decrease in Off-balance sheet items of $1.3 billion, and decrease in asset amounts deducted in determining Tier 1 capital (Leverage) of $0.8 billion. Tier 1 capital increased by $2.3 billion as CET1 capital increased by $1.2 billion and AT1 capital increased by $1.0 billion following the issuance of $2.0 billion partly offset by the redemption of $1.0 billion AT1 securities. Leverage ratio 2025 $million 2024 $million Tier 1 capital (end point) 43,949 41,672 Derivative financial instruments 65,782 81,472 Derivative cash collateral 12,868 11,046 Securities financing transactions (SFTs) 96,096 98,801 Loans and advances and other assets 745,209 658,369 Total on-balance sheet assets 919,955 849,688 Regulatory consolidation adjustments 1 (96,565) (76,197) Derivatives adjustments Derivatives netting (51,827) (63,934) Adjustments to cash collateral (10,011) (10,169) Net written credit protection 2,604 2,075 Potential future exposure on derivatives 58,062 51,323 Total derivatives adjustments (1,172) (20,705) Counterparty risk leverage exposure measure for SFTs 6,715 4,198 Off-balance sheet items 117,341 118,607 Regulatory deductions from Tier 1 capital (8,084) (7,247) Total exposure measure excluding claims on central banks 938,190 868,344 Leverage ratio excluding claims on central banks (%) 4.7% 4.8% Average leverage exposure measure excluding claims on central banks 949,214 894,296 Average leverage ratio excluding claims on central banks (%) 4.6% 4.7% Countercyclical leverage ratio buffer 0.1% 0.1% G-SII additional leverage ratio buffer 0.4% 0.4% 1 Includes adjustment for qualifying central bank claims and unsettled regular way trades. #### Capital review Standard Chartered | Annual Report 2025308 ![]() In this section 310 Independent Auditor’s report 322 Consolidated income statement 323 Consolidated statement of comprehensive income 324 Consolidated balance sheet 325 Consolidated statement of changes in equity 326 Cash flow statement 327 Company balance sheet 328 Company statement of changes in equity 329 Notes to the financial statements ## Financial ## statements #### Case study ## Streamlining FX transactions for ## our clients In January 2025, we launched SC PrismFX, anewplatform providing clients with transactional FX solutions for cross-border payments. The platform is available across more than 130 currencies and40 markets and is designed to simplify transactional FXby offering greater transparency, control and efficiency across pricing, execution and workflow. SC PrismFX is available for financial institutions, non-banking financial institutions, PayTech and corporate clients globally. Read more: sc.com/prismfx Annual Report 2025 | Standard Chartered 309 Financial statements ![]() Independent Auditor’s Report to the ## members of Standard Chartered PLC Opinion In our opinion: • Standard Chartered PLC’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 2025 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 Financial Reporting 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 financial statements of Standard Chartered PLC (the ‘Company’ or the ‘Parent Company’) and its subsidiaries, interests in associates, and jointly controlled entities (together with the Company—the ‘Group’) for the year ended 31 December 2025 which comprise: Group Company Consolidated income statement for the year ended 31 December 2025; Balance sheet as at 31 December 2025; 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 2025; 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 41 to the financial statements, including: material accounting policy information. Consolidated cash flow statement for the year then ended; Related notes 1 to 41 to the financial statements, including: material accounting policy information; Information marked as ‘audited’ within the Directors’ remuneration report from page 180 to page 206; and Risk Review and Capital Review disclosures marked as ‘audited’ from page 218 to page 308. The financial reporting 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 applied in accordance with section 408 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group and the Company in accordance with the ethical requirements that are relevant toour audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services prohibited by the FRC’s Ethical 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 auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting inthe preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group andthe Parent Company’s ability to continue to adopt the going concern basis of accounting included: • performing a risk assessment to identify factors that could impact the going concern basis of accounting, including consideration of principal and emerging risks; • assessing management’s going concern assessment, including the Group’s forecast capital, liquidity and leverage ratios over the period of twelve months from 24 February 2026, to evaluate the headroom against minimum regulatory requirements and the risk appetite setby the directors; • engaging EY economic specialists to assess and challenge the reasonableness of assumptions used to develop the forecasts in the Corporate Plan (5-year forward looking plan of the business) and evaluating the accuracy of historical forecasting; • assessing the Group’s funding plan and repayment plan for funding instruments maturing over the period of twelve months from 24 February 2026; • understanding and evaluating credit rating agency ratings; Standard Chartered | Annual Report 2025310 ![]() • engaging EY prudential regulatory specialists to evaluate the results of management’s stress testing on funding, liquidity, and regulatory capital; • reviewing correspondence with prudential regulators and authorities for matters that may impact the going concern assessment; and • evaluating the going concern disclosure included in note1to the financial statements to assess that the disclosure was appropriate and in conformity with the reporting standards. Based on the work we have performed, we have not identified any material uncertainties relating to events orconditions that, individually or collectively, may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern for a period of twelve months from 24 February 2026. In relation to the Group’s and the Parent Company’s reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention toin relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future eventsor conditions can be predicted, this statement is not aguarantee as to the Group’s and the Parent Company’s ability to continue as a going concern. Overview of our audit approach Audit scope • We performed an audit of the complete financial information of 10 components in 8 countries andaudit procedures on specific balances for a further 6 components in 5 countries. • We performed central procedures for certain audit areas and balances as outlined in Tailoring thescope section of our report. Key audit matters • Credit impairment • Basis of accounting and impairment assessment of China Bohai Bank (interest in associate) • Valuation of financial instruments held at fair value with higher risk characteristics. Materiality • Overall Group materiality of $390m which represents 5% of adjusted profit before tax. An overview of the scope of the Parent Company and Group audits Tailoring 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 sufficient appropriate audit evidence on which to base our audit opinion. We performed risk assessment procedures, with input from our component auditors, to identify and assess risks of material misstatement of the Group financial statements and identified significant accounts and disclosures. When identifying components atwhich audit work needed to be performed to respond tothe identified risks of material misstatement of the Group financial statements, we considered our understanding oftheGroup and its business environment, the applicable financial framework, the Group’s system of internal control atthe entity level, the existence of centralised processes, theIT application environment, and any relevant internalaudit results. We took a centralised approach to auditing certain processes and controls, as well as the substantive testing of specific balances. This included audit work over the Group’s Global Business Services shared services centre (SSC), Corporate and Investment Banking SSC, Credit Impairment SSC and Global 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, including: Revenue recognition; Management override of controls; Technology costs; Impairment of goodwill; Going concern and long-term viability; Hedge accounting; Climate risk; Share based payments; Taxation; Legal and regulatory matters; Centralised reconciliations; Onerous contracts, including impairment of leased properties; IT matters; and certain transformation programmes. In addition to the above areas, for select components in Germany, Japan, Hong Kong, Côte d'Ivoire and Saudi Arabia, we, the primary audit engagement team (“the Primary Audit Team”) performed certain procedures centrally over the cash balances as at 31 December 2025. These components are separate to those described below. We identified 16 components in 13 countries as individually relevant to the Group due a significant risk or an area of higher assessed risk of material misstatement of the Group financial statements being associated with the components, or due to financial size of the component relative to the Group. For those individually relevant components, we identified thesignificant accounts where audit work needed to be performed at these components by applying professional judgement, having considered the Group’s significant accounts on which centralised procedures are performed, thereasons for identifying the financial reporting component as an individually relevant component and the size of the component’s account balance relative to the Group significant financial statement account balance. Annual Report 2025 | Standard Chartered 311 Financial statements ![]() We then considered whether the remaining Group significant account balances that are not subject to audit procedures, in aggregate, could give rise to a risk of material misstatement of the Group financial statements. We did not identify additional scope required as we assessed the residual risk tonot be material. Having identified the components for which work will beperformed, we determined the scope to assign to eachcomponent. Of the 16 components selected, we designed and performed audit procedures on the entire financial information of 10 components (“full scope components”). For 6 components, wedesigned and performed audit procedures on specific significant financial statement account balances or disclosures of the financial information of the component (“specific scope components”). Group`s Absolute PBT Group`s Total assets Group`s Absolute Operating Income 2025 2024 2025 2024 2025 2024 Full Scope 66% 64% 87% 87% 68% 72% Specific Scope 10% 10% 5% 5% 10% 9% Specified Procedures 0% 2% 0% 0.30% 0% 2% Total 76% 76% 92% 92% 78% 83% Of the remaining components that together represent 24% of the Group’s absolute PBT, none are individually greater than 2.3%. For certain of these components, we performed other procedures at the Group level which included: performing analytical reviews at the Group financial statement level, evaluating entity level controls, performing audit procedures on the centralised shared service centres, testing of consolidation journals and intercompany eliminations, inquiring with certain overseas EY teams on the outcome of prior year local statutory audits (where audited by EY) to identify any potential risks of material misstatement to the Group financial statements. We also had regard forthe extent of centralised procedures in respect of key audit matters. Involvement with component teams In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of the components by us, the Primary Audit Team, orby component auditors from other firms operating under our instruction. All of the direct components of the Group (fullor specific scope) were audited by EY global network firms. There was one non-EY component team auditing a single component in a single location, which was instructed by a direct component of the Group. Audit procedures were performed on 3 full scope components (including the audit 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 direction and supervision of the Senior Statutory Auditor. For the remaining 13 components, where the work was performed by component auditors, we determined the appropriate level of involvement to enable us to determine that sufficient and appropriate audit evidence had been obtained as a basis for our opinion on the Group as a whole. In addition to the above, the Primary Audit Team also performed full-scope audit procedures on components related to the Group consolidation process. In addition, the Group has centralised processes and controls over key areas in its shared service centres. Members of the Primary Audit Team undertook direct oversight, review and coordination of our shared service centre audits. The Primary Audit Team continued to follow a programme of planned visits to component teams and shared service centres. Duringthe current year’s audit cycle, visits were undertaken by the Primary Audit Team to the component teams in the following locations: • Hong Kong • India (including the shared services centre) • Mainland China (including the shared services centre) • Malaysia (including the shared services centre) • Republic of Korea • Singapore (including the shared services centre) • United Arab Emirates • United States of America • Kenya These visits involved discussing the audit approach with thecomponent team and any issues arising from their work, meeting with local management, attending planning and closing meetings, and reviewing relevant audit working papers on risk areas. In addition to the site visits, the Primary 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 was responsible for the scope and direction of the audit process. The Primary Audit Team also undertook video conference meetings with component and SSC audit teams and management. These virtual meetings involved discussing theaudit approach and any issues arising from their work, aswell as performing remote reviews of key audit workpapers. This, together with the procedures performed at the Group level, gave us sufficient and appropriate evidence for our opinion on the Group and Company financial statements. #### Independent Auditor’s Report to the members of Standard Chartered PLC Standard Chartered | Annual Report 2025312 ![]() Climate change Stakeholders are increasingly interested in how climate change will impact the economy, including the banking sector, and further how this may consequently impact the valuation of assets and liabilities held on bank balance sheets. The Group manages climate Risk according to the characteristics of the impacted principal risk types. The assessment of that risk by the Group is explained on pages 287 to 302 in the ‘Risk Review and Capital Review’ section, and on pages 66 to 128 in the ‘Sustainability review’ section aswell as on pages 450 to 465 in the ‘Supplementary sustainability information’ section of the Annual Report, where management has also explained their climatecommitments. All of these disclosures form part of the ‘Other information’, rather than the audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line with our responsibilities on ‘Other information’. 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 financial statements. The Group has explained in the ‘Sustainability review’ section of the Annual Report how they have reflected the impact of climate change in their financial statements, including how this aligns with their commitment to the aspirations of the Paris Agreement to achieve net zero emissions by 2050. Significant judgements and estimates relating to climate change are included in the section ‘Climate change impact on the Group’s balance sheet’ of note 1 to the financial 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 liabilities. Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating whether management’s assessment of the impact of climaterisk has been appropriately reflected in the valuation of assets and liabilities, where material and where it can bereliably measured, following the currently effective requirements of UK IAS and EU IFRS. This was in the context of the Group’s process being limited, given that this is a highly evolving area, as a result of limitations in the data available and the nascent modelling capabilities, and as the Group considers how it further embeds its climate ambitions into theplanning process. As part of this evaluation, we performed our own risk assessment, supported by our climate change specialists, to determine the risks of material misstatement in the financial statements from climate change which needed to be considered in our audit. We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability, and the associated disclosures. Where considerations of climate 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 financial statements to impact certain key audit matters. Details of our procedures and findings 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 significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters. Risk Our response to the risk Credit Impairment Refer to the Audit Committee Report (page 163); Note8ofthe financial statements; and relevant credit riskdisclosures (including pages 233 to 276). At 31 December 2025, the Group reported a credit impairment balance sheet provision of $4,408m million (2024: $5,267 million), and an income statement charge of$672 million (2024: $547 million). Determining expected credit losses is highly judgemental and subjective as a result of the significant uncertainty associated with the estimation of expected future credit losses. Assumptions with increased complexity in respect ofthe timing and measurement of expected credit losses (ECL) include: We evaluated the adequacy of the design of the Group’s controls over material ECL balances. Operating effectiveness was tested for those controls upon which we placed reliance. We performed an overall stand-back assessment of the ECLallowance in total and by stage. We considered the overall level of geopolitical risk and consequent economic uncertainty, credit quality of the Group’s portfolios, the impact of sovereign risk, challenges facing the Commercial Real Estate sector, and the uncertainty owing to the US trade and tariff policy. We performed peer benchmarking tothe extent that this was considered relevant and investigated and sought explanations for any areas identified as being outliers. Our assessment also included theevaluation of the macroeconomic environment by considering trends in the economies and countries to which the Group is exposed. Annual Report 2025 | Standard Chartered 313 Financial statements ![]() Risk Our response to the risk Staging – The determination of what constitutes a significant increase in credit risk and default and consequent complete and timely allocation of qualifying assets to the appropriate stage in accordance with IFRS 9. Modelled output – Appropriateness of accounting interpretations, modelling assumptions, modelling techniques and the data used to determine the Probability of Default (PD), Loss Given Default (LGD) and Exposure atDefault (EAD) used to calculate the ECL. Multiple economic scenarios – The determination of theappropriateness of economic variables, the future forecasting of these variables and the approach to determine both the base case forecast and the Monte CarloSimulation. The assessment of non-linearity produced by the Monte Carlo simulation, the benchmarking of the output to the discrete scenarios and the evaluation of the need for any overlays. Management overlays and post-model adjustments – Appropriateness, completeness and valuation of risk eventoverlays to capture risks not identified by the credit impairment models, including the consideration of the risk ofmanagement override. Individually assessed ECL allowances – Measurement of individual provisions including the assessment of probability weighted recovery scenarios, existence and valuation of collateral, and expected future cashflows. In 2025, the most material factors impacting the ECL weregeopolitical uncertainty, the impact of the US tariffs, and the idiosyncratic risks at a sovereign and sector level. Inaddition, we considered the impact of climate as part ofimpairment provisioning. Overall, economic uncertainty remains elevated with a consequent increased risk to the downside and therefore inline with the prior year there continues to be an elevated risk of a material misstatement. Staging – We evaluated the criteria used to allocate financial assets within the scope of IFRS 9 to stage 1, 2 or 3. We reperformed the staging distribution for all relevant financial assets. We performed sensitivity analysis to assess the impact of changes to the quantitative thresholds on the EAD and ECL. We reperformed the Group’s staging effectiveness and investigated any differences or anomalies. To test the completeness of the identification of significant increase in credit risk, we challenged the credit risk ratings (including appropriate operation of quantitative backstops) for a sample of performing accounts and other accounts exhibiting risk characteristics such as financial difficulty, deferment of payment, late payment and heightened risk accounts appearing on the watchlist. Modelled output – With the support of EY credit risk modelling specialists, we performed a risk assessment over the models used in the ECL calculation using independently determined quantitative and qualitative criteria, and applied this risk rating to select a sample of models to test. For the selected models, we assessed the reasonableness ofunderlying assumptions, methodology and model build. This included evaluating model design and formulae, model implementation and validation, model monitoring, sensitivity testing and independently recalculating the Probability ofDefault, Loss Given Default and Exposure at Default parameters for a sample of higher risk models. 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. We sample tested material data adjustments to the modelled output. Economic scenarios – In collaboration with our economic specialists, we challenged the completeness and appropriateness of the macroeconomic variables used asinputs to the ECL models. Our economic specialists assisted in evaluating the reasonableness of the base forecast for a sample of macroeconomic variables most pertinent to the Group’s ECL calculation. Procedures performed included benchmarking the forecast for a sample of macroeconomic variables to peers, historical data analysis and examination of a variety of global external sources. #### Independent Auditor’s Report to the members of Standard Chartered PLC Standard Chartered | Annual Report 2025314 ![]() Risk Our response to the risk We assessed the appropriateness of the output of the Monte Carlo simulation by performing a sensitivity test across a sample of economic variables, spanning multiple markets, using an independent challenger model. We assessed the reasonableness of the non-linearity produced by the Monte Carlo simulation and the appropriateness of management’s overlay. Our economists assessed and challenged the Group’s choice of discrete scenarios to benchmark the output from the Monte Carlo model and determine the sensitivity analysis as set out onpages 266 to 270 in the annual report. This challenge included the choice of discrete scenarios, the weights applied to each scenario and the quantum of the non-linearity overlay. We also performed a stand-back assessment by benchmarking the non-linearity and overall ECL charge and provision coverage to peers. Management overlays and post model adjustments – Wechallenged the completeness and appropriateness ofoverlays used for risks not captured by the models and evaluated the outcome of model monitoring procedures thathighlighted model deficiencies including the need for post model adjustments. We focused our challenge on idiosyncratic risks at a sector and sovereign level, including the impact of climate, and the results of model monitoring procedures. Our procedures included assessing the need formanagement overlays and post model adjustments, evaluating the assumptions and judgments used to determine these taking current market conditions into account, and computing independent ranges where appropriate. Individually assessed ECL allowances – We selected a sample of individually assessed provisions and challenged management’s level of provisioning by performing recalculation procedures. These procedures included challenging management’s forward looking economic assumptions, the appropriateness of the recovery outcomes, cashflow profiles and timings, and the individual probability weightings used for each scenario. We also engaged our valuation specialists to independently assess the value of collateral used in management’s calculations on a sample basis. In conjunction with our technical accounting experts, we considered the appropriateness of the accounting treatment applied for material loan restructurings. Annual Report 2025 | Standard Chartered 315 Financial statements ![]() Risk Our response to the risk Basis of accounting and impairment assessment of China Bohai Bank (Interest in Associate) Refer to the Audit Committee Report (page 163) and Note 32 of the financial statements. • Interest in Associate – China Bohai Bank $883 million (2024: $738 million). • Cumulative impairment: $1,485 million (2024: $1,459 million). At 31 December 2025, the Group’s share of China Bohai Bank’s market capitalisation was $523m lower than the carrying value of $883m. We focused on judgements and estimates, including theappropriateness of the equity accounting treatment under IAS 28 and the assessment of whether the investment was impaired. Basis of accounting The Group holds a 16.26% stake in China Bohai Bank and equity accounts for the investment as an associate, on the grounds that the Group is able to exercise significant influence over China Bohai Bank. IAS 28 states that if the entity holds, directly or indirectly, less than 20% of the voting power of the investee, it is presumed that the entity does not have significant influence, unless such influence can be clearly demonstrated. There is a risk that the equity accounting treatment may notbe appropriate, if the Group cannot demonstrate that itexerts significant influence over China Bohai Bank. We obtained an understanding of management’s process and evaluated the design of controls for the accounting and impairment assessment of China Bohai Bank. Our audit strategy was fully substantive. Basis of accounting We evaluated the evidence that the Group presented todemonstrate that it exercises significant influence over ChinaBohai Bank, through Board representation, membership ofBoard Committees and sharing of technical expertise. We observed certain meetings alongside Group management and China Bohai Bank management to identify facts and circumstances impacting the assessment of significant influence exercised by the Group. Impairment testing We assessed the appropriateness of the Group’s VIU methodology for compliance with accounting standards. We tested the mathematical accuracy of the VIU model andengaged our valuation and modelling specialists to support the audit team in calculating an independent rangefor the VIU. We performed audit procedures to assess the reasonableness of the Group’s forecast of the future cashflows relating to Bohai, and other key assumptions withregard to the relevance and reliability of data inputs. Key observations communicated to the AuditCommittee How we scoped our audit to respond to the risk andinvolvement with component teams We communicated that the Group’s ECL provisions were reasonably estimated and materially in compliance with IFRS 9. We highlighted the following matters to the Audit Committee that contributed to our overall conclusion: • Our evaluation of the appropriateness of the significant increase in credit risk triggers, and the results of our staging reperformance. • Our assessment of the appropriateness of the Group’s models to generate the ECL including the appropriateness and validity of the data used in the models. • Our evaluation of the completeness and appropriateness of economic variables, the choice of discrete scenarios, the weightings applied to these scenarios, and the outcome of our challenger model. • Our assessment of the appropriateness of post model adjustments and overlays, including idiosyncratic overlays relating to sectors, sovereigns, climate and non-linearity. • For individually assessed ECL allowances, the overall reasonableness of the provisions, including assumptions applied, and collateral valuations. We continued to highlight to the Committee that there remains increased uncertainty and volatility in determining expected credit losses due to the elevated risks in the macroeconomic and geopolitical landscape. For the purposes of determining the scope of work to be conducted centrally and by component teams, we considered the following: • The Group’s gross exposure and ECL by market • The Group’s and EY’s independent sovereign risk assessment • Market of origin for individual defaulted exposures • The Group’s material IFRS 9 systems and processes, including modelled ECL, and where those systems and process were located Based on this assessment, we determined that specific credit related procedures were required to be performed centrally, and by 8 full scope and 5 specific scope locations. 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. #### Independent Auditor’s Report to the members of Standard Chartered PLC Standard Chartered | Annual Report 2025316 ![]() Risk Our response to the risk Valuation of financial instruments held at fair value with higher risk characteristics (Level 3 and certain Level 2 portfolios) Refer to the Audit Committee Report (page 163) and Note 13 to the financial statements. At 31 December 2025, the Group reported financial assets measured at fair value of $370,745 million (2024: $348,408 million), and financial liabilities at fair value of $157,801 million (2024: $167,526 million), of which financial assets of $12,338 million (2024: $8,053 million) and financial liabilities of $5,133 million (2024: $4,937 million) are classified as Level 3 in the fair value hierarchy. The fair value of financial instruments with higher risk characteristics involves the use of management judgement in the selection of valuation models and techniques, pricing inputs and assumptions and fair value adjustments. We evaluated the design and operating effectiveness ofcontrols relating to the valuation of financial instruments, including Independent Price Verification (IPV), model validation, fair value adjustments, and significant deal review. Among other procedures, we engaged our valuation specialists to assist 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 derivative financial instruments (including those embedded within customer accounts, debt securities inissue, and deposits by banks) to assess the appropriateness of models and the adequacy ofassumptions and inputs used by the Group; Risk Our response to the risk Our assessment of the risk in respect of significant influence has not changed compared to the prior year. Impairment testing At 31 December 2025, China Bohai Bank’s market capitalisation was significantly lower than the carrying value of the investment. Financial performance in 2025 reflected ongoing market pressures, resulting in muted results. Inaddition, China Bohai Bank did not pay a dividend for athird year. These matters are indicators of impairment. Impairment of the investment in China Bohai Bank isdetermined by comparing the carrying value to the higherofvalue in use (VIU) and fair value less costs to sell. TheVIUis modelled by reference to future cashflow forecasts (forecast profit, including a haircut for regulatory capital), exit multiples, discount rate and macroeconomic assumptions such as forward market interest rate curves. Theassumptions underpinning management’s assessment of the VIU are subject to estimation uncertainty and consequently, there is a risk that if the judgements and assumptions are inappropriate, the investment in China Bohai Bank may be misstated. Our assessment of the risk in respect of impairment has not changed compared to the prior year. We performed a stand-back assessment to determine whether the carrying value of the Group’s investment inChina Bohai Bank was reasonable. We considered the macroeconomic environment in China, ratings agency reports and public disclosures by Bohai. We benchmarked the forecasts to broker reports published for comparable companies. We assessed the appropriateness of disclosures in the annual report in relation to China Bohai Bank, including the impact of reasonably possible changes in key assumptions on the carrying value of the investment. Key observations communicated to the AuditCommittee How we scoped our audit to respond to the risk andinvolvement with component teams On the basis of the evidence, we concluded that the Group continues to maintain significant influence over China Bohai Bank as at 31 December 2025. We highlighted our assessment of the impairment methodology and our view onsignificant assumptions to the VIU. We concluded that the Interest in Associate – China Bohai Bank balance and the associated financial statement disclosures were not materially misstated as at 31 December2025. We performed centralised audit procedures over the risk, with the support of EY Hong Kong and a non-EY Component audit team in performing certain procedures to address the risk. The Group Audit Team’s involvement with the component teams and procedures performed are detailed in the Involvement with component audit teams’ section ofourreport. Annual Report 2025 | Standard Chartered 317 Financial statements ![]() Risk Our response to the risk A higher level of estimation uncertainty is involved for financial instruments valued using complex models; pricing inputs that have limited observability; and fair value adjustments, including Credit Valuation Adjustments for illiquid counterparties. We considered the following portfolios presented a higher level of estimation uncertainty: • Derivatives: Level 3 and certain Level 2 derivatives (including those embedded within customer accounts, debt securities 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 similar secured lending, and debt securities and other eligible bills with unobservable pricing inputs. The level of risk remains consistent with the prior year. • Test valuations of other Level 3 financial instruments with higher estimation uncertainty, such as equity shares, loans and advances to customers, reverse repurchase agreements and other similar secured lending, and debt securities and other eligible bills. Where appropriate, we compared management’s valuation to our own independently developed range; • Assessed the appropriateness and observability of pricing inputs as part of the IPV process and recognition of day 1 P&L; 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 determining illiquid credit spreads. Where differences between our independent valuation and management’s valuation were outside our thresholds, we performed additional testing to assess the impact on the valuation of financial instruments. Throughout our audit procedures we considered the continuing uncertainty arising from the current macroeconomic environment. In addition, we assessed whether there were any indicators of aggregate bias in financial instrument marking and methodology assumptions. We also assessed management’s disclosures regarding fair value measurement. Key observations communicated to the AuditCommittee How we scoped our audit to respond to the risk andinvolvement with component teams We concluded that assumptions used by management to estimate the fair value of financial instruments with higher risk characteristics, and the recognition of related income, were reasonable. We highlighted the following matters tothe Audit Committee: • We did not identify material differences arising from ourindependent testing of valuations dependent on complex models; • The fair values of other Level 3 financial instruments, valued using pricing inputs with limited observability, were not materially misstated as at 31 December 2025 based on our independent calculations; and • Valuation adjustments, including Credit Valuation Adjustments for illiquid counterparties, were appropriate, based on our analysis of market data and benchmarking of pricing information. We performed centralised audit procedures over this risk. These procedures were performed by the Primary Team andCIB SSC team, covering over 99% of the risk amount. #### Independent Auditor’s Report to the members of Standard Chartered PLC In the prior year, our auditor’s report included a key audit matter in relation to the impairment of investments in subsidiaries. Following a re-assessment, in the current year, we no longer consider it a key audit matter. Standard Chartered | Annual Report 2025318 ![]() Our application of materiality We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion. Materiality The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users ofthe financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures. We determined materiality for the Group to be $390 million (2024: $340 million), which is 5% (2024: 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 the most appropriate and relevant measure for the users of the financial statements, given the Group is profit-making, it is consistent with the wider industry, and it is the standard for listed and regulated entities. This increase from prior year is driven by an increase in our materiality basis of adjusted profit before tax and is reflected in all materiality thresholds discussed below. We determined materiality for the Parent Company to be $351 million (2024: $306 million), which represents 90% of Group materiality (2024:90%) and equates to 0.6% (2024: 0.6%) of the equity of the Parent company. We believe that equity provides us with the most appropriate measure for the users of the Parent Company’s financial statements, given that the Parent Company is primarily a holding company. Starting basis • Reported profit before tax – $6,963m Adjustments • Non-recurring items: $842m Materiality • Adjusted profit before tax – $7,805m • Materiality of $390m (5% of adjusted profit before tax) During the course of our audit, we reassessed initial materiality. This assessment resulted in a higher final materiality calculated based on the actual financial performance of the Group for the year. There were no changes to the basis for materiality from the planning stage. Performance materiality The application of materiality at the individual account orbalance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate ofuncorrected and undetected misstatements exceedsmateriality. On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, ourjudgement was that performance materiality was 50% (2024: 50%) of our planning materiality, namely $195m (2024:$170m). We have set performance materiality at thispercentage due to a variety of risk factors, such as the expectation of misstatements, internal control environment considerations, and other factors such as the global complexity 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 financial statements. The performance materiality 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 materiality allocated to components was $19mto $46m (2024: $16m to $46m). Reporting threshold An amount below which identified misstatements are considered as being clearly trivial. We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of $20m (2024: $17m), which is set at 5% of planning materiality, aswell as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations informing our opinion. Other information The other information comprises the information included inthe Annual Report set out on pages 1 to 478, including the Strategic report (pages 1 to 52), the Financial Review (pages 53 to 65), the Sustainability Review (pages 66 to 128), the Directors’ report (pages 129 to 216), including the information not marked as ‘audited’ in the Directors’ remuneration report (pages 180 to 206) and Other statutory and regulatory disclosures (pages 207 to 216), the Statement of directors’ responsibilities (page 217), the information not marked as ‘audited’ in the Risk review and Capital review section (pages 218 to 308), and the Supplementary information (pages 435 to478), other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover theother information and, except to the extent otherwise explicitly stated in this report, we do not express any form ofassurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears tobe materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,based on the work we have performed, we conclude that there is a material misstatement of the other information, weare required to report that fact. We have nothing to report in this regard. Annual Report 2025 | Standard Chartered 319 Financial statements Opinions on other matters prescribed by the Companies Act 2006 In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course ofthe audit: • the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial 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 identified material 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 opinion: • adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or • the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified bylaw are not made; or • we have not received all the information and explanations we require for our audit. Corporate Governance Statement We have reviewed the directors’ statement in relation togoing concern, longer-term viability and that part of the Corporate Governance Statement relating to the Group andCompany’s compliance with the provisions of the UK Corporate Governance Code specified for our review by the UK Listing Rules. Based on the work undertaken as part of our audit, we haveconcluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit: • Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 334; • Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why theperiod is appropriate set out on pages 51to52; • Director’s statement on whether it has a reasonable expectation that the Group will be able to continue inoperation and meets its liabilities set out on page 52; • Directors’ statement on fair, balanced and understandable set out on page 217; • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out onpage 212; • The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on pages 212 to 213; and • The section describing the work of the audit committee set out on pages 161 to 169. Responsibilities of directors As explained more fully in the directors’ responsibilities statement set out on page 217, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, andtoissue an auditor’s report that includes our opinion. 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, individually or in the aggregate, theycould reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk 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intentional misrepresentations, or through collusion. Theextent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (UK-adopted IAS and EU IFRS, the Companies Act 2006 and the UK Corporate #### Independent Auditor’s Report to the members of Standard Chartered PLC Standard Chartered | Annual Report 2025320 ![]() Governance Code, the Financial Conduct Authority (FCA) Listing Rules, the Main Board Listing Rules of the Hong Kong Stock Exchange), regulations and supervisory requirements of the Prudential Regulation Authority (PRA), FRC, FCA and other overseas regulatory requirements, including but not limited to regulations in its major markets such as Mainland China, Hong Kong, India, Republic of Korea, Singapore, the United Arab Emirates, the United States of America, and the relevant tax compliance regulations in the jurisdictions in which the Group operates. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to regulatory capital and liquidity, conduct, financial crime including anti-money laundering, sanctions and market abuse recognising the financial and regulated nature of the Group’s activities. • We understood how the Group is complying with those frameworks by performing a combination of inquiries of senior management and those charged with governance as required by auditing standards, review of board and certain committee meeting minutes, gaining an understanding of the Group’s approach to governance, inspection of regulatory correspondence in the year and engaging with internal and external legal counsel. We also engaged EY financial crime and forensics specialists to perform procedures on areas relating to anti-money laundering, whistleblowing, and sanctions compliance. Through these procedures, we became aware of actual orsuspected non-compliance. The identified actual or suspected non-compliance was not sufficiently significant to our audit that would have resulted in it being identified as a key audit matter. • We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur by considering the controls that the Group hasestablished to address risks identified by the entity, orthat otherwise seek to prevent, deter or detect fraud. Our procedures to address the risks identified also included incorporation of unpredictability into the nature, timing and/or extent of our testing, challenging assumptions andjudgements made by management in their significant accounting estimates and journal entry testing. • Based on this understanding, we designed our audit procedures to identify non-compliance with such laws andregulations. Our procedures involved inquiries 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, including journal entry testing. We also performed inspection of key correspondence from the relevant regulatory authorities 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 communicated bymanagement to the Group audit engagement team and component teams (where applicable) who performed audit procedures such as inquiries with management, sending confirmations to external legal counsel, substantive testing and meeting with regulators. Whereappropriate, we involved specialists 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 activities. 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 capabilities, which included the use of specialists where appropriate. A further description of our responsibilities for the audit ofthefinancial statements is located on the Financial ReportingCouncil’s website at https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report. Other matters we are required to address • Following the recommendation from the audit committee, we were re-appointed by the Company on 8 May 2025 toaudit the financial statements for the year ending 31 December 2025 and subsequent financial periods. • The period of total uninterrupted engagement including previous renewals and reappointments is six years, covering the years ending 31 December 2020 to 31 December 2025. • The audit opinion is consistent with the additional report to the audit 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 responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Micha Missakian Senior statutory auditor for and on behalf of Ernst & Young LLP, Statutory Auditor London 24 February 2026 Annual Report 2025 | Standard Chartered 321 Financial statements ![]() #### Financial statements #### Consolidated income statement For the year ended 31 December 2025 | | | | | | --- | --- | --- | --- | | | | 2025 | 2024 | | | Notes | $million | $million | | Interest income | | 24,547 | 27,862 | | Interest expense | | (18,592) | (21,496) | | Net interest income | 3 | 5,955 | 6,366 | | Fees and commission income | | 5,349 | 4,623 | | Fees and commission expense | | (1,100) | (889) | | Net fee and commission income | 4 | 4,249 | 3,734 | | Net trading income | 5 | 10,294 | 9,615 | | Other operating income | 6 | 444 | (172) | | Operating income | | 20,942 | 19,543 | | Staff costs | | (9,109) | (8,510) | | Premises costs | | (434) | (401) | | General administrative expenses | | (2,591) | (2,465) | | Depreciation and amortisation | | (1,170) | (1,126) | | Operating expenses | 7 | (13,304) | (12,502) | | Operating profit before impairment losses and taxation | | 7,638 | 7,041 | | Credit impairment | 8 | (672) | (547) | | Goodwill, property, plant and equipment and other impairment | 9 | (65) | (588) | | Profit from associates and joint ventures | 32 | 62 | 108 | | Profit before taxation | | 6,963 | 6,014 | | Taxation | 10 | (1,866) | (1,972) | | Profit for the year | | 5,097 | 4,042 | | Profit attributable to: | | | | | Non-controlling interests | 29 | 12 | (8) | | Parent company shareholders | | 5,085 | 4,050 | | Profit for the year | | 5,097 | 4,042 | | | | cents | cents | | Earnings per share: | | | | | Basic earnings per ordinary share | 12 | 195.4 | 141.3 | | Diluted earnings per ordinary share | 12 | 189.6 | 137.7 | The notes on pages 330 to 434 form an integral part of these financial statements. Standard Chartered | Annual Report 2025322 ![]() | | | | | | --- | --- | --- | --- | | | | 2025 | 2024 | | | Notes | $million | $million | | Profit for the year | | 5,097 | 4,042 | | Other comprehensive income/(loss): | | | | | Items that will not be reclassified to income statement: | | 198 | (181) | | Own credit losses on financial liabilities designated at fair value through profit or loss | | (154) | (426) | | Equity instruments at fair value through other comprehensive income | | 371 | 71 | | Actuarial (loss)/gain on retirement benefit obligations | 30 | (11) | 52 | | Revaluation surplus | | 5 | 25 | | Taxation relating to components of other comprehensive income | 10 | (13) | 97 | | Items that may be reclassified subsequently to income statement: | | 1,520 | (389) | | Exchange differences on translation of foreign operations: | | | | | Net gains/(losses) taken to equity | | 788 | (1,423) | | Net gains on net investment hedges | 14 | 129 | 678 | | Share of other comprehensive (loss)/income from associates and joint ventures | 32 | (28) | 9 | | Debt instruments at fair value through other comprehensive income | | | | | Net valuation gains taken to equity | | 296 | 283 | | Reclassified to income statement | 6 | 10 | 237 | | Net impact of expected credit losses | | 22 | (35) | | Cash flow hedges: | | | | | Net movements in cash flow hedge reserve | 14 | 368 | (101) | | Taxation relating to components of other comprehensive income | 10 | (65) | (37) | | Other comprehensive income/(loss) for the year, net of taxation | | 1,718 | (570) | | Total comprehensive income for the year | | 6,815 | 3,472 | | Total comprehensive income attributable to: | | | | | Non-controlling interests | 29 | 45 | (22) | | Parent company shareholders | | 6,770 | 3,494 | | Total comprehensive income for the year | | 6,815 | 3,472 | #### Financial statements #### Consolidated statement of comprehensive income For the year ended 31 December 2025 Annual Report 2025 | Standard Chartered 323 Financial statements ![]() | | | | | | --- | --- | --- | --- | | | | 2025 | 2024 | | | Notes | $million | $million | | Assets | | | | | Cash and balances at central banks | 13,35 | 77,746 | 63,447 | | Financial assets held at fair value through profit or loss | 13 | 195,257 | 177,517 | | Derivative financial instruments | 13,14 | 65,782 | 81,472 | | Loans and advances to banks | 13,15 | 43,901 | 43,593 | | Loans and advances to customers | 13,15 | 286,788 | 281,032 | | Investment securities | 13 | 166,956 | 144,556 | | Other assets | 20 | 67,931 | 43,468 | | Current tax assets | 10 | 574 | 663 | | Prepayments and accrued income | | 3,058 | 3,207 | | Interests in associates and joint ventures | 32 | 1,426 | 1,020 | | Goodwill and intangible assets | 17 | 6,231 | 5,791 | | Property, plant and equipment | 18 | 2,559 | 2,425 | | Deferred tax assets | 10 | 493 | 414 | | Retirement benefit schemes in surplus | | 154 | 151 | | Assets classified as held for sale | 21 | 1,099 | 932 | | Total assets | | 919,955 | 849,688 | | Liabilities | | | | | Deposits by banks | 13 | 30,846 | 25,400 | | Customer accounts | 13 | 530,161 | 464,489 | | Repurchase agreements and other similar secured borrowing | 13,16 | 7,757 | 12,132 | | Financial liabilities held at fair value through profit or loss | 13 | 89,597 | 85,462 | | Derivative financial instruments | 13,14 | 68,204 | 82,064 | | Debt securities in issue | 13,22 | 72,858 | 64,609 | | Other liabilities | 23 | 46,655 | 44,681 | | Current tax liabilities | 10 | 709 | 726 | | Accruals and deferred income | | 7,358 | 6,896 | | Subordinated liabilities and other borrowed funds | 13,27 | 8,834 | 10,382 | | Deferred tax liabilities | 10 | 752 | 567 | | Provisions for liabilities and charges | 24 | 401 | 349 | | Retirement benefit schemes in deficit | | 323 | 266 | | Liabilities included in disposal groups held for sale | 21 | 914 | 381 | | Total liabilities | | 865,369 | 798,404 | | Equity | | | | | Share capital and share premium account | 28 | 6,614 | 6,695 | | Other reserves | | 10,406 | 8,724 | | Retained earnings | | 29,573 | 28,969 | | Total parent company shareholders’ equity | | 46,593 | 44,388 | | Other equity instruments | 28 | 7,528 | 6,502 | | Total equity excluding non-controlling interests | | 54,121 | 50,890 | | Non-controlling interests | 29 | 465 | 394 | | Total equity | | 54,586 | 51,284 | | Total equity and liabilities | | 919,955 | 849,688 | The notes on pages 330 to 434 form an integral part of these financial statements. These financial statements were approved by the Board of directors and authorised for issue on 24 February 2026 and signed on its behalf by: Maria Ramos Group Chair Bill Winters Group Chief Executive #### Consolidated balance sheet As at 31 December 2025 #### Financial statements Standard Chartered | Annual Report 2025324 ![]() #### Consolidated statement of changes in equity For the year ended 31 December 2025 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Fair value | Fair value | | | | | | | | | | | | | | through | through | | | | | | | | | | Ordinary | Preference | | | other | other | | | | | | | | | | share | share | | Own | compre- | compre- | | | | Parent | | | | | | capital | capital and | Capital | credit | hensive | hensive | | | | company | Other | | | | | and share | share | and | adjust- | income | income | Cash-flow | Trans- | | share- | equity | Non- | | | | premium | premium | merger | ment | reserve | reserve | hedge | lation | Retained | holders’ | instru- | controlling | | | | account | account | reserves 1 | reserve | – debt | – equity | reserve | reserve | earnings | equity | ments | interests | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | As at 01 January 2024 | 5,321 | 1,494 | 17,453 | 100 | (690) | 330 | 91 | (8,113) | 28,459 | 44,445 | 5,512 | 396 | 50,353 | | Profit for the year | – | – | – | – | – | – | – | – | 4,050 | 4,050 | – | (8) | 4,042 | | Other comprehensive (loss)/ income 10 | – | – | – | (377) | 442 | (26) 8 | (87) | (735) | 227 2,9 | (556) | – | (14) | (570) | | Distributions | – | – | – | – | – | – | – | – | – | – | – | (43) | (43) | | Other equity instruments issued, netofexpenses | – | – | – | – | – | – | – | – | – | – | 1,568 | – | 1,568 | | Redemption of other equity instruments | – | – | – | – | – | – | – | – | – | – | (553) | – | (553) | | Treasury shares net movement | – | – | – | – | – | – | – | – | (168) | (168) | – | – | (168) | | Share option expense, net of taxation | – | – | – | – | – | – | – | – | 269 | 269 | – | – | 269 | | Dividends on ordinary shares | – | – | – | – | – | – | – | – | (780) | (780) | – | – | (780) | | Dividends on preference shares and AT1securities | – | – | – | – | – | – | – | – | (457) | (457) | – | – | (457) | | Share buyback 6 | (120) | – | 120 | – | – | – | – | – | (2,500) | (2,500) | – | – | (2,500) | | Other movements | – | – | – | (1) | 7 | – | – | 210 3 | (131) 4 | 85 | (25) | 63 5 | 123 | | As at 31 December 2024 | 5,201 | 1,494 | 17,573 | (278) | (241) | 304 | 4 | (8,638) | 28,969 | 44,388 | 6,502 | 394 | 51,284 | | Profit for the year | – | – | – | – | – | – | – | – | 5,085 | 5,085 | – | 12 | 5,097 | | Other comprehensive (loss)/income 10 | – | – | – | (134) | 284 | 236 8 | 311 | 885 | 103 2,9 | 1,685 | – | 33 | 1,718 | | Distributions | – | – | – | – | – | – | – | – | – | – | – | (50) | (50) | | Other equity instruments issued, netofexpenses | – | – | – | – | – | – | – | – | – | – | 1,989 | – | 1,989 | | Redemption of other equity instruments | – | – | – | – | – | – | – | – | – | – | (1,000) | – | (1,000) | | Treasury shares net movement | – | – | – | – | – | – | – | – | (452) | (452) | – | – | (452) | | Share option expense, net of taxation | – | – | – | – | – | – | – | – | 220 | 220 | – | – | 220 | | Dividends on ordinary shares | – | – | – | – | – | – | – | – | (954) | (954) | – | – | (954) | | Dividends on preference shares | | | | | | | | | | | | | | | andAT1securities | – | – | – | – | – | – | – | – | (527) | (527) | – | – | (527) | | Share buyback 7 | (81) | – | 81 | – | – | – | – | – | (2,800) | (2,800) | – | – | (2,800) | | Other movements | – | – | – | – | (27) | – | – | 46 | (71) | (52) | 37 | 76 5 | 61 | | As at 31 December 2025 | 5,120 | 1,494 | 17,654 | (412) | 16 | 540 | 315 | (7,707) | 29,573 | 46,593 | 7,528 | 465 | 54,586 | 1 Includes capital reserve of $5 million (31 December 2024: $5 million), capital redemption reserve of $538 million (31 December 2024: $457 million) and merger reserve of $17,111 million (31 December2024: $17,111 million). 2 Includes actuarial (loss)/gain, net of taxation on Group defined benefit schemes. 3 December 2024 movement includes realisation of translation adjustment loss from sale of SCB Zimbabwe Limited ($190 million), SCB Angola S.A. ($31 million), SCB Sierra Leone Limited ($25 million) transferred to other operating income. 4 Mainly includes movements related to Ghana hyperinflation. 5 Movements are primarily from non-controlling interest (refer note 29). 6 During 2024, the Group announced the following share buybacks: a share buyback of up to $1,000 million in February 2024, which was completed in June 2024; anda share buyback of up to $1,500 million in July 2024, which was completed in January 2025 (refer note 28 for share buyback announced in July 2024). 7 During 2025, the Group announced the following share buybacks: a share buyback of up to $1,500 million in February 2025, which was completed in July 2025; andashare buyback of up to $1,300 million in July 2025, which was completed in January 2026 (refer note 28). 8 Includes $348 million (31 December 2024: $72 million) mark-to-market gain on equity instruments (net of tax), $103 million (31 December 2024: $174 million) relating to transfer of gain on sale of equity investment to retained earnings and reversal of deferred tax liability $9 million (31 December 2024: $76 million reversal of deferred tax asset). For movement in deferred tax refer Note 10. 9 Includes $103 million (31 December 2024: $174 million) gain on sale of equity investment in other comprehensive income reserve transferred to retained earnings partly offset by $9 million (31 December 2024: $13 million) capital gain tax. 10 All the amounts are net of tax. Note 28 includes a description of each reserve. The notes on pages 330 to 434 form an integral part of these financial statements. Annual Report 2025 | Standard Chartered 325 Financial statements ![]() #### Cash flow statement For the year ended 31 December 2025 | | | | | | | | --- | --- | --- | --- | --- | --- | | | | Group | | Company | | | | | | | | 2024 | | | | 2025 | 2024 | 2025 | (Restated) 2 | | | Notes | $million | $million | $million | $million | | Cash flows from operating activities: | | | | | | | Profit before taxation | | 6,963 | 6,014 | 4,544 | 3,424 | | Adjustments for non-cash items and other adjustments | | | | | | | included within income statement | 34 | 1,985 | 2,668 | (3,083) | (1,670) | | Change in operating assets | 34 | (28,128) | (66,431) | (1,234) | 682 | | Change in operating liabilities | 34 | 57,919 | 39,373 | 1,954 | (137) | | Contributions to defined benefit schemes | 30 | (94) | (68) | – | – | | UK and overseas taxes paid | 10 | (1,804) | (2,045) | – | – | | Net cash from/(used in) operating activities | | 36,841 | (20,489) | 2,181 | 2,299 | | Cash flows from investing activities: | | | | | | | Internally generated capitalised software | 17 | (1,037) | (953) | – | – | | Disposal of Internally generated capitalised software | 17 | 7 | 5 | – | – | | Purchase of property, plant and equipment | 18 | (320) | (456) | – | – | | Disposal of property, plant and equipment | 18 | 30 | 56 | – | – | | Disposal of held for sale property, plant and equipment | 21 | 128 | 53 | – | – | | Acquisition of investment associates, and joint ventures | 32 | (104) | (12) | – | – | | Dividends received from subsidiaries, associates and joint ventures | 32,34 | 47 | 36 | 5,160 | 4,101 | | Disposal of investment in subsidiaries, associates, andjoint ventures 1 | | 48 | 74 | – | – | | Purchase of investment securities | | (208,814) | (217,448) | (223) | (1,287) | | Disposal and maturity of investment securities | | 191,697 | 230,098 | 1,127 | 1,273 | | Net cash (used in)/from investing activities | | (18,318) | 11,453 | 6,064 | 4,087 | | Cash flows from financing activities: | | | | | | | Exercise of share options | | 56 | 33 | 56 | 33 | | Purchase of own shares | | (508) | (201) | (508) | (201) | | Cancellation of shares including share buyback | | (2,719) | (2,500) | (2,719) | (2,500) | | Premises and equipment lease liability principal payment | | (205) | (205) | – | – | | Issue of Additional Tier 1 Capital net of expenses | 28 | 1,989 | 1,568 | 1,989 | 1,568 | | Redemption of Tier 1 Capital | 28 | (1,000) | (553) | (1000) | (553) | | Interest paid on subordinated liabilities | 34 | (421) | (519) | (410) | (505) | | Repayment of subordinated liabilities | 34 | (2,174) | (1,517) | (2,174) | (1,517) | | Proceeds from issue of senior debts | 34 | 11,583 | 11,044 | 7,955 | 7,422 | | Repayment of senior debts | 34 | (9,364) | (11,185) | (4,752) | (6,222) | | Interest paid on senior debts | 34 | (1,892) | (1,366) | (1,576) | (1,367) | | Net cash inflow from non-controlling interest | 29 | 40 | 55 | – | – | | Distributions and dividends paid to non-controlling interests, preference shareholders and AT1 securities | | (577) | (500) | (527) | (457) | | Dividends paid to ordinary shareholders | | (954) | (780) | (954) | (780) | | Net cash used in financing activities | | (6,146) | (6,626) | (4,620) | (5,079) | | Net increase/(decrease) in cash and cash equivalents | | 12,377 | (15,662) | 3,625 | 1,307 | | Cash and cash equivalents at beginning of the year | | 89,928 | 107,635 | 11,601 | 10,294 | | Effect of exchange rate movements on cash and cashequivalents | | 2,617 | (2,045) | – | – | | Cash and cash equivalents at end of the year | 35 | 104,922 | 89,928 | 15,226 | 11,601 | 1 2025 includes disposal of Standard Chartered Bank Cameroon S.A. ($29 million), Standard Chartered Tanzania Nominees Limited – WRB business ($13 million), Standard Chartered Bank Gambia Limited ($6 million). 2024 balance includes disposal of SCB Zimbabwe Limited ($24 million), SCB Angola S.A. ($10 million), SCBSierra Leone Limited ($17 million), Shoal limited ($17 million) and Autumn life Pte. Ltd ($6 million). 2 Refer to note 34 for details of the restatement. Interest received was $24,303 million (31 December 2024: $28,224 million), interest paid was $18,573 million (31 December 2024: $21,776 million). #### Financial statements Standard Chartered | Annual Report 2025326 ![]() #### Company balance sheet As at 31 December 2025 Notes 2025 $million 2024 $million Non-current assets Investments in subsidiary undertakings 32 63,442 61,593 Current assets Derivative financial instruments 39 239 112 Financial assets held at fair value through profit or loss 39 18,475 19,049 Investment securities 39 4,904 5,808 Amounts owed by subsidiary undertakings 39 15,226 11,601 Total current assets 38,844 36,570 Current liabilities Derivative financial instruments 39 777 1,065 Amounts owed to subsidiary undertakings 39 225 35 Financial liabilities held at fair value through profit or loss 39 17,498 16,852 Other creditors 1,278 959 Total current liabilities 19,778 18,911 Net current assets 19,066 17,659 Total assets less current liabilities 82,508 79,252 Non-current liabilities Debt securities in issue 39 21,231 18,167 Subordinated liabilities and other borrowed funds 39 6,831 7,661 Total non-current liabilities 28,062 25,828 Total assets less liabilities 54,446 53,424 Equity Share capital and share premium account 28 6,614 6,695 Other reserves 17,623 17,538 Retained earnings 22,685 22,691 Total shareholders’ equity 46,922 46,924 Other equity instruments 7,524 6,500 Total equity 54,446 53,424 The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual statement of comprehensive income and related notes that form a part of these financial statements. The Company profit forthe period after tax is $4,534 million (31 December 2024: $3,408 million). The notes on pages 330 to 434 form an integral part of these financial statements. These financial statements were approved by the Board of directors and authorised for issue on 24 February 2026 and signed on its behalf by: Maria Ramos Group Chair Bill Winters Group Chief Executive Annual Report 2025 | Standard Chartered 327 Financial statements ![]() #### Company statement of changes in equity For the year ended 31 December 2025 Share capital and share premium account $million Capital and merger reserve 1 $million Own credit adjustment $million Cash flow hedge reserve $million Retained earnings $million Other equity instruments $million Total $million As at 1 January 2024 6,815 17,453 (8) (36) 22,952 5,510 52,686 Profit for the year 2 – – – – 3,408 – 3,408 Other comprehensive (loss)/income 5 – – (11) 20 – – 9 Other equity instruments issued, netof expenses – – – – – 1,568 1,568 Treasury shares netmovement – – – – (168) – (168) share option expenses – – – – 250 – 250 Dividends on ordinaryshares – – – – (780) – (780) Dividends on preference share and AT1securities – – – – (457) – (457) Redemption of other equity instruments – – – – – (553) (553) Share buyback 3 (120) 120 – – (2,500) – (2,500) Other movements – – – – (14) (25) (39) As at 31 December 2024 6,695 17,573 (19) (16) 22,691 6,500 53,424 Profit for the year 2 – – – – 4,534 – 4,534 Other comprehensive (loss)/income 5 – – (10) 14 – – 4 Other equity instruments issued, netofexpenses – – – – – 1,989 1,989 Treasury shares netmovement – – – – (452) – (452) Share option expenses – – – – 219 – 219 Dividends on ordinaryshares – – – – (954) – (954) Dividends on preference share and AT1securities – – – – (527) – (527) Redemption of other equity instruments – – (1,000) (1,000) Share buyback 4 (81) 81 – – (2,800) – (2,800) Other movements – – – – (26) 35 9 As at 31 December 2025 6,614 17,654 (29) (2) 22,685 7,524 54,446 1 Includes capital reserve of $5 million (31 December 2024: $5 million), capital redemption reserve of $538 million (31 December 2024: $457 million) and merger reserve of $17,111 million (31 December2024: $17,111 million). 2 Includes dividend received of $2,299 million (2024: $2,395 million) from Standard Chartered Holdings Limited. 3 During 2024, the Group announced the following share buybacks: a share buyback of up to $1,000 million in February 2024, which was completed in June 2024; anda share buyback of up to $1,500 million in July 2024, which was completed in January 2025 (refer to note 28 for share buyback announced in July 2024). 4 During 2025, the Group announced the following share buybacks: a share buyback of up to $1,500 million in February 2025, which was completed in July 2025; andashare buyback of up to $1,300 million in July 2025, which was completed in January 2026 (refer note 28). 5 All the amounts are net of tax. Note 28 includes a description of each reserve. The notes on pages 330 to 434 form an integral part of these financial statements. #### Financial statements Standard Chartered | Annual Report 2025328 ![]() #### Financial statements #### Notes to the financial statements Section Note Page Basis of preparation 1 Accounting policies 330 Performance/return 2 Segmental information 335 3 Net interest income 337 4 Net fees and commission 338 5 Net trading income 340 6 Other operating income 340 7 Operating expenses 341 8 Credit impairment 342 9 Goodwill, property, plant and equipment and other impairment 347 10 Taxation 347 11 Dividends 351 12 Earnings per ordinary share 352 Assets and liabilities heldat fair value 13 Financial instruments 353 14 Derivative financial instruments 373 Financial instruments held at amortised cost 15 Loans and advances to banks and customers 380 16 Reverse repurchase and repurchase agreements including other similar lending and borrowing 380 Other assets and investments 17 Goodwill and intangible assets 382 18 Property, plant and equipment 384 19 Leased assets 385 20 Other assets 386 21 Assets held for sale and associated liabilities 387 Funding, accruals, provisions, contingent liabilities and legal proceedings 22 Debt securities in issue 388 23 Other liabilities 389 24 Provisions for liabilities and charges 389 25 Contingent liabilities and commitments 390 26 Legal and regulatory matters 390 Capital instruments, equity and reserves 27 Subordinated liabilities and other borrowed funds 392 28 Share capital, other equity instruments and reserves 393 29 Non-controlling interests 397 Employee benefits 30 Retirement benefit obligations 398 31 Share-based payments 403 Scope of consolidation 32 Investments in subsidiary undertakings, joint ventures and associates 408 33 Structured entities 415 Cash flow statement 34 Cash flow statement 417 35 Cash and cash equivalents 418 Other disclosure matters 36 Related party transactions 419 37 Post balance sheet events 420 38 Auditor’s remuneration 420 39 Standard Chartered PLC (Company) 421 40 Re-presentation tables of Credit risk disclosures by key geography 424 41 Related undertakings of the Group 429 Annual Report 2025 | Standard Chartered 329 Financial statements ![]() #### Financial statements #### Notes to the financial statements 1. Accounting policies Statement of compliance The Group financial statements consolidate Standard Chartered PLC (the Company) and its subsidiaries (together referred to as the Group) and equity account the Group’s interests in associates and jointly controlled entities. The parent company financial statements present information about the Company as a separate entity. The Group financial statements have been prepared in accordance with UK-adopted international accounting standards and International Financial Reporting Standards (IFRS) (Accounting Standards) as adopted by the European Union (EU IFRS), as there are no applicable differences for the periods presented. The Company financial statements have been prepared in accordance with UK-adopted international accounting standards as applied in conformity with section 408 of the Companies Act 2006. The financial statements have been prepared in accordance with the requirements of the Companies Act 2006. The following parts of the Risk review and Capital review form part of these financial statements: a) Risk review: Disclosures marked as ‘audited’ from the start of the Credit Risk section to the end of Other principal risks in the same section. b) Capital review: Tables marked as ‘audited’ from the start of ‘CRD Capital base’ to the end of ‘Movement in total capital’, excluding ‘Total risk-weighted assets’. Basis of preparation The consolidated and Company financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of cash-settled share-based payments, fair value through other comprehensive income, and financial assets and liabilities (including derivatives) at fair value through profit or loss. The consolidated financial 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 million dollars, except when otherwise indicated. Re-presentation of segmental information During the period there has been a change with respect to the classification of income attributable to geographic markets which has been re-presented to ensure recognition is in line with transfer pricing principles for services performed including origination, structuring, booking, and risk management. This is necessary to align the presentation of the disclosure of geographic markets’ operating income with client segments in line with the Regulatory News Service (RNS) filing on Re-Presentation of Financial Information issued on 2 April 2025. Prior period amounts have been re-presented in line with the current year basis of preparation to align with the information reviewed by the Chief Operating Decision Maker (CODM). Where the re-presentation has impacted disclosure, it is included within the footnotes in the following sections and tables: • Statement of results table • Group Chief Financial Officer’s review, Summary of financial performance table • Financial review tables including the following: Operating income by product, profit before tax by client segment, Adjusted net interest income and margin, and Restructuring, DVA, FFG and other items • Supplementary financial information tables including the following: Underlying performance by client segment, Corporate & Investment Banking, Wealth & Retail Banking, Ventures, Central & other items, Underlying performance by key market, and Quarterly underlying operating income by product • Underlying versus reported results reconciliations, Net interest income and Non NII table • Movement in risk-weighted assets • Risk review: Movement tables for Corporate & Investment Banking (audited), Wealth & Retail Banking (audited), and Wealth & Retail Banking – Secured (audited) • Risk review: Credit impairment charge (audited) • Notes to the financial statements: Note 2 Segmental information and Note 4 Net fees and commission Comparatives Certain comparatives on the Company Cash flow Statement have been restated to align with the current year presentation. This restatement has no impact to the Company's Income Statement, Statement of Comprehensive Income, Balance Sheet and Statement of Changes in Equity. Details of these changes are set out in the relevant sections and notes below: • Cash flow statement • Note 34 Cash flow statement Standard Chartered | Annual Report 2025330 ![]() Change in accounting policy Prior year amounts for certain Credit risk tables (required by IFRS 7 – Financial Instruments: Disclosures) within the Risk review on pages 218 to 308 were also represented for a change in accounting policy for the presentation of the Group’s geo-graphic disclosures to align to information reported to key management personnel. These disclosures changed from being based on a management view, which was principally the location from which a client relationship is managed, to being based on a view reflecting the location in which exposures are financially booked. This change provides more relevant information because it more closely reflects the Group’s exposure to risk presented to key management personnel. The change impacted the following tables: Loans and advances analysis by client segment, credit quality and key geography, Forborne and other modified loans by key geography, and Industry and Retail Products analysis of loans and advances by key geography – Corporate & Investment Banking and Central & other items. The most significant impact of this change was in net loans and advances to customers in the UK, which increased by $14.6 billion. This amount was re-classified from a number of geographic locations. There has been no impact to Earnings Per Share or Diluted Earnings per Share from this change. Refer to the bridge tables in Note 40 on page 428 for a reconciliation between the tables previously disclosed at 31 December 2024 and the re-presented tables in these financial statements. Significant and other accounting estimates and judgements In determining the carrying amounts of certain assets and liabilities, the Group makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The Group’s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty and judgement, are set out in the relevant disclosure notes for the areas set out under the relevant headings below: Significant accounting estimates and critical judgements Significant accounting estimates and judgements represent those items that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year. Significant accounting estimates and judgements are: • Expected credit loss calculations (Note 8) • Financial instruments measured at fair value (Note 13) • Investments in subsidiary undertakings, joint ventures and associates – China Bohai associate accounting and impairment analysis (Note 32) Macroeconomic and geopolitical uncertainty is already embedded in the estimate of forward-looking cash flows that affect the estimate of Expected credit loss calculations and impact the recoverability of certain assets, including of goodwill, deferred tax assets and investments in subsidiary undertakings. Other areas of accounting estimate and judgement Other areas of accounting estimate and judgement do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, but the recognition of certain material assets and liabilities are based on assumptions and/or are subject to long-term uncertainties. The other areas of accounting estimate and judgement are: • Taxation (Note 10) • Goodwill and intangible assets – Goodwill impairment and Capitalisation of internally generated software intangibles (Note 9 and Note 17) • Provisions for liabilities and charges – Other provisions (Note 24) • Legal and regulatory matters (Note 26) • Retirement benefit obligations (Note 30) • Share-based payments (Note 31) Annual Report 2025 | Standard Chartered 331 Financial statements ![]() #### Financial statements #### Notes to the financial statements 1. Accounting policies continued 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 liabilities, performance, or cash flows. The Group has assessed the impact of climate risk on the financial report. This is set out within the non-financial and sustainability information statement on page 50 and the Sustainability Review, which incorporate the Group’s climate-related disclosures which align with the recommendations from the Task Force for Climate related Financial Disclosures (TCFD) and Hong Kong Listing Requirements. Further risk disclosures have been provided in the Principal Risks and Uncertainties section of the Annual Report where the Group has described how it manages climate risk, which manifests through the Group’s business and operations and impact the relevant Principal Risk Types (PRTs). This is managed via the ESGR Risk Type framework. The areas of impact where judgements and the use of estimates have been applied were credit risk and the impact on lending portfolios; ESG features within 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 recoverability of certain assets, including of goodwill, deferred tax assets and investments in subsidiary undertakings. However, these did not result in any material change to this year’s balance sheet or income statement. Transition risk, as our clients move to lower carbon emitting revenues, (either by virtue of legislation, technological advancement, or changing end customer preference) is considered with reference to client transition pathways and manifests over a longer term than the maturity of the loan book (up to 2050). The setting of net zero targets, which covers our 12 highest emitting sectors, manages transition risk. Net zero targets, climate risk questionnaires which are used to assess clients for transition risks and the credibility of their transition plan (CTP) enable the portfolio managers to work with our clients on their transition and deploy capital to those clients which are engaged and have adequate transition pathways. All of these actions manage the Group’s transition risk and engage clients before transition risk manifests itself into credit losses. We have also evaluated transition risk to achieve net zero in our own operations. We use scenario analysis to evaluate how various Transition Risk scenarios impact Loan Impairment intensities. These scenarios consider climate transition costs including the impact of rising carbon prices, technology investment costs and changes in carbon intensities. While physical risk is included within the majority of our mortgage lending decisions, we have also applied 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 residential mortgages to identify properties that are expected to become uninhabitable and/or unusable due to increased frequency and intensity of physical risk events from acute and chronic risks. We evaluate the physical risk vulnerabilities of our existing sites, both existing and new on a periodic basis. Across 2025 we focused on sites hosting important business services, especially those vulnerable to extreme Physical Risks, to strengthen resilience, and have initiated an evaluation of Physical Risk vulnerabilities at our primary supplier’s delivery sites to proactively address potential business disruptions. Additionally, we assess the impact of climate risk on the classification of financial 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 ESGR Risk team has performed a quantitative assessment of the impact of climate risk on the IFRS 9 ECL provision. This assessment was 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 internal climate risk models for six Corporate priority sectors (Oil and Gas, Power, Steel, Mining, Shipping, and Automotive), one Generic Carbon Elasticity Model (CEM) for the remaining Corporate sectors, an enhanced Sovereign Climate Probability of Default (PD) model, newly developed Project Finance (PF) and Shipping Finance (SF) PD models, and Retail Mortgages Loss Given Default (LGD) models (for top four countries). The top-down approach is used for the remaining portfolios without internal climate risk models. The impact assessment resulted in only an immaterial ECL increase across CIB and WRB, which has been recorded as a management overlay for the 2025 year end. Standard Chartered | Annual Report 2025332 ![]() The Group’s corporate plan has a five-year outlook and considers the highest emitting sectors the Group finances. The majority of the Group sector targets are production/physical intensities which allow continued levels of lending as long as the products the client produce have a decreasing carbon cost. For coal mining and oil and gas, these sectors have absolute targets which represent a decreasing carbon budget. Coal mining is an immaterial book, while for oil and gas lending is being actively monitored on a portfolio basis 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 recoverability models. The Group has for the fourth time in the 2026 corporate plan included anticipated credit impairment charges, now across eleven NZ sectors (Aviation, Auto, Power, Oil and Gas, Commercial Real Estate, Cement, Agriculture, Shipping, Aluminium, Steel and Coal). This addition of credit impairment has not in itself, materially impacted the recoverability of assets supported by discounted cash flow models (such as Value in Use) which utilise the corporate plan. The Group has progressively strengthened its scenario analysis capabilities with the modelling of Climate Risk impact over a 30-year period across multiple dimensions including scenario data and pathways across CIB and WRB portfolios. While we have taken the first step in our journey to transition from our reliance on vendor models to in-house capabilities, challenges underpin the scenario analysis, such as reliance on nascent methodologies, dependencies on first generation models and data limitations. Notwithstanding these challenges, our work to date, using certain assumptions and proxies, indicates that our business is resilient to all Network of Central Banks and Supervisors for Greening the Financial System (NGFS) scenarios that were explored. The Group, although acknowledging the limitations of current data available, increasing sophistication of models evolving and nascent nature of climate impacts on internal and client assets, considers Climate Risk to have limited quantitative impact in the immediate term, and as a longer-term risk is expected to be addressed through its business strategy and financial planning as the Group implements its net zero journey. Accordingly, the Group does not currently anticipate any significant residual impact on its financial position, performance or cashflows over the short, medium or long term. While providing more detail would be market sensitive, the Group current and anticipated future performance of opportunities can be seen in the progression of our Sustainable Finance mobilisation, assets and liabilities, and revenue, as described within the Sustainability Review. IFRS and Hong Kong accounting requirements As required by the Hong Kong Listing Rules, an explanation of the differences in accounting practices between UK-adopted international accounting standards and EU IFRS, and Hong Kong Financial Reporting Standards is required to be disclosed. There would be no significant differences had these accounts been prepared in accordance with Hong Kong Financial Reporting Standards. New accounting standards adopted by the Group There were no new accounting standards or interpretations adopted by the Group that had a material effect on the Group’s Financial Statements in 2025. IFRS 18 Presentation and Disclosure in Financial Statements The new standard IFRS 18 was issued in April 2024 and is effective for annual reporting periods beginning on or after 1 January 2027 but earlier application is permitted. This new standard replaces IAS 1 Presentation of Financial Statements and amends IAS 7 Statement of Cash Flows. IFRS 18 introduces three defined categories for income and expenses – operating, investing and financing – to improve the structure of the income statement, and requires all companies to provide new defined subtotals, including operating profit. IFRS 18 will require disclosure of explanations of company-specific 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 information and whether to provide it in the primary financial statements or in the notes. The Group will apply IFRS 18 for annual reporting periods beginning on 1 January 2027 and while the Group assessment remains ongoing, it is currently not expected to have a material impact on the Group’s financial statements other than changes in the presentation of the primary statements. Annual Report 2025 | Standard Chartered 333 Financial statements ![]() #### Financial statements #### Notes to the financial statements 1. Accounting policies continued IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets, including those with 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 financial instruments with contingent features that do not relate directly to basic lending risks and costs. The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. The amendments are not expected to have a material impact on the Group’s financial statements. Going concern These financial statements were approved by the Board of directors on 24 February 2026. The directors have made an assessment of the Group’s ability to continue as a going concern. This assessment has been made having considered the current macroeconomic and geopolitical headwinds, including: • Review of the Group Strategy and Corporate Plan, including the annual budget. • An assessment of the actual performance to date, loan book quality, credit impairment, legal and regulatory matters, compliance matters, recent regulatory developments. • Consideration of stress testing performed, including the Group Recovery Plan (RP) which include the application of stressed scenarios. Under the tests and through the range of scenarios, the results of these exercises and the RP demonstrate that the Group has sufficient capital and liquidity to continue as a going concern and meet minimum regulatory capital and liquidity requirements. • Analysis of the capital position of the Group, including the capital and leverage ratios, and Internal Capital Adequacy Assessment Process (ICAAP), which summarises the Group’s capital and risk assessment processes, assesses its capital requirements and the adequacy of resources to meet them. • Analysis of the funding and liquidity position of the Group, including the Internal Liquidity Adequacy Assessment Process (ILAAP), which considers the Group’s liquidity position, its framework and whether sufficient liquidity resources are being maintained to meet liabilities as they fall due, was also reviewed. Further, funding and liquidity was considered in the context of the risk appetite metrics, including the LCR ratio. • The level of debt in issue, including redemptions and issuances during the year, debt falling due for repayment in the next 12 months and further planned debt issuances, including the appetite in the market for the Group’s debt • The Group’s portfolio of debt securities held at amortised cost. • A detailed review of all principal risks as well as topical and emerging risks. Based on the analysis performed, the directors confirm they are satisfied that the Group has adequate resources to continue in business for a period of at least 12 months from 24 February 2026. For this reason, the Group continues to adopt the going concern basis of accounting for preparing the financial statements. Standard Chartered | Annual Report 2025334 ![]() 2. Segmental information Basis of preparation Underlying segment and market performance is based on arms-length transfer pricing and reflects the underlying profitability including related capital and infrastructure costs. Income attribution to segment and markets is based on their contribution to the revenue generated across the network, considering factors such as booking location, trader and sales effort. Treasury outcomes such as MREL, FTP, Structural Hedges and Liquidity Pool which segments can directly benefit, influence, and optimise are allocated to individual business segments. The analysis reflects how the client segments and markets are managed internally to drive better decision-making, resource allocation and return outcomes. Disclosures have been re-presented as explained in Note 1 ‘Re-presentation of segmental information’. The effect of the change has impacted the classification of cost and income across client segments. 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. Restructuring and other items excluded from underlying results The Group’s reported IFRS performance is adjusted for certain items to arrive at alternative performance measures. These items include profits or losses of a capital nature, amounts consequent to investment transactions driven by strategic intent, other infrequent and/or exceptional transactions that are significant or material in the context of the Group’s normal business earnings for the period and items which management and investors would ordinarily identify separately when assessing consistent performance period by period. The alternative performance measures are not within the scope of IFRS and not a substitute for IFRS measures. These adjustments are set out below. Restructuring and other items loss of $937 million primarily relate to the exits in AME, Debit Valuation Adjustment (DVA), and reflect the impact of actions to transform the organisation to improve productivity, primarily additional redundancy charges, simplifying technology platforms and optimising the Group’s office space and property footprint, Fit For Growth costs that are primarily severance costs, costs of staff working on FFG initiatives, legal and professional fees and an additional provision with respect to a proposed penalty amount with regards to the Korea equity-linked securities (ELS) matter and the settlement of a litigation matter. Reconciliations between underlying and reported results are set out in the tables below: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025 | | | | | | | | | | Net loss on | | | | | | | | | businesses | | | | | | | | | disposed of/ | Other | | | | Underlying | Restructuring 1 | FFG 1 | DVA | held for sale 2 | items 3,4,5 | Reported | | | $million | $million | $million | $million | $million | $million | $million | | Operating income 4 | 20,894 | (24) | – | (31) | (10) | 113 | 20,942 | | Operating expenses 5 | (12,347) | (289) | (510) | – | – | (158) | (13,304) | | Operating profit/(loss) before impairment losses | | | | | | | | | and taxation | 8,547 | (313) | (510) | (31) | (10) | (45) | 7,638 | | Credit impairment | (676) | 4 | – | – | – | – | (672) | | Other impairment | (42) | (2) | (21) | – | – | – | (65) | | Profit from associates and joint ventures | 71 | (9) | – | – | – | – | 62 | | Profit/(loss) before taxation | 7,900 | (320) | (531) | (31) | (10) | (45) | 6,963 | | | | | | 2024 | | | | | Operating income | 19,696 | 103 | – | (24) | (232) | – | 19,543 | | Operating expenses | (11,790) | (456) | (156) | – | – | (100) 3 | (12,502) | | Operating profit/(loss) before impairment losses | | | | | | | | | and taxation | 7,906 | (353) | (156) | (24) | (232) | (100) | 7,041 | | Credit impairment | (557) | 10 | – | – | – | – | (547) | | Other impairment | (588) | – | – | – | – | – | (588) | | Profit from associates and joint ventures | 50 | 58 | – | – | – | – | 108 | | Profit/(loss) before taxation | 6,811 | (285) | (156) | (24) | (232) | (100) | 6,014 | 1 FFG (Fit for Growth) charge previously reported within Restructuring has been re-presented as a separate item. 2 Net loss on businesses disposed of/held for sale 2025 include Cameroon and Gambia loss on business disposal $5 million each, 2024 include $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal. 3 Other items 2024 include $100 million charge relating to Korea equity-linked securities (ELS) portfolio. 4 Other items 2025 operating income include gain on sale of office space. 5 Other items 2025 operating expenses include a provision relating to the Korea equity-linked securities and the settlement of a litigation matter . Annual Report 2025 | Standard Chartered 335 Financial statements ![]() #### Financial statements #### Notes to the financial statements 2. Segmental information continued Underlying performance by client segment | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 1 | | | | | Corporate & | Wealth & | | | | Corporate & | Wealth & | | | | | | Investment | Retail | | Central & | | Investment | Retail | | Central & | | | | Banking | Banking | Ventures | other items | Total | Banking | Banking | Ventures | other items | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Operating income | 12,394 | 8,464 | 415 | (379) | 20,894 | 11,935 | 8,021 | 183 | (443) | 19,696 | | External | 11,718 | 3,619 | 416 | 5,141 | 20,894 | 10,480 | 3,533 | 184 | 5,499 | 19,696 | | Inter-segment | 676 | 4,845 | (1) | (5,520) | – | 1,455 | 4,488 | (1) | (5,942) | – | | Operating expenses | (6,509) | (4,982) | (461) | (395) | (12,347) | (6,334) | (4,749) | (460) | (247) | (11,790) | | Operating profit/(loss) before impairment losses and taxation | 5,885 | 3,482 | (46) | (774) | 8,547 | 5,601 | 3,272 | (277) | (690) | 7,906 | | Credit impairment | (4) | (595) | (59) | (18) | (676) | 120 | (623) | (73) | 19 | (557) | | Other impairment | (6) | (4) | (23) | (9) | (42) | (290) | (112) | (18) | (168) | (588) | | Profit from associates and joint ventures | – | – | (39) | 110 | 71 | – | – | (17) | 67 | 50 | | Underlying profit/(loss) | | | | | | | | | | | | before taxation | 5,875 | 2,883 | (167) | (691) | 7,900 | 5,431 | 2,537 | (385) | (772) | 6,811 | | Restructuring & Other items 2,5 | (525) | (456) | (4) | 48 | (937) | (234) | (315) | (3) | (245) | (797) | | Reported profit/(loss) | | | | | | | | | | | | before taxation | 5,350 | 2,427 | (171) | (643) | 6,963 | 5,197 | 2,222 | (388) | (1,017) | 6,014 | | Total assets | 516,923 | 130,489 | 8,335 | 264,208 | 919,955 | 485,680 | 122,357 | 6,259 | 235,392 | 849,688 | | Of which: loans and advances | | | | | | | | | | | | to customers | 205,493 | 126,980 | 2,660 | 14,453 | 349,586 | 197,582 | 119,263 | 1,388 | 21,324 | 339,557 | | Loans and advances | | | | | | | | | | | | to customers | 142,698 | 126,978 | 2,659 | 14,453 | 286,788 | 139,063 | 119,257 | 1,388 | 21,324 | 281,032 | | Loans held at fair value through profit or loss (FVTPL) 3 | 62,795 | 2 | 1 | – | 62,798 | 58,519 | 6 | – | – | 58,525 | | Total liabilities | 491,976 | 256,332 | 6,276 | 110,785 | 865,369 | 477,385 | 220,416 | 5,277 | 95,326 | 798,404 | | Of which: customer accounts 4 | 319,670 | 252,033 | 5,773 | 7,698 | 585,174 | 297,690 | 216,662 | 5,028 | 3,883 | 523,263 | 1 Segment results have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. 2 Other items 2025 include gains on sale of office space and include a provision relating to the Korea equity-linked securities and the settlement of a litigation matter. Other items 2024 include $100 million charge relating to Korea equity-linked securities (ELS) portfolio, $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal. Refer to the Restructuring, FFG (Fit for Growth), DVA and Other items table on page 58. 3 Loans held at FVTPL includes $50,443 million (2024: $51,441 million) of reverse repurchase agreements. 4 Customer accounts includes $19,414 million (2024: $21,772 million) of FVTPL and $35,599 million (2024: $37,002 million) of repurchase agreements. 5 Restructuring, FFG (Fit for Growth), DVA, Other items have been combined and are now disclosed as one line item i.e. ‘Restructuring and Other items’. Operating income by client segment | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | Corporate & | Wealth & | | | | Corporate & | Wealth & | | | | | | Investment | Retail | | Central & | | Investment | Retail | | Central & | | | | Banking | Banking | Ventures | other items | Total | Banking 1 | Banking 1 | Ventures | other items 1 | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Underlying versus reported: | | | | | | | | | | | | Underlying operating income | 12,394 | 8,464 | 415 | (379) | 20,894 | 11,935 | 8,021 | 183 | (443) | 19,696 | | Restructuring | (14) | 1 | – | (11) | (24) | 69 | 23 | – | 11 | 103 | | DVA | (31) | – | – | – | (31) | (24) | – | – | – | (24) | | Other items 2,3 | – | – | – | 103 | 103 | – | – | – | (232) | (232) | | Reported operating income | 12,349 | 8,465 | 415 | (287) | 20,942 | 11,980 | 8,044 | 183 | (664) | 19,543 | | Additional segmental income: | | | | | | | | | | | | Net interest income | 1,397 | 5,126 | 115 | (683) | 5,955 | 2,090 | 5,175 | 100 | (999) | 6,366 | | Net fees and commission income | 2,091 | 2,192 | 61 | (95) | 4,249 | 1,938 | 1,855 | 52 | (111) | 3,734 | | Net trading and other income | 8,861 | 1,147 | 239 | 491 | 10,738 | 7,952 | 1,014 | 31 | 446 | 9,443 | | Reported operating income | 12,349 | 8,465 | 415 | (287) | 20,942 | 11,980 | 8,044 | 183 | (664) | 19,543 | 1 Segment results have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. 2 Other items 2024 include $172 million primarily relating to recycling of FX translation losses from reserves into P&L on the sale of Zimbabwe, $26 million loss on sale of Angola, $19 million loss on Sierra Leone and $15 million loss on the Aviation business disposal. 3 Other items 2025 include $113 million gains on sale of office space and $10 million loss on business disposal. Standard Chartered | Annual Report 2025336 ![]() Reported operating income by geography | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Hong Kong | Korea | China | Taiwan | Singapore | India | UAE | UK | US | Other | Group | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | 2025 | 5,547 | 1,135 | 1,159 | 563 | 3,311 | 1,643 | 1,191 | 912 | 1,254 | 4,227 | 20,942 | | 2024 | 4,797 | 1,085 | 1,327 | 577 | 2,573 | 1,323 | 837 | 278 | 1,288 | 5,458 | 19,543 | Reported operating income by geography is based on the revenues attributed to all foreign countries in total from which the Group derives revenues. 3. Net interest income Accounting policy Interest income for financial assets held at either fair value through other comprehensive income or amortised cost, and interest expense on all financial liabilities held at amortised 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 financial asset or financial liability. When calculating the effective interest rate, the Group estimates cash flows considering 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 financial instruments, periodic re-estimation 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 financial asset or liability is adjusted to reflect the actual and revised cash flows, discounted at the instruments original effective interest rate. The adjustment is recognised as interest income or expense in the period in which the revision is made as long as the change in estimates is not due to credit issues. Interest income for financial assets that are either held at fair value through other comprehensive income or amortised cost that have become credit-impaired subsequent to initial recognition (stage 3) and have had amounts written 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 financial asset including expected credit losses. Should the credit risk on a stage 3 financial asset improve such that the financial asset is no longer considered credit-impaired, interest income recognition reverts to a computation based on the rehabilitated gross carrying value of the financial asset. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Balances at central banks | 2,126 | 2,520 | | Loans and advances to banks | 2,209 | 2,368 | | Loans and advances to customers | 14,045 | 16,179 | | Debt securities | 4,855 | 5,165 | | Other eligible bills | 1,210 | 1,495 | | Accrued on impaired assets (discount unwind) | 102 | 135 | | Interest income | 24,547 | 27,862 | | Of which: financial instruments held at fair value through other comprehensive income | 3,745 | 3,773 | | Deposits by banks | 664 | 806 | | Customer accounts | 13,878 | 16,276 | | Debt securities in issue | 3,432 | 3,610 | | Subordinated liabilities and other borrowed funds | 552 | 744 | | Interest expense on IFRS 16 lease liabilities | 66 | 60 | | Interest expense | 18,592 | 21,496 | | Net interest income | 5,955 | 6,366 | Annual Report 2025 | Standard Chartered 337 Financial statements ![]() #### Financial statements #### Notes to the financial statements 4. Net fees and commission Accounting policy The Group can act as trustee or in other Fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. The assets and income arising thereon are excluded from these financial statements, as they are not assets and income of the Group. The Group applies the following practical expedients: • information on amounts of transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations 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 consideration is not adjusted for the effects of a significant financing component as the period between the Group providing a service and the customer paying for it is expected to be less than one year • incremental costs of obtaining a fee-earning contract are recognised upfront in ‘Fees and commission expense’ rather than amortised, if the expected term of the contract is less than one year. The determination of the services 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 considerations on income recognition 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 significant 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. Syndication fees are recognised when the syndication is complete, defined as achieving the final approved hold position. Fees are generally received before completion of the syndication, or within 12 months of the transaction date. Securities services include custody services, fund accounting and administration, 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. Wealth Management Upfront consideration on bancassurance agreements is amortised straight-line over the contractual term. Commissions for bancassurance activities are recorded as they are earned through sales of third-party insurance products to customers. These commissions are received within a short time frame of the commission being 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 specified date after achievement of a target has been confirmed. Upfront and trailing commissions for managed investment placements are recorded as they are confirmed. Income from these activities is relatively even throughout the period, and cash is usually received within a short time frame after the commission is earned. Standard Chartered | Annual Report 2025338 ![]() 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 recognition 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 fulfilling the reward at the time of redemption. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Fees and commissions income | 5,349 | 4,623 | | Of which: | | | | Financial instruments that are not fair valued through profit or loss | 1,566 | 1,436 | | Trust and other fiduciary activities | 793 | 632 | | Fees and commissions expense | (1,100) | (889) | | Of which: | | | | Financial instruments that are not fair valued through profit or loss | (376) | (245) | | Trust and other fiduciary activities | (68) | (50) | | Net fees and commission | 4,249 | 3,734 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | Corporate | | | | | Corporate | | | | | | | & | Wealth & | | Central & | | & | Wealth & | | Central & | | | | Investment | Retail | | Other | | Investment | Retail | | Other | | | | Banking | Banking | Ventures | Items | Total | Banking | Banking 1 | Ventures 1 | Items 1 | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Transaction Services | 1,591 | – | – | – | 1,591 | 1,456 | – | – | – | 1,456 | | Payments & Liquidity | 642 | – | – | – | 642 | 634 | – | – | – | 634 | | Securities & Prime Services | 346 | – | – | – | 346 | 254 | – | – | – | 254 | | Trade & Working Capital | 603 | – | – | – | 603 | 568 | – | – | – | 568 | | Global Banking | 1,091 | – | – | – | 1,091 | 937 | – | – | – | 937 | | Lending & Financial Solutions | 673 | – | – | – | 673 | 633 | – | – | – | 633 | | Capital Markets & Advisory | 418 | – | – | – | 418 | 304 | – | – | – | 304 | | Global Markets | 51 | – | – | – | 51 | 36 | – | – | – | 36 | | Macro Trading | 1 | – | – | – | 1 | (3) | – | – | – | (3) | | Credit Trading | 50 | – | – | – | 50 | 40 | – | – | – | 40 | | Valuation & Other Adj | – | – | – | – | – | (1) | – | – | – | (1) | | Wealth solutions | – | 2,006 | – | – | 2,006 | – | 1,598 | – | – | 1,598 | | Investment Products | – | 1,252 | – | – | 1,252 | – | 929 | – | – | 929 | | Bancassurance | – | 754 | – | – | 754 | – | 669 | – | – | 669 | | Deposits & Mortgages | – | 211 | – | – | 211 | – | 222 | – | – | 222 | | CCPL & Other Unsecured Lending | – | 282 | – | – | 282 | – | 321 | – | – | 321 | | Ventures | – | – | 89 | – | 89 | – | – | 78 | – | 78 | | Digital Banks | – | – | 54 | – | 54 | – | – | 43 | – | 43 | | SCV | – | – | 35 | – | 35 | – | – | 35 | – | 35 | | Treasury & Other | – | 28 | – | – | 28 | – | 27 | – | (52) | (25) | | Fees and commission income | 2,733 | 2,527 | 89 | – | 5,349 | 2,429 | 2,168 | 78 | (52) | 4,623 | | Fees and commission expense | (642) | (335) | (28) | (95) | (1,100) | (491) | (313) | (26) | (59) | (889) | | Net fees and commission | 2,091 | 2,192 | 61 | (95) | 4,249 | 1,938 | 1,855 | 52 | (111) | 3,734 | 1 Products have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 with no change in total income. Upfront bancassurance consideration amounts are amortised on a straight-line basis over the contractual period to which the consideration relates. Deferred income on the balance sheet in respect of these activities is $363 million (31 December 2024: $419 million), which will be earned evenly over the remaining life of the contract until June 2032. For the twelve months ended 31 December 2025, $56 million of fee income was released from deferred income (31 December 2024: $56 million). Annual Report 2025 | Standard Chartered 339 Financial statements ![]() #### Financial statements #### Notes to the financial statements 5. Net trading income Accounting policy Gains and losses arising from changes in the fair value of financial 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 initial fair value of a financial instrument held at fair value through profit or loss relies on unobservable inputs, the difference between the initial 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 positions, margins on market making and customer business and fair value changes. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Net trading income | 10,294 | 9,615 | | Significant items within net trading income include: | | | | Gains on instruments held for trading 1 | 8,267 | 7,418 | | Gains on financial assets mandatorily at fair value through profit or loss | 5,468 | 5,392 | | (Losses)/gains on financial assets designated at fair value through profit or loss | (10) | 8 | | Losses on financial liabilities designated at fair value through profit or loss | (3,476) | (3,252) | 1 Includes $87 million gain (31 December 2024: $583 million gain) from the translation of foreign currency monetary assets and liabilities. 6. Other operating income | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Other operating income/(loss) includes: | | | | Rental income from operating lease assets | 33 | 40 | | Net loss on disposal of fair value through other comprehensive income debt instruments | (10) | (237) | | Net loss on amortised cost financial assets | (43) | (27) | | Net gain/(loss) on sale of businesses | 242 1 | (210) 2 | | Dividend income | 10 | 5 | | Other 3 | 212 | 257 | | Other operating income/(loss) | 444 | (172) | 1 Includes $241 million gain from disposal of businesses ($238 million gain from Standard Chartered Research and Technology India Private Limited; and $13 million gain from WRB business in SCB Tanzania, partly offset by $5 million loss from Standard Chartered Bank Gambia Limited and $5 million loss from Standard Chartered Bank Cameroon S.A.) of which $20 million relates to realisation of translation adjustment loss. Total cash consideration received from the disposal was $48 million ($13 million: SCB Tanzania, $6 million: Standard Chartered Bank Gambia Limited, $29 million: Standard Chartered Bank Cameroon S.A. 2 2024 balance mainly includes loss on disposal of Africa subsidiaries $217 million ($172 million: SCB Zimbabwe Limited, $26 million: SCB Angola S.A. and $19 million: SCB Sierra Leone Limited) of which $246 million relates to realisation of translation adjustment loss, partly offset by gain of $17 million from disposal of Venture entities (Shoal limited and Autumn life Pte. Ltd). Total cash consideration received was $74 million ($24 million: SCB Zimbabwe Limited, $10 million: SCB Angola S.A., $17 million: SCB Sierra Leone Limited, $17 million: Shoal Limited and $6 million: Autumn life Pte. Ltd). 3 2025 balance includes $133 million gain on disposal of property, plant and equipment, IAS 29 adjustment Ghana hyperinflationary impact ($8 million) and immaterial balances across other geographies. 2024 balance includes IAS 29 adjustment Ghana hyperinflationary impact ($139 million), Research and development expenditure credit ($32 million), Rebates/incentives received from VISA card ($25 million), Gain on disposal of property, plant and equipment ($23 million), Mark-to-market gains from deferred compensation income ($17 million), and immaterial balances across other geographies. On 26 June 2025, the Group disposed of its entire interest in Standard Chartered Research and Technology India Private Limited (SCRTIPL), a subsidiary, as part of a combined share swap and primary investment transaction (the Solv India transaction or the transaction). The transaction has resulted in the Group recognising Jumbotail Technologies Private Limited as an associate. The carrying amount of the net assets of SCRTIPL at the date of the Solv India transaction was $16 million. The Group recognised a gain on the transaction of $238 million. The consideration received in the combined share swap was $344 million, including a primary cash investment of $80 million. Disposal costs were approximately $9 million. The gain on disposal arose because the carrying value of the subsidiary’s net assets was exceeded by the consideration received. No impairment of OCI balances was required. The disposal has resulted in the recycling of $3 million of Currency Translation Adjustments to profit and loss. The Group elected to apply the 12-month measurement exemption to finalise the purchase price allocation. The allocation is incomplete at 31 December 2025 as additional analysis is required to finalise the nature and value of intangible assets. Standard Chartered | Annual Report 2025340 ![]() 7. Operating expenses | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Staff costs: | | | | Wages and salaries | 6,962 | 6,567 | | Social security costs | 286 | 246 | | Other pension costs (Note 30) | 518 | 451 | | Share-based payment costs (Note 31) | 399 | 334 | | Other staff costs | 944 | 912 | | | 9,109 | 8,510 | | Premises and equipment expenses: | 434 | 401 | | General administrative expenses: | | | | UK bank levy | 52 | 90 | | Other general administrative expenses | 2,539 | 2,375 | | | 2,591 | 2,465 | | Depreciation and amortisation: | | | | Property, plant and equipment: | | | | Premises | 315 | 299 | | Equipment | 166 | 128 | | Intangibles: | | | | Software | 687 | 695 | | Acquired on business combinations | 2 | 4 | | | 1,170 | 1,126 | | Total operating expenses | 13,304 | 12,502 | Other staff costs include redundancy expenses of $193 million (31 December 2024: $186 million). Further costs in this category include training, travel costs and other staff-related costs. The Group has recognised $15 million of accelerated share based payment expense relating to the amendment of vesting schedules as allowed for by the PRA Policy Statement on Remuneration Reform (dated 15 October 2025). Details of directors’ pay, benefits, pensions and interests in shares are disclosed in the Directors’ remuneration report on page 180. Transactions with directors, officers and other related parties are disclosed in Note 36. Operating expenses include research expenditures of $1,210 million (31 December 2024: $1,187 million), which was recognised as an expense in the year. In addition to this, there was a provision relating to the Korea equity-linked securities and the settlement of a litigation matter. The UK bank levy is applied to chargeable equity and liabilities on the balance sheet of UK operations. Key exclusions from chargeable equity and liabilities include Tier 1 capital, insured or guaranteed retail deposits, repos secured on certain sovereign debt and liabilities subject to netting. The rates are 0.10 per cent for short-term liabilities and 0.05 per cent for long-term liabilities. Annual Report 2025 | Standard Chartered 341 Financial statements ![]() #### Financial statements #### Notes to the financial statements 8. Credit impairment Accounting policy Significant accounting estimates and judgements The Group’s expected credit loss (ECL) calculations are outputs of complex models with a number of underlying assumptions. The significant judgements in determining expected credit loss include: • The Group’s criteria for assessing if there has been a significant increase in credit risk; • Development of expected credit loss models, including the choice of inputs relating to macroeconomic variables; • Determining estimates of forward looking macroeconomic forecasts; • Evaluation of management overlays and post-model adjustments; • Determination of recovery scenarios and probability weightings for Stage 3 individually assessed provisions. The calculation of credit impairment provisions also involves expert credit judgement to be applied by the credit risk management team based upon counterparty information they receive from various sources including relationship managers and on external market information. Details on the approach for determining expected credit loss can be found in the credit risk section, under IFRS 9 Methodology (see page 264). Estimates of forecasts of key macroeconomic variables underlying the expected credit loss calculation can be found within the Risk review, Key assumptions and judgements in determining expected credit loss. Expected credit losses An ECL represents the present value of expected cash shortfalls over the residual term of a financial asset, undrawn commitment or financial 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, probability-weighted amounts which are determined by evaluating a range of reasonably possible outcomes, the time value of money, and considering all reasonable and supportable information including that which is forward-looking. For material portfolios, the estimate of expected cash shortfalls is determined by multiplying the probability 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 lifetime of an instrument. Further details on the components of PD, LGD and EAD are disclosed in the Credit risk section. For less material loan portfolios, the Group has adopted less sophisticated approaches based on historical 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 indices and commodity 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 information, which 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-linearity 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 determining the PD (and where relevant, the LGD and EAD) and in determining 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 limited to the maximum contractual period for which the Group is exposed to credit risk. However, for certain revolving credit facilities, which include credit cards or overdrafts, the Group’s exposure to credit risk is not limited to the contractual period. 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 facilities. Standard Chartered | Annual Report 2025342 ![]() Accounting policy continued For credit-impaired financial instruments, the estimate of cash shortfalls may require the use of expert credit judgement. The estimate of expected cash shortfalls on a collateralised financial instrument reflects the amount and timing of cash flows that are expected from foreclosure on the collateral less the costs of obtaining and selling the collateral, regardless of whether foreclosure is deemed probable. Cash flows from unfunded credit enhancements held are included within the measurement of expected credit losses if they are part of, or integral to, the contractual terms of the instrument (this includes financial guarantees, unfunded risk participations and other non-derivative credit 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 if this is virtually certain to be received. Cash shortfalls are discounted using the effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired instruments (POCI)) on the financial instrument as calculated at initial recognition or if the instrument has a variable interest rate, the current effective interest rate determined under the contract. | | | | --- | --- | | Instruments | Location of expected credit loss provisions | | Financial assets held at amortised cost | Loss provisions: netted against gross carrying value 1 | | Financial assets held FVOCI – Debt instruments | Other comprehensive income (FVOCI expected credit loss reserve) 2 | | Loan commitments | Provisions for liabilities and charges 3 | | Financial guarantees | Provisions for liabilities and charges 3 | 1 Purchased or originated credit-impaired assets do not attract an expected credit loss provision on initial recognition. An expected credit loss provision will be recognised only if there is an increase in expected credit losses from that considered at initial recognition. 2 Debt and treasury securities classified as fair 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 within other comprehensive income (OCI) and is recycled to the profit and loss account along with any fair value measurement gains or losses held within FVOCI when the applicable instruments are derecognised. 3 Expected credit loss on loan commitments and financial guarantees is recognised as a liability provision. Where a financial instrument includes both a loan (i.e. financial asset component) and an undrawn commitment (i.e. loan commitment component), and it is not possible to separately identify the expected credit loss on these components, expected credit loss amounts on the loan commitment are recognised together with expected credit loss amounts on the financial asset. To the extent the combined expected credit loss exceeds the gross carrying amount of the financial asset, the expected credit loss is recognised as a liability provision. Recognition 12 months expected credit losses (Stage 1) Expected credit losses are recognised at the time of initial recognition of a financial instrument and represent the lifetime cash shortfalls arising from possible 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 significant increase in the credit risk of an instrument or the instrument becomes credit-impaired. If an instrument is no longer considered to exhibit a significant increase in credit risk, expected credit losses will revert to being determined on a 12-month basis. Significant increase in credit risk (Stage 2) Significant 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 origination (after taking into account the passage of time). Significant does not mean statistically significant nor is it assessed in the context of changes in expected credit loss. Whether a change in the risk of default is significant or not is assessed using a number of quantitative and qualitative factors, the weight of which depends on the type of product and counterparty. Financial assets that are 30 or more days past due and not credit-impaired will always be considered to have experienced a significant increase in credit risk. For less material portfolios where a loss rate or roll rate approach is applied to compute expected credit loss, significant increase in credit risk is primarily based on 30 days past due. Quantitative factors include an assessment of whether there has been significant increase in the forward-looking probability of default (PD) since origination. A forward-looking PD is one that is adjusted for future economic conditions to the extent these are correlated to changes in credit risk. We compare the residual lifetime PD at the balance sheet date to the residual lifetime PD that was expected at the time of origination 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 significant increase in credit risk. Annual Report 2025 | Standard Chartered 343 Financial statements ![]() #### Financial statements #### Notes to the financial statements 8. Credit impairment continued Accounting policy continued Qualitative 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 monitoring). A non-purely precautionary early alert account is one which exhibits material credit concerns which may result in a default by the client if left unaddressed, requiring closer monitoring, supervision, or attention by management. Indicators could include a rapid erosion of position within the industry, concerns over management’s ability to manage operations, weak/ deteriorating operating results, liquidity strain and overdue balances among other factors. Credit-impaired (or defaulted) exposures (Stage 3) Financial assets that are credit-impaired (or in default) represent those that are at least 90 days past due in respect of principal and/or interest. Financial assets are also considered to be credit-impaired where the obligors 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 possible to identify a single discrete event but instead the combined effect of several events may cause financial assets to become credit-impaired. Evidence that a financial asset is credit-impaired includes observable data about the following events: • Significant financial difficulty 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 financial difficulty, the lenders of the borrower have granted the borrower concession(s) that lenders would not otherwise consider. This would include forbearance actions; • Pending or actual bankruptcy or other financial reorganisation to avoid or delay discharge of the borrower’s obligation(s); • The disappearance of an active market for the applicable financial asset due to financial difficulties of the borrower; • Purchase or origination of a financial asset at a deep discount that reflects incurred credit losses. Lending commitments to a credit-impaired obligor that have not yet been drawn down are included to the extent that the commitment cannot be withdrawn. Loss provisions against credit-impaired financial assets are determined based on an assessment of the present value of expected cash shortfalls (discounted at the instrument’s original effective interest rate) under a range of scenarios, including the realisation of any collateral held where appropriate. The Group’s definition of default is aligned with the regulatory definition of default as set out in the UK’s onshored capital requirements regulations (Art 178). Expert credit judgement For Corporate & Investment banking 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 exhibit credit deterioration, it will move along the credit grading scale in the performing book. When a borrower is classified as CG12 (which is the lowest performing book and credit grade and is a qualitative trigger for significant increase in credit risk (see page 275) it will continue to be primarily managed by relationship managers in the CIB unit with support from Stressed Asset Group (SAG) for certain accounts. SAG is the Group’s specialist recovery unit, which is independent of the Client Coverage/Relationship Managers. Borrowers graded CG12 exhibit well-defined weaknesses in areas such as management and/or performance but there is no current expectation of a loss of principal or interest at this stage and there is no indication of unlikeliness to repay (it is still a performing asset). Where the impairment assessment indicates that there will be a loss of principal on a loan in the likely scenario, the borrower is graded a CG14 while borrowers of other credit-impaired loans are graded CG13. Instruments graded CG13 or CG14 are regarded as stage 3. Credit-impaired accounts are managed by SAG. Where a portion of exposure is considered not recoverable, a stage 3 credit impairment provision is raised. This stage 3 provision is the difference between the loan-carrying amount and the probability-weighted 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 information on the value recoverable collateral and time to realise the same. Standard Chartered | Annual Report 2025344 ![]() Accounting policy continued The individual circumstances of each client are considered when SAG estimates future cashflows and the timing of future recoveries which involves significant judgement. All available sources, such as cash flow arising from operations, selling assets or subsidiaries, realising collateral or payments under guarantees, are considered. In any decision relating to the raising of provisions, the Group attempts to balance economic conditions, local knowledge and experience, and the results of independent asset reviews. The individual impairment provisions (viz. those not directly from a model) are approved by Stressed Assets Risk (SAR) who are in the Second Line of Defence. For financial assets which are not individually significant, such as the Retail Banking portfolio or small business loans, which comprise a large number of homogeneous loans that share similar characteristics, statistical estimates and techniques are used, as well as credit scoring analysis. Wealth, Retail and Business Banking clients are considered credit-impaired 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 identified fraud on the account. Additionally, if the account is unsecured and the borrower has other credit accounts with the Group that are considered credit-impaired, the account may also be credit-impaired. Techniques used to compute impairment amounts use models which analyse historical repayment and default rates over a time horizon. Where various models are used, judgement is required to analyse the available information provided and select the appropriate model or combination of models to use. The core components in determining credit-impaired expected credit loss provisions are the value of gross charge-off and recoveries. Gross charge-off and/or loss provisions are recognised when it is established that the account is unlikely to pay through the normal process. Recovery of unsecured debt post credit impairment is recognised based on actual cash collected, either directly from clients or through the sale of defaulted loans to third-party institutions. Release of credit impairment provisions for secured loans is recognised if the loan outstanding is paid in full (release of full provision), or the provision is higher than the loan outstanding (release of the excess provision). 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. Modified financial instruments Where the original contractual terms of a financial asset have been modified for credit reasons and the instrument has not been derecognised (an instrument is derecognised when a modification results in a change in cash flows that the Group would consider substantial), the resulting modification loss is recognised within credit impairment in the income statement with a corresponding decrease in the gross carrying value of the asset. If the modification involved a concession that the bank would not otherwise consider, the instrument is considered to be credit-impaired and is considered forborne. Expected credit loss for modified financial assets that have not been derecognised and are not considered to be credit- impaired will be recognised on a 12-month basis, or a lifetime basis, if there is a significant increase in credit risk. These assets are assessed (by comparison to the origination date) to determine whether there has been a significant increase in credit risk subsequent to the modification. Although loans may be modified for non-credit reasons, a significant increase in credit risk may occur. In addition to the recognition of modification gains and losses, the revised carrying value of modified financial assets will impact the calculation of expected credit losses, with any increase or decrease in expected credit loss recognised within impairment. Forborne loans Forborne loans are those loans that have been modified in response to a customer’s financial difficulties. Forbearance strategies assist clients who are temporarily in financial distress and are unable to meet their original contractual repayment terms. Forbearance can be initiated by the client, the Group or a third-party including government sponsored programmes or a conglomerate of credit institutions. Forbearance may include debt restructuring such as new repayment schedules, payment deferrals, tenor extensions, interest only payments, lower interest rates, forgiveness of principal, interest or fees, or relaxation of loan covenants . Annual Report 2025 | Standard Chartered 345 Financial statements ![]() #### Financial statements #### Notes to the financial statements 8. Credit impairment continued Accounting policy continued Forborne loans that have been modified (and not derecognised) on terms that are not consistent with those readily available in the market and/or where we have granted a concession compared to the original terms of the loans are considered credit-impaired if there is a detrimental impact on cash flows. The modification loss (see Classification and measurement – Modifications) is recognised in the profit or loss within credit impairment and the gross carrying value of the loan reduced by the same amount. The modified loan is disclosed as ‘Loans subject to forbearance – credit-impaired’. Loans that have been subject to a forbearance modification, but which are not considered credit-impaired (not classified as CG13 or CG14), are disclosed as ‘Forborne – not credit-impaired’. This may include amendments to covenants within the contractual terms. Write-offs of credit-impaired instruments and reversal of impairment 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 provision. Such loans are written off after all the necessary procedures have been completed, it is decided that there is no realistic probability of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of the provision for credit impairment in the income statement. Loss provisions on purchased or originated credit-impaired instruments (POCI) The Group measures expected credit loss on a lifetime basis for POCI instruments throughout the life of the instrument. However, expected credit loss is not recognised in a separate loss provision on initial recognition for POCI instruments as the lifetime expected credit loss is inherent within the gross carrying amount of the instruments. The Group recognises the change in lifetime expected credit losses arising subsequent to initial recognition in the income statement and the cumulative change as a loss provision. Where lifetime expected credit losses on POCI instruments are less than those at initial recognition, then the favourable differences are recognised as impairment gains in the income statement (and as impairment loss where the expected credit losses are greater). Improvement in credit risk/curing For financial assets that are credit-impaired (stage 3), a transfer to stage 2 or stage 1 is only permitted where the instrument is no longer considered to be credit-impaired. An instrument will no longer be considered credit-impaired when there is no shortfall of cash flows compared to the original contractual terms. For financial assets within stage 2, these can only be transferred to stage 1 when they are no longer considered to have experienced a significant increase in credit risk. Where a significant increase in credit risk was determined using quantitative measures, the instruments will automatically transfer back to stage 1 when the original PD based transfer criteria are no longer met. Where instruments were transferred to stage 2 due to an assessment of qualitative factors, the issues that led to the reclassification must be cured before the instruments can be reclassified to stage 1. This includes instances where management actions led to instruments being classified as stage 2, requiring that action to be resolved before loans are reclassified to stage 1. 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 criteria have to be satisfied: • At least a year has passed with no default based upon the forborne contract terms • The customer is likely to repay its obligations in full without realising security • The customer has no accumulated impairment against amount outstanding (except for ECL) Subsequent to the criteria above, a further two-year probation 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. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Net credit impairment on loans and advances to banks and customers | 652 | 590 | | Net credit impairment on debt securities 1 | 37 | (58) | | Net credit impairment relating to financial guarantees and loan commitments | (24) | 18 | | Net credit impairment relating to other financial assets | 7 | (3) | | Credit impairment 1 | 672 | 547 | 1 Includes impairment charge of $5 million (2024: $14 million release) on originated credit-impaired debt securities. Standard Chartered | Annual Report 2025346 ![]() 9. Goodwill, property, plant and equipment and other impairment Accounting policy Refer to the below referenced notes for the relevant accounting policy. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Impairment of property, plant and equipment (Note 18) | – | 11 | | Impairment of other intangible assets (Note 17) | 45 | 561 | | Other | 20 | 16 | | Goodwill, property, plant and equipment and other impairment | 65 | 588 | 10. Taxation Accounting policy Income tax payable on profits is based on the applicable tax law in each jurisdiction and is recognised as an expense in the period in which profits arise. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial 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 liability 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 utilised. Where permitted, deferred tax assets and liabilities are offset on an entity 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 • Determining the Group’s tax charge for the year involves estimation and judgement, which includes an interpretation of local tax laws and an assessment of whether the tax authorities will accept the position taken. These judgements take account of external advice where appropriate, and the Group’s view on settling with the relevant tax authorities • The Group provides for current tax liabilities at the best estimate of the amount that is expected to be paid to the tax authorities where an outflow is probable. In making its estimates the Group assumes that the tax authorities will examine all the amounts reported to them and have full knowledge of all relevant information • The recoverability of the Group’s deferred tax assets is based on management’s judgement of the availability of future taxable profits against which the deferred tax assets will be utilised. In preparing management forecasts the effect of applicable laws and regulations relevant to the utilisation of future taxable profits have been considered. The following table provides analysis of taxation charge in the year: | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | The charge for taxation based upon the profit for the year comprises: | | | | Current tax: | | | | United Kingdom corporation tax at 25 per cent (2024: 25 per cent): | | | | Current tax charge on income for the year | – | 16 | | Adjustments in respect of prior years (including double tax relief) | 7 | 1 | | Foreign tax: | | | | Current tax charge on income for the year | 1,873 | 1,752 | | Adjustments in respect of prior years | (45) | (8) | | | 1,835 | 1,761 | | Deferred tax: | | | | Origination/reversal of temporary differences | 112 | 198 | | Adjustments in respect of prior years | (81) | 13 | | | 31 | 211 | | Tax on profits on ordinary activities | 1,866 | 1,972 | | Effective tax rate | 26.8% | 32.8% | Annual Report 2025 | Standard Chartered 347 Financial statements ![]() #### Financial statements #### Notes to the financial statements 10. Taxation continued The tax charge for the year of $1,866 million (31 December 2024: $1,972 million) on a profit before tax of $6,963 million (31 December 2024: $6,014 million) reflects the impact of non-creditable withholding taxes and other taxes, non-deductible expenses and tax losses for which no deferred tax assets are recognised. These are partly offset by countries with tax rates lower than the UK, the most significant of which are Hong Kong and Singapore, and tax-exempt income. Foreign tax includes current tax of $359 million (31 December 2024: $272 million) on the profits assessable in Hong Kong. Deferred tax includes origination or reversal of temporary differences of $17 million (31 December 2024: $8 million) provided at a rate of 16.5 per cent (31 December 2024: 16.5 per cent) on the profits assessable in Hong Kong. The Group falls within the Pillar Two global minimum tax rules which apply in the UK from 1 January 2024. The IAS 12 exception to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes has been applied. The current tax charge for the period ended 31 December 2025 includes $14m in respect of current period Pillar Two income taxes (31 December 2024: $17m) and $10m in respect of the prior period (31 December 2024: $nil). 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: | | | | | | | --- | --- | --- | --- | --- | | | 2025 | | 2024 | | | | $million | % | $million | % | | Profit on ordinary activities before tax | 6,963 | | 6,014 | | | Tax at 25 per cent (2024: 25 per cent) | 1,741 | 25.0 | 1,504 | 25.0 | | Lower tax rates on overseas earnings | (482) | (6.9) | (425) | (7.1) | | Higher tax rates on overseas earnings | 219 | 3.1 | 269 | 4.5 | | Tax at domestic rates applicable where profits earned | 1,478 | 21.2 | 1,348 | 22.4 | | Non-creditable withholding taxes and other taxes | 319 | 4.6 | 260 | 4.3 | | Tax exempt income | (160) | (2.3) | (133) | (2.2) | | Share of associates and joint ventures | (10) | (0.2) | (6) | (0.1) | | Non-deductible expenses | 256 | 3.7 | 243 | 4.0 | | Bank levy | 13 | 0.2 | 23 | 0.4 | | Non-taxable losses on investments 1 | (25) | (0.4) | 35 | 0.6 | | Payments on financial instruments in reserves | (80) | (1.2) | (72) | (1.2) | | Deferred tax not recognised | 220 | 3.2 | 298 | 5.0 | | Deferred tax rate changes | 3 | 0.1 | (3) | – | | Adjustments to tax charge in respect of prior years | (119) | (1.7) | 6 | 0.1 | | Other items | (29) | (0.4) | (27) | (0.5) | | Tax on profit on ordinary activities | 1,866 | 26.8 | 1,972 | 32.8 | 1 2025 Includes tax impact of $3m (2024:$55m) relating to loss on sale of subsidiaries 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 including acquisitions, disposals and restructuring of our businesses, the mix of profits across jurisdictions with different statutory tax rates, changes in tax legislation and tax rates and resolution of uncertain tax positions. Standard Chartered | Annual Report 2025348 ![]() The evaluation of uncertain tax positions involves an interpretation of local tax laws which could be subject to challenge by a tax authority, and an assessment of whether the tax authorities will accept the position taken. The Group does not currently consider that assumptions or judgements made in assessing tax liabilities have a significant risk of resulting in a material adjustment within the next financial year. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Current tax | Deferred tax | Total | Current tax | Deferred tax | Total | | Tax recognised in other comprehensive income | $million | $million | $million | $million | $million | $million | | Items that will not be reclassified | | | | | | | | to income statement | (11) | (2) | (13) | (16) | 113 | 97 | | Own credit adjustment | (1) | 20 | 19 | 1 | 49 | 50 | | Equity instruments at fair value through other comprehensive income | (9) | (26) | (35) | (17) | 76 | 59 | | Retirement benefit obligations | (1) | 4 | 3 | – | (12) | (12) | | Items that may be reclassed subsequently | | | | | | | | to income statement | (3) | (62) | (65) | (7) | (30) | (37) | | Debt instruments at fair value through other comprehensive income | (3) | (5) | (8) | (7) | (44) | (51) | | Cash flow hedges | – | (57) | (57) | – | 14 | 14 | | Total tax credit/(charge) recognised | | | | | | | | in equity | (14) | (64) | (78) | (23) | 83 | 60 | Current tax: The following are the movements in current tax during the year: | | | | | --- | --- | --- | | | 2025 | 2024 | | Current tax comprises: | $million | $million | | Current tax assets | 663 | 484 | | Current tax liabilities | (726) | (811) | | Net current tax opening balance | (63) | (327) | | Movements in income statement | (1,835) | (1,761) | | Movements in other comprehensive income | (14) | (23) | | Taxes paid | 1,804 | 2,045 | | Other movements | (27) | 3 | | Net current tax balance as at 31 December | (135) | (63) | | Current tax assets | 574 | 663 | | Current tax liabilities | (709) | (726) | | Total | (135) | (63) | Annual Report 2025 | Standard Chartered 349 Financial statements ![]() #### Financial statements #### Notes to the financial statements 10. Taxation continued Deferred tax: The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the year: | | | | | | | | --- | --- | --- | --- | --- | --- | | | At 1 January | Exchange & other | (Charge)/ credit | (Charge)/ credit | At 31 December | | | 2025 | adjustments | to profit | to equity 2025 | | | | $million | $million | $million | $million | $million | | Deferred tax comprises: | | | | | | | Accelerated tax depreciation | (380) | (16) | 4 | – | (392) | | Impairment provisions on loans and advances | 190 | (6) | (7) | – | 177 | | Tax losses carried forward | 74 | 15 | (34) | – | 55 | | Equity Instruments at Fair value through other comprehensive income | (62) | (13) | (2) | (26) | (103) | | Debt Instruments at Fair value through other comprehensive income | (30) | 7 | 1 | (5) | (27) | | Cash flow hedges | (9) | (4) | – | (57) | (70) | | Own credit adjustment | 4 | – | – | 20 | 24 | | Retirement benefit obligations | (7) | 1 | 11 | 4 | 9 | | Share-based payments | 54 | 2 | 15 | – | 71 | | Other temporary differences | 13 | 1 | (19) | 2 | (3) | | Net deferred tax | (153) | (13) | (31) | (62) | (259) | | | | | | | | | --- | --- | --- | --- | --- | --- | | | At 1 January | Exchange & other | (Charge)/ credit | (Charge)/ credit | At 31 December | | | 2024 | adjustments | to profit | to equity 2024 | | | | $million | $million | $million | $million | $million | | Deferred tax comprises: | | | | | | | Accelerated tax depreciation | (424) | 7 | 40 | (3) | (380) | | Impairment provisions on loans and advances | 286 | (2) | (94) | – | 190 | | Tax losses carried forward | 97 | (24) | 1 | – | 74 | | Equity Instruments at Fair value through other comprehensive income | (144) | 6 | – | 76 | (62) | | Debt Instruments at Fair value through other comprehensive income | 27 | 3 | (16) | (44) | (30) | | Cash flow hedges | (25) | 2 | – | 14 | (9) | | Own credit adjustment | (71) | 26 | – | 49 | 4 | | Retirement benefit obligations | 4 | (5) | 6 | (12) | (7) | | Share-based payments | 43 | (1) | 12 | – | 54 | | Other temporary differences | 139 | (1) | (160) | 35 | 13 | | Net deferred tax | (68) | 11 | (211) | 115 | (153) | Deferred tax comprises assets and liabilities as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 31.12.25 | | | 31.12.24 | | | | Total | Asset | Liability | Total | Asset | Liability | | | $million | $million | $million | $million | $million | $million | | Deferred tax comprises: | | | | | | | | Accelerated tax depreciation | (392) | 44 | (436) | (380) | 19 | (399) | | Impairment provisions on loans | | | | | | | | and advances | 177 | 207 | (30) | 190 | 139 | 51 | | Tax losses carried forward | 55 | 14 | 41 | 74 | 51 | 23 | | Equity Instruments at Fair value through other comprehensive income | (103) | (3) | (100) | (62) | (12) | (50) | | Debt Instruments at Fair value through other comprehensive income | (27) | (7) | (20) | (30) | (14) | (16) | | Cash flow hedges | (70) | (11) | (59) | (9) | – | (9) | | Own credit adjustment | 24 | 1 | 23 | 4 | 4 | – | | Retirement benefit obligations | 9 | 33 | (24) | (7) | 16 | (23) | | Share-based payments | 71 | 21 | 50 | 54 | 12 | 42 | | Other temporary differences | (3) | 194 | (197) | 13 | 199 | (186) | | | (259) | 493 | (752) | (153) | 414 | (567) | Standard Chartered | Annual Report 2025350 ![]() The recoverability of the Group’s deferred tax assets is based on management’s judgement of the availability of future taxable profits against which the deferred tax assets will be utilised. The Group’s total deferred tax assets include $55 million relating to tax losses carried forward, of which $41 million arises in legal entities with offsetting deferred tax liabilities. The remaining deferred tax assets on losses of $14 million are forecast to be recovered before expiry and within five years. Unrecognised deferred tax | | | | | | | --- | --- | --- | --- | --- | | | Net | Gross | Net | Gross | | | 2025 | 2025 | 2024 | 2024 | | | $million | $million | $million | $million | | No account has been taken of the following potential deferred | | | | | | tax assets/(liabilities): | | | | | | Withholding tax on unremitted earnings from overseas | | | | | | subsidiaries and associates | (610) | (6,527) | (611) | (6,827) | | Tax losses | 2,562 | 10,644 | 2,494 | 10,414 | | Held over gains on incorporation of overseas branches | (387) | (1,468) | (360) | (1,366) | | Other temporary differences | 327 | 1,273 | 356 | 1,363 | 11. Dividends The Board considers a number of factors prior to dividend declaration which includes the rate of recovery in the Group’s financial performance, the macroeconomic environment, and opportunities to further invest in our business and grow profitably in our markets. Dividends on equity instruments are recognized as a liability once they have been declared and no longer at the discretion of the directors, and in certain situations, approved by shareholders. Ordinary equity shares | | | | | | | --- | --- | --- | --- | --- | | | 2025 | | 2024 | | | | Cents per share | $million | Cents per share | $million | | 2024/2023 final dividend declared and paid during the year | 28 | 670 | 21 | 551 | | 2025/2024 interim dividend declared and paid during the year | 12 | 284 | 9 | 229 | Dividends on ordinary equity shares are recorded in the period in which they are declared and, in respect of the final dividend, have been approved by the shareholders. Accordingly, the final ordinary equity share dividends set out above relate to the respective prior years. 2025 recommended final ordinary equity share dividend The 2025 final ordinary equity share dividend recommended by the Board is 49 cents per share. The financial statements for the year ended 31 December 2025 do not reflect this dividend as this will be accounted for in shareholders’ equity as an appropriation of retained profits in the year ending 31 December 2026. The dividend will be paid in either pounds sterling, Hong Kong dollars or US dollars on 14 May 2026 to shareholders on the UK and HK register of members at the close of business in the UK on 20 March 2026. Preference shares and Additional Tier 1 securities Dividends on these preference shares and securities classified as equity are recorded in the period in which they are declared. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Non-cumulative redeemable preference shares: | | | | 7.014 per cent preference shares of $5 each | 26 | 53 | | Floating rate preference shares of $5 each 1 | 73 | 54 | | | 99 | 107 | | Additional Tier 1 securities: fixed rate resetting perpetual subordinated contingent convertible securities | 428 | 350 | | | 527 | 457 | 1 Floating rate is based on Secured Overnight Financing Rate (SOFR), average rate paid for floating preference shares is 9.73% (2024: 7.21%). Annual Report 2025 | Standard Chartered 351 Financial statements ![]() 12. Earnings per ordinary share Accounting policy The Group also measures earnings per share on an underlying basis. This differs from earnings defined in IAS 33 Earnings per share. Underlying earnings is profit/(loss) attributable to ordinary shareholders adjusted for profits or losses of a capital nature; amounts consequent to investment transactions driven by strategic intent; and other infrequent and/or exceptional transactions that are significant or material in the context of the Group’s normal business earnings for the year. The table below provides the basis of underlying earnings. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Profit for the year attributable to equity holders | 5,097 | 4,042 | | Non-controlling interest | (12) | 8 | | Dividend payable on preference shares and AT1 classified as equity | (527) | (457) | | Profit for the year attributable to ordinary shareholders | 4,558 | 3,593 | | Items normalised 1 : | | | | Restructuring | 320 | 285 | | FFG | 531 | 156 | | DVA | 31 | 24 | | Net loss on sale of businesses | 10 | 232 | | Other items | 45 | 100 | | Tax on normalised items | (135) | (114) | | Underlying profit attributable to ordinary shareholders | 5,360 | 4,276 | | Basic – weighted average number of shares (millions) | 2,333 | 2,543 | | Diluted – weighted average number of shares (millions) | 2,404 | 2,610 | | Basic earnings per ordinary share (cents) | 195.4 | 141.3 | | Diluted earnings per ordinary share (cents) | 189.6 | 137.7 | | Underlying basic earnings per ordinary share (cents) | 229.7 | 168.1 | | Underlying diluted earnings per ordinary share (cents) | 223.0 | 163.8 | 1 Refer note 2 segmental information for normalised items. The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent and the basic weighted average number of shares excluding treasury shares held in employees benefit trust. When calculating diluted earnings per share, the weighted average number of shares in issue is adjusted for the effects of all expected dilutive potential ordinary shares held in respect of Standard Chartered PLC totalling 58 million (2024: 59 million). The total number of share options outstanding, under schemes considered to be potentially dilutive, was 13 million (2024: 7 million). These options have strike prices ranging from $4.94 to $14.93. Of the total number of employee share options and share awards at 31 December 2025 there were nil share options and share awards which were anti-dilutive. The 210 million decrease (2024: 235 million decrease) in the basic weighted average number of shares is primarily due to the impact of the share buyback programmes completed in the year. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025352 ![]() 13. Financial instruments Classification and measurement Accounting policy Financial assets held at amortised 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 principal and interest (SPPI) characteristics. In assessing whether the contractual cash flows have SPPI characteristics, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers: • Contingent events that would change the amount and timing of cash flows • Leverage features • Prepayment and extension terms • Terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements) • Features that modify consideration of the time value of money – e.g. periodical reset of interest rates Whether financial assets are held at amortised cost or at FVOCI depends on the objectives of the business models under which the assets are held. A business model refers to how the Group manages financial assets to generate cash flows. The Group makes an assessment of the objective of a business model in which an asset is held at the individual product business line, and where applicable within business lines depending on the way the business is managed and information 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, including 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 timing of sales in prior periods, the reasons for such sales and expectations about future sales activity Annual Report 2025 | Standard Chartered 353 Financial statements ![]() 13. Financial instruments continued Accounting policy continued The Group’s business model assessment is as follows: | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Business | Business | | | | | | | | model | objective | Characteristics | | Businesses | | Products | | | Hold to | Intent is to | • | Providing financing and originating | • | Global Banking | • | Loans and | | collect | originate financial | assets to earn interest income as | | • | Transaction | advances | | | | assets and hold | primary income stream | | Banking | | • | Debt securities | | | them to maturity, | • | Performing credit risk management | • | Retail Lending | | | | | collecting the | activities | | • | Treasury | | | | | contractual cash | • | Costs include funding costs, transaction | Markets (Loans | | | | | | flows over the term | costs and impairment losses | | and Borrowings) | | | | | | of the instrument | | | | | | | | | | | | • | Global Markets | | | | Hold to | Business objective | • | Portfolios held for liquidity needs; or | • | Treasury | • | Debt securities | | collect | met through both | where a certain interest yield profile is | | Markets | | | | | and sell | hold to collect and | maintained; or that are normally | | • | Central Credit | | | | | by selling financial | rebalanced to achieve matching of | | Unit | | | | | | assets | duration of assets and liabilities | | | | | | | | | • | Income streams come from interest | | | | | | | | income, fair value changes, and | | | | | | | | | impairment losses | | | | | | | Fair value | All other business | • | Assets held for trading | • | Treasury | • | Derivatives | | through | objectives, | • | Assets that are originated, purchased, | Markets | | • | Equity shares | | profit | including trading | and sold for profit taking or | | • | Global Markets | • | Trading | | or loss | and managing | underwriting activity | | • | All other | portfolios | | | | financial assets on | • | Performance of the portfolio is | | business lines | • | Reverse repos | | | a fair value basis | evaluated on a fair value basis | | | | • | Bond and Loan | | | | • | Income streams are from fair value | | | | Syndication | | | | | changes or trading gains or losses | | | | | Financial assets which have SPPI characteristics and that are held within a business model whose objective is to hold financial assets to collect contractual cashflows (hold to collect) are recorded at amortised cost. Conversely, financial assets which have SPPI characteristics but are held within a business model whose objective is achieved by both collecting contractual cashflows and selling financial assets (Hold to collect and sell) are classified as held at FVOCI. Both hold to collect and hold to collect and sell business models involve holding financial assets to collect the contractual cashflows. However, the business models are distinct by reference to the frequency and significance that asset sales play in meeting the objective under which a particular group of financial assets is managed. Hold to collect business models are characterised by asset sales that are incidental to meeting the objectives under which 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 financial assets but sales for other reasons should be infrequent or insignificant. Cashflows from the sale of financial assets under a hold to collect and sell business model by contrast are integral to achieving the objectives under which a particular group of financial assets are managed. This may be the case where frequent sales of financial assets are required to manage the Group’s daily liquidity requirements or to meet regulatory requirements to demonstrate liquidity of financial instruments. Sales of assets under hold to collect and sell business models are therefore both more frequent and more significant 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 initial recognition as held at FVOCI on an instrument-by-instrument basis. Dividends received are recognised in profit or loss. Gains and losses arising from changes in the fair value of these instruments, including foreign exchange gains and losses, are recognised directly in equity and are never reclassified to profit or loss even on derecognition . #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025354 ![]() Accounting policy continued Mandatorily classified at fair value through profit or loss Financial assets and liabilities which are mandatorily held at fair value through profit or loss are split between two subcategories as follows: Trading, including: • Financial assets and liabilities held for trading, which are those acquired principally for the purpose of selling in the short-term • Derivatives. Non-trading mandatorily at fair value through profit or loss, including: • Instruments in a business which has a fair value business model (see the Group’s business model assessment) which are not trading or derivatives • Hybrid financial assets that contain one or more embedded derivatives • Financial assets that would otherwise be measured at amortised cost or FVOCI but which do not have SPPI characteristics • Equity instruments that have not been designated as held at FVOCI • Financial liabilities that constitute contingent consideration in a business combination. Designated at fair value through profit or loss Financial assets and liabilities may be designated at fair value through profit or loss when the designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities on a different basis (‘accounting mismatch’). Financial liabilities may also be designated at fair value through profit or loss where they are managed on a fair value basis or have an embedded derivative where the Group is not able to separately value, and thus bifurcate, the embedded derivative component. Financial liabilities held at amortised cost Financial liabilities that are not financial guarantees or loan commitments and that are not classified as financial liabilities held at fair value through profit or loss are classified as financial liabilities held at amortised 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 specific date or at the option of the shareholder are classified as financial liabilities and are presented in other borrowed funds. The dividends on these preference shares are recognised in the income statement as interest expense on an amortised cost basis using the effective interest method. Financial guarantee contracts and loan commitments The Group issues financial guarantee contracts and loan commitments in return for fees. Financial guarantee contracts and any loan commitments issued at below-market interest rates are initially recognised at their fair value as a financial liability and subsequently measured at the higher of the initial value less the cumulative amount of income recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers and their expected credit loss provision. 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 financial assets and liabilities The fair value of financial instruments is generally measured on the basis of the individual financial instrument. However, when a group of financial assets and financial liabilities is managed on the basis of its net exposure to either market risk or credit risk, the fair value of the group of financial instruments is measured on a net basis. The fair values of quoted financial assets and liabilities in active markets are based on current prices. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If the market for a financial instrument, and for unlisted securities, is not active, the Group establishes fair value by using valuation techniques . Annual Report 2025 | Standard Chartered 355 Financial statements ![]() 13. Financial instruments continued Accounting policy continued Initial recognition Regular way purchases and sales of financial assets held at fair value through profit or loss, and held at fair value through other comprehensive income, are initially 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 amortised cost are recognised on the settlement date (the date on which cash is advanced to the borrowers). All financial instruments are initially recognised at fair value, which is normally the transaction price, plus directly attributable transaction costs for financial assets and liabilities which are not subsequently measured at fair value through profit or loss. In certain circumstances, the initial fair value may be based on a valuation technique which may lead to the recognition of profits or losses at the time of initial recognition. However, these profits or losses can only be recognised when the valuation technique used is based solely on observable market data. In those cases where the initially 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 immediately 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 Financial assets and financial liabilities held at amortised cost Financial assets and financial liabilities held at amortised 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 qualifying fair value hedge relationship, its carrying value is adjusted by the fair value gain or loss attributable to the hedged risk. Financial assets held at FVOCI Debt instruments held at FVOCI are subsequently carried at fair value, with all unrealised gains and losses arising 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 derecognition, the cumulative 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 arising from changes in fair value (including any related foreign exchange gains or losses) recognised in other comprehensive income and accumulated in a separate component of equity. On derecognition, the cumulative reserve is transferred to retained earnings and is not recycled to profit or loss. Financial assets and liabilities held at fair value through profit or loss Gains and losses arising from changes in fair value, including contractual interest income or expense, recorded in the net trading income line in the profit or loss. Derecognition of financial instruments Financial assets which are subject to commercial refinancing 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 original contract have expired, the old loan is derecognised, and the new loan is recognised at fair value. For all other modifications 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 derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of the consideration received (including any new asset obtained less any new liability 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 liability that are held in other comprehensive income. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025356 ![]() Accounting policy continued Financial liabilities are derecognised when they are extinguished. A financial liability is extinguished when the obligation is discharged, cancelled or expires and this is evaluated both qualitatively and quantitatively. However, where a financial liability has been modified, it is derecognised if the difference between the modified cash flows and the original cash flows is more than 10 per cent, or if less than 10 per cent, the Group will perform a qualitative assessment to determine 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 liability and the consideration paid is included in ‘Other income’ except for the cumulative fair value adjustments attributable to the credit risk of a liability that are held in Other comprehensive income, which are never recycled to the profit or loss. Modified financial instruments Financial assets and financial liabilities whose original contractual terms have been modified, including those loans subject to forbearance strategies, are considered to be modified instruments. Modifications may include changes to the tenor, cash flows and or interest rates among other factors. Where derecognition of financial assets is appropriate (see Derecognition), the newly recognised residual loans are assessed to determine whether the assets should be classified as purchased or originated credit-impaired assets (POCI). Where derecognition is not appropriate, the gross carrying amount of the applicable instruments is recalculated as the present value of the renegotiated or modified contractual cash flows discounted at the original effective interest rate (or credit adjusted effective interest rate for POCI financial assets). The difference between the recalculated values and the pre-modified gross carrying values of the instruments are recorded as a modification gain or loss in the profit or loss. Gains and losses arising from modifications for credit reasons are recorded as part of ‘Credit Impairment’ (see Credit Impairment policy). Modification gains and losses arising from non-credit reasons are recognised either as part of ‘Credit Impairment’ or within income depending on whether there has been a change in the credit risk on the financial asset subsequent to the modification. Modification gains and losses arising on financial liabilities are recognised within income. The movements in the applicable expected credit loss loan positions are disclosed in further detail in Risk Review. Annual Report 2025 | Standard Chartered 357 Financial statements ![]() 13. Financial instruments continued The Group’s classification of its financial assets and liabilities is summarised in the following tables. | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Assets at fair value | | | | | | | | | | Non-trading | | | | | | | | | | | mandatorily | Designated | | Fair value | Total | Assets | | | | | | Derivatives | 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 | $million | $million | $million | $million | $million | $million | $million | $million | | Cash and balances at central banks 1 | | – | – | – | – | – | – | 77,746 | 77,746 | | Financial assets held at fair value through profit or loss | | | | | | | | | | | Loans and advances to banks 2 | | 2,984 | – | – | – | – | 2,984 | – | 2,984 | | Loans and advances to customers 2 | | 12,152 | – | 203 | – | – | 12,355 | – | 12,355 | | Reverse repurchase agreements and other similar | | | | | | | | | | | secured lending | 16 | – | – | 84,130 | – | – | 84,130 | – | 84,130 | | Debt securities, alternative tier one and other eligible bills | | 86,531 | – | 130 | 43 | – | 86,704 | – | 86,704 | | Equity shares | | 8,946 | – | 138 | – | – | 9,084 | – | 9,084 | | | | 110,613 | – | 84,601 | 43 | – | 195,257 | – | 195,257 | | Derivative financial instruments | 14 | 64,023 | 1,759 | – | – | – | 65,782 | – | 65,782 | | Loans and advances to banks 2,3 | 15 | – | – | – | – | – | – | 43,901 | 43,901 | | Of which – reverse repurchase agreements and other similar secured lending | 16 | – | – | – | – | – | – | 3,724 | 3,724 | | Loans and advances to customers 2 | 15 | – | – | – | – | – | – | 286,788 | 286,788 | | Of which – reverse repurchase agreements and other similar secured lending | 16 | – | – | – | – | – | – | 8,242 | 8,242 | | Investment securities | | | | | | | | | | | Debt securities, alternative tier one and other eligible bills | | – | – | – | – | 108,503 | 108,503 | 57,250 | 165,753 | | Equity shares | | – | – | – | – | 1,203 | 1,203 | – | 1,203 | | | | – | – | – | – | 109,706 | 109,706 | 57,250 | 166,956 | | Other assets | 20 | | | | | – | – | 36,770 | 36,770 | | Assets held for sale | 21 | – | – | – | – | – | – | 1,042 | 1,042 | | Total at 31 December 2025 | | 174,636 | 1,759 | 84,601 | 43 | 109,706 | 370,745 | 503,497 | 874,242 | | Cash and balances at central banks 1 | | | | | | | – | 63,447 | 63,447 | | Financial assets held at fair value through profit or loss | | | | | | | | | | | Loans and advances to banks 2 | | 2,213 | – | – | – | – | 2,213 | – | 2,213 | | Loans and advances to customers 2 | | 6,912 | – | 172 | – | – | 7,084 | – | 7,084 | | Reverse repurchase agreements and other similar | | | | | | | | | | | secured lending | 16 | 336 | – | 85,859 | – | – | 86,195 | – | 86,195 | | Debt securities, alternative tier one and other eligible bills | | 76,329 | – | 140 | 70 | – | 76,539 | – | 76,539 | | Equity shares | | 5,285 | – | 201 | – | – | 5,486 | – | 5,486 | | | | 91,075 | – | 86,372 | 70 | – | 177,517 | – | 177,517 | | Derivative financial instruments | 14 | 78,906 | 2,566 | – | – | – | 81,472 | – | 81,472 | | Loans and advances to banks 2,3 | 15 | – | – | – | – | – | – | 43,593 | 43,593 | | Of which – reverse repurchase agreements and other similar secured lending | 16 | – | – | – | – | – | – | 2,946 | 2,946 | | Loans and advances to customers 2 | 15 | – | – | – | – | – | – | 281,032 | 281,032 | | Of which – reverse repurchase agreements and other similar secured lending | | – | – | – | – | – | – | 9,660 | 9,660 | | Investment securities | | | | | | | | | | | Debt securities, alternative tier one and other eligible bills | | – | – | – | – | 88,425 | 88,425 | 55,137 | 143,562 | | Equity shares | | – | – | – | – | 994 | 994 | – | 994 | | | | – | – | – | – | 89,419 | 89,419 | 55,137 | 144,556 | | Other assets | 20 | | | | | – | – | 34,585 | 34,585 | | Assets held for sale | 21 | – | – | – | 5 | – | 5 | 884 | 889 | | Total at 31 December 2024 | | 169,981 | 2,566 | 86,372 | 75 | 89,419 | 348,413 | 478,678 | 827,091 | 1 Comprises cash held at central banks in restricted accounts of $11,630 million (31 December 2024: $7,799 million), or on demand, or placements which 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 218 to 308). 3 Loans and advances to banks includes amounts due on demand from banks and other central banks. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025358 ![]() | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Liabilities at fair value | | | | | | | | | Designated at fair | Total financial | | | | | | | Derivatives held | value through | liabilities at fair | Amortised | | | | | Trading | for hedging | profit or loss | value | cost | Total | | Liabilities | Notes | $million | $million | $million | $million | $million | $million | | Financial liabilities held at fair value through profit or loss | | | | | | | | | Deposits by banks | | – | – | 2,328 | 2,328 | – | 2,328 | | Customer accounts | | – | – | 19,414 | 19,414 | – | 19,414 | | Repurchase agreements and other similar secured | | | | | | | | | borrowing | 16 | – | – | 36,307 | 36,307 | – | 36,307 | | Debt securities in issue | 22 | – | – | 16,009 | 16,009 | – | 16,009 | | Short positions | | 15,539 | – | – | 15,539 | – | 15,539 | | | | 15,539 | – | 74,058 | 89,597 | – | 89,597 | | Derivative financial instruments | 14 | 67,046 | 1,158 | – | 68,204 | – | 68,204 | | Deposits by banks | | – | – | – | – | 30,846 | 30,846 | | Customer accounts | | – | – | – | – | 530,161 | 530,161 | | Repurchase agreements and other similar secured borrowing | 16 | – | – | – | – | 7,757 | 7,757 | | Debt securities in issue | 22 | – | – | – | – | 72,858 | 72,858 | | Other liabilities | 23 | – | – | – | – | 45,788 | 45,788 | | Subordinated liabilities and other borrowed funds | 27 | – | – | – | – | 8,834 | 8,834 | | Liabilities included in disposal | | | | | | | | | groups held for sale | 21 | – | – | – | – | 908 | 908 | | Total at 31 December 2025 | | 82,585 | 1,158 | 74,058 | 157,801 | 697,152 | 854,953 | | Financial liabilities held at fair value through profit or loss | | | | | | | | | Deposits by banks | | – | – | 1,893 | 1,893 | – | 1,893 | | Customer accounts | | – | – | 21,772 | 21,772 | – | 21,772 | | Repurchase agreements and other similar secured | | | | | | | | | borrowing | 16 | 925 | – | 32,614 | 33,539 | – | 33,539 | | Debt securities in issue | 22 | 1 | – | 13,730 | 13,731 | – | 13,731 | | Short positions | | 14,527 | – | – | 14,527 | – | 14,527 | | | | 15,453 | – | 70,009 | 85,462 | – | 85,462 | | Derivative financial instruments | 14 | 80,037 | 2,027 | – | 82,064 | – | 82,064 | | Deposits by banks | | – | – | – | – | 25,400 | 25,400 | | Customer accounts | | – | – | – | – | 464,489 | 464,489 | | Repurchase agreements and other similar secured borrowing | 16 | – | – | – | – | 12,132 | 12,132 | | Debt securities in issue | 22 | – | – | – | – | 64,609 | 64,609 | | Other liabilities | 23 | – | – | – | – | 44,047 | 44,047 | | Subordinated liabilities and other borrowed funds | 27 | – | – | – | – | 10,382 | 10,382 | | Liabilities included in disposal | | | | | | | | | groups held for sale | 21 | – | – | – | – | 360 | 360 | | Total at 31 December 2024 | | 95,490 | 2,027 | 70,009 | 167,526 | 621,419 | 788,945 | Annual Report 2025 | Standard Chartered 359 Financial statements ![]() 13. Financial instruments continued Offsetting of financial instruments Financial assets and liabilities 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 intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. In practice, for credit mitigation, the Group is able to offset assets and liabilities which do not meet the IAS 32 netting criteria set out below. Such arrangements include master netting arrangements for derivatives 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 addition, the Group also receives and pledges readily realisable collateral for derivative transactions 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 liquid assets which can be sold in the event of a default. The following tables set out the impact of netting on the balance sheet. This comprises derivative transactions settled through an enforceable netting agreement where we have the intent and ability to settle net and which are offset on the balance sheet. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | Net amounts | Related amount not offset | | | | | Gross amounts | | of financial | in the balance sheet | | | | | of recognised | Impact of | instruments | | | | | | financial | offset in the | presented in the | Financial | Financial | | | | instruments | balance sheet | balance sheet | collateral | instruments | Net amount | | | $million | $million | $million | $million | $million | $million | | At 31 December 2025 | | | | | | | | Derivative financial instruments | 78,518 | (12,736) | 65,782 | (14,168) | (44,712) | 6,902 | | Reverse repurchase agreements and other similar secured lending | 160,964 | (64,868) | 96,096 | (96,096) | – | – | | Total Assets | 239,482 | (77,604) | 161,878 | (110,264) | (44,712) | 6,902 | | Derivative financial instruments | 80,923 | (12,719) | 68,204 | (12,868) | (44,712) | 10,624 | | Repurchase agreements and other similar | | | | | | | | secured borrowing | 108,932 | (64,868) | 44,064 | (44,064) | – | – | | Total Liabilities | 189,855 | (77,587) | 112,268 | (56,932) | (44,712) | 10,624 | | At 31 December 2024 | | | | | | | | Derivative financial instruments | 97,902 | (16,430) | 81,472 | (15,005) | (60,280) | 6,187 | | Reverse repurchase agreements and other similar secured lending | 137,115 | (38,314) | 98,801 | (98,801) | – | – | | Total Assets | 235,017 | (54,744) | 180,273 | (113,806) | (60,280) | 6,187 | | Derivative financial instruments | 98,494 | (16,430) | 82,064 | (11,046) | (60,280) | 10,738 | | Repurchase agreements and other similar | | | | | | | | secured borrowing | 83,985 | (38,314) | 45,671 | (45,671) | – | – | | Total Liabilities | 182,479 | (54,744) | 127,735 | (56,717) | (60,280) | 10,738 | Related amounts not offset in the balance sheet comprises: • Financial instruments not offset in the balance sheet but covered by an enforceable netting arrangement. This comprises master netting arrangements held against derivative financial instruments and excludes the effect of over-collateralisation • Financial instruments where a legal opinion evidencing enforceability of the right of offset may not have been sought, or may have been unable to such opinion • Financial collateral comprises cash collateral pledged and received for derivative financial instruments and collateral bought and sold for reverse repurchase and repurchase agreements respectively and excludes the effect of over-collateralisation #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025360 ![]() Financial liabilities designated at fair value through profit or loss | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Carrying Balance aggregate fair value | 74,058 | 70,009 | | Amount Contractually obliged to repay at maturity | 73,843 | 70,166 | | Difference between aggregate fair value and contractually obliged to repay at maturity | 215 | (157) | | Cumulative change in Fair Value accredited to Credit Risk Difference | (433) | (276) | The net fair value loss on financial liabilities designated at fair value through profit or loss was $3,476 million for the year (31 December 2024: net loss of $3,252 million). Further details of the Group’s own credit adjustment (OCA) valuation technique is described later in this Note. Valuation of financial instruments The Valuation Methodology function is responsible for independent price verification, oversight of fair value and appropriate value adjustments and escalation of valuation issues. Independent price verification is the process of determining that the valuations incorporated into the financial statements are validated independent of the business area responsible for the product. The Valuation Methodology function has oversight of the fair value adjustments to ensure the financial instruments are priced to exit. These are key controls in ensuring the material accuracy of the valuations incorporated in the financial statements. The market data used for price verification (PV) may include data sourced from recent trade data involving external counterparties or third parties such as Bloomberg, Reuters, brokers and consensus pricing providers. 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 detailing the suitability of the market data used for price testing. Price verification 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, reliability, availability of multiple data sources and methodology employed by the pricing provider are taken into consideration. The Valuation and Benchmarks Committee (VBC) is the valuation governance forum consisting of representatives from Traded Risk Management, Product Control, Valuation Methodology and the business, which meets monthly to discuss and approve the independent valuations of the inventory. For Strategic Investments and Principal Finance, the respective Valuation Forums and Investment Committee meetings are held on a quarterly basis to review investments and valuations. The Group evaluates the significance of financial instruments and material accuracy of the valuations incorporated in the financial statements as they involve a high degree of judgement and estimation uncertainty in determining the carrying values of financial assets and liabilities at the balance sheet date. Significant accounting estimates The significant accounting estimates include: • Fair value of financial instruments is determined using valuation techniques and estimates which, to the extent possible, use market observable inputs, but in some cases use non-market observable inputs. Changes in the observability of significant valuation inputs can materially affect the fair values of financial instruments • When establishing the exit price of a financial instrument using a valuation technique, the Group estimates valuation adjustments in determining the fair value. Significant accounting judgements The significant accounting judgements include: • In determining the valuation of financial 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 significant valuation judgements in respect of Level 3 instruments • 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 significant degree of non-market-based unobservable inputs. Annual Report 2025 | Standard Chartered 361 Financial statements 13. Financial instruments continued Valuation techniques Refer to the fair value hierarchy explanation – Level 1, 2 and 3 (page 364) • Financial instruments held at fair value – Debt securities – asset-backed securities: Asset-backed securities are valued based on external prices obtained from consensus pricing providers, broker quotes, recent trades, arrangers’ quotes, etc. Where an observable price is available for a given security, it is classified as Level 2. In instances where third-party prices are not available or reliable, the security is classified as Level 3. The fair value of Level 3 securities is estimated using market standard cash flow models with input parameter assumptions which include prepayment speeds, default rates, discount margins derived from comparable securities with similar vintage, collateral type, and credit ratings. – Debt securities in issue: These debt securities relate to structured notes issued by the Group. Where independent market data is available through pricing vendors and broker sources these positions are classified as Level 2. Where such liquid external prices are not available, valuations of these debt securities are implied using input parameters such as bond spreads and credit spreads and are classified as Level 3. These input parameters are determined with reference to the same issuer (if available) or proxies from comparable issuers or assets. – Derivatives: Derivative products are classified as Level 2 if the valuation of the product is based upon input parameters which are observable from independent and reliable market data sources. Derivative products are classified as Level 3 if there are significant valuation input parameters which are unobservable in the market, such as products where the performance is linked to more than one underlying variable. Examples are commodity crack swaption, equity options based on the performance of two or more underlying indices and interest rate products with quanto payouts. In most cases these unobservable correlation parameters cannot be implied from the market, and methods such as historical analysis and comparison with historical levels or other benchmark data must be employed. – Equity shares – unlisted equity investments: Valuation of unlisted equity instruments is determined using commonly accepted valuation techniques considered most appropriate to the investment, which may include the market approach, income approach or asset-based approach, depending on the underlying fact patterns and circumstances. All unlisted equity instruments are classified as Level 3, except for those where observable inputs are available (e.g. over-the-counter prices), as the valuation techniques applied generally involve unobservable inputs that requirement significant judgment, which include valuation multiples, discount rates, forecasted cash flows, etc. – Loans and advances: These primarily include loans in the FM Bond and Loan Syndication business which were not fully syndicated as at the balance sheet date and other financing transactions within Financial Markets, and loans and advances including reverse repurchase agreements that do not have SPPI cashflows or are managed on a fair value basis. Where available, its 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 similar credit grade, sector and region, are used. Where observable transaction prices, credit spreads and market standard proxy methods are available, these loans are classified as Level 2. Where there are no recent transactions or comparables, these loans are classified as Level 3. – Other debt securities: These debt securities include convertible bonds, corporate bonds, credit and structured notes. Where quoted prices are available through pricing vendors, brokers or observable trading activities from liquid markets, these are classified as Level 2 and valued using such quotes. Where there are significant valuation inputs which are unobservable in the market, due to illiquid trading or the complexity of the product, these are classified as Level 3. The valuations of these debt securities are implied using 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. • Financial instruments held at amortised cost The following sets out the Group’s basis for establishing fair values of amortised cost financial instruments and their classification between Levels 1, 2 and 3. As certain categories of financial instruments are not actively traded, there is a significant 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 securities in issue, subordinated liabilities 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 remaining term to maturity – 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 prevailing market rates for debts with a similar Credit Risk and remaining maturity #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025362 ![]() – Investment securities: For investment securities that do not have directly observable market values, the Group utilises a number of valuation techniques to determine fair value. Where available, securities are valued using 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 similar bond but using spreads for a particular sector and rating). Certain instruments cannot be proxies as set out above, and in such cases the positions are valued using non-market observable inputs. This includes those instruments held at amortised cost and predominantly relates to asset-backed securities. The fair value for such instruments is usually proxies from internal assessments of the underlying cash flows – 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 prevailing money market rates for debts with a similar Credit Risk and remaining maturity. The Group’s loans and advances to customers portfolio is well diversified by geography and industry. Approximately a quarter of the portfolio re-prices within one month, and approximately half re-prices within 12 months. Loans and advances are presented net of provisions for impairment. The fair 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, including assumptions 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 individual instruments within its loans and advances portfolio and as a result providing quantification of the key assumptions used to value such instruments is impractical – Other assets: Other assets comprise primarily cash collateral and trades pending settlement. The carrying amount of these financial instruments is considered to be a reasonable approximation of fair value as they are either short-term in nature or re-price to current market rates frequently. Fair value adjustments When establishing the exit price of a financial instrument using a valuation technique, the Group considers adjustments to the modelled price which market participants would make when pricing that instrument. The main valuation adjustments (described further below) in determining fair value for financial assets and financial liabilities are as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Movement | | | Movement | | | | 01.01.25 | during the year | 31.12.25 | 01.01.24 | during the year | 31.12.24 | | | $million | $million | $million | $million | $million | $million | | Bid-offer valuation adjustment | 117 | 6 | 123 | 115 | 2 | 117 | | Credit valuation adjustment | 134 | (20) | 114 | 119 | 15 | 134 | | Debit valuation adjustment | (105) | 30 | (75) | (129) | 24 | (105) | | Model valuation adjustment | 5 | (2) | 3 | 4 | 1 | 5 | | Funding valuation adjustment | 41 | (9) | 32 | 33 | 8 | 41 | | Other fair value adjustments | 26 | 22 | 48 | 25 | 1 | 26 | | Total | 218 | 27 | 245 | 167 | 51 | 218 | | Income deferrals | | | | | | | | Day 1 and other deferrals | 138 | 9 | 147 | 109 | 29 | 138 | | Total | 138 | 9 | 147 | 109 | 29 | 138 | 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 neutralising the business’ positions through dealing away in the market, thereby bringing long positions to bid and short positions to offer. The methodology to calculate the bid-offer adjustment for a derivative portfolio involves netting between long and short positions and the grouping of risk by strike and tenor based on the hedging strategy where long positions are marked to bid and short positions marked to offer in the systems. • Credit valuation adjustment (CVA): The Group accounts for CVA against the fair value of derivative products. CVA is an adjustment to the fair value of the transactions to reflect the possibility 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 participant would include when deriving a purchase price to acquire our exposures. CVA is calculated for each subsidiary, and within each entity 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 positive exposure, market-implied probability of default (PD) and recovery rates. Where market-implied 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 uncertainties associated with wrong-way risk in the Group’s Prudential Valuation Adjustments framework. Annual Report 2025 | Standard Chartered 363 Financial statements 13. Financial instruments continued • Debit valuation adjustment (DVA): The Group calculates DVA adjustments on its derivative liabilities 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 derivative liabilities, a DVA adjustment is determined by applying the Group’s probability of default to the Group’s negative expected exposure against the counterparty. The Group’s probability 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 simulation of the underlying risk factors over the expected life of the deal. This simulation methodology incorporates the collateral posted by the Group and the effects of master netting agreements. • Model valuation adjustment: Valuation models may have pricing deficiencies or limitations that require a valuation adjustment. These pricing deficiencies or limitations arise due to the choice, implementation and calibration of the pricing model. • Funding valuation adjustment (FVA): The Group makes FVA adjustments against derivative products, including embedded derivatives. FVA reflects an estimate of the adjustment to its fair value that a market participant would make to incorporate funding costs or benefits that could arise in relation to the exposure. FVA is calculated by determining 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 (including partially collateralised) derivatives incorporates the estimated present value of the market funding cost or benefit associated with funding these transactions. • Other fair value adjustments: For certain products, the prices cannot be replicated by usual models or the choice of model inputs can be more subjective. In these circumstances, an adjustment may be necessary to reflect the prices available in the market. In general, where there is a high degree of uncertainty in the valuation (e.g. due to the nature of the trade, model inputs, model selection etc.), an adjustment can be taken to adopt a more conservative value to better reflect the expected exit price. • Day one and other deferrals: In certain circumstances the initial fair value is based on a valuation technique which differs to the transaction price at the time of initial recognition. However, these gains can only be recognised when the valuation technique used is based primarily on observable market data. In those cases where the initially 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 immediately 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 primarily represent adjustments taken to reflect the specific terms and conditions of certain derivative contracts which affect the termination value at the measurement date. In addition, the Group calculates own credit adjustment (OCA) on its issued debt designated at fair value, including structured notes, in order to reflect changes in its own credit standing. Issued debt is discounted utilising the spread at which similar instruments would be issued or bought back at the measurement date as this reflects the value from the perspective of a market participant who holds the identical 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 inception 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 inception of the trade and, conversely, decrease if its credit standing improves. The Group’s OCA reserve will reverse over time as its liabilities mature. Fair value hierarchy – financial instruments held at fair value The fair values of quoted financial assets and liabilities in active markets are based on current prices. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Wherever possible, fair values have been calculated using unadjusted quoted market prices in active markets for identical instruments held by the Group. Where quoted market prices are not available, or are unreliable because of poor liquidity, 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 pricing models and, where appropriate, comparison with instruments that have characteristics similar to those of the instruments held by the Group. Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the observability of the significant inputs used to determine the fair values. Changes in the observability of significant valuation inputs during the reporting period may result in a transfer of assets and liabilities within the fair value hierarchy. The Group recognises transfers between levels of the fair value hierarchy when there is a significant change in either its principal market or the level of observability 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 identical assets or liabilities. • Level 2: Fair value measurements are those with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable. • Level 3: Fair value measurements are those where inputs which could have a significant effect on the instrument’s valuation are not based on observable market data. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025364 ![]() The following tables show the classification of financial instruments held at fair value into the valuation hierarchy: | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | | 2024 | | | | | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | | Assets | $million | $million | $million | $million | $million | $million | $million | $million | | Financial instruments held at fair value through profit or loss | | | | | | | | | | Loans and advances to banks | – | 2,685 | 299 | 2,984 | – | 2,213 | – | 2,213 | | Loans and advances to customers | – | 8,891 | 3,464 | 12,355 | – | 5,147 | 1,937 | 7,084 | | Reverse repurchase agreements and other similar secured | | | | | | | | | | lending | – | 80,446 | 3,684 | 84,130 | 19 | 82,937 | 3,239 | 86,195 | | Debt securities and other eligible bills | 38,015 | 45,365 | 3,324 | 86,704 | 32,331 | 42,615 | 1,593 | 76,539 | | Of which: | | | | | | | | | | Issued by central banks & governments | 35,078 | 21,875 | – | 56,953 | 30,278 | 13,355 | 9 | 43,642 | | Issued by corporates other than financial institutions 1 | 71 | 5,531 | 232 | 5,834 | 7 | 4,860 | 399 | 5,266 | | Issued by financial institutions 1 | 2,866 | 17,959 | 3,092 | 23,917 | 2,046 | 24,400 | 1,185 | 27,631 | | Equity shares | 6,319 | 2,455 | 310 | 9,084 | 5,287 | 8 | 191 | 5,486 | | Derivative financial instruments | 766 | 64,926 | 90 | 65,782 | 386 | 80,958 | 128 | 81,472 | | Of which: | | | | | | | | | | Foreign exchange | 132 | 55,776 | 35 | 55,943 | 140 | 72,870 | 37 | 73,047 | | Interest rate | 39 | 6,143 | 46 | 6,228 | 27 | 6,296 | 80 | 6,403 | | Credit | – | 488 | 5 | 493 | – | 388 | 9 | 397 | | Equity and stock index options | – | 332 | 4 | 336 | – | 349 | 2 | 351 | | Commodity | 595 | 2,187 | – | 2,782 | 219 | 1,055 | – | 1,274 | | Investment securities | | | | | | | | | | Debt securities and other eligible bills | 67,058 | 41,445 | – | 108,503 | 50,249 | 38,176 | – | 88,425 | | Of which: | | | | | | | | | | Issued by central banks & governments | 53,830 | 22,336 | – | 76,166 | 41,395 | 16,916 | – | 58,311 | | Issued by corporates other than financial institutions 1 | – | 438 | – | 438 | – | 490 | – | 490 | | Issued by financial institutions 1 | 13,228 | 18,671 | – | 31,899 | 8,854 | 20,770 | – | 29,624 | | Equity shares | 34 | 2 | 1,167 | 1,203 | 27 | 2 | 965 | 994 | | Total assets at 31 December 2 | 112,192 | 246,215 | 12,338 | 370,745 | 88,299 | 252,056 | 8,053 | 348,408 | | Liabilities | | | | | | | | | | Financial instruments held at fair value through profit or loss | | | | | | | | | | Deposits by banks | – | 2,059 | 269 | 2,328 | – | 1,522 | 371 | 1,893 | | Customer accounts | – | 15,936 | 3,478 | 19,414 | – | 19,058 | 2,714 | 21,772 | | Repurchase agreements and other similar secured borrowing | – | 36,307 | – | 36,307 | – | 33,539 | – | 33,539 | | Debt securities in issue | – | 14,925 | 1,084 | 16,009 | – | 12,317 | 1,414 | 13,731 | | Short positions | 8,674 | 6,789 | 76 | 15,539 | 8,789 | 5,558 | 180 | 14,527 | | Derivative financial instruments | 380 | 67,598 | 226 | 68,204 | 419 | 81,387 | 258 | 82,064 | | Of which: | | | | | | | | | | Foreign exchange | 155 | 56,427 | 21 | 56,603 | 183 | 69,684 | 8 | 69,875 | | Interest rate | 83 | 6,464 | 22 | 6,569 | 14 | 8,586 | 23 | 8,623 | | Credit | – | 1,958 | 128 | 2,086 | – | 2,131 | 189 | 2,320 | | Equity and stock index options | – | 428 | 54 | 482 | – | 157 | 37 | 194 | | Commodity | 142 | 2,321 | 1 | 2,464 | 222 | 829 | 1 | 1,052 | | Total liabilities at 31 December | 9,054 | 143,614 | 5,133 | 157,801 | 9,208 | 153,381 | 4,937 | 167,526 | 1 Includes covered bonds of $3,045 million (2024: $3,727 million), securities issued by Multilateral Development Banks/International Organisations of $16,039 million (2024: $10,679 million), and State-owned agencies and development banks of $27,449 million(2024: $16,759 million). 2 The table above does not include held for sale assets of nil million (2024: $5 million) .These are reported in Note 21 together with their fair value hierarchy. The fair value of financial assets and financial liabilities classified as Level 2 in the fair value hierarchy that are subject to complex modelling techniques is $327 million (2024: $739 million) and $314 million (2024: $320 million) respectively. There were no significant changes to valuation or levelling approaches in 2025. There were no significant transfers of financial assets and liabilities measured at fair value between Level 1 and Level 2 during the year. Annual Report 2025 | Standard Chartered 365 Financial statements ![]() 13. Financial instruments continued Fair value hierarchy – financial instruments measured at amortised cost The following table shows the carrying amounts and incorporates the Group’s estimate of fair values of those financial assets and liabilities not presented on the Group’s balance sheet at fair value. These fair values may be different from the actual amount that will be received or paid on the settlement or maturity of the financial instrument. For certain instruments, the fair value may be determined using assumptions for which no observable prices are available. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | Carrying | | Fair value | | | Carrying | | Fair value | | | | | value | Level 1 | Level 2 | Level 3 | Total | value | Level 1 | Level 2 | Level 3 | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Assets | | | | | | | | | | | | Cash and balances at central banks 1 | 77,746 | – | 77,746 | – | 77,746 | 63,447 | – | 63,447 | – | 63,447 | | Loans and advances to banks | 43,901 | – | 43,834 | 83 | 43,917 | 43,593 | – | 43,430 | 165 | 43,595 | | of which – reverse repurchase | | | | | | | | | | | | agreements and other similar | | | | | | | | | | | | secured lending | 3,724 | – | 3,733 | – | 3,733 | 2,946 | – | 2,948 | – | 2,948 | | Loans and advances to customers | 286,788 | – | 28,759 | 257,093 | 285,852 | 281,032 | – | 40,582 | 238,986 | 279,568 | | of which – reverse repurchase | | | | | | | | | | | | agreements and other similar | | | | | | | | | | | | secured lending | 8,242 | – | 8,242 | – | 8,242 | 9,660 | – | 9,618 | 42 | 9,660 | | Investment securities 2 | 57,250 | – | 56,427 | – | 56,427 | 55,137 | – | 53,050 | 24 | 53,074 | | Other assets 1 | 36,770 | – | 36,770 | – | 36,770 | 34,585 | – | 34,585 | – | 34,585 | | Assets held for sale | 1,042 | 74 | 178 | 790 | 1,042 | 884 | 58 | 353 | 473 | 884 | | Total as at 31 December | 503,497 | 74 | 243,714 | 257,966 | 501,754 | 478,678 | 58 | 235,447 | 239,648 | 475,153 | | Liabilities | | | | | | | | | | | | Deposits by banks | 30,846 | – | 30,846 | – | 30,846 | 25,400 | – | 25,238 | – | 25,238 | | Customer accounts | 530,161 | – | 526,569 | – | 526,569 | 464,489 | – | 461,549 | – | 461,549 | | Repurchase agreements and other similar secured borrowing | 7,757 | – | 7,757 | – | 7,757 | 12,132 | – | 12,133 | – | 12,133 | | Debt securities in issue | 72,858 | 36,578 | 36,392 | – | 72,970 | 64,609 | 32,209 | 32,181 | – | 64,390 | | Subordinated liabilities and other borrowed funds | 8,834 | 8,045 | 607 | – | 8,652 | 10,382 | 9,599 | 429 | – | 10,028 | | Other liabilities¹ | 45,788 | – | 45,788 | – | 45,788 | 44,047 | – | 44,047 | – | 44,047 | | Liabilities held for sale | 908 | 147 | 761 | – | 908 | 360 | 89 | 271 | – | 360 | | Total as at 31 December | 697,152 | 44,770 | 648,720 | – | 693,490 | 621,419 | 41,897 | 575,848 | – | 617,745 | 1 The carrying amount of these financial instruments is considered to be a reasonable approximation of fair value as they are short-term in nature or reprice to current market rates frequently. 2 Includes Government bonds and Treasury bills of $27,813 million at 31 December 2025 (31 December 2024: $23,150 million). Loans and advances to customers by client segment 1 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | | 2024 | | | | | | | Carrying value | | | Fair value | | | Carrying value | | | Fair value | | | | | Stage 1 and | | | Stage 1 and | | | Stage 1 and | | | Stage 1 and | | | | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | | Stage 3 | stage 2 | Total | Stage 3 | stage 2 | | | | $million | $million | $million | $million | $million | Total | $million | $million | $million | $million | $million | Total | | Corporate | | | | | | | | | | | | | | & Investment | | | | | | | | | | | | | | Banking | 1,987 | 140,193 | 142,180 | 1,974 | 140,463 | 142,437 | 1,298 | 137,006 | 138,304 | 1,174 | 137,234 | 138,408 | | Wealth & | | | | | | | | | | | | | | Retail Banking | 877 | 126,100 | 126,977 | 875 | 125,023 | 125,898 | 858 | 118,390 | 119,248 | 858 | 116,823 | 117,681 | | Ventures | 13 | 2,646 | 2,659 | 13 | 2,646 | 2,659 | 1 | 1,388 | 1,389 | – | 1,388 | 1,388 | | Central & | | | | | | | | | | | | | | other items | – | 14,972 | 14,972 | – | 14,858 | 14,858 | 98 | 21,993 | 22,091 | 98 | 21,993 | 22,091 | | Total as at 31 December | 2,877 | 283,911 | 286,788 | 2,862 | 282,990 | 285,852 | 2,255 | 278,777 | 281,032 | 2,130 | 277,438 | 279,568 | 1 Loans and advances includes reverse repurchase agreements and other similar secured lending: carrying value $8,242 million and fair value $8,243 million (31 December 2024: $9,660 million and $9,660 million respectively) . #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025366 ![]() Fair value of financial instruments Level 3 Summary and significant unobservable inputs The following table presents the Group’s primary Level 3 financial instruments which are held at fair value. The table also presents the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted average of those inputs: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Value as at | | | | | | | 31 December 2025 | | | | | | | | Assets | Liabilities | | | | Weighted | | Instrument | $million | $million | Principal valuation technique | Significant unobservable inputs | Range 1 | average 2 | | Loans and advances | 299 | – | Discounted cash flows | Price/yield | 4.4% – 4.9% | 4.6% | | to banks | | | | | | | | Loans and advances | 3,464 | – | Discounted cash flows | Price/yield | 2.1% – 61.3% | 8.9% | | to customers 3 | | | | Recovery rate | 99.98% – 99.99% | 99.99% | | | | | Comparable pricing/yield | Price | 29.4% – 100% | 93.2% | | Reverse repurchase | 3,684 | – | Discounted cash flows | Repo curve | 0.7% – 8.1% | 5.4% | | agreements and other similar | | | | Price/yield | 4.1% – 25.1% | 9.6% | | secured lending | | | | | | | | Debt securities, alternative | 3,324 | – | Discounted cash flows | Price/yield | 2.6% – 53.8% | 7.7% | | tier one and other eligible | | | | | | | | securities | | | | | | | | Equity shares (includes | 1,477 | – | Comparable pricing/yield 4 | Price | N/A | N/A | | private equity investments) | | | Discounted cash flows | Discount rates | 8.2% – 25.9% | 10.5% | | | | | Option pricing model | Equity value based on | 5.4x – 23.0x | 11.54x | | | | | | EV/Revenue multiples | | | | | | | | Equity value based on | 3.2x – 3.2x | 3.2x | | | | | | EV/EBITDA multiples | | | | | | | | Equity value based on | 40.0% – 40.0% | 40.0% | | | | | | volatility | | | | Derivative financial | | | | | | | | instruments of which: | | | | | | | | Foreign exchange | 35 | 21 | Option pricing model | Foreign exchange option | 0.4% – 44.6% | 33.0% | | | | | | implied volatility | | | | | | | Discounted cash flows | Interest rate curves | 0.3% – 36.0% | 14.3% | | | | | | Foreign exchange curves | 1.3% – 3.9% | 1.7% | | Commodity | – | 1 | Discounted cash flows | Commodity prices | $0.2 – $341.2 | $62.4 | | | | | Internal pricing model | CM-CM correlation | 59.7% – 97.4% | 78.6% | | Interest rate | 46 | 22 | Discounted cash flows | Interest rate curves | 3.5% – 36.0% | 9.8% | | Credit | 5 | 128 | Discounted cash flows | Credit spreads | 0.9% – 1.0% | 0.9% | | | | | | Price/yield | 2.7% – 25.1% | 7.3% | | | | | Internal pricing model | Bond option implied | 5.0% – 13.0% | 10.8% | | | | | | volatility | | | | Equity and stock index | 4 | 54 | Internal pricing model | Equity-Equity correlation | 50.8% – 100% | 77.6% | | | | | | Equity-FX correlation | (26.9)% – 46.8% | 6.7% | | Deposits by banks | – | 269 | Discounted cash flows | Price/Yield | 4.3% – 6.1% | 5.7% | | Customer accounts | – | 3,478 | Internal pricing model | Equity-Equity correlation | 50.8% – 100% | 77.6% | | | | | | Equity-FX correlation | (26.9)% – 46.8% | 6.7% | | | | | | Price/yield | 2.6% – 20.8% | 8.7% | | Debt securities in issue | – | 1,084 | Discounted cash flows | Price/yield | 7.4% – 19.0% | 17.1% | | | | | | Interest rate curves | 3.6% – 36.0% | 15.1% | | | | | Internal pricing model | Equity-Equity correlation | 50.8% – 100% | 77.6% | | | | | | Equity-FX correlation | (26.9)% – 46.8% | 6.7% | | | | | Option pricing model | Bond option implied | 5.0% – 13.0% | 10.8% | | | | | | volatility | | | | Short positions | – | 76 | Discounted cash flows | Price/yield | 7.13% – 7.13% | 7.1% | | Total | 12,338 | 5,133 | | | | | 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 financial instruments as at 31 December 2025. The ranges of values used are reflective of the underlying characteristics of these Level 3 financial instruments based on the market conditions 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 financial instruments. 2 Weighted average for non-derivative financial instruments has been calculated by weighting inputs by the relative fair value. Weighted average for derivatives has been provided by weighting inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful indicator. 3 The inputs for Loans and advances to customers under Discounted Cash flow technique have been split to show as a separate line under Comparable pricing/yield for better representation of material inputs. 4 The inputs for equity shares under Comparable pricing/yield technique have been consolidated under ‘Price’ as they are not individually material. Annual Report 2025 | Standard Chartered 367 Financial statements ![]() 13. Financial instruments continued | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Value as at | | | | | | | 31 December 2024 | | | | | | | | Assets | Liabilities | | | | Weighted | | Instrument | $million | $million | Principal valuation technique | Significant unobservable inputs | Range 1 | average 2 | | Loans and advances | 1,937 | – | Discounted cash flows | Price/yield | 1.0% – 26.1% | 7.7% | | to customers 3 | | | | Recovery rate | 93.2% – 95.6% | 95.1% | | | | | Comparable pricing/yield | Price | 1.2% – 100% | 89.9% | | Reverse repurchase | 3,239 | – | Discounted cash flows | Repo curve | 2.0% – 7.6% | 6.2% | | agreements and other similar secured lending | | | | Price/yield | 2.3% – 10.5% | 6.4% | | Debt securities, alternative | 1,584 | – | Discounted cash flows | Price/yield | 0.7% – 15.3% | 6.9% | | tier one and other eligible | | | | Recovery rate | 0.01% – 16.3% | 9.2% | | securities | | | | | | | | Government bonds and treasury bills | 9 | – | Discounted cash flows | Price/yield | 23.5% – 23.5% | 23.5% | | Equity shares (includes | 1,156 | – | Comparable pricing/yield 4 | Price | N/A | N/A | | private equity investments) | | | Discounted cash flows | Discount rates | 8.3% – 20.4% | 10.1% | | | | | Option pricing 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 on | 30.2% – 50.0% | 30.5% | | | | | | volatility | | | | Derivative financial | | | | | | | | instruments of which: | | | | | | | | Foreign exchange | 37 | 8 | Option pricing model | Foreign exchange option | 10.2% – 46.2% | 42.0% | | | | | | implied volatility | | | | | | | | Interest rate curves | 3.5% – 9.0% | 4.2% | | | | | | Foreign exchange curves | (0.03)% – 34.3% | 6.1% | | Commodity | – | 1 | Discounted cash flows | Commodity prices | $383.0 – $391.0 | $387.0 | | | | | | CM-CM correlation | 73.7% – 97.9% | 86.0% | | Interest rate | 80 | 23 | Discounted cash flows | Interest rate curves | 3.5% – 43.9% | 5.1% | | | | | Option pricing model | Bond option implied | 2.3% – 4.7% | 3.5% | | | | | | volatility | | | | Credit | 9 | 189 | Discounted cash flows | Credit spreads | 0.1% – 1.9% | 0.9% | | | | | | Price/yield | 4.8% – 6.6% | 5.5% | | Equity and stock index | 2 | 37 | Internal pricing model | Equity-Equity correlation | 44.9% – 100% | 80.0% | | | | | | Equity-FX correlation | (36.4)% – 48.9% | 5.0% | | Deposits by banks | – | 371 | Discounted cash flows | Credit spreads | 0.2% – 3.5% | 1.5% | | Customer accounts | – | 2,714 | Internal pricing model | Equity-Equity correlation | 44.9% – 100% | 80.0% | | | | | | Equity-FX correlation | (36.4)% – 48.9% | 5.0% | | | | | Discounted cash flows | Interest rate curves | 1.4% – 4.4% | 4.0% | | | | | | Price/yield | 0.7% – 13.0% | 8.5% | | Debt securities in issue | – | 1,414 | Discounted cash flows | Credit spreads | 0.05% – 2.0% | 0.8% | | | | | | Price/yield | 6.2% – 14.8% | 12.7% | | | | | | Interest rate curves | 3.5% – 4.4% | 4.1% | | | | | Internal pricing model | Equity-Equity correlation | 44.9% – 100% | 80.0% | | | | | | Equity-FX correlation | (36.4)% – 48.9% | 5.0% | | | | | Option pricing model | Bond option implied | 4.0% – 15% | 12.5% | | | | | | volatility | | | | Short position | – | 180 | Discounted cash flows | Price/yield | 5.9% – 12.7% | 6.3% | | Total | 8,053 | 4,937 | | | | | 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 financial instruments as at 31 December 2024. The ranges of values used are reflective of the underlying characteristics of these Level 3 financial instruments based on the market conditions 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 financial instruments. 2 Weighted average for non-derivative financial instruments has been calculated by weighting inputs by the relative fair value. Weighted average for derivatives has been provided by weighting inputs by the risk relevant to that variable. N/A has been entered for the cases where weighted average is not a meaningful indicator. 3 The inputs for Loans and advances to customers under Discounted Cash flow technique have been split to show as a separate line under Comparable pricing/yield for better representation of material inputs. 4 The inputs for equity shares under Comparable pricing/yield technique have been consolidated under ‘Price’ as they are not individually material. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025368 ![]() The following section describes the significant unobservable inputs identified 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 implied yield (or spread over a liquid benchmark) from the price of a comparable instrument, then adjusting that yield (or spread) to derive a value for the instrument. The adjustment should account for relevant differences in the financial 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, deriving a fair value for a junior unsecured bond from the price of a senior secured bond). An increase in price, in isolation, would result in a favourable movement in the fair value of the asset. An increase in yield, in isolation, 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 specified period • Credit spread represents the additional yield that a market participant would demand for taking 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, Depreciation and Amortisation (EBITDA). EV is the aggregate market capitalisation and debt minus the cash and cash equivalents. An increase in EV/ EBITDA multiple 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 specified period • Interest rate curves is the term structure of interest rates and measures of future interest rates at a particular point in time • Recovery rates is the expectation of the rate of return resulting from the liquidation of a particular loan. As the probability of default increases for a given instrument, the valuation of that instrument will increasingly reflect its expected recovery level assuming default. An increase in the recovery rate, in isolation, 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 • Volatility represents an estimate of how much a particular instrument, parameter or index will change in value over time. Generally, the higher the volatility, the more expensive the option will be. Annual Report 2025 | Standard Chartered 369 Financial statements ![]() 13. Financial instruments continued Level 3 movement tables – financial assets The table below analyses movements in Level 3 financial assets carried at fair value. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Held at fair value through profit or loss | | | | | Investment securities | | | | | | Reverse | | | | | | | | | | | | repurchase | Debt | | | | Debt | | | | | | | agreements | securities, | | | | securities, | | | | | | | and other | alternative | | | | alternative | | | | | Loans and | Loans and | similar | tier one | | | Derivative | tier one | | | | | advances to | advances to | secured | and other | Equity | Other | financial | and other | Equity | | | | banks | customers | lending | eligible bills | shares | Assets | instruments | eligible bills | shares | Total | | Assets | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | At 1 January 2025 | – | 1,937 | 3,239 | 1,593 | 191 | – | 128 | – | 965 | 8,053 | | Total gains/(losses) recognised | | | | | | | | | | | | in income statement | – | 70 | (35) | 123 | (12) | – | (14) | – | – | 132 | | Net trading income | – | 70 | (35) | 123 | (12) | – | (14) | – | – | 132 | | Other operating income | – | – | – | – | – | – | – | – | – | – | | Total gains recognised in other comprehensive income (OCI) | – | – | – | – | – | – | – | – | 321 | 321 | | Fair value through OCI reserve | – | – | – | – | – | – | – | – | 316 | 316 | | Exchange difference | – | – | – | – | – | – | – | – | 5 | 5 | | Purchases | 299 | 3,002 | 10,555 | 1,980 | 169 | – | 162 | – | 31 | 16,198 | | Sales | – | (1,156) | (9,021) | (1,007) | (31) | – | (128) | – | (150) | (11,493) | | Settlements | – | (184) | (1,054) | (6) | – | – | (36) | – | – | (1,280) | | Transfers out 1 | – | (803) | – | (280) | (7) | – | (23) | – | – | (1,113) | | Transfers in 2 | – | 598 | – | 921 | – | – | 1 | – | – | 1,520 | | At 31 December 2025 | 299 | 3,464 | 3,684 | 3,324 | 310 | – | 90 | – | 1,167 | 12,338 | | Recognised in the income statement 3 | – | (9) | (3) | 5 | (29) | – | – | – | – | (36) | | At 1 January 2024 | – | 1,960 | 2,363 | 1,262 | 184 | 6 | 80 | 72 | 787 | 6,714 | | Total (losses)/gains recognised | | | | | | | | | | | | in income statement | (1) | 8 | 73 | (114) | (15) | – | (57) | – | – | (106) | | Net trading income | (1) | 8 | 73 | (56) | (15) | – | (57) | – | – | (48) | | Other operating income | – | – | – | (58) | – | – | – | – | – | (58) | | Total (losses)/gains recognised | | | | | | | | | | | | in other comprehensive income (OCI) | – | – | – | – | – | – | – | (11) | 50 | 39 | | Fair value through OCI reserve | – | – | – | – | – | – | – | – | 74 | 74 | | Exchange difference | – | – | – | – | – | – | – | (11) | (24) | (35) | | Purchases | – | 1,853 | 6,161 | 1,337 | 24 | – | 227 | – | 145 | 9,747 | | Sales | – | (2,062) | (4,716) | (907) | (2) | – | (160) | – | (19) | (7,866) | | Settlements | (7) | (42) | (782) | – | – | – | – | – | – | (831) | | Transfers out 1 | (13) | (263) | – | (1) | – | (6) | (1) | (61) | (2) | (347) | | Transfers in 2 | 21 | 483 | 140 | 16 | – | – | 39 | – | 4 | 703 | | At 31 December 2024 | – | 1,937 | 3,239 | 1,593 | 191 | – | 128 | – | 965 | 8,053 | | Recognised in the income statement 3 | – | 7 | 1 | 7 | (13) | – | (9) | – | – | (7) | 1 Transfers out includes loans and advances, debt securities, alternative tier one and other eligible bills, equity shares, other assets and derivative financial instruments where the valuation parameters became observable during the period and were transferred to Level 1 and Level 2. 2 Transfers in primarily relate to loans and advances, repurchase agreements, debt securities, alternative tier one and other eligible bills, equity shares and derivative financial instruments where the valuation parameters become unobservable during the year. 3 Represents Total unrealised (losses)/gains recognised in the income statement, within net trading income, relating to change in fair value of assets. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025370 ![]() Level 3 movement tables – financial liabilities | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Debt | Derivative | | | | | | Deposits | Customer | securities | financial | Short | Other | | | | by banks | accounts | in issue | instruments | positions | liabilities | Total | | | $million | $million | $million | $million | $million | $million | $million | | At 1 January 2025 | 371 | 2,714 | 1,414 | 258 | 180 | – | 4,937 | | Total losses/(gains) | | | | | | | | | recognised in income | | | | | | | | | statement – net | | | | | | | | | trading income | 98 | (269) | 60 | 8 | 3 | – | (100) | | Issues | 298 | 5,410 | 2,114 | 538 | – | – | 8,360 | | Settlements | (538) | (3,790) | (2,462) | (566) | (107) | – | (7,463) | | Transfers out 1 | – | (650) | (58) | (30) | – | – | (738) | | Transfers in 2 | 40 | 63 | 16 | 18 | – | – | 137 | | At 31 December 2025 | 269 | 3,478 | 1,084 | 226 | 76 | – | 5,133 | | Recognised in the income | | | | | | | | | statement 3 | 3 | 2 | 2 | (9) | – | – | (2) | | At 1 January 2024 | 334 | 1,278 | 1,041 | 196 | 103 | 8 | 2,960 | | Total losses/(gains) | | | | | | | | | recognised in income | | | | | | | | | statement – net | | | | | | | | | trading income | 49 | (27) | 48 | (6) | 3 | (8) | 59 | | Issues | 388 | 3,068 | 4,244 | 507 | 177 | – | 8,384 | | Settlements | (400) | (1,627) | (2,795) | (438) | (103) | – | (5,363) | | Transfers out 1 | – | (26) | (1,194) | (7) | – | – | (1,227) | | Transfers in 2 | – | 48 | 70 | 6 | – | – | 124 | | At 31 December 2024 | 371 | 2,714 | 1,414 | 258 | 180 | – | 4,937 | | Recognised in the income | | | | | | | | | statement 3 | 29 | 5 | 2 | (13) | – | – | 23 | 1 Transfers out during the year primarily relate to customer accounts, debt securities in issue and derivative financial instruments where the valuation parameters became observable during the year and were transferred to Level 2 financial liabilities. 2 Transfers in during the year primarily relate to customer accounts, debt securities in issue and derivative financial instruments where the valuation parameters become unobservable during the year. 3 Represents Total unrealised losses/(gains) recognised in the income statement, within net trading income, relating to change in fair value of liabilities . Annual Report 2025 | Standard Chartered 371 Financial statements ![]() Sensitivities in respect of the fair values of Level 3 assets and liabilities Sensitivity analysis is performed on products with significant 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 statistical analysis performed on a set of reference prices based on the composition 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 sensitivity analysis assumes a one-way market move and does not consider offsets for hedges. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | Held at fair value through profit or loss | | | Fair value through other comprehensive income | | | | Favourable | Unfavourable | | Favourable | Unfavourable | | | Net exposure | changes | changes | Net exposure | changes | changes | | | $million | $million | $million | $million | $million | $million | | Financial instruments held at fair value | | | | | | | | Loans and advances | 3,763 | 3,854 | 3,650 | – | – | – | | Reverse Repurchase agreements | | | | | | | | and other similar secured lending | 3,684 | 3,782 | 3,598 | – | – | – | | Debt securities, alternative tier one | | | | | | | | and other eligible bills | 3,324 | 3,384 | 3,267 | – | – | – | | Equity shares | 310 | 343 | 277 | 1,167 | 1,284 | 1,050 | | Derivative financial instruments | (136) | (111) | (161) | – | – | – | | Customer accounts | (3,478) | (3,395) | (3,566) | – | – | – | | Deposits by banks | (269) | (257) | (282) | – | – | – | | Short positions | (76) | (75) | (77) | – | – | – | | Debt securities in issue | (1,084) | (1,007) | (1,161) | – | – | – | | At 31 December 2025 | 6,038 | 6,518 | 5,545 | 1,167 | 1,284 | 1,050 | | Financial instruments held at fair value | | | | | | | | Loans and advances | 1,937 | 1,985 | 1,862 | – | – | – | | Reverse Repurchase agreements | | | | | | | | and other similar secured lending | 3,239 | 3,339 | 3,138 | – | – | – | | Debt securities, alternative tier one | | | | | | | | and other eligible bills | 1,593 | 1,643 | 1,542 | – | – | – | | Equity shares | 191 | 210 | 172 | 965 | 1,032 | 888 | | Derivative financial instruments | (130) | (115) | (147) | – | – | – | | Customer accounts | (2,714) | (2,540) | (2,883) | – | – | – | | Deposits by banks | (371) | (371) | (371) | – | – | – | | Short positions | (180) | (178) | (182) | – | – | – | | Debt securities in issue | (1,414) | (1,352) | (1,476) | – | – | – | | At 31 December 2024 | 2,151 | 2,621 | 1,655 | 965 | 1,032 | 888 | The reasonably possible alternatives could have increased or decreased the fair values of financial instruments held at fair value through profit or loss and those classified as fair value through other comprehensive income by the amounts disclosed below. | | | | | | | --- | --- | --- | --- | --- | | | | Fair value changes | | | | | Possible increase | | Possible decrease | | | | 2025 | 2024 | 2025 | 2024 | | Financial instruments | $million | $million | $million | $million | | Held at fair value through profit or loss | 480 | 470 | (493) | (496) | | Fair value through other comprehensive income | 117 | 67 | (117) | (77) | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025372 ![]() 14. Derivative financial instruments Accounting policy Fair values may be obtained from quoted market prices in active markets, recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate. Where the initially recognised fair value of a derivative contract is based on a valuation model that uses inputs which are not observable in the market, it follows the same initial recognition accounting policy as for other financial assets and liabilities. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Hedge accounting Under certain conditions, the Group may designate a recognised asset or liability, a firm commitment, highly probable forecast transaction or net investment of a foreign operation into a formal hedge accounting relationship with a derivative that has been entered to manage interest rate and/or foreign exchange risks present in the hedged item. The Group has elected to continue applying IAS 39 for hedge accounting. There are three categories of hedge relationships: • Fair value hedge: to manage the fair value of interest rate and/or foreign currency risks of recognised assets or liabilities 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 liability, 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 inception and on a quarterly basis, whether the derivatives designated in hedge relationships are highly effective in offsetting changes in fair values or cash flows of hedged items. Hedges are considered to be highly effective if all the following criteria are met: • At inception of the hedge and throughout its life, the hedge is prospectively expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk • Prospective and retrospective effectiveness of the hedge should be within a range of 80–125%. This 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), which 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 probability of occurring and must present an exposure to variations in cash flows that are expected to affect reported profit or loss. Fair value hedge Changes in the fair value of derivatives that are designated 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 liability that are attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, 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 remaining term to maturity of the hedged item. If the hedged item is sold or repaid, the unamortised fair value adjustment is recognised immediately in the income statement. For financial assets classified as fair value through other comprehensive income, the hedge accounting adjustment attributable to the hedged risk is included in net trading income to match the hedging derivative. Annual Report 2025 | Standard Chartered 373 Financial statements ![]() 14. Derivative financial instruments continued Accounting policy continued Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedging instruments are initially recognised in other comprehensive income, accumulating in the cash flow hedge reserve within equity. These amounts are subsequently recycled to the income statement in the periods when the hedged item affects profit or loss. Both the derivative fair 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 derivative method, which creates a derivative instrument to serve as a proxy for the hedged transaction. The terms of the hypothetical derivative match the critical terms of the hedged item and it has a fair value of zero at inception. The hypothetical derivative and the actual derivative are regressed to establish the statistical significance of the hedge relationship. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the net trading income immediately. If a cash flow hedge is discontinued, 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 immediately reclassified to profit or loss. Net investment hedge Hedges of net investments are accounted for in a similar manner to cash flow hedges, with gains and losses arising 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 within equity. These amounts remain in equity until the net investment is disposed of. The ineffective portion of the hedges is recognised in the net trading income immediately. The tables below analyse the notional principal amounts and the positive and negative fair values of derivative financial instruments. Notional principal amounts are the amounts of principal underlying the contract at the reporting date. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Notional | | | Notional | | | | | principal | | | principal | | | | | amounts | Assets | Liabilities | amounts | Assets | Liabilities | | Derivatives | $million | $million | $million | $million | $million | $million | | Foreign exchange derivative contracts¹: | | | | | | | | Forward foreign exchange contracts | 5,793,024 | 42,581 | 42,554 | 4,923,991 | 54,913 | 51,128 | | Currency swaps and options | 1,592,764 | 13,323 | 13,965 | 1,377,308 | 18,104 | 18,720 | | | 7,385,788 | 55,904 | 56,519 | 6,301,299 | 73,017 | 69,848 | | Interest rate derivative contracts: | | | | | | | | Swaps | 9,371,325 | 17,290 | 18,294 | 6,267,261 | 20,600 | 22,282 | | Forward rate agreements and options | 325,419 | 1,674 | 994 | 294,705 | 2,233 | 2,771 | | | 9,696,744 | 18,964 | 19,288 | 6,561,966 | 22,833 | 25,053 | | Exchange traded futures and options | 640,718 | 39 | 84 | 383,528 | 30 | 27 | | Credit derivative contracts | 81,800 | 493 | 2,086 | 227,675 | 397 | 2,320 | | Equity and stock index options | 22,078 | 336 | 482 | 10,678 | 351 | 194 | | Commodity derivative contracts | 185,432 | 2,782 | 2,464 | 142,393 | 1,274 | 1,052 | | Gross total derivatives | 18,012,560 | 78,518 | 80,923 | 13,627,539 | 97,902 | 98,494 | | Offset | – | (12,736) | (12,719) | – | (16,430) | (16,430) | | Total derivatives | 18,012,560 | 65,782 | 68,204 | 13,627,539 | 81,472 | 82,064 | 1 Foreign exchange derivative contracts include precious metals derivatives. The Group limits exposure to credit 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 enforceability of the right to offset (e.g. via legal opinion) and the ability and intention to settle on a net basis (e.g. via operational practice). The Group may enter into economic hedges that do not qualify for IAS 39 hedge accounting treatment, including derivative such as interest rate swaps, interest rate futures and cross currency swaps to manage interest rate and currency risks of the Group. These derivatives are measured at fair value, with fair value changes recognised in net trading income: refer to Market Risk (page 277) . #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025374 ![]() Derivatives held for hedging The Group enters into derivative contracts for the purpose of hedging interest rate, currency and structural foreign exchange risks inherent in assets, liabilities and forecast transactions. The table below summarises the notional principal amounts and carrying values of derivatives designated in hedge accounting relationships at the reporting date. Included in the table below are derivatives held for hedging purposes as follows: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Notional | | | Notional | | | | | principal | | | principal | | | | | amounts | Assets | Liabilities | amounts | Assets | Liabilities | | | $million | $million | $million | $million | $million | $million | | Derivatives designated | | | | | | | | as fair value hedges: | | | | | | | | Interest rate swaps | 62,630 | 717 | 1,001 | 63,840 | 763 | 1,679 | | Currency swaps | 1,954 | 92 | – | 1,035 | – | 56 | | | 64,584 | 809 | 1,001 | 64,875 | 763 | 1,735 | | Derivatives designated | | | | | | | | as cash flow hedges: | | | | | | | | Interest rate swaps | 63,247 | 300 | 78 | 49,309 | 165 | 282 | | Forward foreign exchange contracts | 10,268 | 124 | 34 | 9,193 | 609 | 1 | | Currency swaps | 3,904 | 86 | 22 | 14,305 | 729 | 2 | | | 77,419 | 510 | 134 | 72,807 | 1,503 | 285 | | Derivatives designated as net | | | | | | | | investment hedges: | | | | | | | | Forward foreign exchange contracts | 17,155 | 440 | 23 | 14,137 | 300 | 7 | | Total derivatives held for hedging | 159,158 | 1,759 | 1,158 | 151,819 | 2,566 | 2,027 | Fair value hedges The Group issues various long-term fixed-rate debt issuances that are measured at amortised cost, including 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 securities such as government and corporate bonds, including some denominated in foreign currency (see Note 13). These assets and liabilities 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 ineffectiveness from fair value hedges is driven by cross-currency basis risk and interest cashflows mismatch between the hedging instruments and underlying hedged items. The amortisation of fair value hedge adjustments for hedged items no longer designated is recognised in net interest income. As at 31 December 2025, the Group held the following interest rate and cross currency swaps as hedging instruments in fair value hedges of interest and currency risk. Annual Report 2025 | Standard Chartered 375 Financial statements ![]() 14. Derivative financial instruments continued Hedging instruments and ineffectiveness | | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | Change in fair | | | | | Carrying Amount | | value used to | Ineffectiveness | | | | | | calculate hedge | recognised in | | | Notional | Asset | Liability | ineffectiveness 2 | profit or loss | | Interest rate 1 | $million | $million | $million | $million | $million | | Interest rate swaps – debt securities/subordinated | | | | | | | notes issued | 42,219 | 557 | 939 | 839 | 2 | | Interest rate swaps – loans and advances to customers | 531 | – | 5 | (8) | – | | Interest rate swaps – debt securities and other eligible bills | 19,880 | 160 | 57 | (333) | (9) | | Interest and currency risk 1 | | | | | | | Cross currency swaps – debt securities/subordinated | | | | | | | notes issued | 1,954 | 92 | – | 141 | – | | Cross currency swaps – debt securities and other eligible bills | – | – | – | – | – | | Total as at 31 December 2025 | 64,584 | 809 | 1,001 | 639 | (7) | | Interest rate swaps – debt securities/subordinated | | | | | | | notes issued | 46,832 | 283 | 1,643 | 46 | 2 | | Interest rate swaps – loans and advances to customers | 1,334 | 10 | 12 | (5) | – | | Interest rate swaps – debt securities and other eligible bills | 15,674 | 470 | 24 | 142 | 2 | | Interest and currency risk 1 | | | | | | | Cross currency swaps – debt securities/subordinated | | | | | | | notes issued | 1,035 | – | 56 | (52) | (1) | | Cross currency swaps – debt securities and other eligible bills | – | – | – | (10) | – | | Total as at 31 December 2024 | 64,875 | 763 | 1,735 | 121 | 3 | 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 derivatives, with changes in fair value including hedge ineffectiveness recorded within net trading income. 2 This represents a (loss)/gains change in fair value used for calculating hedge ineffectiveness. Hedged items in fair value hedges | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Accumulated amount of fair value | Cumulative | | | | | | | hedge adjustments included | balance of fair | | | | Carrying Amount | | | in the carrying amount | Change in fair value adjustments | | | | | | | | value used to | from de- | | | | | | | calculate hedge | designated hedge | | | Asset | Liability | Asset | Liability | ineffectiveness 1 | relationships 2 | | | $million | $million | $million | $million | $million | $million | | Debt securities /subordinated notes issued | – | 43,968 | – | 546 | (978) | 252 | | Debt securities and other eligible bills | 19,834 | – | (57) | – | 324 | 82 | | Loans and advances to customers | 536 | – | 5 | – | 8 | – | | Total as at 31 December 2025 | 20,370 | 43,968 | (52) | 546 | (646) | 334 | | Debt securities /subordinated notes issued | – | 49,616 | – | 1,485 | 7 | 178 | | Debt securities and other eligible bills | 15,183 | – | (353) | – | (130) | 235 | | Loans and advances to customers | 1,330 | – | (4) | – | 5 | 4 | | Total as at 31 December 2024 | 16,513 | 49,616 | (357) | 1,485 | (118) | 417 | 1 This represents a gain/(loss) change in fair value used for calculating hedge ineffectiveness. 2 This represents a credit/(debit) to the balance sheet value. Income statement impact of fair value hedges | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Change in fair value of hedging instruments | 639 | 121 | | Change in fair value of hedged risks attributable to hedged items | (646) | (118) | | Net ineffectiveness (loss)/gain to net trading income | (7) | 3 | | Amortisation gain to net interest income | 27 | 153 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025376 ![]() Cash flow hedges The Group has exposure to market movements in future interest cash flows on portfolios of customer accounts, debt securities and loans and advances to customers. The amounts and timing of future cash flows, representing both principal and interest flows, are projected on the basis of contractual terms and other relevant factors, including estimates of prepayments and defaults. The hedging strategy of the Group involves using interest rate swaps to manage the variability in future cash flows on assets and liabilities that have floating rates of interest by exchanging the floating rates for fixed rates. It also uses foreign exchange contracts and currency swaps to manage the variability in future exchange rates on its assets and liabilities 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 relationship with 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 ineffectiveness for cash flow hedges is mainly driven by reset frequency and payment mismatch between the hedging instrument and the underlying hedged item. The hedged risk is determined as the variability of future cash flows arising from changes in the designated benchmark interest and/or foreign exchange rates. Hedging instruments and ineffectiveness | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | Ineffectiveness | | | | Carrying Amount | | Change in fair | | gain/(loss) | | | | | | value used to | | recognised in | | | | | | calculate hedge | Gain recognised | net trading | | | Notional | Asset | Liability | ineffectiveness 1 | in OCI | income | | | $million | $million | $million | $million | $million | $million | | Interest rate risk | | | | | | | | Interest rate swaps | 63,247 | 300 | 78 | 412 | 404 | 8 | | Currency risk | | | | | | | | Forward foreign exchange contract | 10,268 | 124 | 34 | (5) | (4) | (1) | | Cross currency swaps | 3,904 | 86 | 22 | (377) | (379) | 2 | | Total as at 31 December 2025 | 77,419 | 510 | 134 | 30 | 21 | 9 | | Interest rate risk | | | | | | | | Interest rate swaps | 49,309 | 165 | 282 | (131) | (125) | (6) | | Currency risk | | | | | | | | Forward foreign exchange contract | 9,193 | 609 | 1 | 45 | 45 | – | | Cross currency swaps | 14,305 | 729 | 2 | 650 | 648 | 2 | | Total as at 31 December 2024 | 72,807 | 1,503 | 285 | 564 | 568 | (4) | 1 This represents a gain/(loss) change in fair value used for calculating hedge ineffectiveness. Hedged items in cash flow hedges | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | | | Cumulative | | | Cumulative | | | | | balance in the | | | balance in the | | | | | cash flow hedge | | | cash flow hedge | | | Change in fair | | reserve from | Change in fair | | reserve from | | | value used for | | de-designated | value used for | | de-designated | | | calculating hedge | Cash flow hedge | hedge | calculating hedge | Cash flow hedge | hedge | | | ineffectiveness 1 | reserve | relationships | ineffectiveness 1 | reserve | relationships | | | $million | $million | $million | $million | $million | $million | | Customer accounts | 122 | (1) | 78 | (199) | (38) | 104 | | Debt securities and other eligible bills | 122 | 4 | – | (354) | (10) | (5) | | Loans and advances to customers | (379) | 243 | 61 | 124 | (27) | (7) | | Intragroup lending currency hedge | 38 | 2 | – | (55) | (2) | – | | Intragroup borrowing currency hedge | 76 | – | – | (84) | 4 | – | | Total as at 31 December | (21) | 248 | 139 | (568) | (73) | 92 | 1 This represents a gain/(loss) change in fair value used for calculating hedge ineffectiveness. Annual Report 2025 | Standard Chartered 377 Financial statements ![]() 14. Derivative financial instruments continued Impact of cash flow hedges on profit and loss and other comprehensive income | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Cash flow hedge reserve balance as at 1 January | 4 | 91 | | Gain recognised in other comprehensive income on effective portion of changes in fair value | | | | of hedging instruments | 21 | 568 | | Loss/(Gain) reclassified to income statement when hedged item affected net profit | 347 | (669) | | Taxation charge relating to cash flow hedges | (57) | 14 | | Cash flow hedge reserve balance as at 31 December | 315 | 4 | Net investment hedges Foreign currency exposures arise from investments in subsidiaries that have a different functional currency from that of the presentation currency of the parent. This risk arises from the fluctuation in spot exchange rates between the functional currency of the subsidiaries and the parent’s functional 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 significant impact on the regulatory ratios of the Group and its banking subsidiaries. The Group uses foreign exchange forwards to manage the effect of exchange rates on its net investments in foreign subsidiaries. | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Changes in the | | | | | | | Carrying Amount | | Change in fair value of the | | | | | | | | | value used to | hedging | Ineffectiveness | Amount | | | | | | calculate hedge | instrument | recognised in | reclassified from | | Derivative forward | Notional | Asset | Liability | ineffectiveness 2 | recognised in OCI | profit or loss | reserves to income | | currency contracts 1 | $million | $million | $million | $million | $million | $million | $million | | As at 31 December 2025 | 17,155 | 440 | 23 | 129 | 129 | – | – | | As at 31 December 2024 | 14,137 | 300 | 7 | 678 | 678 | – | – | 1 These derivative forward currency contracts have a maturity of less than one year. The hedges are rolled on a periodic basis. 2 This represents a gain/(loss) change in fair value used for calculating hedge ineffectiveness. Hedged items in net investment hedges | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | | | Balances | | | Balances | | | | | remaining in the | | | remaining in the | | | | | translation reserve | | | translation reserve | | | | | from hedging | | | from hedging | | | Change in fair | | relationships for | Change in the | | relationships for | | | value used for | | which hedge | value used for | | which hedge | | | calculating hedge | Translation | accounting is no | calculating hedge | Translation | accounting is no | | | ineffectiveness 1 | reserve 2 | longer applied | ineffectiveness 1 | reserve 2 | longer applied | | | $million | $million | $million | $million | $million | $million | | Net investments | (129) | 417 | – | (678) | 293 | – | 1 This represents a gain/(loss) change in fair value used for calculating hedge ineffectiveness. 2 This represents the mark-to-market including accrued interest on live hedges at 31 December. Impact of net investment hedges on other comprehensive income | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Gains recognised in other comprehensive income | 129 | 678 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025378 ![]() Maturity of hedging instruments | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | 2024 | | | | | | | More than | | | | More than | | | | | | | one month | | | | one month | | | | | | Less than | and less than | One to five | More than | Less than | and less than | One to five | More than | | Fair value hedges | | one month | one year | years | five years | one month | one year | years | five years | | Interest rate swap | | | | | | | | | | | Notional | $million | 1,820 | 9,387 | 35,179 | 16,244 | 2,763 | 11,260 | 32,030 | 17,787 | | Cross currency swap | | | | | | | | | | | Notional | $million | – | – | 1,954 | – | – | – | 1,035 | – | | Average fixed interest rate | | | | | | | | | | | (to USD) (%) | EUR | – | – | 2.26 | – | – | – | 2.40 | – | | Average exchange rate | EUR/USD | – | – | 0.89 | – | – | – | 0.91 | – | | Cash flow hedges | | | | | | | | | | | Interest rate swap | | | | | | | | | | | Notional | $million | 1,544 | 17,021 | 41,054 | 3,628 | 2,428 | 15,589 | 25,943 | 5,349 | | Average fixed interest rate | | | | | | | | | | | (%) | USD | 4.09 | 4.09 | 3.61 | 3.69 | 5.09 | 4.62 | 4.05 | 3.74 | | Cross currency swap | | | | | | | | | | | Notional | $million | 622 | 2,568 | 714 | – | 880 | 12,232 | 1,193 | – | | Average fixed interest rate | HKD | 4.11 | 3.14 | 0.21 | – | – | 4.07 | 0.21 | – | | (%) | KRO | 2.62 | 2.44 | – | – | – | 2.85 | – | – | | | JPY/HKD | – | – | – | – | – | (0.05) | – | – | | | TWO | 1.07 | 1.35 | 1.38 | – | 0.53 | 1.04 | – | – | | | CNO | – | – | – | – | 2.45 | 1.54 | – | – | | | JPY | – | – | – | – | 0.01 | 0.08 | – | – | | Average exchange rate | HKD/USD | 7.77 | 7.78 | 7.85 | – | – | 7.78 | 7.85 | – | | | KRO/USD | 1,454.00 | 1,446.78 | 1,300.90 | – | – | 1,386.94 | 1,300.90 | – | | | TWO/USD | 31.91 | 29.97 | 29.42 | – | 31.83 | 32.22 | – | – | | | CNO/USD | – | – | – | – | 7.18 | 7.20 | – | – | | | JPY/HKD | – | – | – | – | – | 18.12 | – | – | | Forward foreign exchange | | | | | | | | | | | contracts | | | | | | | | | | | Notional | $million | 1,736 | 8,236 | 296 | – | 2,044 | 7,149 | – | – | | Average exchange rate | BRL/USD | – | – | – | – | – | 6.54 | – | – | | | HKD/USD | 7.77 | 7.77 | 7.85 | | – | – | – | – | | | JPY/USD | 153.02 | 148.53 | – | – | 147.38 | 145.65 | – | – | | Net investment hedges | | | | | | | | | | | Foreign exchange derivatives | | | | | | | | | | | Notional | $million | 17,126 | 29 | – | – | 14,137 | – | – | – | | Average exchange rate | CNY/USD | 7.07 | – | – | – | 7.13 | – | – | – | | | KRW/USD | 1,358.41 | – | – | – | 1,364.97 | – | – | – | | | HKD/USD | 7.77 | – | – | – | 7.77 | – | – | – | | | INR/USD | 86.63 | – | – | – | 84.07 | – | – | – | Annual Report 2025 | Standard Chartered 379 Financial statements ![]() 15. Loans and advances to banks and customers Accounting policy Refer to Note 13 Financial instruments for the relevant accounting policy. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Loans and advances to banks | 43,915 | 43,609 | | Expected credit loss | (14) | (16) | | | 43,901 | 43,593 | | Loans and advances to customers | 290,849 | 285,936 | | Expected credit loss | (4,061) | (4,904) | | | 286,788 | 281,032 | | Total loans and advances to banks and customers 1 | 330,689 | 324,625 | 1 Includes $2.9 billion (31 December 2024: $2.5 billion) of assets pledged as collateral. For more information, please refer to Pillar 3 disclosures. Analysis of loans and advances to customers by geographies and client segment together with their related impairment provisions are set out within the Risk review and Capital review (pages 218 to 308). 16. Reverse repurchase and repurchase agreements including other similar lending and borrowing Accounting policy The Group purchases securities (a reverse repurchase agreement – ‘reverse repo’) typically with financial institutions subject to a commitment to resell or return the securities at a predetermined price. These securities 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. Consideration paid (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 the majority 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 securities (a repurchase agreement – ‘repo’) subject to a commitment to repurchase or redeem the securities at a predetermined price. The securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership and these securities are disclosed as pledged collateral. Consideration received (or cash collateral received) is accounted for as a financial liability at amortised cost unless it is either mandatorily classified as fair value through profit or loss or irrevocably designated at fair value through profit or loss at initial recognition. Repo and reverse repo transactions typically entitle the Group and its counterparties to have recourse to assets similar to those provided as collateral in the event of a default. Securities sold subject to repos, either by way of a Global Master Repurchase Agreement (GMRA), or through a securities sale and Total Return Swap (TRS) continue to be recognised on the balance sheet as the Group retains substantially the associated risks and rewards of the securities (the TRS is not recognised). Assets sold under repurchase agreements are considered encumbered as the Group cannot pledge these to obtain funding Reverse repurchase agreements and other similar secured lending | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Banks | 37,412 | 37,700 | | Customers | 58,684 | 61,101 | | | 96,096 | 98,801 | | Of which: | | | | Fair value through profit or loss | 84,130 | 86,195 | | Banks | 33,688 | 34,754 | | Customers | 50,442 | 51,441 | | Held at amortised cost | 11,966 | 12,606 | | Banks | 3,724 | 2,946 | | Customers | 8,242 | 9,660 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025380 ![]() Under reverse repurchase and securities borrowing arrangements, the Group obtains securities under usual and customary terms which permit it to repledge or resell the securities to others. Amounts on such terms are: | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Securities and collateral received (at fair value) | 101,260 | 103,007 | | Securities and collateral which can be repledged or sold (at fair value) | 98,384 | 102,741 | | Amounts repledged/transferred to others for financing activities, to satisfy liabilities under sale | | | | and repurchase agreements (at fair value) | 18,173 | 27,708 | Repurchase agreements and other similar secured borrowing | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Banks | 8,465 | 8,669 | | Customers | 35,599 | 37,002 | | | 44,064 | 45,671 | | Of which: | | | | Fair value through profit or loss | 36,307 | 33,539 | | Banks | 6,560 | 7,759 | | Customers | 29,747 | 25,780 | | Held at amortised cost | 7,757 | 12,132 | | Banks | 1,905 | 910 | | Customers | 5,852 | 11,222 | The tables below set out the financial assets provided as collateral for repurchase and other secured borrowing transactions: | | | | | | | | --- | --- | --- | --- | --- | --- | | | | Fair value | | | | | | | Fair value through other | | | | | | through | comprehensive | Amortised | Off-balance | | | | profit or loss | income | cost | sheet | Total | | | $million | $million | $million | $million | $million | | On-balance sheet | | | | | | | Debt securities and other eligible bills | 6,345 | 11,272 | 10,046 | – | 27,663 | | Off-balance sheet | | | | | | | Repledged collateral received | – | – | – | 18,173 | 18,173 | | At 31 December 2025 | 6,345 | 11,272 | 10,046 | 18,173 | 45,836 | | On-balance sheet | | | | | | | Debt securities and other eligible bills | 4,698 | 6,366 | 7,592 | – | 18,656 | | Off-balance sheet | | | | | | | Repledged collateral received | – | – | – | 27,708 | 27,708 | | At 31 December 2024 | 4,698 | 6,366 | 7,592 | 27,708 | 46,364 | Annual Report 2025 | Standard Chartered 381 Financial statements ![]() 17. Goodwill and intangible assets Accounting policy Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates is included in Investments in associates and joint ventures. Goodwill included in intangible assets is assessed at each balance sheet date for impairment and carried at cost less any accumulated impairment losses. Gains 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 discounting these at an appropriate discount rate, the determination of which requires the exercise of judgement. Goodwill is allocated to CGUs for the purpose of impairment testing. CGUs represent the lowest level within the Group which 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. Other accounting estimates and judgements The carrying amount of goodwill is based on the application of judgements including the basis of goodwill impairment calculation assumptions. Judgement is also applied in determination of CGUs. Estimates include forecasts used for determining cash flows for CGUs, the appropriate 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 impaired. The estimation of future cash flows and the level to which they are discounted is inherently uncertain and requires significant judgement and is subject to potential change over time. Acquired intangibles At the date of acquisition of a subsidiary or associate, intangible assets which are deemed separable and that arise from contractual or other legal rights are capitalised and included within the net identifiable assets acquired. These intangible assets are initially measured at fair value, which reflects market expectations of the probability 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 indicators of impairment. In the event that an asset’s carrying amount is determined to be greater than its recoverable amount, the asset is written down immediately to the recoverable amount. Computer software Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Internally generated software represents substantially all of the total software capitalised. Direct costs of the development of separately identifiable internally generated software are capitalised 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 immediately when incurred. Internally generated software is amortised over each asset’s useful life to a maximum of 10 years. On an annual basis residual values and useful lives of software assets, including software under development, are reviewed, including assessing for indicators of impairment. Indicators of impairment 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 capitalised software that is internally generated, judgement is required to determine which costs relate to research (expensed) and which costs relate to development (capitalised). Further judgement is required to determine the technical feasibility 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 functionality or improved asset safeguarding. Software as a Service (SaaS) and similar cloud service models is a contractual arrangement that conveys the right to receive access to the supplier’s software application 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. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025382 ![]() Certain costs, including customisation costs related to implementation of the SaaS may meet the definition of an intangible asset in their own right if it is separately identifiable and control is established. These costs are capitalised 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. | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | | 2024 | | | | | | Acquired | Computer | | | Acquired | Computer | | | | Goodwill | intangibles | software | Total | Goodwill | intangibles | software | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | | Cost | | | | | | | | | | At 1 January | 2,387 | 252 | 6,301 | 8,940 | 2,429 | 278 | 6,168 | 8,875 | | Exchange translation differences | 32 | 6 | 225 | 263 | (42) | (18) | (109) | (169) | | Additions | 4 | 1 | 1,032 | 1,037 | – | 1 | 952 | 953 | | Disposals | – | – | (13) | (13) | – | – | (5) | (5) | | Impairment | – | – | (121) 1 | (121) | – | – | (663) 1,2 | (663) | | Amounts written off | – | – | (21) | (21) | – | (9) | (42) | (51) | | At 31 December | 2,423 | 259 | 7,403 | 10,085 | 2,387 | 252 | 6,301 | 8,940 | | Provision for amortisation | | | | | | | | | | At 1 January | – | 249 | 2,900 | 3,149 | – | 265 | 2,396 | 2,661 | | Exchange translation differences | – | 4 | 115 | 119 | – | (20) | (48) | (68) | | Amortisation | – | 2 | 687 | 689 | – | 4 | 695 | 699 | | Impairment charge | – | – | (76) 1 | (76) | – | – | (102) 1,2 | (102) | | Disposals | – | – | (6) | (6) | – | – | – | – | | Amounts written off | – | – | (21) | (21) | – | – | (41) | (41) | | At 31 December | – | 255 | 3,599 | 3,854 | – | 249 | 2,900 | 3,149 | | Net book value | 2,423 | 4 | 3,804 | 6,231 | 2,387 | 3 | 3,401 | 5,791 | 1 The Group has performed its annual review of computer software intangibles to determine instances when carrying value is greater than its recoverable amount and impaired $45 million (31 December 2024: $78 million). 2 During 2024, the Group performed a review of its computer software intangibles which were capitalised as at 31 December 2023, and impaired $483 million of the 2024 net book value due to limitations in the available evidence to support the continued capitalisation of the assets. At 31 December 2025, accumulated goodwill impairment losses incurred from 1 January 2005 amounted to $3,331 million (31 December 2024: $3,331 million), of which $nil was recognised in 2025 (31 December 2024: $nil). CGU structure When considering the generation of independent cash inflows and appropriate level of management, Corporate & Investment Banking and Wealth Management are managed on a global basis, while Retail Banking and others including Treasury Market activities are managed on a country basis. Outcome of impairment assessment An annual assessment is made as to whether the current carrying value of goodwill is impaired. For the purposes of impairment testing, goodwill is allocated at the date of acquisition to a CGU. Goodwill is considered to be impaired if the carrying amount of the relevant CGU exceeds its recoverable amount. Indicators of impairment include changes in the economic performance and outlook of the region including geopolitical changes, changes in market value of regional investments, large credit defaults and strategic decisions to exit 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 estimated terminal value based on a perpetuity value after year five. The cashflow projections are based on forecasts approved by management up to 2030. 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 goodwill allocated to material CGUs and key assumptions used in determining the recoverable amounts are set out below and are solely estimates for the purposes of assessing impairment of acquired goodwill. Annual Report 2025 | Standard Chartered 383 Financial statements ![]() 17. Goodwill and intangible assets continued | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | | | 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 1 | $million | per cent | per cent | $million | per cent | per cent | | Country CGUs | | | | | | | | Asia | 1,036 | | | 1,014 | | | | Hong Kong | 358 | 13.0 | 1.0 | 359 | 13.0 | 1.1 | | Taiwan | 327 | 12.2 | 1.3 | 316 | 12.2 | 1.5 | | Singapore | 351 | 13.1 | 2.0 | 339 | 13.0 | 2.3 | | Africa & Middle East | 80 | | | 81 | | | | Pakistan | 31 | 33.9 | 2.5 | 32 | 35.9 | 3.3 | | Bahrain | 49 | 16.1 | 1.0 | 49 | 12.4 | 0.8 | | Global CGUs | 1,303 | | | 1,292 | | | | Wealth Management | 83 | 15.1 | 1.6 | 83 | 15.0 | 1.8 | | Corporate & Investment Banking | 1,220 | 15.9 | 2.1 | 1,209 | 15.5 | 2.3 | | | 2,419 | | | 2,387 | | | 1 Excludes other goodwill balances of $4 million. In the current year, there are no CGUs for which reasonably possible changes on key estimates (cashflow, discount rate and GDP growth) would cause an impairment. 18. Property, plant and equipment Accounting policy All property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Land and buildings comprise mainly branches and offices. Freehold land is not depreciated although it is subject to impairment testing. Depreciation 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 remaining 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 capitalised and included in Property, plant and equipment with a corresponding liability to the lessor recognised in other liabilities. The accounting policy for lease assets is set out in Note 19. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025384 ![]() | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | | | Leased | Leased | | | | Leased | Leased | | | | | | premises | equipment | | | | premises | equipment | | | | Premises | Equipment | assets | assets | Total | Premises | Equipment | assets | assets | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Cost or valuation | | | | | | | | | | | | At 1 January | 1,726 | 936 | 2,026 | 163 | 4,851 | 1,741 | 810 | 1,864 | 18 | 4,433 | | Exchange translation differences | 26 | 33 | 39 | (1) | 97 | (41) | (31) | (38) | (4) | (114) | | Additions | 133 1 | 187 1 | 253 | 56 | 629 | 112 1 | 194 1 | 213 | 150 | 669 | | Disposals and fully depreciated | | | | | | | | | | | | assets written off | (29) 2 | (54) 2 | (54) | (1) | (138) | (61) 2 | (37) 2 | (13) | (1) | (112) | | Transfers to assets held for sale | (43) | – | – | – | (43) | – | – | – | – | – | | Other movements 3 | (9) | – | – | – | (9) | (25) | – | – | – | (25) | | As at 31 December | 1,804 | 1,102 | 2,264 | 217 | 5,387 | 1,726 | 936 | 2,026 | 163 | 4,851 | | Depreciation | | | | | | | | | | | | Accumulated at 1 January | 716 | 575 | 1,096 | 39 | 2,426 | 692 | 535 | 914 | 18 | 2,159 | | Exchange translation differences | 13 | 30 | 3 | (3) | 43 | (28) | (15) | (40) | (14) | (97) | | Charge for the year | 87 | 114 | 228 | 52 | 481 | 79 | 92 | 220 | 36 | 427 | | Impairment charge | (1) | – | 1 | – | – | 2 | – | 9 | – | 11 | | Attributable to assets sold, transferred or written off | (19) 2 | (53) 2 | (34) | (1) | (107) | (29) 2 | (37) 2 | (7) | (1) | (74) | | Transfers to assets held for sale | (15) | – | – | – | (15) | – | – | – | – | – | | Accumulated at 31 December | 781 | 666 | 1,294 | 87 | 2,828 | 716 | 575 | 1,096 | 39 | 2,426 | | Net book amount at 31 December | 1,023 | 436 | 970 | 130 | 2,559 | 1,010 | 361 | 930 | 124 | 2,425 | 1 Refer to the cash flow statement under cash flows from investing activities section for the purchase of property, plant and equipment during the year of $320 million (31 December 2024: $456 million). 2 In the cash flow statement, disposals of property, plant and equipment of $30 million (31 December 2024: $56 million) would include the gains/(losses) incurred as part of other operating income (note 6) on disposal of assets during the year and the net book value disposed. 3 Includes revaluation surplus on initial measurement $5 million (31 December 2024: $25 million) recognised in statement of other comprehensive income and subsequent re-measurement $14 million (31 December 2024: nil) taken to income statement. 19. Leased assets Accounting policy Where the Group is a lessee and the lease is deemed in scope of IFRS 16, it recognises a liability 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 liability is recognised in ‘Other liabilities’. A corresponding right-of-use asset equal to the liability, 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 liability using the effective interest method. Depreciation on the asset is recognised in ‘Depreciation and amortisation’, and interest on the lease liability is recognised in ‘Interest expense’. If a leased premise, or a physically distinct portion of a premise such as an individual 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 indicator of impairment. An impairment 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 ability and likelihood of obtaining a subtenant. The key judgement in determining lease balances is the determination of the lease term, in particular whether the Group is reasonably certain that it will exercise extension options present in lease contracts. On initial recognition, the Group considers a range of characteristics such as premises function, regional trends and the term remaining on the lease to determine 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 determination 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 pricing information to determine 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. Annual Report 2025 | Standard Chartered 385 Financial statements ![]() 19. Leased assets continued Accounting policy continued The Group primarily enters lease contracts that grant it the right to use premises such as office buildings and retail branches. Existing lease liabilities may change in future periods due to changes in assumptions or decisions to exercise lease renewal or termination options, changes in payments due to renegotiations of market rental rates as permitted by those contracts and changes to payments due to rent being contractually linked to an inflation index. In general the re-measurement of a lease liability under these circumstances leads to an equal change to the right-of-use asset balance, with no immediate effect on the income statement. The total cash outflow during the year for premises and equipment leases was $268 million (2024: $265 million). The right-of-use asset balances and depreciation charges are disclosed in Note 18. The lease liability balances are disclosed in Note 23 and the interest expense on lease liabilities is disclosed in Note 3. Maturity analysis The maturity profile for lease liabilities associated with leased premises and equipment assets is as follows: | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | | Between | Between | | | | Between | Between | | | | | | one year | two years | | | | one year | two years | | | | | One year | and two | and five | More than | | One year | and two | and five | More than | | | | or less | years | years | five years | Total | or less | years | years | five years | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Other liabilities – lease liabilities | 292 | 245 | 483 | 450 | 1,470 | 279 | 223 | 443 | 414 | 1,359 | 20. Other assets | | | | | --- | --- | --- | | | 2025 | 2024 | | Other assets include: | $million | $million | | Financial assets held at amortised cost (Note 13): | | | | Hong Kong SAR Government certificates of indebtedness (Note 23) 1 | 6,448 | 6,369 | | Cash collateral 3 | 12,868 | 11,046 | | Acceptances and endorsements | 6,561 | 5,476 | | Unsettled trades and other financial assets | 10,893 | 11,694 | | | 36,770 | 34,585 | | Non-financial assets: | | | | Commodities and emissions certificates 2 | 30,619 | 8,358 | | Other assets | 542 | 525 | | | 67,931 | 43,468 | 1 The Hong Kong SAR Government certificates of indebtedness are subordinated to the claims of other parties in respect of bank notes issued. 2 Comprises precious metals and emission certificates, being inventory that is carried at fair value less costs to sell. $25.1 billion is precious metals which are classified as Level 1, the fair value of which being derived from observable spot or short-term futures prices from relevant exchanges (31 December 2024: $5.6 billion). $5.5 billion is emissions certificates and other commodity related balances classified as Level 2 (31 December 2024: $2.7 billion). 3 Cash collateral are margins placed to collateralise net derivative mark-to-market (MTM) positions. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025386 ![]() 21. Assets held for sale and associated liabilities Accounting Policy Upon reclassification property, plant and equipment are measured at the lower of their carrying amount and fair value less costs to sell. Financial instruments continue to be measured per the accounting policies in Note 13 Financial 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 2026. Assets held for sale The financial assets reported below are classified under Level 1: $74 million (2024: $58 million), Level 2: $178 million (2024: $353 million) and Level 3: $790 million (2024: $473 million). | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Financial assets held at fair value through profit or loss | – | 5 | | Loans and advances to banks | – | 5 | | Financial assets held at amortised cost | 1,042 | 884 | | Cash and balances at central banks | – | 109 | | Loans and advances to banks | – | 18 | | Loans and advances to customers | 1,042 | 656 | | Debt securities held at amortised cost | – | 101 | | Property, plant and equipment 1 | 32 | 15 | | Others | 25 | 28 | | | 1,099 | 932 | 1 Consideration on disposal of Property, plant and equipment classified under assets held for sale was $128 million (31 December 2024: $53 million). Liabilities held for sale The financial liabilities reported below are classified under Level 1: $147 million (2024: $89 million) and Level 2: $761 million (2024: $271 million). | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Financial liabilities held at amortised cost | 908 | 360 | | Customer accounts | 908 | 360 | | Other liabilities | 6 | 16 | | Provisions for liabilities and charges | – | 5 | | | 914 | 381 | The amounts included in the tables above include $741 million of assets and $914 million of liabilities forming part of the Botswana, Uganda, Zambia and Sri Lanka WRB businesses transferred to held for sale during the year. Annual Report 2025 | Standard Chartered 387 Financial statements ![]() 22. Debt securities in issue Accounting policy Refer to Note 13 Financial instruments for the relevant accounting policy. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Certificates of | | | Certificates of | | | | | deposit of | Other debt | | deposit of | Other debt | | | | $100,000 | securities | | $100,000 | securities | | | | or more | in issue | Total | or more | in issue | Total | | | $million | $million | $million | $million | $million | $million | | Debt securities in issue | 21,876 | 50,982 | 72,858 | 18,113 | 46,496 | 64,609 | | Debt securities in issue included within: | | | | | | | | Financial liabilities held at fair value through profit or loss (Note13) | – | 16,009 | 16,009 | – | 13,731 | 13,731 | | Total debt securities in issue | 21,876 | 66,991 | 88,867 | 18,113 | 60,227 | 78,340 | In 2025, the Company issued a total of $7.9 billion senior notes for general business purposes of the Group as shown below: | | | | --- | --- | | Securities | $million | | $1,000 million fixed rate senior notes due 2029 (callable 2028) | 1,000 | | $1,000 million fixed rate senior notes due 2036 (callable 2035) | 1,000 | | $500 million floating rate senior notes due 2029 (callable 2028) | 500 | | HKD 1,250 million fixed rate senior notes due 2029 (callable 2028) | 161 | | EUR 1,000 million fixed rate senior notes due 2033 (callable 2032) | 1,174 | | $1,000 million fixed rate senior notes due 2031 (callable 2030) | 1,000 | | $750 million floating rate senior notes due 2031 (callable 2030) | 750 | | $2,000 million fixed rate senior notes due 2036 (callable 2035) | 2,000 | | HKD 1,500 million fixed rate senior notes due 2029 (callable 2028) | 193 | | $50 million fixed rate senior notes due 2029 (callable 2028) | 50 | | CNY 500 million fixed rate senior notes due 2030 (callable 2029) | 70 | | CNY 400 million fixed rate senior notes due 2030 (callable 2029) | 56 | | Total Senior Notes issued | 7,954 | In 2024, the Company issued a total of $7.4 billion senior notes for general business purposes of the Group as shown below: | | | | --- | --- | | Securities | $million | | $1,500 million fixed-rate senior notes due 2035 (callable 2034) | 1,500 | | SGD 335 million fixed-rate senior notes due 2030 (callable 2029) | 246 | | EUR 1,000 million fixed-rate senior notes due 2032 (callable 2031) | 1,035 | | HKD 1,100 million fixed-rate senior notes due 2027 (callable 2026) | 142 | | $500 million floating-rate senior notes due 2028 (callable 2027) | 500 | | $1,000 million fixed-rate senior notes due 2028 (callable 2027) | 1,000 | | $1,500 million fixed-rate senior notes due 2035 (callable 2034) | 1,500 | | $1,500 million fixed-rate senior notes due 2030 (callable 2029) | 1,500 | | Total Senior Notes issued | 7,423 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025388 ![]() 23. Other liabilities Accounting policy Refer to Note 13 Financial instruments for the relevant accounting policy for financial liabilities, Note 19 Leased assets for the accounting policy for leases, and Note 31 Share-based payments for the accounting policy for cash-settled share-based payments. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Financial liabilities held at amortised cost (Note 13) | | | | Notes in circulation 1 | 6,448 | 6,369 | | Acceptances and endorsements | 6,567 | 5,476 | | Cash collateral 2 | 14,168 | 15,005 | | Property leases | 1,097 | 1,041 | | Equipment leases | 121 | 115 | | Unsettled trades and other financial liabilities | 17,387 | 16,041 | | | 45,788 | 44,047 | | Non-financial liabilities | | | | Cash-settled share-based payments | 247 | 131 | | Other liabilities | 620 | 503 | | | 46,655 | 44,681 | 1 Hong Kong currency notes in circulation of $6,448 million (31 December 2024: $6,369 million) that are secured by the Government of Hong Kong SAR certificates of indebtedness of the same amount included in other assets (Note 20). 2 Cash collateral are margins received against collateralise net derivative mark-to-market positions. 24. Provisions for liabilities and charges Accounting policy The recognition and measurement of provisions for liabilities and charges requires significant judgement and the use of estimates about uncertain future conditions or events. Estimates include the best estimate of the probability of outflow of economic resources, cost of settling a provision and timing of settlement. Judgement is required to assess inherently uncertain areas such as the anticipated outcome and financial impact of legal claims and regulatory and enforcement investigations and proceedings. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Provision | | | Provision | | | | | for credit | Other | | for credit | Other | | | | commitments 1 | provisions 2 | Total | commitments 1 | provisions 2 | Total | | | $million | $million | $million | $million | $million | $million | | At 1 January | 255 | 94 | 349 | 227 | 72 | 299 | | Exchange translation differences | (7) | – | (7) | 10 | (5) | 5 | | (Release)/charge against profit | (24) | 130 | 106 | 18 | 136 | 154 | | Provisions utilised | – | (47) | (47) | – | (121) | (121) | | Other movements 3 | – | – | – | – | 12 | 12 | | At 31 December | 224 | 177 | 401 | 255 | 94 | 349 | 1 Expected credit loss for credit commitment comprises those undrawn contractually committed facilities where there is doubt as to the borrowers’ ability to meet their repayment obligations. 2 Other provisions consist mainly of provisions for legal claims and regulatory and enforcement investigations and proceedings; including provision for Korea equity-linked securities (ELS) portfolio. While a provision has been made in relation to the Korea ELS matter, a description of the matter is contained in note 26. 3 Includes the provisions transferred to held for sale. Annual Report 2025 | Standard Chartered 389 Financial statements ![]() 25. Contingent liabilities and commitments Accounting policy Financial guarantee contracts and loan commitments Financial guarantee contracts and any loan commitments issued at below-market interest rates are initially recognised at their fair value as a financial liability, and subsequently measured at the higher of the initial value less the cumulative amount of income recognised and their expected credit loss provision. Loan commitments 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 financial guarantee contracts and loan commitments are disclosed in the table below. Financial guarantees, trade credits and irrevocable letters of credit are the notional values of contracts issued by the Group’s Transaction Banking business for which an obligation to make a payment has not arisen 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 financial loss suffered. These contracts have various legal forms such as letters of credit, guarantee contracts and performance bonds. The contracts are issued to facilitate trade through export and import business and provide guarantees to financial institutions where the Group has a local presence, as well as guaranteeing project financing involving large construction projects undertaken by sovereigns and corporates. The contracts may contain performance clauses which require the counterparty performing services or providing goods to meet certain conditions before a right 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 intention to provide funds to a customer or on behalf of a customer under pre-specified terms and conditions in the form of loans, overdrafts or future guarantees whether cancellable or not and the Group has not made payments at the balance sheet date; those instruments are included in these financial statements as commitments. Some of these commitments are considered 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-financial assets. The table below shows the contract or underlying principal amounts of unmatured off-balance sheet transactions at the balance sheet date. The contract or underlying principal amounts indicate the volume of business outstanding and do not represent amounts at risk. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Financial guarantees and other contingent liabilities | | | | Financial guarantees, trade and irrevocable letters of credit | 114,193 | 90,632 | | | 114,193 | 90,632 | | Commitments | | | | Undrawn formal standby facilities, credit lines and other commitments to lend | | | | One year and over | 89,147 | 76,915 | | Less than one year | 31,922 | 29,249 | | Unconditionally cancellable | 78,176 | 76,365 | | | 199,245 | 182,529 | | Capital Commitments | | | | Contracted capital expenditure approved by the directors but not provided for in these accounts | 62 | 123 | As set out in Note 26, the Group has contingent liabilities in respect of certain legal and regulatory matters. Note 26 also describes a matter relating to equity linked securities sold by Standard Chartered Bank Korea, for which the Group has recognised a provision. 26. Legal and regulatory matters Accounting policy Where appropriate, the Group recognises a provision for liabilities 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 obligation. The uncertainties inherent in legal and regulatory matters affect the amount and timing of any potential outflows with respect to which provisions have been established. These uncertainties also mean that it is not possible to give an aggregate estimate of contingent liabilities arising from such legal and regulatory matters. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025390 ![]() The Group receives legal claims against it in a number of jurisdictions and is subject to regulatory and enforcement investigations and proceedings from time to time. Apart from the matters described below, the Group currently considers none of the ongoing claims, investigations or proceedings to be individually material. However, in light of the uncertainties 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 Group has been named as a defendant in a series of lawsuits filed in the United States District Courts for the Southern and Eastern Districts of New York against a number of banks on behalf of plaintiffs who are, or are relatives of, victims of attacks in Iraq, Afghanistan and Israel. The plaintiffs in each of these lawsuits allege that the defendant banks aided and abetted the unlawful conduct of parties with connections to terrorist organisations in breach of the United States Anti-Terrorism Act. None of the lawsuits specify the amount of damages claimed. The Group continues to defend these lawsuits. In January 2020, a shareholder derivative complaint was filed by the City of Philadelphia in New York State Court against 45 current and former directors and senior officers of the Group. It is alleged that the individuals breached their duties to the Group and caused a waste of corporate assets by permitting the conduct that gave rise to the costs and losses to the 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 dismiss the complaint. The plaintiffs are pursuing an appeal against the February 2022 ruling. A ruling on the plaintiffs’ appeal is awaited. Bernard Madoff’s 2008 confession to running a Ponzi scheme through Bernard L. Madoff Investment Securities LLC (BMIS) gave rise to a number of lawsuits against the Group. BMIS and the Fairfield funds (which invested in BMIS) are in bankruptcy and liquidation, respectively. Between 2010 and 2012, five lawsuits were brought against the Group by the BMIS bankruptcy trustee and the Fairfield funds’ liquidators, in each case seeking to recover funds paid to the Group’s clients pursuant to redemption requests made prior to BMIS’ bankruptcy filing. The total amount sought in these cases exceeds U.S.$300 million, excluding any pre-judgment interest that may be awarded. Three of the four lawsuits commenced by the Fairfield funds’ liquidators have been dismissed and those dismissals were upheld by the appeal court. The fourth lawsuit has been dismissed and is not the subject of any further appeal. The Group continues to defend the lawsuit brought by the BMIS bankruptcy trustee. In June 2025, a lawsuit was filed in the Singapore High Court against Standard Chartered Bank (Singapore) Limited (‘Standard Chartered Singapore’), by three companies now in liquidation that had misappropriated funds from 1Malaysia Development Berhad (1MDB), seeking U.S.$2.7 billion. The companies allege, among other things, that Standard Chartered Singapore knew or ought to have known that these companies were engaged in the fraud on 1MDB at the time that Standard Chartered Singapore effected transfers instructed by these companies. The companies allege that in doing so, Standard Chartered Singapore breached its mandate and applicable duties. Standard Chartered Singapore had reported the transaction activities of these companies before it closed their accounts in early 2013. Standard Chartered Singapore denies any and all liability and will defend this lawsuit. The Group is defending a lawsuit filed in the courts of Victoria, Australia, against a number of financial institutions by two companies in liquidation, Jabiru Satellite Limited and NewSat Limited. The claimants allege that the defendants breached implied obligations under 2013 loan agreements and acted unconscionably by declining to waive breaches and events of default and by refusing to continue funding their satellite project, ultimately resulting in the claimants entering receivership. The claimants have asserted loss and damage of up to U.S.$4.81 billion from the defendants. In addition to having denied any and all liability, the defendants will contest the claimants’ alleged losses, which the Group considers to be baseless. The trial of this claim is due to start in Q2 2026. The Group has concluded that the threshold for recording provisions pursuant to IAS 37 Provisions, Contingent Liabilities and Contingent Assets is not met with respect to the above matters; however, the outcomes of these matters are inherently uncertain and difficult to predict. By way of update on other legal and regulatory matters which have previously been included in this Note on account of being treated as contingent liabilities but are no longer treated as such, either because the matter has concluded (in the case of (a)) or a provision has been recognised (in the case of (b)): Annual Report 2025 | Standard Chartered 391 Financial statements ![]() 26. Legal and regulatory matters continued (a) Since October 2020, four lawsuits had been filed in the English High Court against Standard Chartered PLC on behalf of more than 200 shareholders in relation to alleged untrue and/or misleading statements and/or omissions in information published by Standard Chartered PLC in its rights issue prospectuses of 2008, 2010 and 2015 and/or public statements regarding the Group’s historic sanctions, money laundering and financial crime compliance issues. These lawsuits were brought under sections 90 and 90A of the Financial Services and Markets Act 2000. The trial of these lawsuits was due to start in late 2026; however, in December 2025, a settlement was reached with the claimants, and this matter is now concluded. (b) A number of Korean banks sold equity linked securities (ELS) to customers, the redemption values of which are determined by the performance of various stock indices. From January 2021 to May 2023, Standard Chartered Bank Korea sold relevant ELS to its customers. Due to the performance of the Hang Seng China Enterprise Index, many customers of Korean banks experienced loss on their ELS investments. Standard Chartered Bank Korea has paid or offered compensation to its impacted customers. In November 2025, the Financial Supervisory Service issued a notice of a proposed regulatory penalty relating to the ELS matter, which Standard Chartered Bank Korea is contesting. Appropriate provisions have been recognised with respect to the proposed penalty amount and outstanding compensation claims (see Note 24). 27. Subordinated liabilities and other borrowed funds Accounting policy Refer to Note 13 Financial instruments for the relevant accounting policy. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Subordinated loan capital – issued by subsidiary undertakings | | | | $700 million 8.0 per cent subordinated notes due 2031 1 | 330 | 326 | | NPR2.4 billion 10.3 per cent fixed rate subordinated notes due 2028 2 | 17 | 18 | | | 347 | 344 | | Subordinated loan capital – issued by the Company 3 | | | | £900 million 5.125 per cent subordinated notes due 2034 | 657 | 601 | | $2 billion 5.7 per cent subordinated notes due 2044 | 2,222 | 2,179 | | $750 million 5.3 per cent subordinated notes due 2043 | 716 | 691 | | $1.25 billion 4.3 per cent subordinated notes due 2027 | 1,218 | 1,174 | | $1 billion 3.516 per cent fixed rate reset subordinated notes due 2030 (callable 2025) | – | 996 | | $500 million 4.866 per cent fixed rate reset subordinated notes due 2033 (callable 2028) | 493 | 478 | | £96.035 million 7.375 per cent Non-Cum Pref Shares (reclassed as Debt) – Other borrowings | 129 | 121 | | £99.250 million 8.25 per cent Non-Cum Pref Shares (reclassed as Debt) – Other borrowings | 134 | 124 | | $750 million 3.603 per cent fixed rate reset subordinated notes due 2033 (callable 2032) | 671 | 634 | | €1 billion 2.5 per cent fixed rate reset subordinated notes due 2030 (callable 2025) | – | 1,015 | | $1.25 billion 3.265 per cent fixed rate reset subordinated notes due 2036 (callable 2030) | 1,094 | 1,032 | | €1 billion 1.200 per cent fixed rate reset subordinated notes due 2031 (callable 2026) | 1,153 | 993 | | | 8,487 | 10,038 | | Total for Group | 8,834 | 10,382 | 1 Issued by Standard Chartered Bank. 2 Issued by Standard Chartered Bank Nepal Limited. NPR refers to Nepalese Rupee. 3 In the balance sheet of the Company the amount recognised is $8,684 million (2024: $10,338 million), with the difference on account of hedge accounting achieved on a Group basis. | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | 2024 | | | | | USD | EUR | GBP | NPR | Total | USD | EUR | GBP | NPR | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Fixed rate subordinated debt | 6,744 | 1,153 | 920 | 17 | 8,834 | 7,510 | 2,008 | 846 | 18 | 10,382 | Redemptions and repurchases during the year. Standard Chartered PLC exercised its right to redeem $1 billion 3.516 per cent subordinated notes 2025 and €1 billion 2.5 per cent subordinated notes 2025. Issuance during the year There was no issuance during the period. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025392 ![]() 28. Share capital, other equity instruments and reserves Accounting policy Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised, net of tax, as distributions 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 consideration paid 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 consideration received is included in shareholders’ equity of the Group and/or the Company. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Preference | Total share | | | | Number of | Ordinary | Ordinary | share capital and | capital and | Other equity | | | ordinary shares | share capital 1 | Share premium | share premium 2 | share premium | instruments | | | million | $million | $million | $million | $million | $million | | At 1 January 2024 | 2,665 | 1,332 | 3,989 | 1,494 | 6,815 | 5,512 | | Cancellation of shares including share | | | | | | | | buyback | (240) | (120) | – | – | (120) | – | | Additional Tier 1 equity issuance 4 | – | – | – | – | – | 1,568 | | Additional Tier 1 Redemption 5 | – | – | – | – | – | (553) | | Other movements 5 | – | – | – | – | – | (25) | | At 31 December 2024 | 2,425 | 1,212 | 3,989 | 1,494 | 6,695 | 6,502 | | Cancellation of shares including share | | | | | | | | buyback | (162) | (81) | – | – | (81) | – | | Additional Tier 1 equity issuance 4 | – | – | – | – | – | 1,989 | | Additional Tier 1 Redemption 5 | – | – | – | – | – | (1,000) | | Other movements 3 | – | – | – | – | – | 37 | | At 31 December 2025 | 2,263 | 1,131 | 3,989 | 1,494 | 6,614 | 7,528 | 1 Issued and fully paid ordinary shares of 50 cents each. 2 Includes preference share capital of $75,000. 3 2025 include transfer of $25 million realised translation loss on redemption of AT1 securities of SGD 750 million to retained earnings. 4 Movement in 2025 relates to $994 million and $995 million fixed rate resetting perpetual subordinated contingent convertible AT1 securities issued by Standard Chartered PLC. Movement in 2024 includes $993 million and $575 million (SGD 750 million) fixed rate resetting perpetual subordinated contingent convertible AT1 securities issued by Standard Chartered PLC. 5 Movement in 2025 relates to redemption of $1,000 million Fixed Rate Resetting Perpetual Contingent Convertible Securities on its first optional redemption date of 26 July 2025. Movement in 2024 relates to redemption of AT1 securities of SGD 750 million ($553 million) and realised translation loss ($25 million) reported in other movements. Share buyback On 30 July 2024, the Group announced the buyback programme for a share buyback of its ordinary shares of $0.50 each. Nominal value of share purchases was $69 million, the total consideration paid was $1,500 million, and the buyback completed on 30 January 2025. The total number of shares purchased of 137,562,542 representing 5.39 per cent of the ordinary shares in issue at the beginning of the programme. The nominal value of the shares was transferred from the share capital to the capital redemption reserve account. On 21 February 2025, the Group announced the buyback programme for a share buyback of its ordinary shares of $0.50 each. Nominal value of share purchases was $49 million, the total consideration paid was $1,500 million, and the buyback completed on 30 July 2025. The total number of shares purchased of 98,162,451 representing 4.07 per cent of the ordinary shares in issue at the beginning of the programme. The nominal value of the shares was transferred from the share capital to the capital redemption reserve account. On 31 July 2025, the Group announced the buyback programme for a share buyback of its ordinary shares of $0.50 each. As at 31 December 2025, nominal value of share purchases was $27 million, the total consideration paid was $1,073 million and the total number of shares purchased was 53,061,718, representing 2.29 per cent of the ordinary shares in issue at the beginning of the programme. The buyback was completed on 26 January 2026 with a further $227million consideration paid and recognised as irrevocable obligation to buyback shares. The nominal value of the shares was transferred from the share capital to the capital redemption reserve account. Annual Report 2025 | Standard Chartered 393 Financial statements ![]() 28. Share capital, other equity instruments and reserves continued The shares were purchased by Standard Chartered PLC on various exchanges not including the Hong Kong Stock Exchange. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | Average | | | | | | Highest | Lowest | price paid | Aggregate | Aggregate | | | Number of | price Paid | price paid | per share | price paid | price paid | | | ordinary shares | £ | £ | £ | £ | $ | | January 2025 | 11,300,128 | 10.87 | 9.704 | 10.4136 | 117,671,362 | 145,286,293 | | February 2025 | 3,395,890 | 12.725 | 11.79 | 12.33 | 41,849,427 | 52,884,831 | | March 2025 | 24,636,534 | 12.81 | 11.175 | 11.8839 | 292,546,496 | 377,784,647 | | April 2025 | 19,971,649 | 11.545 | 8.728 | 10.201 | 201,750,555 | 264,351,775 | | May 2025 | 18,340,963 | 11.755 | 10.385 | 11.2748 | 205,669,905 | 274,781,456 | | June 2025 | 15,903,416 | 12.2 | 11.16 | 11.7 | 186,026,636 | 252,365,331 | | July 2025 | 15,913,999 | 13.78 | 11.675 | 12.9343 | 205,721,926 | 277,831,848 | | August 2025 | 10,425,043 | 14.31 | 12.855 | 13.7655 | 143,350,111 | 192,812,669 | | September 2025 | 11,517,686 | 14.65 | 13.545 | 14.1412 | 162,803,283 | 219,854,779 | | October 2025 | 10,604,541 | 15.645 | 13.515 | 14.5063 | 153,001,512 | 204,574,723 | | November 2025 | 9,494,913 | 16.83 | 15.255 | 16.0656 | 152,484,758 | 200,451,254 | | December 2025 | 11,019,535 | 18.345 | 16.235 | 17.4014 | 191,126,325 | 255,662,097 | Ordinary share capital In accordance with the Companies Act 2006 the Company does not have authorised share capital. The nominal value of each ordinary share is 50 cents. During the period nil shares were issued under employee share plans. Preference share capital At 31 December 2025, the Company has 15,000 $5 non-cumulative redeemable preference shares in issue, with 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 and are classified in equity. The available profits of the Company are distributed to the holders of the issued preference shares in priority to payments made to holders of the ordinary shares and in priority to, or pari passu with, any payments to the holders of any other class of shares in issue. On a winding up, the assets of the Company are applied to the holders of the preference shares in priority to any payment to the ordinary shareholders and in priority to, or pari passu with, the holders of any other shares in issue, for an amount equal to any dividends payable (on approval of the Board) and the nominal value of the shares together with any premium as determined by the Board. The redeemable preference shares are redeemable at the paid up amount (which includes premium) at the option of the Company in accordance with the terms of the shares. The holders of the preference shares are not entitled to attend or vote at any general meeting except where any relevant dividend due is not paid in full or where a resolution is proposed varying the rights of the preference shares. Other equity instruments The table provides details of outstanding Fixed Rate Resetting Perpetual Subordinated Contingent Convertible AT1 securities issued by Standard Chartered PLC. All issuances are made for general business purposes and to increase the regulatory capital base of the Group. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Proceeds net of | | | | Conversion | | | Nominal value | issue costs | Interest | | | price per | | Issuance date | million | $ million | rate 1 | Coupon payment dates each year 2 | First reset dates 3 | ordinary share 4 | | 14 January 2021 | $1,250 | 1,239 | 4.75% | 14 January, 14 July | 14 July 2031 | $6.353 | | 19 August 2021 | $1,500 | 1,489 | 4.30% | 19 February, 19 August | 19 August 2028 | $6.382 | | 15 August 2022 | $1,250 | 1,239 | 7.75% | 15 February, 15 August | 15 February 2028 | $7.333 | | 08 March 2024 | $1,000 | 993 | 7.875% | 8 March, 8 September | 8 September 2030 | $8.216 | | 19 September 2024 | SGD750 | 579 | 5.300% | 19 March, 19 September | 19 March 2030 | SGD12.929 | | 16 January 2025 | $1,000 | 994 | 7.625% | 16 January, 16 July | 16 July 2032 | $12.330 | | 14 November 2025 | $1,000 | 995 | 7.00% | 14 May, 14 November | 14 May 2036 | $20.760 | | | Total | 7,528 | | | | | 1 Interest rates for the period from (and including) the issue date to (but excluding) the first reset date. 2 Interest payable semi-annually in arrears. 3 Securities are resettable each date falling five years, or an integral multiple of five years, after the first reset date. 4 Conversion price set at the time of pricing with reference to closing share price and any applicable discount. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025394 ![]() The AT1 issuances above are primarily purchased by institutional investors. The principal terms of the AT1 securities are described below: • The securities are perpetual and redeemable, at the option of Standard Chartered PLC in whole but not in part, on the first interest reset date and each date falling five years after the first reset date • The securities are also redeemable for certain regulatory or tax reasons on any date at 100 per cent of their principal amount together with any accrued but unpaid interest up to (but excluding) the date fixed for redemption. Any redemption is subject to Standard Chartered PLC giving notice to the relevant regulator and the regulator granting permission to redeem • Interest payments on these securities will be accounted for as a dividend • Interest on the securities is due and payable only at the sole and absolute discretion of Standard Chartered PLC, subject to certain additional restrictions set out in the terms and conditions. Accordingly, Standard Chartered PLC may at any time elect to cancel any interest payment (or part thereof) which would otherwise be payable on any interest payment date • The securities convert into ordinary shares of Standard Chartered PLC, at a pre-determined price detailed in the table above, should the fully loaded Common Equity Tier 1 ratio of the Group fall below 7.0 per cent. Approximately 911 million ordinary shares would be required to satisfy the conversion of all the securities mentioned above. The securities rank behind the claims against Standard Chartered PLC of (a) unsubordinated creditors, (b) which are expressed to be subordinated to the claims of unsubordinated creditors of Standard Chartered PLC but not further or otherwise; or (c) which are, or are expressed to be, junior to the claims of other creditors of Standard Chartered PLC, whether subordinated or unsubordinated, other than claims which rank, or are expressed to rank, pari passu with, or junior to, the claims of holders of the AT1 securities in a winding–up occurring prior to the conversion trigger. Reserves The constituents of the reserves are summarised as follows: • The capital reserve represents the exchange difference on redenomination of share capital and share premium from sterling to US dollars in 2001. The capital redemption reserve represents the nominal value of preference shares redeemed • The amounts in the ‘Capital and Merger Reserve’ represents the premium arising on shares issued using a cash box financing structure, which required the Company to create a merger reserve under section 612 of the Companies Act 2006. Shares were issued using this structure in 2005 and 2006 to assist in the funding of Korea ($1.9 billion) and Taiwan ($1.2 billion) acquisitions, in 2008, 2010 and 2015 for the shares issued by way of a rights issue, primarily for capital maintenance requirements and for the shares issued in 2009 by way of an accelerated book build, the proceeds of which were used in the ordinary course of business of the Group. The funding raised by the 2008, 2010 and 2015 rights issues and 2009 share issue was fully retained within the Company. Of the 2015 funding, $1.5 billion was used to subscribe to additional equity in Standard Chartered Bank, a wholly owned subsidiary of the Company. Apart from the Korea, Taiwan and Standard Chartered Bank funding, the merger reserve is considered realised and distributable • Own credit adjustment reserve represents the cumulative gains and losses on financial liabilities designated at fair value through profit or loss relating to own credit. Gains and losses on financial liabilities designated 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 derecognition of applicable instruments the balance of any OCA will not be recycled to the income statement, but will be transferred within equity to retained earning • Fair value through other comprehensive income (FVOCI) debt reserve represents the unrealised fair value gains and losses in respect of financial assets classified as FVOCI, net of expected credit losses and taxation. Gains and losses are deferred in this reserve and are reclassified to the income statement when the underlying asset is sold, matures or becomes impaired • FVOCI equity reserve represents unrealised fair value gains and losses in respect of financial assets classified as FVOCI, net of taxation. 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 derivatives that meet the criteria for these types of hedges. Gains and losses are deferred in this reserve and are reclassified 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 reclassified to the income statement when the underlying foreign operation is disposed. Gains and losses arising from derivatives 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 dividend distributions, own shares held (treasury shares) and share buybacks. Annual Report 2025 | Standard Chartered 395 Financial statements ![]() 28. Share capital, other equity instruments and reserves continued A substantial part of the Group’s reserves is held in overseas subsidiary undertakings and branches, principally 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 addition, if these overseas reserves were to be remitted, further unprovided taxation liabilities might arise. As at 31 December 2025, the distributable reserves of Standard Chartered PLC (the Company) were $14.1 billion (31 December 2024: $14.1 billion). Distributable reserves of the Company were $14.1 billion, which include the distributable portions of retained earnings. Distributable reserves are derived from the Merger reserve and Retained earnings, reduced by ordinary dividend payments, distributions on AT1 instruments, share buybacks, impairments in investments in subsidiaries, restricted items in line with section 830 and 831 of the Companies Act 2006. They are increased by profits and the realisation of retained earnings. Own shares The 2004 Employee Benefit Trust (2004 Trust) is used in conjunction with the Group’s employee share schemes and other employee share-based payments (such as upfront shares and salary shares). Computershare Trustees (Jersey) Limited is the trustee of the 2004 Trust. Group companies fund the 2004 Trust from time to time to enable the trustees to acquire shares in Standard Chartered PLC to satisfy these arrangements. Details of the shares purchased and held by the 2004 Trust are set out below. | | | | | --- | --- | --- | | | 2004 | Trust | | | 2025 | 2024 | | Shares purchased during the period | 24,477,541 | 19,604,557 | | Market price of shares purchased ($million) | 508 | 223 | | Shares held at the end of the period | 16,474,859 | 17,589,987 | | Maximum number of shares held during the period | 25,082,882 | 28,085,688 | Except as disclosed, neither the Company nor any of its subsidiaries has bought, sold or redeemed any securities of the Company listed on The Stock Exchange of Hong Kong Limited during the period. Computershare Trustees (Jersey) Limited abstains from voting on the Standard Chartered PLC shares held in the 2004 Trust. Dividend waivers The trustees of the 2004 Trust, which holds ordinary shares in Standard Chartered PLC in connection with the operation of its employee share plans, waive any dividend on the balance of ordinary shares that have not been allocated to employees, except for 0.01p per share. Changes in share capital and other equity instruments of Standard Chartered PLC subsidiaries The table below details the transactions in equity instruments (including convertible and hybrid instruments) of the Group’s subsidiaries, including issuances, conversions, redemptions, purchase or cancellation during the financial year. This is required under the Hong Kong Listing requirements, appendix D2 paragraph 10. | | | | | | --- | --- | --- | --- | | | Description of | Issued/(redeemed) | Issued/(redeemed) | | Name | Shares | Shares | capital | | Anchorpoint Financial Limited | HKD Ordinary | 9,360,000 | HKD93,600,000 | | Appro Onboarding Solutions FZ-LLC | AED1,000.00 Ordinary | 55,609 | AED55,609,000 | | Audax Financial Technology Pte. Ltd | US$1.00 Ordinary | 8,600,000 | USD8,600,000 | | CashEnable Pte. Ltd. | US$ Ordinary | 4,200,000 | USD4,200,000 | | Financial Inclusion Technologies Ltd | US$ Ordinary | 17,513,444 | USD17,513,444 | | Fourtwothree Pte. Ltd | US$ Ordinary | 2,300,000 | USD2,300,000 | | Furaha Holding Ltd | US$1.00 Ordinary | 8,500,000 | USD8,500,000 | | Letsbloom India Private Limited | INR10.00 Equity | 3,815,713 | INR38,157,130 | | Letsbloom Pte. Ltd. | US$ Ordinary-A | 1,470,000 | USD1,470,000 | | Libeara (Singapore) Pte. Ltd. | US$ Ordinary | 4,300,000 | USD4,300,000 | | Libeara Pte. Ltd. | US$ Ordinary | 3,500,000 | USD3,500,000 | | Mox Bank Limited | HKD Ordinary | 93,840,000 | HKD938,400,000 | | myZoi Financial Inclusion Technologies LLC | AED1.00 Ordinary | 40,000,000 | AED40,000,000 | | Power2SME Pte. Ltd. | US$ Ordinary | 9,175,676 | USD9,175,676 | | PT Labamu Sejahtera Indonesia | IDR10,000.00 Ordinary | 6,090,299 | IDR60,902,990,000 | | Qatalyst Pte. Ltd. | US$1.00 Ordinary | 1,100,000 | USD1,100,000 | | SC Ventures Holdings Limited | US$1.00 Ordinary | 44,190,000 | USD44,190,000 | | SCV Master Holding Company Pte. Ltd. | US$ Ordinary | 66,200,000 | USD66,200,000 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025396 ![]() | | | | | | --- | --- | --- | --- | | | Description of | Issued/(redeemed) | Issued/(redeemed) | | Name | Shares | Shares | capital | | SCV Research and Development Pte. Ltd. | US$ Ordinary-A | 18,526,896 | USD18,526,896 | | Sky Harmony Holdings Limited | USD1.00 Ordinary | 1 | USD1 | | Solv Vietnam Company Limited | VND Charter Capital | 12,845,000,000 | VND12,845,000,000 | | Solvezy Technology Ghana Ltd | GHS Ordinary | 40,957,952 | GHS40,957,952 | | Solvezy Technology Kenya Limited | KES1,000.00 Ordinary | 289,482 | KES289,482,000 | | Solv-India Pte. Ltd. | US$ Ordinary | 54,900,000 | USD54,900,000 | | Standard Chartered Bank Côte d’Ivoire SA | XOF100,000.00 | 52,566 | XOF5,256,600,000 | | Standard Chartered Bank Nigeria Limited | NGN1.00 Ordinary | 9,151,152,653 | NGN9,151,152,653 | | Standard Chartered Holdings Limited | US$2.00 Ordinary | 11,624,204 | USD23,248,408 | | Standard Chartered I H Limited | US$1.00 Ordinary | 23,248,408 | USD23,248,408 | | Standard Chartered Luxembourg S.A. | €1.00 Ordinary | 1,500,000 | EUR1,500,000 | | Standard Chartered Private Equity (Mauritius) Limited | US$1.00 Ordinary | 500,000 | USD500,000 | | Standard Chartered Private Equity (Mauritius) lll Limited | US$1.00 Ordinary | 38,813,419 | USD38,813,419 | | Standard Chartered Research and Technology India Private Limited | INR10.00 Equity | 34,617,793 | INR346,177,930 | | Standard Chartered Strategic Investments Limited | US$1.00 Ordinary | 5,949,826 | USD5,949,826 | | TASConnect (Malaysia) Sdn. Bhd. | RM5.00 Ordinary | 687,900 | MYR3,439,500 | | Trust Bank Singapore Limited | SGD Ordinary | 25,000,000 | SGD25,000,000 | | Zodia Custody (Europe) S.A. | €100.00 Ordinary | 300 | EUR30,000 | | Zodia Holdings Limited | US$1.00 Ordinary | 41,401,604 | USD41,401,604 | | Zodia Markets (AME) Limited | US$ Ordinary | 1,200,000 | USD1,200,000 | | Zodia Markets (Jersey) Limited | US$ Ordinary | 10,000 | USD10,000 | | Zodia Markets Holdings Limited | US$1.00 Series A | 4,560 | USD4,560 | Please see Note 22 Debt securities in issue for issuances and redemptions of senior notes. Please see Note 27 Subordinated liabilities and other borrowed funds for issuance and redemptions of subordinated liabilities. Please see Note 41 Related undertakings of the Group for subsidiaries liquidated, dissolved or sold during the year. 29. Non-controlling interests | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | As at 1 January | 394 | 396 | | Comprehensive income/(loss) for the year | 45 | (22) | | Income/(loss) in equity attributable to non-controlling interests | 33 | (14) | | Other profits/(loss) attributable to non-controlling interests | 12 | (8) | | Distributions | (50) | (43) | | Other increases 1 | 76 | 63 | | As at 31 December | 465 | 394 | 1 Movements in 2025 are primarily from Mox Bank Limited ($26 million), Standard Chartered Research and Technology India Private Limited ($12 million), Zodia Markets Holdings Limited ($15 million), Trust Bank Singapore Limited ($8 million), Anchorpoint Financial Limited ($6 million), Financial Inclusion Tech ($6 million) and Furaha Holding Ltd ($3million). Movements in 2024 are primarily from non-controlling interests pertaining to Trust Bank Singapore Limited ($55 million) and Mox Bank Limited ($14 million) partly offset by disposal of SCB Angola S.A. ($6 million). Cash received from additional investment was $40 million (31 December 2024: $55 million). Annual Report 2025 | Standard Chartered 397 Financial statements ![]() 30. Retirement benefit obligations Accounting policy The Group operates pension and other post-retirement benefit plans around the world, which are categorised into defined contribution plans and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension plans on a statutory or contractual basis, and such amounts are charged to operating expenses. The Group has no further payment obligations once the contributions have been paid. For defined benefit plans, which promise levels of payments where the future cost is not known with certainty: • The accounting obligation 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 liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability, taking into account any changes in the net defined benefit liability during the year as a result of contributions and benefit payments. Net interest expense, the cost of the accrual of new benefits, benefit enhancements (or reductions) and administration 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 obligations. This measurement requires the use of estimates, such as discount rates, inflation, pension 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 obligations. This is the approach adopted across all our geographies. | | Inflation | Where there are inflation-linked bonds available (e.g. United Kingdom and the eurozone), | | | the Group derives inflation based on the market on those bonds, with the market yield adjusted | | | in respect of the United Kingdom to take account of the fact that liabilities are linked to | | | Consumer Price Index inflation, whereas the reference bonds are linked to Retail Price Index | | | inflation. Where no inflation-linked bonds exist, we determine inflation assumptions based | | | on a combination of long-term forecasts and short-term inflation data. | | Salary growth | Salary growth assumptions reflect the Group’s long-term expectations, taking into account | | | future business plans and macroeconomic data (primarily expected future long-term inflation). | | Demographic assumptions | Demographic assumptions, including mortality and turnover rates, are typically set based | | | on the assumptions used in the most recent actuarial funding valuation, and will generally | | | use industry standard tables, adjusted where appropriate to reflect recent historic experience | | | and/or future expectations. | The sensitivity of the liabilities to changes in these assumptions is shown in the Note below. Retirement benefit obligations and charge comprises: | | | | | | | --- | --- | --- | --- | --- | | | Obligation | | Charge | | | | 2025 | 2024 | 2025 | 2024 | | | $million | $million | $million | $million | | Defined benefit plans | 146 | 101 | 125 | 62 | | Defined contribution plans | 23 | 14 | 393 1 | 389 | | Total | 169 | 115 | 518 2 | 451 2 | 1 The Group during the year utilised against defined contribution payments, $1 million forfeited pension contributions in respect of employees who left before their interests vested fully. The residual balance of forfeited contributions is $21 million. 2 Refer to note 7 – Operating expenses. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025398 ![]() The Group operates over 60 defined benefit plans across its geographies, many of which are closed to new entrants who now join defined contribution arrangements. The aim of all these plans is, as part of the Group’s commitment to financial wellbeing, to give employees the opportunity to save appropriately for retirement in a way that is consistent with local regulations, taxation requirements and market conditions. The defined benefit plans expose the Group to currency risk, interest rate risk, investment risk and actuarial risks such as longevity risk. The disclosures required under IAS 19 have been calculated by independent qualified actuaries based on the most recent full actuarial valuations updated, where necessary, to 31 December 2025. Financial and demographic assumptions have remained largely consistent with those used in the prior year. And the impact on the liabilities of any movements in interest and inflation rates has been partially hedged by the government and corporate bonds held. The increase in the pension deficit during the year was primarily driven by regulatory and legal developments in India (causing a past service cost of $48 million) and Kenya ($19 million). In India, a past service cost has been recognised in relation to statutory lump sum plans, based on the current interpretation of new regulations that expand the definition of pay on which they are calculated. The new regulations were substantively enacted on 21 November and applied both immediately and retrospectively; further clarification from the local authorities is expected in 2026. In Kenya, the Retirement Benefits Appeals Tribunal (RBAT) ruled broadly in favour of a longstanding legal case brought by 629 former employees. A past service cost reflects the financial impact of this judgment, which included a mandate to fund the plan. Where legacy colleagues have yet to be traced, the temporary surplus arising from the mandated funding has been disregarded under IFRIC 14. UK Fund The Standard Chartered Pension Fund (the ‘UK Fund’) is the Group’s largest pension plan, representing 46 per cent (31 December 2024: 46 per cent) of total pension liabilities. The UK Fund is set up under a trust that is legally separate from the Bank (its formal sponsor) and, as required by UK legislation, at least one third of the trustee directors are nominated by members; the remainder are appointed by the Bank. The trustee directors have a fiduciary 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 UK employees are now offered membership of a defined contribution plan. The financial position of the UK Fund is regularly assessed by an independent qualified actuary. The funding valuation as at 31 December 2023 was completed in December 2024 by the Scheme Actuary, T Kripps of Willis Towers Watson, using assumptions different from those used for IAS 19, and agreed with the UK Fund trustee. It showed that the UK Fund was 96% funded at that date, revealing a past service deficit of $48 million (£38 million). To repair the deficit, three annual cash payments each of $13 million (£10 million) were agreed, with the first of these paid in December 2024, and two further instalments to be paid in December 2025 and December 2026. However, the agreement allowed that the payments due in 2025 and 2026 may be varied depending on the funding position at the preceding 30 June provided that total payments over the three year recovery plan period do not exceed $38 million (£30 million). Based on financial conditions at 30 June 2025, the Scheme Actuary determined that the 2025 payment should be $7million (£5 million), and this was remitted to the Fund in December. As part of the 2023 valuation agreement, it was agreed that gilts with a nominal value of $200 million (£160 million) would remain in escrow to provide additional security the Trustee. The Group has not recognised any additional liability under IFRIC 14, as the Bank has control of any pension surplus under the Trust Deed and Rules. Overseas plans The principal overseas defined benefit arrangements operated by the Group are in Hong Kong, India, Jersey, Korea, Taiwan, Thailand, United Arab Emirates (UAE) and the United States of America (US). Plans in Hong Kong, India, Korea, Taiwan, Thailand, and UAE remain open for accrual of future benefits. Annual Report 2025 | Standard Chartered 399 Financial statements ![]() 30. Retirement benefit obligations continued Key assumptions The principal financial assumptions used at 31 December 2025 were: | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | UK Funded | Overseas Plans 1 | Unfunded Plans 2 | UK Funded | Overseas Plans 1 | Unfunded Plans 2 | | | % | % | % | % | % | % | | Discount rate | 5.5 | 1.3 – 6.7 | 1.4 – 6.7 | 5.5 | 1.6 – 6.9 | 2.5 – 6.9 | | Price inflation | 2.4 | 2.0 – 5.0 | 2.0 – 5.0 | 2.5 | 2.0 – 5.0 | 2.0 – 5.0 | | Salary increases | n/a | 3.5 – 7.5 | 2.4 – 7.5 | n/a | 3.5 – 8.5 | 4.0 – 8.5 | | Pension increases | 2.4 | 0 – 2.8 | 0 – 2.4 | 2.3 | 0 – 2.9 | 0 – 2.3 | | Post-retirement | n/a | n/a | 8% in 2025 reducing | n/a | | 8% in 2024 reducing | | medical rate | | | by 0.5% per annum | | | by 0.5% per annum | | | | | to 5% in 2031 | | | to 5% in 2030 | 1 The range of assumptions shown is for the funded defined benefit overseas plans in Hong Kong, India, Jersey, Korea, Taiwan, and the US. These comprise around 80 per cent of the total liabilities of overseas funded plans. 2 The range of assumptions shown is for the main unfunded defined benefit plans in India, Korea, Thailand, Hong Kong, UAE, UK and the US. They comprise over 90 per cent of the total liabilities of unfunded plans. The principal non-financial assumptions 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 per cent annual trend and initial addition parameter of 0.25 per cent. Scaling factors of 81 per cent for male pensioners, 93 per cent for female pensioners, 81 per cent for male dependants and 81 per cent for female dependants have been applied. The resulting assumptions for life expectancy for the UK Fund are that a male member currently aged 60 will live for 28 years (2024: 28 years) and a female member for 29 years (2024: 29 years) and a male member currently aged 40 will live for 29 years (2024: 29 years) and a female member for 31 years (2024: 31 years) after their 60 th birthdays. Both financial and non-financial assumptions can be expected to change in the future, which would affect the value placed on the liabilities. For example, changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: • If the discount rate increased by 25 basis points the liability would reduce by approximately $25 million for the UK Fund (2024: $25 million) and $20 million for the other plans (2024: $20 million) • If the rate of inflation increased by 25 basis points the liability, allowing for the consequent impact on pension and salary increases, would increase by approximately $15 million for the UK Fund (2024: $15 million) and $10 million for the other plans (2024: $15 million) • If the rate of salary growth relative to inflation increased by 25 basis points the liability would increase by nil for the UK Fund (2024: nil) and approximately $10 million for the other plans (2024: $10 million) • If longevity expectations increased by one year the liability would increase by approximately $40 million for the UK Fund (2024: $35 million) and $10 million for the other plans (2024: $10 million) Although this analysis does not take account of the full distribution of cash flows expected, it does provide an approximation of the sensitivity to the main assumptions. While changes in other assumptions would also have an impact, the effect would not be as significant. Profile of plan obligations | | | | | | --- | --- | --- | --- | | | Funded plans | | Unfunded | | | UK Fund | Overseas | plans | | Duration of the defined benefit obligation (in years) | 10 | 8 | 8 | | Duration of the defined benefit obligation – 2024 | 10 | 8 | 8 | | Benefits expected to be paid from plans | | | | | Benefits expected to be paid during 2026 | 89 | 102 | 21 | | Benefits expected to be paid during 2027 | 92 | 138 | 19 | | Benefits expected to be paid during 2028 | 94 | 117 | 17 | | Benefits expected to be paid during 2029 | 96 | 127 | 17 | | Benefits expected to be paid during 2030 | 99 | 122 | 19 | | Benefits expected to be paid during 2031 to 2035 | 529 | 595 | 91 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025400 ![]() Fund values: | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | | 2024 | | | | | | | 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 | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | At 31 December | | | | | | | | | | | | | | Equities | 2 | – | 2 | 108 | – | 108 | 2 | – | 2 | 132 | – | 132 | | Government bonds | 332 | – | 332 | 323 | – | 323 | 342 | – | 342 | 269 | – | 269 | | Corporate bonds | 411 | 134 | 545 | 266 | – | 266 | 357 | 126 | 483 | 291 | – | 291 | | Hedge funds | – | 4 | 4 | 94 | – | 94 | – | 5 | 5 | – | – | – | | Infrastructure | – | 191 | 191 | – | – | – | – | 170 | 170 | – | – | – | | Property | – | 80 | 80 | | 18 | 18 | – | 81 | 81 | – | 15 | 15 | | Derivatives | 2 | (2) | – | – | – | – | 22 | (1) | 21 | – | – | – | | Cash and equivalents | 38 | – | 38 | 151 | 165² | 316 | 35 | – | 35 | 60 | 153 2 | 213 | | Others | 9 | – | 9 | 20 | – | 20 | 7 | 2 | 9 | – | 156 | 156 | | Total fair value | | | | | | | | | | | | | | of assets 1 | 794 | 407 | 1,201 | 962 | 183 | 1,145 | 765 | 383 | 1,148 | 752 | 324 | 1,076 | 1 Self-investment is monitored closely and is less than $1 million of Standard Chartered equities and bonds for 2025 (31 December 2024: <$1 million). Self-investment is only allowed where it is not practical to exclude it – for example through investment in index-tracking funds where the Group is a constituent of the relevant index. 2 Cash and equivalents includes the value of insurance contracts held in Korea which invest only in short term money market instruments. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | At 31 December 2025 | | | At 31 December 2024 | | | | Funded plans | | Unfunded Plans | Funded plans | | Unfunded Plans | | | | Overseas | | | Overseas | | | | UK Fund | Plans | | UK Fund | Plans | | | | $million | $million | $million | $million | $million | $million | | Total fair value of assets | 1,201 | 1,141 1 | n/a | 1,148 | 1,076 | n/a | | Present value of liabilities | (1,133) | (1,170) | (185) | (1,070) | (1,075) | (180) | | Net pension plan asset/(obligation) | 68 | (29) | (185) | 78 | 1 | (180) | | Of which: Total pension assets in respect of plans in surplus | 68 | 86 | – | 78 | 73 | – | | Of which: Total pension obligations in respect of plans in deficit | – | (115) | (185) | – | (72) | (180) | 1 Overseas plan assets include an asset ceiling in Kenya and legacy Zimbabwe arrangement, resulting from a restriction on the recognition of surplus. The pension cost for defined benefit plans was: | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | | | 2024 | | | | | Funded plans | | | | Funded plans | | | | | | Overseas | Unfunded | | | Overseas | Unfunded | | | | UK Fund | plans | plans | Total | UK Fund | plans | plans | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | | Current service cost 1 | – | 50 | 6 | 56 | – | 44 | 8 | 52 | | Past service cost and curtailments 2 | – | 67 | – | 67 | – | 2 | (1) | 1 | | Settlement cost 3 | – | 1 | – | 1 | – | 3 | – | 3 | | Interest income on pension plan assets | (65) | (61) | – | (126) | (56) | (41) | – | (97) | | Interest on pension plan liabilities | 60 | 59 | 8 | 127 | 54 | 41 | 8 | 103 | | Total charge to profit before deduction of tax | (5) | 116 | 14 | 125 | (2) | 49 | 15 | 62 | | Losses/(gains) on plan assets 4 | 18 | (36) | – | (18) | 78 | (32) | – | 46 | | Losses/(gains) on liabilities | 10 | 18 | 1 | 29 | (103) | 6 | (1) | (98) | | Total losses/(gains) recognised directly in statement | | | | | | | | | | of comprehensive income before tax | 28 | (18) | 1 | 11 | (25) | (26) | (1) | (52) | | Deferred taxation | (2) | (2) | – | (4) | 5 | 7 | – | 12 | | Total losses/(gains) after tax | 26 | (20) | 1 | 7 | (20) | (19) | (1) | (40) | 1 Includes administrative expenses paid out of plan assets of $1 million (31 December 2024: $1 million) and actuarial losses of $1 million (31 December 2024: $1 million) that are immediately recognised through P&L in line with the requirements of IAS 19. 2 Relates to provisional impact of regulatory change in India and RBAT court ruling in Kenya. 3 Impact of settlements relates to termination benefits in Indonesia. 4 The actual return on the UK Fund assets was a gain of $47 million (31 December 2024: $22 million loss) and on overseas plan assets was a gain of $97 million (31 December 2024: $73 million loss) . Annual Report 2025 | Standard Chartered 401 Financial statements ![]() 30. Retirement benefit obligations continued Movement in the deficit during the year comprises: | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | 2024 | | | | | Funded plans | | | | Funded plans | | | | | | Overseas | Unfunded | | | Overseas | Unfunded | | | | UK Fund | plans | plans | Total | UK Fund | plans | plans | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | | Surplus/(Deficit) | 78 | 1 | (180) | (101) | 40 | (17) | (189) | (166) | | Contributions | 7 | 71 | 16 | 94 | 13 | 39 | 16 | 68 | | Current service cost 1 | – | (50) | (6) | (56) | – | (44) | (8) | (52) | | Past service cost and curtailments 2 | – | (67) | – | (67) | – | (2) | 1 | (1) | | Settlement costs and transfers impact | – | (1) | – | (1) | – | (3) | – | (3) | | Net interest on the net defined benefit asset/liability | 5 | 2 | (8) | (1) | 2 | – | (8) | (6) | | Actuarial (losses)/gains | (28) | 18 | (1) | (11) | 25 | 26 | 1 | 52 | | Asset held for Sale | – | – | – | – | – | – | – | – | | Other movement | – | – | – | – | – | (1) | – | (1) | | Asset ceiling 3 | – | (4) | – | (4) | – | – | – | – | | Exchange rate adjustment | 6 | 1 | (6) | 1 | (2) | 3 | 7 | 8 | | Surplus/(Deficit) | 68 | (29) | (185) | (146) | 78 | 1 | (180) | (101) | 1 Includes administrative expenses paid out of plan assets of $1 million (31 December 2024: $1 million). 2 Relates to provisional impact of regulatory change in India and RBAT court ruling in Kenya. 3 Overseas plans include an asset ceiling in Kenya and a legacy Zimbabwe arrangement, resulting from a restriction on the recognition of surplus. The Group’s expected contribution to its defined benefit pension plans in 2026 is $83 million. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | Assets | Obligations | Total | Assets | Obligations | Total | | | $million | $million | $million | $million | $million | $million | | At 1 January | 2,224 | (2,325) | (101) | 2,119 | (2,285) | (166) | | Contributions 1 | 104 | (10) | 94 | 69 | (1) | 68 | | Current service cost 2 | – | (56) | (56) | – | (52) | (52) | | Past service cost and curtailments | – | (67) | (67) | – | (1) | (1) | | Settlement costs 3 | – | (1) | (1) | – | (3) | (3) | | Interest cost on pension plan liabilities | – | (127) | (127) | – | (103) | (103) | | Interest income on pension plan assets | 126 | – | 126 | 97 | – | 97 | | Benefits paid out 2 | (210) | 210 | – | (169) | 169 | – | | Actuarial gains/(losses) 4 | 18 | (29) | (11) | (46) | 98 | 52 | | Asset held for sale | – | – | – | – | – | – | | Other movement | – | – | – | 212 | (213) | (1) | | Asset ceiling 5 | (4) | – | (4) | – | – | – | | Exchange rate adjustment | 84 | (83) | 1 | (58) | 66 | 8 | | At 31 December | 2,342 | (2,488) | (146) | 2,224 | (2,325) | (101) | 1 Includes employee contributions of $11 million (31 December 2024: $1 million). 2 Includes administrative expenses paid out of plan assets of $1 million (31 December 2024: $1 million). 3 Impact of settlements relates to termination benefits in Indonesia. 4 Actuarial loss on obligation comprises $11 million loss (31 December 2024: $127 million gain) from financial assumption changes, $1 million gain (31 December 2024: $1 million gain) from demographic assumption changes and $19 million loss (31 December 2024: $30 million loss) from experience. 5 Assets include a ceiling in Kenya and a legacy Zimbabwe arrangement, resulting from a restriction on the recognition of surplus. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025402 ![]() 31. 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 2025 in respect of 2024 performance, which vest in 2026-2028, is recognised as an expense over the period from 1 January 2024 to the vesting dates in 2026-2028. 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 conditions (for example, profitability 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 binomial option pricing model. Non-market vesting conditions 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 revision of original estimates, if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period. Forfeitures prior to vesting attributable to factors other than the failure to satisfy service conditions and non-market vesting conditions are treated as a cancellation and the remaining unamortised 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 liability 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 conditions or market-based performance conditions, the cumulative charge incurred up to the date of forfeiture is credited to the income statement. Other accounting estimates and judgements Share-based payments involve judgement and estimation uncertainty exists when determining the expenses and carrying values of share awards at the balance sheet date. • LTIP awards are determined using an estimation of the probability of meeting certain metrics over a three-year performance period using the Monte Carlo simulation model. • Deferred shares are determined using an estimation of expected dividends. • Sharesave Plan valuations are determined using a binomial option-pricing 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. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025¹ | | | 2024 1 | | | | Cash | Equity | Total | Cash | Equity | Total | | | $million | $million | $million | $million | $million | $million | | Deferred share awards | 81 | 206 | 287 | 31 | 160 | 191 | | Other share awards | 80 | 32 | 112 | 34 | 109 | 143 | | Total share-based payments 2 | 161 | 238 | 399 | 65 | 269 | 334 | 1 No forfeiture assumed. 2 The total share-based payments charge during the year includes costs relating to Business ventures. Business ventures are established as separate legal entities with their own employee share ownership plans (ESOP) to attract and incentivise talent. ESOPs have been set up with share-based payment charges recorded in 2025 with $2 million (2024: $2 million) in cash settled and $11 million (2024: $14 million) equity settled deferred awards spread across 18 entities. The Group determines both the grant and settlement date for all schemes, and no option to determine grant or settlement date is available to employees. No other principal subsidiaries have separate share schemes. Annual Report 2025 | Standard Chartered 403 Financial statements ![]() 31. Share-based payments continued Discretionary 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, including directors and former executive directors: | | | | | | | --- | --- | --- | --- | --- | | Award type | Description and performance measures | | Valuation | | | Long Term Incentive | The vesting of awards granted in 2025, 2024 | | The fair value of the relative TSR component | | | Plan (LTIP) awards | and 2023 are subject to the following | | is calculated using the probability of meeting | | | | performance measures: | | the measures over a three-year performance | | | | • | relative total shareholder return (TSR); | period, using a Monte Carlo simulation model. | | | | • | return on tangible equity (RoTE) (with a Common | The value of the remaining components is | | | | Equity Tier 1 (CET1) underpin); and | | based on the expected performance against | | | | • | strategic measures (including targets set for | the RoTE and strategic measures in the | | | | sustainability linked to business strategy). | | scorecard and the resulting estimated number | | | | | | of shares expected to vest at each reporting | | | | Each measure is assessed independently over a | | date. These combined values are used to | | | | three-year period. LTIP awards have an individual | | determine the accounting charge. | | | | conduct gateway requirement that results in the | | | | | | award lapsing if not met. | | No dividend equivalents accrue for the LTIP | | | | | | awards made in 2025, 2024, 2023 | | or 2022 | | | Vested awards are delivered in ordinary Standard | | and the fair value takes this into account, | | | | Chartered PLC shares. | | calculated by reference to market consensus | | | | | | dividend yield. | | | Deferred shares | Used to deliver: | | The fair value for deferred shares, which | | | | • | the deferred portion of year-end variable | are granted to employees who are not | | | | remuneration, in line with both market practice | | categorised as material risk takers, is based | | | | and regulatory requirements. These awards vest | | on 100 per cent of the face value of the shares | at the date of grant as the share price will | | | in instalments on anniversaries of the award date | | reflect expectations of all future dividends. | | | | specified at the time of grant. This enables the | | | | | | Group to meet regulatory requirements relating to | | For awards granted to material risk takers | | | | deferral levels, and is in line with market practice. | | in 2025, | the fair value of awards takes into | | | • | replacement buy-out awards to new joiners who | account the lack of dividend equivalents, | | | | forfeit awards on leaving their previous employers. | | calculated by reference to market consensus | | | | These vest in the quarter most closely following | | dividend yield. | | | | 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. | | | | | | Vested awards are delivered in ordinary Standard | | | | | | Chartered PLC shares. | | | | The remaining life of the 2021 Standard Chartered Share Plan during which new awards can be made is six years. LTIP awards | | | | | --- | --- | --- | | | 2025 | 2024 | | Grant date | 12-May | 12-March | | Share price at grant date (£) | 11.70 | 6.60 | | Vesting period (years) | 3-7 | 3–7 | | Expected dividend yield (%) | 3.5 | 4.2 | | Fair value (RoTE) (£) | 2.86, 2.96, 3.06 | 1.55, 1.61, 1.68 | | Fair value (TSR) (£) | 1.97, 2.04, 2.10 | 0.95, 1.01, 1.06 | | Fair value (Strategic) (£) | 3.81, 3.94, 4.08 | 2.06, 2.15, 2.24 | #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025404 ![]() Deferred shares – year-end | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025 | | | | | | Grant date | 17-Nov | | 24-Sep | | 12-May | | 14-Mar | | | Share price at grant date (£) | 16.13 | | 14.55 | | 11.7 | | 11.77 | | | | Expected | | Expected | | Expected | | Expected | | | | dividend yield | Fair value | dividend yield | Fair value | dividend yield | Fair value | dividend yield | Fair value | | Vesting period (years) | (%) | (£) | (%) | (£) | (%) | (£) | (%) | (£) | | 1-3 years | N/A | 20.49 | N/A | 18.48 | N/A | 14.86 | N/A | 14.95 | | | | | 16.95, | 17.16, | 13.18, | 13.41, | 13.34, | 13.56, | | 1-5 years | – | – | 2.5, 2.5, 2.5 | 17.37 | 3.5, 3.5, 3.5 | 13.64 | 3.3, 3.3, 3.3 | 13.78 | | 3-7 years | – | – | – | – | – | – | 3.3, 3.3 | 12.30, 12.71 | | | | | | | | --- | --- | --- | --- | --- | | | | 2024 | | | | Grant Date | 17 June | | 11 March | | | Share price at grant date (£) | 7.24 | | 6.56 | | | | Expected | | Expected | | | | dividend | | dividend | | | | yield | Fair value | yield | Fair value | | Vesting Period (Years) | (%) | (£) | (%) | (£) | | 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, N/A | 7.19, 7.49, 8.30 | | 3-7 years | | 4.2, | 4.2 | 6.49, 6.76 | Deferred shares – buy-outs | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025 | | | | | | Grant date | | 17-Nov | | 24-Sep | | 12-May | | 14-Mar | | Share price at grant date (£) | | 16.13 | | 14.55 | | 11.7 | | 11.77 | | | Expected | | Expected | | Expected | | Expected | | | | dividend | | dividend | | dividend | | dividend | | | | yield | Fair value | yield | Fair value | yield | Fair value | yield | Fair value | | Vesting Period (years) | (%) | (£) | (%) | (£) | (%) | (£) | (%) | (£) | | 3 months | | | 2.5 | 19.44 | | | 3.3 | 15.07 | | 4 months | 3.3 | 21.14 | | | 3.5 | 15.87 | | | | 6 months | | | 2.5 | 18.85, 19.09, | | | | | | | | | | 19.32 | | | | | | 7 months | 3.3 | 20.97 | | | | | | | | 9 months | | | 2.5 | 19.2 | | | | | | 10 months | | | | | 3.5 | 15.58 | | | | 1 year | 3.3 | 20.30, 20.46, | 2.5 | 18.39, 18.62, | 3.5 | 15.06, 15.33, | 3.3 | 14.59, 14.71 | | | | 20.63 | 18.74, | 18.85, | | 15.44 | | | | | | | 18.97, | 19.09 | | | | | | 2 years | 3.3 | 19.65, 19.81, | 2.5 | 17.94, 18.17, | 3.5 | 14.92 | 3.3 | 14.12, 14.24 | | | | 19.97 | 18.28, | 18.39, | | | | | | | | | 18.51, | 18.62 | | | | | | 3 years | 3.3 | 19.18, 19.33 | 2.5 | 17.72, 17.94, | 3.5 | 14.41 | 3.3 | 13.78 | | | | | | 18.17 | | | | | | 4 years | | | 2.5 | 17.51 | | | | | | 5 years   | | | | | | | | | Annual Report 2025 | Standard Chartered 405 Financial statements ![]() 31. Share-based payments continued | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 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 | | | | | dividend | | dividend | | | dividend | | | dividend | | | | | yield | Fair value | yield | | Fair value | yield | | Fair value | yield | | Fair value | | Vesting Period (years) | (%) | (£) | (%) | | (£) | (%) | | (£) | (%) | | (£) | | 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 | | | | | | | | | | | | 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 invitation or the closing share price on the last trading day prior to the invitation. 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 securities law and regulatory restrictions. In these countries, where possible, the Group offers an equivalent cash-based alternative to its employees. The remaining life of the 2023 Sharesave Plan during which new awards can be made is eight years. Valuation – Sharesave: Options under the Sharesave plans are valued using a binomial option-pricing model. The same fair value is applied to all employees including executive directors. The fair value per option granted and the assumptions used in the calculation are as follows: All Employee Sharesave Plan (Sharesave) | | | | | --- | --- | --- | | | 2025 | 2024 | | Grant date | 24 September | 23 September | | Share price at grant date (£) | 14.55 | 7.59 | | Exercise price (£) | 11.10 | 6.10 | | Vesting period (years) | 3 | 3 | | Expected volatility (%) | 31.2 | 32.9 | | Expected option life (years) | 3.5 | 3.5 | | Risk-free rate (%) | 3.98 | 3.88 | | Expected dividend yield (%) | 2.5 | 4.2 | | Fair value (£) | 6.49 | 2.73 | The expected volatility is based on historical volatility over the last three years, or the three years prior 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 dividend yield is calculated by reference to market consensus dividend yield. Limits 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 discretionary 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. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025406 ![]() 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 individual 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. There are no participants with options and awards granted and to be granted in excess of the 1% individual limit, and there are no related entity participants or service providers with options and awards granted and to be granted in any 12-month period exceeding 0.1% of the relevant class of shares in issue (excluding treasury shares). As at 1 January 2025 and 31 December 2025, the shareholder dilution under our discretionary and Sharesave plans adopted by Standard Chartered PLC and its subsidiaries represented 5.1 per cent and 5.1 per cent of the issued ordinary share capital of Standard Chartered PLC respectively. Accordingly, the number of Standard Chartered PLC shares available to be granted under all discretionary and Sharesave plans at the beginning and the end of the year ended 31 December 2025 were 123,504,051 and 115,091,962 respectively. As at 31 December 2025, the number of Standard Chartered PLC shares available to be granted under the discretionary plan was 27,524,527 (1.2% of issued shares) and 115,091,962 available to be granted under the Sharesave plan (5.1% of issued shares). The maximum number of Standard Chartered PLC shares that may be issued in respect of share options and awards granted under the discretionary and Sharesave plans during the year ended 31 December 2025 divided by the weighted average number of Standard Chartered PLC shares in issue for the year ended 31 December 2025 is 1 per cent. 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 Listing of Securities on the Stock Exchange of Hong Kong. Details are set out in the market announcement made on 30 March 2023. In relation to the waiver of strict compliance with Note 1 to 17.03(18), in 2025 no changes to the plan rules have been proposed that fall within scope of disclosure requirements under the terms of the waiver. Reconciliation of share award movements for the year to 31 December 2025 | | | | | | | --- | --- | --- | --- | --- | | | | | | Weighted | | | 1 | | | average | | | Discretionary | | | Sharesave | | | | Deferred | | exercise price | | | LTIP | shares | Sharesave 6,7 | (£) | | Outstanding at 1 January 2025 | 9,640,693 | 51,693,726 | 20,565,111 | 5.48 | | Granted 2,3,4 | 2,159,737 | 16,143,146 | 4,926,740 | – | | Lapsed 8 | (324,419) | (713,633) | (1,175,886) | 6.20 | | Vested/Exercised 5 | (1,272,072) | (20,517,080) | (1,227,776) | 3.87 | | Outstanding at 31 December 2025 | 10,203,939 | 46,606,159 | 23,088,189 | 6.72 | | Total number of securities available for issue under the plan | 10,203,939 | 46,606,159 | 23,088,189 | 6.72 | | Percentage of the issued shares this represents as at 31 December 2025 | 0.45 | 2.06 | 1.02 | 5.42 | | Exercisable as at 31 December 2025 | – | 90,903 | 82,613 | 5.42 | | Range of exercise prices (£) | – | – | 4.23 – 11.10 | | | Intrinsic value of vested but not exercised options ($ million) | 0.00 | 2.23 | 1.42 | | | Weighted average contractual remaining life (years) | 7.14 | 8.00 | 2.06 | | | Weighted average share price for awards exercised during the period (£) | 11.78 | 11.75 | 11.50 | | 1 Granted under the 2021 Plan and 2011 Plan. Employees do not contribute to the cost of these awards. 2 2,159,737 (LTIP) granted on 12 May 2025. The closing price of the shares immediately before the date on which the options or awards were granted was £ 10.675. 3 14,537,101 (Deferred shares) granted on 14 March 2025. The closing price of the shares immediately before the date on which the options or awards were granted was £ 11.58. 141,397 (Deferred shares) granted as a notional dividend on 27 March 2025; 333,619 (Deferred shares) granted on 12 May 2025; The closing price of the shares immediately before the date on which the options or awards were granted was £ 10.675. 48,376 (Deferred shares) granted as a notional dividend on 28 August 2025. 921,595 (Deferred shares) granted on 24 September 2025. The closing price of the shares immediately before the date on which the options or awards were granted was £ 14.545. 161,058 (Deferred shares) granted on 17 November 2025. The closing price of the shares immediately before the date on which the options or awards were granted was £ 16.130. 4 No discretionary awards (LTIP or deferred/buy-out awards) have been granted in the form of options since June 2015. For historic awards granted as options and exercised in the period to 31 December 2025, the exercise price of deferred/buy-out shares options was nil. 5 The weighted average closing price of the shares immediately before the dates on which the options or awards were exercised or vested is £11.87. 6 The exercise price of Sharesave grants are determined with a 20% discount on the higher of the average closing price of the 5 days prior to invitation date or the closing share price of the last day prior to invitation date. For Sharesave options granted in 2025, the exercise price is £11.10 per share calculated based on a 20% discount on £13.88 which was the average closing price of the 5 days prior to invitation date of 18 August 2025. 7 All Sharesave awards are in the form of options. The exercise price of Sharesave options exercised was £11.10 for options granted in 2025, £6.10 for options granted in 2024, £5.88 for options granted in 2023, £4.23 for options granted in 2022. 8 No options or share awards were cancelled in the period. See pages 202 and 203 of the Standard Chartered PLC Annual Report 2025 for information specific to Directors. Annual Report 2025 | Standard Chartered 407 Financial statements ![]() 31. Share-based payments continued Reconciliation of share award movements for the year to 31 December 2024 | | | | | | | --- | --- | --- | --- | --- | | | | | | Weighted | | | Discretionary 1 | | | average | | | | | | Sharesave | | | | Deferred | | exercise price | | | LTIP | shares | Sharesave 5,6 | (£) | | Outstanding at 1 January 2024 | 10,947,382 | 47,068,204 | 16,902,217 | 4.49 | | Granted 2,3 | 2,320,695 | 25,712,216 | 9,707,454 | – | | Lapsed 7 | (2,703,518) | (1,431,969) | (1,289,780) | 4.88 | | Vested/Exercised 4 | (923,866) | (19,654,725) | (4,754,780) | 3.42 | | Outstanding at 31 December 2024 | 9,640,693 | 51,693,726 | 20,565,111 | 5.48 | | Total number of securities available for issue under the plan | 9,640,693 | 51,693,726 | 20,565,111 | 5.48 | | Percentage of the issued shares this represents as at 31 December 2024 | 0.40 | 2.13 | 0.85 | | | Exercisable as at 31 December 2024 | – | 250,094 | 1,121,867 | 3.78 | | Range of exercise prices (£) 3 | – | – | 3.67 – 6.10 | | | Intrinsic value of vested but not exercised options ($ million) | 0.00 | 3.10 | 8.57 | | | Weighted average contractual remaining life (years) | 7.32 | 8.22 | 2.58 | | | Weighted average share price for awards exercised during the period (£) | 6.60 | 6.68 | 8.20 | | 1 Granted under the 2021 Plan and 2011 Plan. Employees do not contribute to the cost of these awards. 2 2,315,422 (LTIP) granted on 12 March 2024; 5,059 (LTIP) granted as a notional dividend on 1 March 2024; 214 (LTIP) granted as a notional dividend on 8 August 2024. 24,381,791 (Deferred shares) granted on 11 March 2024; 229,896 (Deferred shares) granted as a notional dividend on 1 March 2024; 463,694 (Deferred shares) granted on 17 June 2024; 86,702 (Deferred shares) granted as a notional dividend on 8 August 2024; 287,533 (Deferred shares) granted on 23 September 2024; 262,600 (Deferred shares) granted on 18 November 2024; 9,707,454 (Sharesave) granted on 23 September 2024. 3 No discretionary awards (LTIP or deferred/buy-out awards) have been granted in the form of options since June 2015. For historic awards granted as options and exercised in the period to 31 December 2024, the exercise price of deferred/ buy-out shares options was nil. 4 Share awards vested on 34 different dates in 2024 and the closing share prices on the working days prior to the vesting dates ranged from £6.46 to £9.91. 5 The exercise price of Sharesave grants are determined with a 20% discount on the higher of the average closing price of the 5 days prior to invitation date or the closing share price of the last day prior to invitation date. For Sharesave options granted in 2024, the exercise price is £6.10 per share calculated based on a 20% discount on £7.62 which was the closing price on the day prior to invitation date of 19 August 2024. 6 All Sharesave awards are in the form of options. The exercise price of Sharesave options 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. 7 No options or share awards were cancelled in the period. See pages 176 and 177 of the Standard Chartered PLC Annual Report 2024 for information specific to Directors. 32. Investments in subsidiary undertakings, joint ventures and associates Accounting policy Associates and joint arrangements The Group did not have any contractual interest in joint operations. Investments in associates and joint ventures are accounted for by the equity method of accounting and are initially recognised at cost. The Group’s investment in associates and joint ventures includes goodwill identified on acquisition (net of any accumulated impairment loss). The Group’s share of its associates’ and joint ventures’ post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate or a joint venture equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in the associates and joint ventures. At each balance sheet date, the Group assesses whether there is any objective evidence of impairment in the investment in associates and joint ventures. Such evidence includes a significant or prolonged decline in the fair value of the Group’s investment in an associate or joint venture below its cost, among other factors. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025408 ![]() Significant accounting estimates and judgements The Group applies judgement in determining if it has control, joint control or significant influence over subsidiaries, joint ventures and associates respectively. These judgements are based upon identifying the relevant activities of counterparties, being those activities that significantly affect the entities’ returns, and further making a decision of if the Group has control over those entities, joint control, or has significant influence (being the power to participate in the financial and operating policy decisions but not control them). These judgements are at times determined by equity holdings, and the voting rights associated with those holdings. However, further considerations including but not limited to board seats, advisory committee members and specialist knowledge of some decision-makers are also taken into account. Further judgement is required when determining 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 dispersion of other shareholders. Impairment testing of investments in associates and joint ventures, and on a Company level investments in subsidiaries is performed if there is a possible indicator of impairment. Judgement is used to determine if there is objective evidence of impairment. Objective evidence may be observable data such as losses incurred on the investment when applying the equity method, the granting of concessions as a result of financial difficulty, or breaches of contracts/regulatory fines of the associate or joint venture. Further judgement is required when considering broader indicators of impairment such as losses of active markets or ratings downgrades across key markets in which the associate or joint venture operate in. Impairment testing is based on estimates including forecasting 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 estimation of future cash flows and the level to which they are discounted is inherently uncertain and requires significant judgement. Business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. In the Company’s financial statements, investment in subsidiaries, associates and joint ventures are held at cost less impairment and dividends from pre-acquisition profits received prior to 1 January 2009, if any. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated in the Group accounts. | | | | | --- | --- | --- | | | 2025 | 2024 | | Standard Chartered PLC (Company) investments in subsidiary undertakings | $million | $million | | As at 1 January | 61,593 | 60,791 | | Additions 1 | 2,823 | 1,631 | | Disposal 2 | (1,000) | (803) | | Other Movements 3 | 26 | (26) | | As at 31 December | 63,442 | 61,593 | 1 Includes internal AT1 issuances of $2,800 million by Standard Chartered Bank (Hong Kong) and $23 million by Standard Chartered Holdings Ltd Limited (31 December 2024: Includes internal AT1 issuances of $980 million by Standard Chartered Bank, $600 million additional investment in Standard Chartered Holdings Limited). 2 Includes redemption of AT1 capital of $1,000 million by Standard Chartered Bank (Hong Kong) Limited (31 December 2024: redemption of preference share capital of $553 million by Standard Chartered Bank Singapore Limited and additional Tier 1 capital of $250 million by Standard Chartered Bank). 3 2025 movement related to reversal of realised translation gain $26 million on redemption of AT1 securities of SGD 750 million ($553 million) upon disposal. 2024 relates to realised translation gain ($26 million) on redemption of AT1 securities of SGD 750 million ($553 million). A complete list of subsidiary undertakings is included in Note 41. Annual Report 2025 | Standard Chartered 409 Financial statements ![]() 32. Investments in subsidiary undertakings, joint ventures and associates continued During 2025 the Group disposed of its indirectly held investments in subsidiaries and the gain/loss on disposal were Standard Chartered Research and Technology India Private Limited (gain: $238 million including translation adjustment loss: $3 million), Fourtwothree Pte. Ltd (gain: $1.8 million), Standard Chartered Bank Gambia Limited (loss: $5.4 million including translation adjustment loss: $8 million), Standard Chartered Bank Cameroon S.A. (loss: $5.3 million including translation adjustment loss: $9 million) and Tawi Fresh Kenya Limited (loss: $0.5 million). While the Group’s subsidiaries are subject to local statutory capital and liquidity requirements in relation to foreign exchange remittance, these restrictions arise in the normal course of business and do not significantly restrict the Group’s ability to access or use assets and settle liabilities of the Group. The Group does not have significant restrictions on its ability to access or use its assets and settle its liabilities other than those resulting from the regulatory framework within which the banking subsidiaries operate. These frameworks require banking operations to keep certain levels of regulatory capital, liquid assets, exposure limits and comply with other required ratios. These restrictions are summarised below: Regulatory and liquidity requirements The Group’s subsidiaries are required to maintain minimum capital, leverage ratios, liquidity and exposure ratios which therefore restrict the ability of these subsidiaries to distribute cash or other assets to the parent company. The subsidiaries are also required to maintain balances with central banks and other regulatory authorities in the countries in which they operate. At 31 December 2025, the total cash and balances with central banks was $78 billion (31 December 2024: $63 billion) of which $12 billion (31 December 2024: $8 billion) is restricted. Statutory requirements The Group’s subsidiaries are subject to statutory requirements not to make distributions of capital and unrealised profits to the parent company, generally to maintain solvency. These requirements restrict the ability of subsidiaries to remit dividends to the Group. Certain subsidiaries are also subject to local exchange control regulations which provide for restrictions on exporting capital from the country other than through normal dividends. Contractual requirements The encumbered assets in the balance sheet of the Group’s subsidiaries are not available for transfer around the Group. Share of profit from investment in associates and joint ventures comprises: | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Loss from Investment in Joint Ventures | (13) | (10) | | Profit from Investment in Associates | 75 | 118 | | Total | 62 | 108 | | | | | | --- | --- | --- | | | 2025 | 2024 | | Interests in associates and joint ventures | $million | $million | | As at 1 January | 1,020 | 966 | | Exchange translation difference | 64 | (40) | | Additions 1 | 370 | 22 | | Share of profits | 88 | 108 | | Dividend received 2 | (47) | (36) | | Impairment 3 | (41) | – | | Share of FVOCI and Other reserves | (28) | 9 | | Other movements | – | (9) | | As at 31 December | 1,426 | 1,020 | 1 Includes investment in Jumbotail Technologies Private Limited for $344 million. 2 Includes $45 million capital distribution from Ascenta IV. 3 Includes $15 million impairment of SBI Zodia Custody Company Limited, $26 million relating to Group’s share of Profits from Bohai recognised in Q4 2025. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025410 ![]() Material Associates A complete list of the Group’s interest in associates is included in note 41. Summarised below are those considered material: Jumbotail Technologies Private Ltd (JTPL) On acquisition through the SCRTIPL transaction (refer to Note 6), the Group acquired a 46.55 per cent shareholding in JTPL, a company incorporated in India. The carrying value as of 31 December 2025 was $344 million. JTPL is engaged in business-to- business e-commerce. As a result of the acquisition, the Group has significant influence over the investee through its shareholding and accounts for its interest based on the application of the equity method. The Group’s share of the associate’s results since acquisition are immaterial. China Bohai Bank The Group’s ownership percentage in China Bohai Bank is 16.26%. Although the Group’s investment in China Bohai Bank is less than 20 per cent, it is an associate because of the significant influence the Group can exercise over its management and financial and operating policies. This influence is exercised through Board representation and the provision of technical expertise to Bohai. The Group applies the equity method of accounting for investments in associates. If the Group did not have significant influence over Bohai, the investment would be measured at fair value rather than the current carrying value, which is based on the application of the equity method as described in the accounting policy note. Bohai publishes their results after the Group. As it is impracticable for Bohai to prepare financial statements sooner, the Group recognises its share of Bohai’s earnings on a three-month lag basis. Therefore, the Group recognised its share of Bohai’s profits and movements in other comprehensive income from 1 October 2024 through 30 September 2025 (one year of earnings) in the Group’s consolidated statement of income and consolidated statement of comprehensive income for the year ended 31 December 2025, also considering any known changes or events in the subsequent period from 1 October 2025 to 31 December 2025 that would have materially affected Bohai’s results. Impairment testing On 31 December 2025, the listed equity value of Bohai is below the carrying amount of the Group‘s investment in associate. The Group has assessed that the investment in Bohai remains impaired until there is greater clarity around the macroeconomic outlook in China and the resumption of dividends by Bohai. The Group also assessed the carrying value of its investment in Bohai for impairment and, considering that the investment cannot be recognised at a carrying amount higher than its recoverable amount at the reporting date, has not recognised the Group’s share of Bohai’s profit for the final quarter of 2025 ($26 million). Accumulated impairment is $1,485 million as at 31 December 2025 ($Nil impairment charge for the year ended 31 December 2024; $1,459 million of accumulated impairment as at 31 December 2024). The financial forecasts used to estimate the recoverable amount, a VIU calculation, reflects Group management’s best estimate of Bohai’s future earnings, in line with current economic conditions and Bohai’s latest reported results. The carrying value of the Group’s investment in Bohai of $883 million (2024: $738 million) represents the higher of the value in use and fair value less costs of disposal. The $145 million increase to the carrying amount during 2025 reflects the Group’s share of profits of $113 million (which is net of AT1 dividends of $6 million and $26 million of impairment); other comprehensive loss of $35 million and net of foreign exchange profits of $67 million. The Group’s share of profits and the 2025 impairment are included in ‘Profit from associates and joint ventures’ on the Consolidated Income Statement. | | | | | --- | --- | --- | | | 31.12.25 | 31.12.24 | | Bohai | $million | $million | | VIU | 883 | 738 | | Carrying amount 1 | 883 | 738 | | Market capitalisation 2 | 360 | 338 | 1 The Group’s 16.26% share in the net assets less other equity instruments which the Group does not hold. 2 Number of shares held by the Group multiplied by the quoted share price at period end. Annual Report 2025 | Standard Chartered 411 Financial statements 32. Investments in subsidiary undertakings, joint ventures and associates continued Basis of recoverable amount The impairment test was performed by comparing the recoverable amount of Bohai, determined as the higher of VIU and fair value less costs to dispose, with its carrying amount. The VIU is calculated using a dividend discount model (DDM), which estimates the distributable future cashflows to the equity holders, after adjusting for regulatory capital requirements, for a 5 year period, after which a terminal value (TV) is calculated based on the Price to Earnings (P/E) exit multiple. The key assumptions in the VIU are as follows: • Short to medium term projections are based on Group management’s best estimates of future profits available to ordinary shareholders and have been determined with reference to the latest published financial results, the historical performance of Bohai and forward looking macro-economic variables for China. • The projections use available information and include normalised performance over the forecast period, inclusive of: (i) balance sheet growth assumptions based on the short to medium term GDP growth rates for China; (ii) Net Interest Income (NII) projecting interest income (primarily the 1-year Loan Prime Rate, 1-year LPR, as basis) and interest expense (Shanghai Interbank Offered Rate, 3m SHIBOR, as basis) which reference forecasted third-party market interest rates, adjusted for the observed historic spread against the benchmark rate; (iii) Non-interest income estimated according to the latest available performance of Bohai, with consideration of the contribution of the constituent parts of the non-interest income; (iv) Operating expense based on historical performance of Bohai and growth consistent with the short to medium term GDP growth rates applied to balance sheet projections; (v) ECL assumptions using Bohai’s historical reported ECL, based on the proportion of ECL from loans and advances to customers and financial investments measured at amortised cost and FVOCI; and (vi) Statutory tax rate of 25% was applied to the taxable profit of Bohai, after consideration of taxable and non-taxable elements, consistent with historical reported results; • The distributable reserves under the DDM are calculated as the difference between the capital resources and the capital requirements in each of the forecast periods. The calculation assumes a target CET1 capital ratio and risk weighted asset (RWA) growth consistent with total assets. • The discount rate applied to these cash flows was estimated with reference to a capital asset pricing model (CAPM), which includes a long-term risk-free rate, beta, and company risk premium assumptions for Bohai; and • A long-term average P/E multiple of comparable companies is used to derive a TV after the five year forecast period. The VIU model was refined during 2025 to include more granular forecasting assumptions for each period. While it is impracticable for the Group to estimate the impact on future periods, the key changes to the 2025 model are summarised as follows: • The Group continues to calculate non-interest income with reference to the five components, i.e., net gains on financial investments through P/L, net gains on financial investments through OCI, net fee and commission income, net trading income and other income. All components of non-interest income continue to be grown by the relevant GDP rate for China over the forecasted period. However, the Group changed the returns forecasted for the financial investments through P/L over the forecast period, by using the most recent reported returns as the starting point, normalising such returns to a long-term average over the forecast period. Previously, the return of this component of non-interest income was normalised to the long-term average from the start of the forecast period (year 1), and then grown according to relevant GDP rate of China. As a result of this change, the year 1 total forecasted non-interest income is more aligned to the recently reported results, but due to the normalisation affect, the implied growth is negligible. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025412 ![]() The key assumptions used for the VIU calculation: | | | | | --- | --- | --- | | | 31.12.25 | 31.12.24 | | Post-tax discount rate 1 | 10.0% | 10.5% | | Total balance-sheet (and risk weighted assets) growth rate | 3.33% – 4.59% | 3.77% – 4.52% | | P/E multiple used to calculate TV | 5.7x | 5.6x | | Interest income 2 | 3.12% – 3.20% | 3.00% – 3.56% | | Interest expense 2 | 1.78% – 1.85% | 1.77% – 2.01% | | Non-interest income – financial investments return | 2.24% – 3.55% | 1.91% | | Other non-interest income growth rate | 3.33% – 4.59% | 3.77% – 4.52% | | Operating expense 3 | 3.33% – 4.59% | 3.77% – 4.52% | | Expected credit losses as a percentage of customer loans 4 | 0.77% | 0.84% – 1.36% | | Expected credit losses as a percentage of financial investments measured at amortised cost | | | | and FVOCI 4 | 0.57% | 0.48% – 1.26% | | Effective tax rate 5 | 12.77% – 12.96% | 5.4% – 14.1% | | Capital maintenance ratio | 8.00% | 8.00% | 1 Pre-tax discount rate of 15.87 per cent was used in 2025 (2024: 15.31 per cent). The difference in pre-tax discount rates relates to changes in effective tax rate. 2 One-year LPR and three-month SHIBOR rate forecasts were sourced from an external third-party provider, and with a spread derived from long-term historical averages, are used to produce the interest income and interest expense forecasts. 3 As at 31 December 2025, a growth rate of 4.86 per cent was applied to the FY 2024 operating expense base, the rate being derived from the projected GDP growth rate for China in 2025. In the prior year the operating expense base was the annualised H1 2024 balance, applying apportioned growth rate assumptions. The current year approach results in higher forecasted operating expenses. 4 As 31 December 2024 the low end of the range was based on historical loss rates, and the high end of the range, applied in one of the forecast years, included adjustments for incremental judgemental management overlays. As at 31 December 2025 the ECL assumption is based on historical loss rates with an adjustment for incremental judgemental management overlays, applied over the five-year forecast period. 5 The tax rates disclosed are the implied effective tax rates (per cent) over the five-year forecast period. The 31 December 2025 tax expense forecasts, calculated from the taxable profit, considered the long-term historical average of non-taxable income of 17.18 per cent ( 2024: 16.09 per cent) and non-deductible expenses of 14.56 per cent (2024: 12.53 per cent). A statutory tax rate of 25 per cent was applied to the taxable profit of Bohai, after consideration of taxable and non-taxable elements. The table below discloses sensitivities to the key assumptions of Bohai, according to management’s judgement of reasonably possible changes. Changes were applied to every cash flow year on an individual basis. The percentage change to the assumptions reflects the level at which management assess the reasonableness of the assumptions used and their impact on the Value in Use. | | | | | | --- | --- | --- | --- | | | | Key assumption | Key assumption | | | | increase | decrease | | | | Increase/ | Increase/ | | | | (decrease) | (decrease) | | | | in VIU | in VIU | | Sensitivities 1 | basis points | $ million | $ million | | Discount Rate | 100 | (31) | 33 | | Total balance sheet (and risk weighted asset) growth rate 2 | 100 | (40) | 38 | | P/E multiple used to calculate TV | 1.0x | 112 | (112) | | Net interest income – Scenario 1 3 | 10 | (19) | 19 | | Net interest income – Scenario 2 4 | Various 4 | 375 | (234) | | Non-interest income – financial investments return | 100 | 295 | (295) | | Other non-interest income growth rate | 100 | 54 | (52) | | Operating expense | 100 | (70) | 68 | | Expected credit losses as a percentage of customer loans | 10 | (147) | 147 | | Expected credit losses as a percentage of financial investments measured at amortised | | | | | cost and FVOCI | 10 | (86) | 85 | | Tax expense 5 | 300 | 27 | (28) | | Capital maintenance ratio | 50 | (25) | 25 | 1 For comparative information as at 31 December 2024, refer to page 365 of the Group’s Annual Report 2024. 2 The sensitivity reflects the net impact of changing this assumption in the VIU, which links to various elements in forecast profit and regulatory capital adjustment. 3 This scenario assumes that one-year LPR and three-month SHIBOR increase or decrease by the same amount, to demonstrate the impact on the carrying amount of a similar scenario. 4 An alternative scenario is that Bohai’s asset yield and liability cost move in the same direction, albeit by different amounts, through the five-year forecast period including the terminal value. The key assumption increase sensitivity assumes that asset yields increase by 25 basis points and liability costs increase by 10 basis points in each period. The key assumption decrease sensitivity assumes that asset yields decrease by 25 basis points and liability costs decrease by 15 basis points in each period. 5 Changes in tax expense applied only to both average percentages of non-taxable income (17.18 per cent) and non-deductible expenses (14.56 per cent). Refer to footnote 5 of the key assumptions table for more details. Annual Report 2025 | Standard Chartered 413 Financial statements ![]() 32. Investments in subsidiary undertakings, joint ventures and associates continued The following table sets out the summarised financial statements of China Bohai Bank prior to the Group’s share of the associate’s profit being applied: | | | | | --- | --- | --- | | | 30.09.25 | 30.09.24 | | | $million | $million | | Total assets | 272,513 | 244,510 | | Total liabilities | 256,337 | 229,259 | | Operating income 1 | 3,472 | 3,583 | | Net profit 1 | 762 | 681 | | Other comprehensive income 1 | (219) | 69 | 1 This represents twelve months of earnings (1 October to 30 September). #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025414 ![]() 33. Structured entities Accounting policy Structured entities are consolidated when the substance of the relationship between the Group and the structured entity indicates the Group has power over the contractual relevant activities of the structured entity, is exposed to variable returns, and can use that power to affect the variable return exposure. In determining whether to consolidate a structured entity to which assets have been transferred, the Group takes into account its ability to direct the relevant activities of the structured entity. These relevant activities are generally evidenced through a unilateral right to liquidate the structured entity, investment in a substantial proportion of the securities issued by the structured entity or where the Group holds specific subordinate securities that embody certain controlling rights. The Group may further consider relevant activities embedded within contractual arrangements such as call options which give the practical ability to direct the entity, special relationships between the structured entity and investors, and if a single investor has a large exposure to variable returns of the structured entity. Judgement is required in determining control over structured entities. The purpose and design of the entity is considered, along with a determination of what the relevant activities 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 principal in its own right or as an agent on behalf of others. Judgement is further required in the ongoing assessment of control over structured entities, specifically if market conditions have an effect on the variable return exposure of different investors. Interests in consolidated structured entities: A structured entity is consolidated into the Group’s financial statements where the Group controls the structured entity, as per the determination in the accounting policy above. The following table presents the Group’s interests in consolidated structured entities. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Shipping lease | 17 | 14 | | Principal and other structured finance | 592 | 474 | | Total | 609 | 488 | Interests in unconsolidated structured entities: Unconsolidated structured entities are all structured entities that are not controlled by the Group. The Group enters transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. An interest in a structured entity is contractual or non-contractual involvement which creates variability of the returns of the Group arising from the performance of the structured entity. Annual Report 2025 | Standard Chartered 415 Financial statements ![]() #### Financial statements #### Notes to the financial statements 33. Structured entities continued The table below presents the carrying amount of the assets recognised in the financial statements relating to variable interests held in unconsolidated structured entities, the maximum exposure to loss relating to those interests and the total assets of the structured entities. Maximum exposure to loss is primarily limited to the carrying amount of the Group’s on-balance sheet exposure to the structured entity. For derivatives, the maximum 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. | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025 | | | | | | 2024 | | | | | | Asset-backed | | Structured | Principal | Other | | Asset-backed | | Structured | Principal | Other | | | | securities | Lending | Finance | Finance funds | activities | Total | securities | Lending | Finance | Finance funds | activities | Total | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | | Group’s | | | | | | | | | | | | | | interest – assets | | | | | | | | | | | | | | Financial assets | | | | | | | | | | | | | | held at fair value through profit | | | | | | | | | | | | | | or loss | 2,143 | 457 | 200 | 91 | – | 2,891 | 1,222 | 255 | 178 | 124 | – | 1,779 | | Loans and advances/ | | | | | | | | | | | | | | Investment | | | | | | | | | | | | | | securities at amortised cost | 15,312 | 22,462 | 14,201 | – | 107 | 52,082 | 16,305 | 16,735 | 12,656 | – | 97 | 45,793 | | Investment | | | | | | | | | | | | | | securities (fair value through other comprehensive income) | 1,227 | – | – | – | – | 1,227 | 2,371 | – | – | – | – | 2,371 | | Other assets | – | 8 | 12 | – | – | 20 | – | – | 1 | – | – | 1 | | Total assets | 18,682 | 22,927 | 14,413 | 91 | 107 | 56,220 | 19,898 | 16,990 | 12,835 | 124 | 97 | 49,944 | | Off-balance sheet | 151 | 17,128 | 7,471 | 24 | 32 | 24,806 | – | 11,075 | 6,901 | 63 | 73 | 18,112 | | Group’s maximum | | | | | | | | | | | | | | exposure to loss | 18,833 | 40,055 | 21,884 | 115 | 139 | 81,026 | 19,898 | 28,065 | 19,736 | 187 | 170 | 68,056 | | Total assets of structured entities | 183,418 | 24,153 | 17,802 | 186 | – | 225,559 | 129,864 | 17,579 | 14,758 | 226 | – | 162,427 | The main types of activities for which the Group utilises unconsolidated structured entities cover synthetic credit default swaps for managed investment funds (including specialised Principal Finance funds), portfolio management purposes, structured finance and asset-backed securities. These are detailed as follows: • Asset-backed securities (ABS): The Group also has investments in asset-backed securities issued by third-party sponsored and managed structured entities. For the purpose of market making and at the discretion of ABS trading desk, the Group may hold an immaterial amount of debt securities from structured entities originated by credit portfolio management. This is disclosed in the ABS column above. • Portfolio management (Group sponsored entities): For the purposes of portfolio management, the Group purchased credit protection via synthetic credit default swaps from note-issuing structured entities. This 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 entities. The Group continues to own or hold all of the risks and returns relating to these assets. The credit protection obtained from the regulatory-compliant securitisation only serves to protect the Group against losses upon the occurrence of eligible credit 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 entities, but may hold an insignificant 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 securities to collateralise the structured entities swap obligations to the Group, and to repay the principal to investors at maturity. The structured entities reimburse the Group on actual losses incurred, through the use of the cash collateral or realisation of the collateral security. Correspondingly, the structured entities write down the notes issued by an equal amount of the losses incurred, in reverse order of seniority. All funding is committed for the life of these vehicles and the Group has no indirect exposure in respect of the vehicles’ liquidity position. 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 entities have Standard Chartered branding. • Lending: Lending comprises secured lending in the normal course of business to third parties through structured entities. • Structured finance: Structured finance comprises interests in transactions that the Group or, more usually, a customer has structured, using one or more structured entities, which provide beneficial arrangements for customers. The Group’s exposure primarily represents the provision of funding to these structures as a financial intermediary, for which it receives a lender’s return. The transactions largely relate to real estate financing and the provision of aircraft leasing and ship finance. Standard Chartered | Annual Report 2025416 ![]() • Principal Finance Fund: The Group’s exposure to Principal Finance Funds represents committed or invested capital in unleveraged investment funds, primarily investing in pan-Asian infrastructure, real estate and private equity. • Other activities: Other activities include structured entities created to support margin financing transactions, the refinancing of existing credit and debt facilities, as well as setting up of bankruptcy remote structured entities. In the above table, the Group determined the total assets of the structured entities using following bases: • Asset Backed Securities, Principal Finance, and other activities are based on the published total assets of the structured entities. • Lending and Structured Finance are estimated based on the Group’s loan values to the structured entities. 34. Cash flow statement Adjustment for non-cash items and other adjustments included within income statement | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2025 | 2024 | 2025 | 2024 | | | $million | $million | $million | $million | | Amortisation of discounts and premiums of investment securities | (740) | (815) | – | – | | Interest expense on subordinated liabilities | 552 | 744 | 471 | 578 | | Interest expense on senior debt securities in issue | 2,392 | 2,584 | 1,777 | 1,855 | | Other non-cash items | (152) | (122) | (3) | (12) | | Net (gain)/loss on sale of business | (242) | 210 | – | – | | Pension costs for defined benefit schemes | 125 | 62 | – | – | | Share-based payment costs | 399 | 334 | – | – | | Impairment losses on loans and advances and other credit risk provisions | 672 | 547 | – | – | | Dividend income from subsidiaries | – | – | (5,160) | (4,101) | | Other impairment | 65 | 588 | – | – | | Gain on disposal of property, plant and equipment | (133) | (23) | – | – | | Loss on disposal of FVOCI and AMCST financial assets | 53 | 264 | – | – | | Depreciation and amortisation | 1,170 | 1,126 | – | – | | Fair value changes taken to income statement | (2,027) | (2,140) | (53) | 9 | | Foreign Currency revaluation | (87) | (583) | (115) | 1 | | Profit from associates and joint ventures | (62) | (108) | – | – | | Total | 1,985 | 2,668 | (3,083) | (1,670) | Change in operating assets | | | | | | | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | | | $million | $million | $million | $million | | Decrease/(increase) in derivative financial instruments | 16,161 | (31,939) | (127) | (32) | | (Increase)/decrease in debt securities, treasury bills and equity shares | | | | | | held at fair value through profit or loss | (3,900) | (25,823) | 4,198 | 376 | | Increase in loans and advances to banks and customers | (11,949) | (13,776) | – | – | | Net decrease/(increase) in prepayments and accrued income | 189 | (224) | – | – | | Net (increase)/decrease in other assets | (28,629) | 5,331 | (5,305) | 338 | | Total | (28,128) | (66,431) | (1,234) | 682 | Change in operating liabilities | | | | | | | --- | --- | --- | --- | --- | | | | | | 2024 | | | 2025 | 2024 | 2025 | (Restated) 1 | | | $million | $million | $million | $million | | (Decrease)/ increase in derivative financial instruments | (14,304) | 26,951 | (288) | (39) | | Net increase in deposits from banks, customer accounts, debt securities | | | | | | in issue, Hong Kong notes in circulation and short positions | 71,370 | 7,253 | 2,083 | 1,340 | | Increase in accruals and deferred income | 340 | 79 | 98 | 101 | | Net increase/ (decrease) in other liabilities | 513 | 5,090 | (129) | (1,574) | | Increase in amount due to parents/subsidiaries/other related parties | – | – | 190 | 35 | | Total | 57,919 | 39,373 | 1,954 | (137) | 1 Prior Period has been restated to exclude Debt Securities in Issue designated at fair value through P&L. Net increase in deposits from banks, customer accounts, debt securities in issue, Hong Kong notes in circulation and short positions for 2024 has been restated by $727 million. Annual Report 2025 | Standard Chartered 417 Financial statements ![]() #### Financial statements #### Notes to the financial statements 34. Cash flow statement continued Changes in liabilities arising from financing activities | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2025 | 2024 | 2025 | 2024 | | | $million | $million | $million | $million | | Subordinated debt (including accrued interest): | | | | | | Opening balance | 10,536 | 12,216 | 10,491 | 12,123 | | Interest paid | (421) | (519) | (410) | (505) | | Repayment | (2,174) | (1,517) | (2,174) | (1,517) | | Foreign exchange movements | 345 | (191) | 346 | (190) | | Fair value changes from hedge accounting | 275 | 48 | 174 | 97 | | Accrued interest and Others | 410 | 499 | 391 | 483 | | Closing balance | 8,971 | 10,536 | 8,818 | 10,491 | | | | | | (Restated) 1 | | Senior debt (including accrued interest): | | | | | | Opening balance | 40,576 | 41,350 | 32,835 | 31,525 | | Proceeds from the issue | 11,583 | 11,044 | 7,955 | 7,422 | | Interest paid | (1,892) | (1,366) | (1,576) | (1,367) | | Repayment | (9,364) | (11,185) | (4,752) | (6,222) | | Foreign exchange movements | 692 | (454) | 664 | (343) | | Fair value changes from hedge accounting | 403 | 42 | 663 | 321 | | Accrued interest and Others | 2,001 | 1,145 | 1,700 | 1,499 | | Closing balance | 43,999 | 40,576 | 37,489 | 32,835 | 1 Prior Year has been restated to include Debt Securities in Issue designated at fair value through P&L. Opening balance and Closing balance has increased by $14,007 million and $14,175 million respectively. Other related changes include increases in proceeds from issue of $3,535 million, interest paid of $659 million, repayment of $3,603 million, fair value changes from hedge accounting of $315 million and accrued interest and others of $675 million. Senior debt is presented as part of debt securities in issue in the Group and Company balance sheets. Of the $11.6 billion proceeds from issue of senior debt issued by the Group, $7.9 billion relates to senior debt issued by the Company and $3.7 billion relates to senior debt issued by the Company’s subsidiaries. 35. 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 acquisition, are not subject to contractual restrictions, are subject to insignificant changes in value, are highly liquid and are held for the purpose of meeting short-term cash commitments. This includes products such as treasury bills and other eligible bills, short-term government securities, loans and advances to banks (including 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’. | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2025 | 2024 | 2025 | 2024 | | | $million | $million | $million | $million | | Cash and balances at central banks | 77,746 | 63,447 | – | – | | Less: restricted balances | (11,630) | (7,799) | – | – | | Treasury bills and other eligible bills | 15,294 | 5,472 | – | – | | Loans and advances to banks | 8,973 | 9,654 | – | – | | Loans and advances to Customers | 13,335 | 18,120 | – | – | | Investments | 1,204 | 1,034 | – | – | | Amounts owed by and due to subsidiary undertakings | – | – | 15,226 | 11,601 | | Total | 104,922 | 89,928 | 15,226 | 11,601 | Standard Chartered | Annual Report 2025418 ![]() 36. Related party transactions Directors and officers Details of directors’ remuneration and interests in shares are disclosed in the Directors’ remuneration report. IAS 24 Related party disclosures requires the following additional information for key management compensation. Key management comprises non-executive directors, executive directors of Standard Chartered PLC, the Court directors of Standard Chartered Bank and the persons discharging managerial responsibilities (PDMR) of Standard Chartered PLC. | | | | | --- | --- | --- | | | 2025 1 | 2024 | | | $million | $million | | Salaries, allowances and benefits in kind | 47 | 41 | | Share-based payments | 40 | 38 | | Bonuses paid or receivable | – | 7 | | Termination benefits | – | 2 | | Total | 87 | 88 | 1 Following the Prudential Regulation Authority (PRA) publication of revised remuneration regulations on 15 October 2025, we have changed the structure of variable remuneration from 2025 onwards. This is reflected in the table above, with the value split between salaries, allowances and benefit in kind and share based payments in line with IAS 24. Transactions with directors and others At 31 December 2025, the total amounts to be disclosed under the Companies Act 2006 (the Act) and the Listing Rules of the Hong Kong Stock Exchange Limited (Hong Kong Listing Rules) about loans to directors were as follows: | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Advances and credits | 4 | – | | Deposits | 32 | – | Directors and officers have banking relationships with Group companies which are entered into in the normal course of business and on substantially the same terms as for comparable transactions with other persons of a similar standing or, where applicable, with other employees within limits acceptable to the PRA. These transactions did not involve more than the normal risk of repayment or present other unfavourable features. The loan transactions provided to the directors of Standard Chartered PLC were a connected transaction under Chapter 14A of the Hong Kong Listing Rules. It was fully exempt as financial assistance under Rule 14A.87(1), as it was provided in our ordinary and usual course of business and on normal commercial terms. As at 31 December 2025, Standard Chartered Bank had in place a charge over $69 million (31 December 2024: $68 million) of cash assets in favour of the independent trustee of its employer financed retirement benefit scheme. Other than as disclosed in the Annual Report and Accounts, there were no other transactions, arrangements or agreements outstanding for any director, connected person or officer of the Company which have to be disclosed under the Act, the rules of the UK Listing Authority or the Hong Kong Listing Rules. Details of non-revenue transactions with Temasek Holdings (Private) Limited are set out on page 212. Company The Company has received $1,724 million (31 December 2024: $1,838 million) of net interest income from its subsidiaries. The Company issues debt externally and lends proceeds to Group companies. The Company has an agreement with Standard Chartered Bank that in the event of Standard Chartered Bank defaulting on its debt coupon interest payments, where the terms of such debt requires it, the Company shall issue shares as settlement for non-payment of the coupon interest. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | 2024 | | | | | Standard | | | Standard | | | | | Chartered Bank | | | Chartered Bank | | | | Standard | (Hong Kong) | | Standard | (Hong Kong) | | | | Chartered Bank | Limited | Others 1 | Chartered Bank | Limited | Others 1 | | | $million | $million | $million | $million | $million | $million | | Assets | | | | | | | | Due from subsidiaries | 14,816 | 141 | 270 | 11,318 | 135 | 147 | | Derivative financial instruments | 228 | – | – | 98 | – | – | | Debt securities | 16,605 | 5,875 | 904 | 18,124 | 5,512 | 1,221 | | Total assets | 31,649 | 6,016 | 1,174 | 29,540 | 5,647 | 1,368 | | Liabilities | | | | | | | | Due to subsidiaries | 225 | – | – | – | – | – | | Derivative financial instruments | 777 | 26 | – | 1,042 | 23 | – | | Total liabilities | 1,002 | 26 | – | 1,042 | 23 | – | 1 Others include Standard Chartered Bank (Singapore) Limited, Standard Chartered Holdings Limited and Standard Chartered I H Limited. Annual Report 2025 | Standard Chartered 419 Financial statements ![]() #### Financial statements #### Notes to the financial statements 36. Related party transactions continued Associate and joint ventures | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Assets | | | | Financial Assets held at FVTPL | 10 | – | | Derivative assets | 5 | 5 | | Total assets | 15 | 5 | | Liabilities | | | | Deposits | 416 | 209 | | Derivative liabilities | 3 | 4 | | Total liabilities | 419 | 213 | | Loan commitments and other guarantees¹ | 107 | 14 | 1 The maximum loan commitments and other guarantees during the period were $107 million (31 December 2024: $14 million). 37. Post balance sheet events A share buyback for up to a maximum consideration of $1.5 billion has been declared by the directors after 31 December 2025. This will reduce the number of ordinary shares in issue by cancelling the repurchased shares. A final dividend for 2025 of 49 cents per ordinary share was declared by the directors after 31 December 2025. 38. Auditor’s remuneration Auditor’s remuneration is included within other general administration expenses. The amounts paid by the Group to their principal auditor, Ernst & Young LLP and its associates (together Ernst & Young 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 provision of other services. | | | | | --- | --- | --- | | | 2025 | 2024 | | | $million | $million | | Audit fees for the Group statutory audit | 36.9 | 31.3 | | Of which fees for the audit of Standard Chartered Bank Group | 27.3 | 23.2 | | Fees payable to EY for other services provided to the SC PLC Group: | | | | Audit of Standard Chartered PLC subsidiaries | 14.5 | 13.5 | | Total audit fees | 51.4 | 44.8 | | Audit-related assurance services | 7.7 | 6.6 | | Other assurance services | 5.8 | 5.4 | | Other non-audit services | 1.3 | 0.4 | | Transaction related services | 0.6 | 0.6 | | Total non-audit fees | 15.4 | 13.0 | | Total fees payable | 66.8 | 57.8 | The following is a description of the type of services included within the categories listed above: • Audit fees for the Group statutory audit are in respect of fees payable to Ernst & Young 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 interim financial information, reporting on regulatory returns, reporting to a regulator on client assets and extended work performed over financial information and controls authorised by those charged with governance • Other assurance services include agreed-upon-procedures in relation to statutory and regulatory filings • Transaction related services are fees payable to Ernst & Young LLP for issuing comfort letters Expenses incurred in respect of their role as auditor, were reimbursed to EY LLP $1 million (2024: $1 million). Standard Chartered | Annual Report 2025420 ![]() 39. Standard Chartered PLC (Company) Classification and measurement of financial instruments Financial assets 2025 2024 Derivatives held for hedging $million Amortised cost $million Non-trading mandatorily at fair value through profit or loss $million Total $million Derivatives held for hedging $million Amortised cost $million Non-trading mandatorily at fair value through profit or loss $million Total $million Financial assets held at fair value through profit or loss Investment securities – – 18,475 1 18,475 – – 19,049¹ 19,049 Derivatives 239 – – 239 112 – – 112 Investment securities – 4,904 – 4,904 – 5,808 – 5,808 Amounts owed by subsidiary undertakings – 15,226 – 15,226 – 11,601 – 11,601 Total 239 20,130 18,475 38,844 112 17,409 19,049 36,570 1 Standard Chartered Bank, Standard Chartered Bank (Hong Kong) Limited, Standard Chartered Bank (China) Limited and Standard Chartered Bank (Singapore) Limited issued Loss Absorbing Capacity (LAC) eligible debt securities. Instruments classified as amortised cost, which include investment securities and amounts owed by subsidiary undertakings, arerecorded in stage 1 for the recognition of expected credit losses. Derivatives held for hedging are held at fair value and are classified as Level 2 and Level 3 while the counterparty is Standard Chartered Bank and external counterparties. Investment securities comprise debt securities held at amortised cost issued by Standard Chartered Bank and SC Ventures Holdings Limited and have a fair value that approximates to carrying value of $4,904 million (31 December 2024: $5,808 million). In 2025 and 2024, amounts owed by subsidiary undertakings have a fair value that approximates to carrying value. Financial liabilities 2025 2024 Derivatives held for hedging $million Amortised cost $million Designated at fair value through profit or loss $million Total $million Derivatives held for hedging $million Amortised cost $million Designated at fair value through profit or loss $million Total $million Financial liabilities held at fair value through profit or loss Debt securities in issue – – 15,645 15,645 – – 14,175 14,175 Subordinated liabilities and other borrowed funds – – 1,853 1,853 – – 2,677 2,677 Derivatives 777 – – 777 1,065 – – 1,065 Debt securities in issue – 21,231 – 21,231 – 18,167 – 18,167 Subordinated liabilities and other borrowed funds – 6,831 – 6,831 – 7,661 – 7,661 Amounts owed to subsidiary undertakings – 225 – 225 – 35 – 35 Total 777 28,287 17,498 46,562 1,065 25,863 16,852 43,780 Derivatives held for hedging are held at fair value and are classified as Level 2 while the counterparty is Standard Chartered Bank and Standard Chartered Bank (Hong Kong) Limited. The fair value of debt securities in issue held at amortised cost is $21,801 million (2024: $18,313 million). The fair value of subordinated liabilities and other borrowed funds held at amortised cost is $6,668 million (2024: $7,336 million). Derivative financial instruments Derivatives 2025 2024 Notional principal amounts $million Assets $million Liabilities $million Notional principal amounts $million Assets $million Liabilities $million Foreign exchange derivative contracts: Forward foreign exchange 8,819 46 23 9,077 46 30 Currency swaps 72 – – 545 20 – Interest rate derivative contracts: Swaps 13,949 182 754 14,863 32 1,035 Credit derivative contracts 3,690 11 – 4,030 14 – Total 26,530 239 777 28,515 112 1,065 Annual Report 2025 | Standard Chartered 421 Financial statements ![]() #### Financial statements #### Notes to the financial statements 39. Standard Chartered PLC (Company) continued Credit risk 2025 $million 2024 $million Derivative financial instruments 239 112 Debt securities 23,379 24,857 Amounts owed by subsidiary undertakings 15,226 11,601 Total 38,844 36,570 In 2025 and 2024, amounts owed by subsidiary undertakings were neither past due nor impaired; the Company had noindividually impaired loans. In 2025 and 2024, the Company had no impaired debt securities. The debt securities held by the Company are issued byStandard Chartered Bank, Standard Chartered Bank (Hong Kong) Limited, Standard Chartered Bank (China) Limited andStandard Chartered Bank (Singapore) Limited, subsidiary undertakings with credit ratings of A+. There is no material expected credit loss on these instruments as they are Stage 1 assets, and of a high quality. Liquidity risk The following table analyses the residual contractual maturity of the assets and liabilities of the Company on a discounted basis: 2025 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Assets Derivative financial instruments 133 – 11 19 1 – 37 38 239 Investment securities 1,498 – 36 1 – – 8,633 13,211 23,379 Amount owed by subsidiary undertakings 2,569 679 867 1,506 591 596 4,847 3,571 15,226 Investments in subsidiary undertakings – – – – – – – 63,442 63,442 Total assets 4,200 679 914 1,526 592 596 13,517 80,262 102,286 Liabilities Derivative financial instruments 17 – 16 – – 21 191 532 777 Senior debt – – 1,269 – – 5,315 13,600 16,692 36,876 Amount owed to subsidiary undertakings 225 – – – – – – – 225 Other liabilities 370 741 155 9 3 – – – 1,278 Subordinated liabilities and other borrowedfunds 2 43 15 154 – 1,457 753 6,260 8,684 Total liabilities 614 784 1,455 163 3 6,793 14,544 23,484 47,840 Net liquidity gap 3,586 (105) (541) 1,363 589 (6,197) (1,027) 56,778 54,446 Standard Chartered | Annual Report 2025422 ![]() 2024 One month or less $million Between one month and three months $million Between three months and six months $million Between sixmonths and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Assets Derivative financial instruments 45 23 – 20 – 24 – – 112 Investment securities – – – – – 1,725 7,205 15,927 24,857 Amount owed by subsidiary undertakings 1,763 1,536 1,931 110 53 2,355 2,695 1,158 11,601 Investments in subsidiary undertakings – – – – – – – 61,593 61,593 Other assets – – – – – – – – – Total assets 1,808 1,559 1,931 130 53 4,104 9,900 78,678 98,163 Liabilities Derivative financial instruments 30 – 22 – – 53 147 813 1,065 Senior debt – – 992 – – 4,979 12,887 13,484 32,342 Amount owed to subsidiary undertakings 35 – – – – – – – 35 Other liabilities 304 512 126 14 3 – – – 959 Subordinated liabilities and other borrowedfunds 2 46 14 187 – 376 1,995 7,718 10,338 Total liabilities 371 558 1,154 201 3 5,408 15,029 22,015 44,739 Net liquidity gap 1,437 1,001 777 (71) 50 (1,304) (5,129) 56,663 53,424 Financial liabilities on an undiscounted basis 2025 One month or less $million Between one month and three months $million Between three months and six months $million Between six months and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Derivative financial instruments 265 – 16 – – 22 206 325 834 Debt securities in issue 314 237 1,654 449 315 6,939 17,037 19,424 46,369 Subordinated liabilities and other borrowed funds 33 116 36 164 – 1,541 889 11,538 14,317 Other liabilities 33 1,245 – – – – – – 1,278 Total liabilities 645 1,598 1,706 613 315 8,502 18,132 31,287 62,798 2024 One month or less $million Between one month and three months $million Between three months and six months $million Between sixmonths and nine months $million Between nine months and one year $million Between one year and two years $million Between two years and five years $million More than five years and undated $million Total $million Derivative financial instruments 30 – 22 – – 53 147 813 1,065 Debt securities in issue 276 151 1,355 368 308 6,333 15,780 15,635 40,206 Subordinated liabilities and other borrowed funds 33 134 34 206 – 407 2,261 13,473 16,548 Other liabilities – 959 – – – – – – 959 Total liabilities 339 1,244 1,411 574 308 6,793 18,188 29,921 58,778 Annual Report 2025 | Standard Chartered 423 Financial statements ![]() #### Financial statements #### Notes to the financial statements 40. Re-presentation tables of Credit risk disclosures by key geography As set out in note 1 to the financial statements, prior period amounts for certain Credit risk tables (required by IFRS 7 – Financial Instruments: Disclosures) within the Risk review on pages 233 to 276 were also re-presented for a change in accounting policy for the presentation of the Group’s geographic disclosures to align to information reported to key management personnel and to incorporate loans reported in Central & other items into the tables on pages 238 and 244. The following tables provide a reconciliation between the tables previously disclosed at 31 December 2024 and the re-presented tables in these financial statements. Loans and advances analysis by client segment, credit quality and key geography – Corporate & Investment Banking and Central & other items (page 244) Published table as of 31 December 2024 | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Corporate & Investment Banking and Central & other items | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | Gross | | | | | | | | | | | Credit Impairment | | | | | | | | Stage 1 | | | Stage 2 | | | Stage 3 | Stage 1 | | | | | | Stage 2 | | | Stage 3 | | | | | | | | | | Higher | | | | | | | | | | Higher | | | | Total | | | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | | Defaulted | Total | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | Impaired | Total | Coverage | | | $million | $million | $million | $million | $million | $million | $million | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | % | | Hong Kong | 32,552 | 12,079 | 44,631 | 230 | 1,539 | 64 | 1,833 | | 1,272 | 1,272 | (8) | (8) | (16) | (33) | (107) | (9) | (149) | (1,157) | (1,157) | (2.8)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 14,429 | 6,180 | 20,609 | 225 | 1,329 | 64 | 1,618 | | 1,260 | 1,260 | (5) | (4) | (9) | (33) | (102) | (9) | (144) | (1,157) | (1,157) | (5.6)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 4,567 | 2,730 | 7,297 | 4 | 206 | – | 210 | | 12 | 12 | (1) | (3) | (4) | – | (5) | – | (5) | – | – | (0.1)% | | Banks | 13,556 | 3,169 | 16,725 | 1 | 4 | – | 5 | | – | – | (2) | (1) | (3) | – | – | – | – | – | – | (0.0)% | | Singapore | 31,129 | 7,769 | 38,898 | 500 | 955 | 35 | 1,490 | | 407 | 407 | – | (8) | (8) | (4) | (14) | – | (18) | (196) | (196) | (0.5)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 7,333 | 4,003 | 11,336 | 469 | 594 | 35 | 1,098 | | 335 | 335 | – | (6) | (6) | (4) | (14) | – | (18) | (195) | (195) | (1.7)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 19,348 | 567 | 19,915 | 29 | 358 | – | 387 | | – | – | – | (1) | (1) | – | – | – | – | – | – | (0.0)% | | Banks | 4,448 | 3,199 | 7,647 | 2 | 3 | – | 5 | | 72 | 72 | – | (1) | (1) | – | – | – | – | (1) | (1) | (0.0)% | | China | 10,380 | 2,794 | 13,174 | 49 | 133 | 14 | 196 | | 171 | 171 | (3) | (1) | (4) | – | – | – | – | (86) | (86) | (0.7)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 4,933 | 2,193 | 7,126 | 49 | 133 | 14 | 196 | | 168 | 168 | (1) | (1) | (2) | – | – | – | – | (83) | (83) | (1.1)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 3,241 | 363 | 3,604 | – | – | – | – | | – | – | (1) | – | (1) | – | – | – | – | – | – | (0.0)% | | Banks | 2,206 | 238 | 2,444 | – | – | – | – | | 3 | 3 | (1) | – | (1) | – | – | – | – | (3) | (3) | (0.2)% | | UK | 11,029 | 3,939 | 14,968 | 48 | 479 | 3 | 530 | | 316 | 316 | (10) | (4) | (14) | – | (27) | (6) | (33) | (258) | (258) | (1.9)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 325 | 871 | 1,196 | 47 | 479 | 1 | 527 | | 258 | 258 | (9) | (3) | (12) | – | (27) | (6) | (33) | (237) | (237) | (14.2)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 8,690 | 982 | 9,672 | 1 | – | – | 1 | | 57 | 57 | (1) | (1) | (2) | – | – | – | – | (21) | (21) | (0.2)% | | Banks | 2,014 | 2,086 | 4,100 | – | – | 2 | 2 | | 1 | 1 | – | – | – | – | – | – | – | – | – | (0.0)% | | US | 16,244 | 4,456 | 20,700 | 92 | 433 | 33 | 558 | | 31 | 31 | (4) | (1) | (5) | (1) | (1) | – | (2) | (3) | (3) | (0.0)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 5,426 | 2,761 | 8,187 | 77 | 322 | – | 399 | | 28 | 28 | (3) | (1) | (4) | (1) | (1) | – | (2) | – | – | (0.1)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 9,688 | 123 | 9,811 | 15 | 79 | – | 94 | | 3 | 3 | (1) | – | (1) | – | – | – | – | (3) | (3) | (0.0)% | | Banks | 1,130 | 1,572 | 2,702 | – | 32 | 33 | 65 | | – | – | – | – | – | – | – | – | – | – | – | (0.0)% | | Others | 42,171 | 19,370 | 61,541 | 318 | 3,251 | 819 | 4,389 | | 2,460 | 2,460 | (10) | (33) | (43) | (3) | (70) | (29) | (102) | (1,483) | (1,483) | (2.4)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 24,835 | 14,075 | 38,910 | 291 | 2,048 | 516 | 2,855 | | 2,221 | 2,221 | (6) | (26) | (32) | (3) | (38) | (28) | (69) | (1,333) | (1,333) | (3.3)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending 1 | 9,451 | 3,590 | 13,041 | 22 | 1,117 | 153 | 1,292 | | 232 | 232 | – | (6) | (6) | – | (31) | (1) | (32) | (149) | (149) | (1.3)% | | Banks | 7,885 | 1,705 | 9,590 | 5 | 86 | 150 | 241 | | 7 | 7 | (4) | (1) | (5) | – | (1) | – | (1) | (1) | (1) | (0.1)% | | Total | 143,505 | 50,407 | 193,912 | 1,237 | 6,790 | 968 | 8,996 | | 4,657 | 4,657 | (35) | (55) | (90) | (41) | (219) | (44) | (304) | (3,183) | (3,183) | (1.7)% | 1 Refer to the equivalent table on page 244 of the Risk Review section. Standard Chartered | Annual Report 2025424 ![]() Adjustment table | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Corporate & Investment Banking and Central & other items | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | Gross | | | | | | | | | | Credit Impairment | | | | | | | | Stage 1 | | | Stage 2 | | | Stage 3 | Stage 1 | | | | | | Stage 2 | | Stage 3 | | | | | | | | | | Higher | | | | | | | | | Higher | | | | Total | | | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | Defaulted | Total | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | Impaired | Total | Coverage | | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | % | | Hong Kong | 2,909 | – | 2,909 | – | – | – | – | (36) | (36) | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | 1,199 | – | 1,199 | – | – | – | – | (36) | (36) | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | 41 | – | 41 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Banks | 1,669 | – | 1,669 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Singapore | (2,985) | (993) | (3,978) | – | (64) | – | (64) | 70 | 70 | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | (2,212) | (454) | (2,666) | – | (64) | – | (64) | 70 | 70 | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | (808) | (524) | (1,332) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Banks | 35 | (15) | 20 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | China | 10 | 50 | 60 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | (1) | 50 | 49 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Banks | 11 | – | 11 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | UK | (10,526) | (2,046) | (12,572) | – | (1,461) | (138) | (1,599) | (440) | (440) | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | (2,006) | (1,211) | (3,217) | – | (954) | (26) | (980) | (400) | (400) | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | (8,350) | (771) | (9,121) | – | (507) | (112) | (619) | (40) | (40) | – | – | – | – | – | – | – | – | – | – | | Banks | (170) | (64) | (234) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | US | 537 | 56 | 593 | – | – | – | – | 27 | 27 | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | 92 | 56 | 148 | – | – | – | – | 27 | 27 | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Banks | 445 | – | 445 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Others | 10,055 | 2,933 | 12,988 | – | 1,525 | 138 | 1,663 | 379 | 379 | – | – | – | – | – | – | – | – | – | – | | Corporate | | | | | | | | | | | | | | | | | | | | | Lending | 2,926 | 1,559 | 4,485 | – | 1,018 | 26 | 1,044 | 338 | 338 | – | – | – | – | – | – | – | – | – | – | | Non Corporate | | | | | | | | | | | | | | | | | | | | | Lending 1 | 9,119 | 1,294 | 10,413 | – | 507 | 112 | 619 | 41 | 41 | – | – | – | – | – | – | – | – | – | – | | Banks | (1,990) | 80 | (1,910) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | | Total | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1 Refer to the equivalent table on page 244 of the Risk Review section. Annual Report 2025 | Standard Chartered 425 Financial statements ![]() 40. Re-presentation tables of Credit risk disclosures by key geography continued Re–presented table as of 31 December 2024 | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | Corporate & Investment Banking and Central & other items 1 | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | Gross | | | | | | | | | | | Credit Impairment | | | | | | | | Stage 1 | | | Stage 2 | | | Stage 3 | Stage 1 | | | | | | Stage 2 | | | Stage 3 | | | | | | | | | | Higher | | | | | | | | | | Higher | | | | Total | | | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | | Defaulted | Total | Strong | Satisfactory | Total | Strong | Satisfactory | Risk | Total | Impaired | Total | Coverage | | | $million | $million | $million | $million | $million | $million | $million | | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | $million | % | | Hong Kong | 29,643 | 12,079 | 41,722 | 230 | 1,539 | 64 | 1,833 | | 1,308 | 1,308 | (8) | (8) | (16) | (33) | (107) | (9) | (149) | (1,157) | (1,157) | (2.9)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 13,230 | 6,180 | 19,410 | 225 | 1,329 | 64 | 1,618 | | 1,296 | 1,296 | (5) | (4) | (9) | (33) | (102) | (9) | (144) | (1,157) | (1,157) | (5.9)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 4,526 | 2,730 | 7,256 | 4 | 206 | – | 210 | | 12 | 12 | (1) | (3) | (4) | – | (5) | – | (5) | – | – | (0.1)% | | Banks | 11,887 | 3,169 | 15,056 | 1 | 4 | – | 5 | | – | – | (2) | (1) | (3) | – | – | – | – | – | – | (0.0)% | | Singapore | 34,114 | 8,762 | 42,876 | 500 | 1,019 | 35 | 1,554 | | 337 | 337 | – | (8) | (8) | (4) | (14) | – | (18) | (196) | (196) | (0.5)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 9,545 | 4,457 | 14,002 | 469 | 658 | 35 | 1,162 | | 265 | 265 | – | (6) | (6) | (4) | (14) | – | (18) | (195) | (195) | (1.4)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 20,156 | 1,091 | 21,247 | 29 | 358 | – | 387 | | – | – | – | (1) | (1) | – | – | – | – | – | – | (0.0)% | | Banks | 4,413 | 3,214 | 7,627 | 2 | 3 | – | 5 | | 72 | 72 | – | (1) | (1) | – | – | – | – | (1) | (1) | (0.0)% | | China | 10,370 | 2,744 | 13,114 | 49 | 133 | 14 | 196 | | 171 | 171 | (3) | (1) | (4) | – | – | – | – | (86) | (86) | (0.7)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 4,934 | 2,143 | 7,077 | 49 | 133 | 14 | 196 | | 168 | 168 | (1) | (1) | (2) | – | – | – | – | (83) | (83) | (1.1)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 3,241 | 363 | 3,604 | – | – | – | – | | – | – | (1) | – | (1) | – | – | – | – | – | – | (0.0)% | | Banks | 2,195 | 238 | 2,433 | – | – | – | – | | 3 | 3 | (1) | – | (1) | – | – | – | – | (3) | (3) | (0.2)% | | UK | 21,555 | 5,985 | 27,540 | 48 | 1,940 | 141 | 2,129 | | 756 | 756 | (10) | (4) | (14) | – | (27) | (6) | (33) | (258) | (258) | (1.0)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 2,331 | 2,082 | 4,413 | 47 | 1,433 | 27 | 1,507 | | 658 | 658 | (9) | (3) | (12) | – | (27) | (6) | (33) | (237) | (237) | (4.3)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 17,040 | 1,753 | 18,793 | 1 | 507 | 112 | 620 | | 97 | 97 | (1) | (1) | (2) | – | – | – | – | (21) | (21) | (0.1)% | | Banks | 2,184 | 2,150 | 4,334 | – | – | 2 | 2 | | 1 | 1 | – | – | – | – | – | – | – | – | – | (0.0)% | | US | 15,707 | 4,400 | 20,107 | 92 | 433 | 33 | 558 | | 4 | 4 | (4) | (1) | (5) | (1) | (1) | – | (2) | (3) | (3) | (0.0)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 5,334 | 2,705 | 8,039 | 77 | 322 | – | 399 | | 1 | 1 | (3) | (1) | (4) | (1) | (1) | – | (2) | – | – | (0.1)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 9,688 | 123 | 9,811 | 15 | 79 | – | 94 | | 3 | 3 | (1) | – | (1) | – | – | – | – | (3) | (3) | (0.0)% | | Banks | 685 | 1,572 | 2,257 | – | 32 | 33 | 65 | | – | – | – | – | – | – | – | – | – | – | – | (0.0)% | | Others | 32,116 | 16,437 | 48,553 | 318 | 1,726 | 681 | 2,725 | | 2,081 | 2,081 | (10) | (33) | (43) | (3) | (70) | (29) | (102) | (1,483) | (1,483) | (3.1)% | | Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 21,909 | 12,516 | 34,425 | 291 | 1,030 | 490 | 1,811 | | 1,883 | 1,883 | (6) | (26) | (32) | (3) | (38) | (28) | (69) | (1,333) | (1,333) | (3.8)% | | Non Corporate | | | | | | | | | | | | | | | | | | | | | | Lending | 332 | 2,296 | 2,628 | 22 | 610 | 41 | 673 | | 191 | 191 | – | (6) | (6) | – | (31) | (1) | (32) | (149) | (149) | (5.4)% | | Banks | 9,875 | 1,625 | 11,500 | 5 | 86 | 150 | 241 | | 7 | 7 | (4) | (1) | (5) | – | (1) | – | (1) | (1) | (1) | (0.1)% | | Total | 143,505 | 50,407 | 193,912 | 1,237 | 6,790 | 968 | 8,995 | | 4,657 | 4,657 | (35) | (55) | (90) | (41) | (219) | (44) | (304) | (3,183) | (3,183) | (1.7)% | 1 Refer to the equivalent table on page 244 of the Risk Review section. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025426 ![]() Industry analysis of loans and advances by key geography – Corporate & Investment Banking and Central & other items (page 260) Published table as of 31 December 2024 (Corporate & Investment Banking) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 | | | | | | Hong Kong | China | Singapore | UK | US | Other | Total | | Amortised Cost | $million | $million | $million | $million | $million | $million | $million | | Industry: | | | | | | | | | Energy | 2,200 | 59 | 1,552 | 1,744 | 1,750 | 5,551 | 12,856 | | Manufacturing | 4,077 | 4,200 | 1,463 | 389 | 2,307 | 8,431 | 20,867 | | Financing, insurance and non–banking | 3,674 | 3,486 | 1,893 | 4,005 | 9,900 | 12,696 | 35,654 | | Transport, telecom and utilities | 5,131 | 662 | 3,106 | 1,084 | 936 | 7,685 | 18,604 | | Food and household products | 1,038 | 428 | 1,414 | 962 | 685 | 4,202 | 8,729 | | Commercial Real estate | 4,512 | 334 | 1,404 | 1,039 | 1,650 | 4,994 | 13,933 | | Mining and Quarrying | 608 | 606 | 847 | 1,426 | 224 | 2,170 | 5,881 | | Consumer durables | 2,780 | 293 | 466 | 84 | 537 | 2,046 | 6,206 | | Construction | 318 | 156 | 372 | 96 | 247 | 1,268 | 2,457 | | Trading Companies & Distributors | 95 | 103 | 106 | 31 | 40 | 277 | 652 | | Government | 2,576 | 117 | 219 | 169 | 4 | 4,352 | 7,437 | | Other | 1,419 | 563 | 786 | 377 | 233 | 1,650 | 5,028 | | Net Loans and advances to Customers | 28,428 | 11,007 | 13,628 | 11,406 | 18,513 | 55,322 | 138,304 | | Net Loans and advances to Banks | 16,727 | 2,443 | 7,721 | 4,103 | 2,766 | 9,833 | 43,593 | Adjustment table (Corporate & Investment Banking and Central & other items) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 | | | | | | Hong Kong | China | Singapore | UK | US | Other | Total | | Amortised Cost | $million | $million | $million | $million | $million | $million | $million | | Industry: | | | | | | | | | Energy | 1,164 | (1) | (1,537) | (1,922) | (21) | 2,313 | (4) | | Manufacturing | – | – | (192) | (271) | – | 463 | – | | Financing, insurance and non–banking | 41 | – | (508) | (8,277) | – | 8,718 | (26) | | Transport, telecom and utilities | – | 50 | (660) | (1,512) | 56 | 2,060 | (6) | | Food and household products | – | – | (58) | (189) | – | 247 | – | | Commercial Real estate | – | – | (17) | (68) | 75 | 10 | – | | Mining and Quarrying | – | – | (19) | (218) | 10 | 227 | – | | Consumer durables | – | – | (38) | (70) | 56 | 51 | (1) | | Construction | – | – | (110) | – | – | 110 | – | | Trading Companies & Distributors | – | – | – | – | – | – | – | | Government | (1,260) | – | (20,047) | (1,502) | – | 760 | (22,049) | | Other | – | – | (30) | (347) | – | 372 | (5) | | Net Loans and advances to Customers | (55) | 49 | (23,216) | (14,376) | 176 | 15,331 | (22,091) | | Net Loans and advances to Banks | 1,669 | 11 | 20 | (234) | 444 | (1,910) | – | Annual Report 2025 | Standard Chartered 427 Financial statements ![]() 40. Re-presentation tables of Credit risk disclosures by key geography continued Re–presented table as of 31 December 2024 (Corporate & Investment Banking and Central & other items) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 1 | | | | | | Hong Kong | China | Singapore | UK | US | Other | Total | | Amortised Cost | $million | $million | $million | $million | $million | $million | $million | | Industry: | | | | | | | | | Energy | 1,036 | 60 | 3,089 | 3,666 | 1,771 | 3,238 | 12,860 | | Manufacturing | 4,077 | 4,200 | 1,655 | 660 | 2,307 | 7,968 | 20,867 | | Financing, insurance and non–banking | 3,633 | 3,486 | 2,401 | 12,282 | 9,900 | 3,978 | 35,680 | | Transport, telecom and utilities | 5,131 | 612 | 3,766 | 2,596 | 880 | 5,625 | 18,610 | | Food and household products | 1,038 | 428 | 1,472 | 1,151 | 685 | 3,955 | 8,729 | | Commercial Real estate | 4,512 | 334 | 1,421 | 1,107 | 1,575 | 4,984 | 13,933 | | Mining and Quarrying | 608 | 606 | 866 | 1,644 | 214 | 1,943 | 5,881 | | Consumer durables | 2,780 | 293 | 504 | 154 | 481 | 1,995 | 6,207 | | Construction | 318 | 156 | 482 | 96 | 247 | 1,158 | 2,457 | | Trading Companies & Distributors | 95 | 103 | 106 | 31 | 40 | 277 | 652 | | Government | 3,836 | 117 | 20,266 | 1,671 | 4 | 3,592 | 29,486 | | Other | 1,419 | 563 | 816 | 724 | 233 | 1,278 | 5,033 | | Net Loans and advances to Customers | 28,483 | 10,958 | 36,844 | 25,782 | 18,337 | 39,991 | 160,395 | | Net Loans and advances to Banks | 15,058 | 2,432 | 7,701 | 4,337 | 2,322 | 11,743 | 43,593 | 1 Refer to the equivalent table on the page 260 of the Risk Review section. Forborne and other modified loans by key geography (page 255) Published table as of 31 December 2024 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 | | | | | | | Hong Kong | Korea | China | Singapore | UK | US | Other | Total | | Amortised cost | $million | $million | $million | $million | $million | $million | $million | $million | | Performing forborne loans | 2 | 8 | – | 3 | – | – | 39 | 52 | | Stage 3 forborne loans | 118 | 18 | 77 | 25 | 78 | 1 | 415 | 732 | | Net forborne loans | 120 | 26 | 77 | 28 | 78 | 1 | 454 | 784 | Adjustment table | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 | | | | | | | Hong Kong | Korea | China | Singapore | UK | US | Other | Total | | Amortised cost | $million | $million | $million | $million | $million | $million | $million | $million | | Performing forborne loans | – | – | – | – | – | – | – | – | | Stage 3 forborne loans | 8 | (7) | (8) | – | (3) | – | 10 | – | | Net forborne loans | 8 | (7) | (8) | – | (3) | – | 10 | – | Re–presented table as of 31 December 2024 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 1 | | | | | | | Hong Kong | Korea | China | Singapore | UK | US | Other | Total | | Amortised cost | $million | $million | $million | $million | $million | $million | $million | $million | | Performing forborne loans | 2 | 8 | – | 3 | – | – | 39 | 52 | | Stage 3 forborne loans | 110 | 25 | 85 | 25 | 81 | 1 | 405 | 732 | | Net forborne loans | 112 | 33 | 85 | 28 | 81 | 1 | 444 | 784 | 1 Refer to the equivalent table on the page 255 of the Risk Review section. #### Financial statements #### Notes to the financial statements Standard Chartered | Annual Report 2025428 ![]() 41. Related undertakings of the Group As at 31 December 2025, the Group’s interests in related undertakings are disclosed below. Unless otherwise stated, the share capital disclosed comprises ordinary or common shares which are held by subsidiaries of the Group. Standard Chartered Bank (Hong Kong) Limited, Standard Chartered Funding (Jersey) Limited, Stanchart Nominees Limited, Standard Chartered Holdings Limited and Standard Chartered Nominees Limited are directly held subsidiaries, all other related undertakings are held indirectly. Unless otherwise stated, the principal country of operation of each subsidiary is the same as its country of incorporation Note 32 details undertakings that have a significant contribution to the Group’s net profit or net assets. Subsidiary Undertakings | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | FinVentures UK Limited v | 100 | 1, 163 | | SC (Secretaries) Limited ix | 100 | 1 | | SC Ventures G.P. Limited v | 100 | 1 | | SC Ventures Innovation Investment L.P. v | 100 Y | 1 | | SCMB Overseas Limited v | 100 | 1, 163 | | Standard Chartered Africa Limited v | 100 | 1, 163 | | Standard Chartered Bank i | 100; 100 Q,T | 1 | | Standard Chartered Foundation ix | 100 | 1, 158 | | Standard Chartered Health Trustee (UK) Limited ix | 100 | 1 | | Standard Chartered I H Limited v | 100 | 1, 163 | | Standard Chartered Nominees (Private Clients UK) | | | | Limited i | 100 | 1 | | Standard Chartered Securities (Africa) | | | | Holdings Limited v | 100 | 1, 163 | | Standard Chartered Strategic Investments Limited v | 100 | 1, 163 | | Standard Chartered Trustees (UK) Limited ix | 100 | 1 | | SC Ventures Holdings Limited v | 100; 100 M | 1 | | Zodia Markets (UK) Limited i | 100 | 1 | | Zodia Markets Holdings Limited v | 83.96 | 1 | | Bricks (C&K) LP ix | 100 Y | 2, 158 | | Bricks (C) LP ix | 100 Y | 2, 158 | | Bricks (T) LP ix | 100 Y | 2, 158 | | Corrasi Covered Bonds LLP ix | 75 AA | 3 | | Zodia Custody Limited iv | 95.1; 15.132 K | 107 | | Zodia Holdings Limited v | 100 A | 107 | | Assembly Payments UK Ltd iv | 100 | 4, 158 | | CurrencyFair (UK) Limited i | 100 | 4, 158 | | Zai Technologies Limited iv | 100 | 4, 158 | | Standard Chartered Grindlays Pty Limited v | 100 | 5 | | Assembly Payments Australia Pty Ltd iv | 100 | 131, 158 | | Zai Australia Pty Ltd iv | 100 | 11 | | CurrencyFair Australia Pty Ltd iv | 100 | 6, 158 | | Standard Chartered Bank Insurance Agency | | | | (Proprietary) Limited i | 100 | 7 | | Standard Chartered Investment Services | | | | (Proprietary) Limited i | 100 | 7 | | Standard Chartered Bank Botswana Limited i | 75.827 | 7 | | Standard Chartered Botswana Nominees | | | | (Proprietary) Limited i | 100 | 7 | | Standard Chartered Botswana Education Trust ix | 100 AB | 7 | | Standard Chartered Representação e | | | | Participações Ltda i | 100 | 8 | | Standard Chartered Securities (B) Sdn Bhd i | 100 | 108 | | CurrencyFair (Canada) Ltd iv | 100 | 10, 158 | | SCB Investment Holding Company Limited v | 100 A | 114 | | Standard Chartered Global Business Services Co., Ltd vii | 100 | 12, 160 | | Standard Chartered Global Business Services | | | | (Guangzhou) Co., Ltd. vii | 100 | 121, 160 | | Guangzhou CurrencyFair Information | | | | Technology Limited iv | 100 | 13, 159 | | Standard Chartered Bank Cote d’Ivoire SA ix | 100 | 14 | | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Standard Chartered Bank AG i | 100 | 16 | | Solvezy Technology Ghana Ltd iv | 100 | 17 | | | 69.416; | | | Standard Chartered Bank Ghana PLC i | 87.043 T | 18 | | Standard Chartered Ghana Nominees Limited i | 100 | 18 | | Standard Chartered Wealth Management | | | | Limited Company i | 100 | 19 | | Standard Chartered PF Real Estate (Hong Kong) | | | | Limited v | 100 | 81 | | Standard Chartered Private Equity Limited v | 100 | 20 | | Standard Chartered Asia Limited v | 100; 100 AD | 20 | | CurrencyFair Asia Limited iv | 100 | 91, 158 | | Zodia Custody (Hong Kong) Limited iv | 100 | 132 | | Assembly Payments India Private Limited iv | 100 | 92 | | Standard Chartered Global Business Services | | | | Private Limited viii | 100 | 22 | | Standard Chartered Finance Private Limited viii | 98.895 | 23 | | Standard Chartered Capital Limited i | 100 | 153 | | Standard Chartered Securities (India) Limited i | 100 | 93 | | Standard Chartered (India) Modeling and Analytics Centre Private Limited viii | 100 | 26 | | SCV Research and Development Pvt. Ltd. iv | 100 | 117 | | PT Labamu Sejahtera Indonesia iv | 100 | 27 | | Currencyfair Limited iv | 100 A | 150, 158, 165 | | CurrencyFair Nominees Limited iv | 100 | 148, 158 | | Zodia Markets (Ireland) Limited i | 100 | 133 | | Zodia Custody (Ireland) Limited iv | 100 | 134 | | Standard Chartered Assurance Limited i | 100; 100 M | 29 | | Standard Chartered Isle of Man Limited i | 100 | 29 | | Standard Chartered Securities (Japan) Limited i | 100 | 30 | | SCB Nominees (CI) Limited i | 100 | 31 | | Solvezy Technology Kenya Limited iv | 100 | 32 | | Standard Chartered Bancassurance | | | | Intermediary Limited i | 100 | 32 | | Standard Chartered Investment Services Limited v | 100 | 32 | | Standard Chartered Bank Kenya Limited i | 74.318; 100 J | 32 | | Standard Chartered Securities (Kenya) Limited i | 100 | 32 | | Standard Chartered Financial Services Limited i | 100 | 32 | | Standard Chartered Kenya Nominees Limited i | 100 | 32 | | Standard Chartered Metropolitan Holdings SAL v | 100 A | 33 | | Cartaban (Malaya) Nominees Sdn Berhad i | 100 | 34 | | Cartaban Nominees (Asing) Sdn Bhd i | 100 | 34 | | Cartaban Nominees (Tempatan) Sdn Bhd i | 100 | 34 | | Golden Maestro Sdn Bhd v | 100 | 34 | | Price Solutions Sdn Bhd i | 100 | 34 | | SCBMB Trustee Berhad ix | 100 | 34 | | Standard Chartered Bank Malaysia Berhad i | 100; 100 S | 34 | | Standard Chartered Saadiq Berhad i | 100 | 34 | | Resolution Alliance Sdn Bhd v | 91 | 35, 158 | | Standard Chartered Global Business Services | | | | Sdn Bhd viii | 100 | 115 | | Assembly Payments Malaysia Sdn. Bhd. iv | 100 | 37, 15 8 | Annual Report 2025 | Standard Chartered 429 Financial statements ![]() #### Financial statements #### Notes to the financial statements 41. Related undertakings of the Group continued | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Standard Chartered Bank (Mauritius) Limited i | 100 | 38 | | Standard Chartered Private Equity (Mauritius) | | | | Limited i | 100 | 113 | | Standard Chartered Private Equity (Mauritius) II | | | | Limited i | 100 | 113 | | Standard Chartered Private Equity (Mauritius) lll | | | | Limited i | 100 | 113 | | Subcontinental Equities Limited v | 100 | 39 | | Standard Chartered Bank Nepal Limited i | 70.21 | 40 | | Standard Chartered Holdings (Africa) B.V. v | 100 | 1, 161 | | Standard Chartered Holdings (Asia Pacific) B.V. v | 100 | 1, 161 | | Standard Chartered Holdings (International) B.V. v | 100 | 1, 161 | | Standard Chartered MB Holdings B.V. v | 100 | 1, 161 | | PromisePay Limited iv | 100 | 41, 158 | | Standard Chartered Bank Nigeria Limited i | 100; 100 N,T | 42 | | Standard Chartered Capital & Advisory | | | | Nigeria Limited i | 100 | 42 | | Standard Chartered Nominees (Nigeria) Limited i | 100 | 42 | | Standard Chartered Bank (Pakistan) Limited i | 98.986 | 43 | | Standard Chartered Group Services, Manila | | | | Incorporated viii | 100 | 44 | | Standard Chartered Global Business Services | | | | spółka z ograniczoną odpowiedzialnością viii | 100 | 45 | | Standard Chartered Capital (Saudi Arabia) i | 100 | 116 | | Standard Chartered Private Equity (Singapore) | | | | Pte. Ltd v | 100 | 46 | | Standard Chartered Real Estate Investment | | | | Holdings (Singapore) Private Limited v | 100 | 46 | | Raffles Nominees (Pte.) Limited i | 100 | 47 | | SCTS Capital Pte. Ltd i | 100 | 48 | | SCTS Management Pte. Ltd. i | 100 | 48 | | Standard Chartered Bank (Singapore) Limited i | 100 A,B,C,U,V,W | 48 | | Standard Chartered Trust (Singapore) Limited ix | 100 | 48 | | Standard Chartered Holdings (Singapore) Private | | | | Limited v | 100 | 48 | | Standard Chartered Nominees (Singapore) | | | | Pte Ltd i | 100 | 48 | | Audax Financial Technology Pte. Ltd iv | 100 A | 147 | | CashEnable Pte. Ltd. iv | 100 A | 146 | | Letsbloom Pte. Ltd. iv | 100 A | 90 | | Libeara (Singapore) Pte. Ltd. iv | 100 | 90 | | Libeara Pte. Ltd. v | 100 | 90 | | SCV Research and Development Pte. Ltd. iv | 100 A | 145 | | Zodia Custody (Singapore) Pte. Ltd. iv | 100 | 145 | | Power2SME Pte. Ltd. v | 91.577 | 146 | | SCV Master Holding Company Pte. Ltd. v | 100; 100 M | 146 | | Solv-India Pte. Ltd. v | 100 | 146 | | Trust Bank Singapore Limited i | 60 | 130 | | CurrencyFair (Singapore) Pte.Ltd iv | 100 | 49, 158 | | Assembly Payments SGP Pte. Ltd. iv | 100 | 50, 158 | | Assembly Payments Pte. Ltd. iv | 100; 100 J | 50, 158 | | Standard Chartered Nominees South Africa | | | | Proprietary Limited (RF) i | 100 | 52 | | Standard Chartered Bank Tanzania Limited i | 100; 100 J | 53 | | Standard Chartered Tanzania Nominees Limited i | 100 | 53 | | Standard Chartered Bank (Thai) Public | | | | Company Limited i | 99.87 | 54 | | Standard Chartered Yatirim Bankasi Turk | | | | Anonim Sirket ii | 100 | 55 | | Standard Chartered Bank Uganda Limited i | 100 | 56 | | Furaha Finserve Uganda Limited i | 100.001 | 57 | | Appro Onboarding Solutions FZ-LLC iv | 100 | 58 | | Financial Inclusion Technologies Ltd v | 100 A | 94 | | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Furaha Holding Ltd v | 100; 100 B | 59 | | myZoi Financial Inclusion Technologies LLC iv | 100 | 61 | | Standard Chartered Bank International (Americas) | | | | Limited i | 100 | 111 | | Standard Chartered Holdings Inc. v | 100 | 62 | | Standard Chartered Securities (North America) | | | | LLC i | 100 AA | 62 | | CurrencyFair (USA) Inc iv | 100 AC | 64, 158 | | Standard Chartered Trade Services Corporation i | 100 | 89 | | Standard Chartered Bank (Vietnam) Limited i | 100 X | 65 | | Sky Harmony Holdings Limited v | 100 | 118 | | Standard Chartered Bank Zambia Plc i | 90 | 119 | | Standard Chartered Zambia Securities Services | | | | Nominees Limited i | 100 | 138 | | Stanchart Nominees Limited i | 100 | 1, 164 | | Standard Chartered Holdings Limited v | 100 | 1, 163, 164, 159 | | Standard Chartered NEA Limited v | 100 | 1, 163 | | Standard Chartered Nominees Limited i | 100 | 1, 164 | | Standard Chartered (Guangzhou) Business | | | | Management Co., Ltd. ii | 100 | 120, 159, 160 | | Standard Chartered Bank (China) Limited i | 100 | 75, 159, 160 | | Standard Chartered Securities (China) Limited i | 100 | 76, 159, 160 | | Horsford Nominees Limited i | 100 | 77 | | Marina Acacia Shipping Limited vi | 100 | 78 | | Marina Amethyst Shipping Limited vi | 100 | 78 | | Marina Angelite Shipping Limited vi | 100 | 78 | | Marina Beryl Shipping Limited vi | 100 | 78 | | Marina Emerald Shipping Limited vi | 100 | 78 | | Marina Flax Shipping Limited vi | 100 | 78 | | Marina Gloxinia Shipping Limited vi | 100 | 78 | | Marina Hazel Shipping Limited vi | 100 | 78 | | Marina Ilex Shipping Limited vi | 100 | 78 | | Marina Iridot Shipping Limited vi | 100 | 78 | | Marina Mimosa Shipping Limited vi | 100 | 78 | | Marina Moonstone Shipping Limited vi | 100 | 78 | | Marina Peridot Shipping Limited vi | 100 | 78 | | Marina Sapphire Shipping Limited vi | 100 | 78 | | Marina Tourmaline Shipping Limited vi | 100 | 78 | | Standard Chartered Securities (Hong Kong) | | | | Limited i | 100 | 78 | | Marina Leasing Limited vi | 100 | 78 | | Standard Chartered Leasing Group Limited v | 100 | 78 | | Standard Chartered Trade Support (HK) Limited i | 100 | 78 | | Mox Bank Limited i | 74.36 | 79 | | Standard Chartered Bank (Hong Kong) Limited i | 100 A,B,C,D | 80 | | Standard Chartered Trustee (Hong Kong) Limited ix | 100 | 82 | | Standard Chartered Funding (Jersey) Limited v | 100 | 83 | | Standard Chartered Bank Korea Limited i | 100 | 84 | | Standard Chartered Securities Korea Co., Ltd i | 100 | 85 | | Marina Morganite Shipping Limited vi | 100 | 125, 162 | | Marina Moss Shipping Limited vi | 100 | 125, 162 | | Marina Tanzanite Shipping Limited vi | 100 | 125, 162 | | Marina Angelica Shipping Limited vi | 100 | 86, 162 | | Marina Aventurine Shipping Limited vi | 100 | 86, 162 | | Marina Citrine Shipping Limited vi | 100 | 86, 162 | | Marina Dahlia Shipping Limited vi | 100 | 86, 162 | | Marina Dittany Shipping Limited vi | 100 | 86, 162 | | Marina Lilac Shipping Limited vi | 100 | 86, 162 | | Marina Lolite Shipping Limited vi | 100 | 86, 162 | | Marina Obsidian Shipping Limited vi | 100 | 86, 162 | Standard Chartered | Annual Report 2025430 ![]() | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Marina Quartz Shipping Limited vi | 100 | 86, 162 | | Marina Remora Shipping Limited vi | 100 | 86, 162 | | Marina Turquoise Shipping Limited vi | 100 | 86, 162 | | Marina Zircon Shipping Limited vi | 100 | 86, 162 | | Price Solution Pakistan (Private) Limited i | 100 | 87 | | Standard Chartered Bank (Taiwan) Limited i | 100 | 88 | | CMB Nominees (RF) Proprietary Limited ix | 100 | 52 | | Letsbloom India Private Limited iv | 100 | 97 | | Qatalyst Pte. Ltd. iv | 72.727 | 146 | | Solv Vietnam Company Limited iv | 100 X | 98 | | Standard Chartered Funds VCC ix | 100 | 48 | | TASConnect (Hong Kong) Private Limited iv | 100 | 99 | | TASConnect (Malaysia) Sdn. Bhd. iv | 100 | 36 | | TASConnect (Shanghai) Financial Technology | | | | Pte. Ltd iv | 100 | 151, 160 | | Zodia Custody Australia Pty. Ltd. iv | 100 | 126 | | Zodia Markets (AME) Limited iv | 100 | 127 | | Zodia Markets (Jersey) Limited iv | 100 | 129 | | Standard Chartered Luxembourg S.A. i | 100 | 106 | | Fourtwothree Pte. Ltd iv | 100 | 90 | | HAL Holding Ltd iv | 100 | 155 | | Zodia Custody (Europe) S.A. iv | 100 | 128 | | Actis Treit Holdings (Mauritius) Limited v | 62.001 A,B | 149, 158 | | Actis Treit Holdings No.1 (Singapore) Private | | | | Limited v | 100 | 156, 158 | | Actis Treit Holdings No.2 (Singapore) Private | | | | Limited v | 100 | 156, 158 | | Anchorpoint Financial Limited iv | 50.5 | 20 | | Appro Marketing Solutions L.L.C iv | 100 | 139 | | Berkeley Square Finance 1 Designated Activity | | | | Company i | 100 | 124 | | CFZ Holding Limited iv | 29.96;100 A | 150 | | Currencyfair Group Limited iv | 100 | 150, 158 | | Nusavest Pte. Ltd. iv | 100 | 146 | | Regwise Ltd iv | 100 | 102 | | Slate One LLC i | 100 | 101 | | Standard Chartered Services Holdings Limited v | 100 | 1 | | Standard Chartered Services Limited viii | 100 | 1 | | Tungsten Custody Solutions FZE iv | 100 | 100 | | Tungsten Custody Solutions Ltd iv | 100 | 63 | | Tungsten Holding Limited iv | 100 | 63 | | Zodia Markets Technology Services FZCO iv | 0.1 | 25 | Joint ventures | | | | | | --- | --- | --- | --- | | | | Proportion of | | | Name | | shares held (%) | Footnotes | | Olea Global Pte. Ltd. iv | | 46.655; 100 J | 145 | | Global Digital Asset Holdings Limited v | | 100 | 60 | | Akashaverse Pte. Ltd. iv | | 50 | 143 | | K423 | Limited vii | 25.011 | 104 | | Lexarius Limited iv | | 50 | 103 | | Qlarion Ltd iv | | 100 A | 102 | Associates | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Clifford Capital Holdings Pte. Ltd. v | 9.9 | 109 | | Verified Impact Exchange Holdings Pte. Ltd i | 13.421 | 110 | | Seychelles International Mercantile Banking | | | | Corporation Limited. i | 22 | 66 | | SWIAT GmbH iv | 30.498 | 67 | | | 25; 25 H ; | | | Partior Holdings Pte. Ltd. i | 7.2461 | 69 | | China Bohai Bank Co., Ltd. i | 16.263 | 95, 159 | | Vault22 Solutions Holdings Ltd iv | 100 E | 135 | | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | | 94.117 AF ; | | | Jumbotail Technologies Private Limited iv | 100 AG,AH | 105 | Significant investment holdings and other related undertakings | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Corrasi Covered Bonds (LM) Limited i | 20 | 3, 158 | | SCIAIGF Liquidating Trust v | 43.96 AB | 112, 158 | | ATSC Cayman Holdco Limited v | 5.272 A ;100 B | 140 | | | 39.689 A ; | | | Actis Temple Stay Holdings (HK) Limited v | 39.689 B | 141, 158 | | Mikado Realtors Private Limited ix | 26 | 142 | | Industrial Minerals and Chemical Co. Pvt. Ltd ix | 26 | 157 | | Ascenta III v | 31 G | 70 | | | 40.74 O ; | | | Paxata, Inc. iii | 8.908 P | 64 | In liquidation | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Subsidiary Undertakings | | | | Standard Chartered Masterbrand Licensing | | | | Limited ix | 100 | 122 | | Birdsong Limited ix | 100 | 71 | | Nominees One Limited ix | 100 | 71 | | Nominees Two Limited ix | 100 | 71 | | Songbird Limited ix | 100 | 71 | | Standard Chartered Secretaries (Guernsey) | | | | Limited ix | 100 | 71 | | Standard Chartered Trust (Guernsey) Limited ix | 100 | 71 | | Standard Chartered Financial Services | | | | (Luxembourg) S.A. ix | 100 | 72 | | Banco Standard Chartered en Liquidacion ix | 100 | 123 | | Standard Chartered Uruguay Representacion S.A. ix | 100 | 73 | | SC Transport Leasing 1 LTD ix | 100 | 144 | | SC Transport Leasing 2 Limited ix | 100 | 144 | | Standard Chartered Leasing (UK) Limited ix | 100 | 144 | | Standard Chartered Trust (Hong Kong) Limited i | 100 | 82 | | Associates | | | | Ascenta IV ix | 39.1 Z | 74 | Subsidiary/Associate undertakings and Significant investment holdings – Liquidated/ dissolved/sold | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | The SC Transport Leasing Partnership 1 vi | 100 Y | 1 | | The SC Transport Leasing Partnership 2 vi | 100 Y | 1 | | The SC Transport Leasing Partnership 3 vi | 100 Y | 1 | | The SC Transport Leasing Partnership 4 vi | 100 Y | 1 | | Standard Chartered Bank Cameroon S.A. i | 100 | 9 | | Standard Chartered Bank Gambia Limited i | 74.852 | 15 | | Assembly Payments HK Limited iv | 100 | 21, 158 | | Standard Chartered Research and Technology | | | | India Private Limited iv | 100 A,R | 136 | | CurrencyFair (Canada) Limited iv | 100 | 28, 158 | | Tawi Fresh Kenya Limited iv | 100 | 32 | | Pegasus Dealmaking Pte. Ltd. iv | 100 | 145 | | Promisepay (PTY) Ltd iv | 100 | 137, 158 | | Marina Partawati Shipping Pte. Ltd. vi | 100 | 152 | | SC Ventures Management Consulting (Shenzhen) | | | | Limited ix | 100 | 154, 159 | | Standard Chartered Leasing (UK) 3 Limited vi | 100 | 68 | Annual Report 2025 | Standard Chartered 431 Financial statements ![]() #### Financial statements #### Notes to the financial statements 41. Related undertakings of the Group continued | | | | | --- | --- | --- | | | Proportion of | | | Name | shares held (%) | Footnotes | | Marina Opah Shipping Pte. Ltd. vi | 100 | 68 | | Marina Cobia Shipping Pte. Ltd. vi | 100 | 68 | | Marina Aquata Shipping Pte. Ltd. vi | 100 | 68 | | Marina Aruana Shipping Pte. Ltd. vi | 100 | 68 | | Cerulean Investments LP ix | 100 Y | 68 | | Standard Chartered IL&FS Management | | | | (Singapore) Pte. Limited ix | 50 | 51 | | St Helen’s Nominees India Private Limited i | 100 | 24 | | Standard Chartered Private Equity Advisory (India) | | | | Private Limited viii | 100 | 24 | | SBI Zodia Custody Co. Ltd iv | 100 | 68 | | Fintech for International Development Ltd ix | 58.901 A | 96 | Footnotes Registered address | | | | | --- | --- | --- | | | Address | | | 1 | 1 Basinghall Avenue, London, EC2V 5DD, United Kingdom | | | 2 | 2 More London Riverside, London, SE1 2JT, United Kingdom | | | 3 | 5 Churchill Place, 10 th floor, London, E14 5HU, United Kingdom | | | | Robert Denholm House, Bletchingly Road, Nutfield, Redhill, RH1 4HW, | | | 4 | United Kingdom | | | 5 | Level 5, 345 | George St, Sydney NSW 2000, Australia | | | Milsons Landing, Level 5, 6A Glen Street, Milsons Point NSW 2061, | | | 6 | Australia | | | | 5 th Floor Standard House Bldg, The Mall, Queens Road, PO Box 496, | | | 7 | Gaborone, Botswana | | | | Avenida Brigadeiro Faria Lima, no 3.477, 6 o andar, conjunto 62 – Torre | | | | Norte, Condominio Patio Victor Malzoni, CEP 04538-133, Sao Paulo, | | | 8 | Brazil | | | 9 | 1155, | Boulevard de la Liberté, Douala, B.P. 1784, Cameroon | | | 66 Wellington Street, West, Suite 4100, Toronto Dominion Centre, | | | 10 | Toronto ON M5K 1B7, Canada | | | 11 | Level 1, 55 Collins Street, Melbourne VIC 3000, Australia | | | 12 | No. 35, Xinhuanbei Road, TEDA, Tianjin, 300457, China | | | 13 | Room 2619, | No 9, Linhe West Road, Tianhe District, Guangzhou, China | | | Standard Chartered Bank Cote d’Ivoire, 23 Boulevard de la République, | | | 14 | Abidjan 17, 17 B.P. 1141, Cote d’Ivoire | | | 15 | 8 Ecowas Avenue, Banjul, Gambia | | | 16 | TaunusTurm, Taunustor 1, 60310, Frankfurt am Main, Germany | | | | Standard Chartered Bank Building, 87 Independance Avenue, Ridge, | | | 17 | ACCRA, Greater ACCRA, GA-016-4621, Ghana | | | | Standard Chartered Bank Building, No. 87, Independence Avenue, P.O. | | | 18 | Box 768, Accra, Ghana | | | | Standard Chartered Bank Ghana Limited, 87, Independence Avenue, | | | 19 | Post Office Box 678, Accra, Ghana | | | | 13/F Standard Chartered Bank Building, 4-4A Des Voeux Road Central, | | | 20 | Hong Kong | | | 21 | 31/F, Tower 2 Times Square, 1 Matheson St, Causeway Bay, Hong Kong | | | | 6 th Floor, Tower 3, DLF Downtown, 100 Feet Road, Tharamani, Chennai, | | | 22 | Tamil Nadu, 600113, India | | | 23 | 90 M.G.Road, II Floor, Fort, Mumbai, Maharashtra, 400001, India | | | | Ground Floor, Crescenzo Building, G Block, C 38/39, Bandra Kurla | | | 24 | Complex, Bandra (East), Mumbai, Maharashtra, 400051, India | | | | Unit RET-R5-186, Detached Retail R5, Plot No: JLT-PH 2 -RET-R5, Jumeirah, | | | 25 | United Arab Emirates | | | | Vaishnavi Serenity, First Floor, No. 112, Koramangala Industrial Area, 5 th | | | 26 | Block, Koramangala, Bangalore, Karnataka, 560095, India | | | | The Icon Business Park Blok F No. 5, Desa/Kelurahan, Sampora Kec, | | | 27 | Cisauk, Kab Tangerang Provinsi, Banten, 15345, Indonesia | | | 28 | 91 Pembroke Road, Dublin 4, Ballsbridge, Dublin, DO4 EC42, Ireland | | | | Third Floor, St. George’s Court, Upper Church Street, Douglas, IM1 1EE, | | | 29 | Isle of Man | | | | 21/F, Sanno Park Tower, 2-11-1 Nagatacho, Chiyoda-ku, Tokyo, 100-6155, | | | 30 | Japan | | | 31 | 15 Castle Street, St Helier, JE4 8PT, Jersey | | | | | | | | --- | --- | --- | --- | | | Address | | | | | Standard Chartered@Chiromo, 48 Westlands Road, P. O. Box 30003 | | | | 32 | – | 00100, | Nairobi, Kenya | | | Atrium Building, Maarad Street, 3 rd Floor, P.O. Box 11-4081 Raid El Solh, | | | | 33 | Beirut Central District, Lebanon | | | | | Level 25, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur, | | | | 34 | | Malaysia | | | | Suite 18-1, Level 18, Vertical Corporate Tower B, Avenue 10, The Vertical, | | | | | Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah | | | | 35 | Persekutuan, Malaysia | | | | | Level 7, Mercu 3. No. 3, Jalan Bangsar, KL ECO City, 59200 Kuala | | | | 36 | Lumpur, Malaysia | | | | | Level 13, Menara 1 Sentrum 201, Jalan Tun Sambanthan, Brickfields, | | | | 37 | 50470 | Kuala Lumpur, Malaysia | | | | 6 th Floor, Standard Chartered Tower, 19, Bank Street, Cybercity, Ebene, | | | | 38 | 72201, | Mauritius | | | | Mondial Management Services Ltd, Unit 2L, 2 nd Floor Standard | | | | 39 | Chartered Tower, 19 Cybercity, Ebene, Mauritius | | | | | Standard Chartered Bank Nepal Limited, Madan Bhandari Marg. Ward | | | | | No.31, Kathmandu Metropolitan City, Kathmandu District, Bagmati | | | | 40 | Province, Kathmandu, 44600, Nepal | | | | | PromisePay, 4 All good Place, Rototuna North, Hamilton, 3210, New | | | | 41 | Zealand | | | | 42 | 142, Ahmadu Bello Way, Victoria Island, Lagos, 101241, Nigeria | | | | 43 | P.O. Box No. 5556, I.I. Chundrigar Road, Karachi, 74000, Pakistan | | | | | 8 th Floor, Makati Sky Plaza Building 6788, Ayala Avenue San Lorenzo, | | | | 44 | City of Makati, Fourth District, National Capi, 1223, Philippines | | | | 45 | Rondo Ignacego Daszyńskiego 2B, 00-843, Warsaw, Poland | | | | | 8 Marina Boulevard, #25-01 Marina Bay Financial Centre, 018981, | | | | 46 | Singapore | | | | | 7 Changi Business Park Crescent, #03-00 Standard Chartered @ | | | | 47 | | Changi, 486028, | Singapore | | | 8 Marina Boulevard, #27-01 Marina Bay Financial Centre Tower 1, | | | | 48 | 018981, | | Singapore | | 49 | 1 Robinson Road, #17-00, AIA Tower, 048542, Singapore | | | | 50 | 38 Beach Road, #29-11 South Beach Tower, 189767, Singapore | | | | | Abogado Pte Ltd, No. 8 Marina Boulevard, #05-02 MBFC Tower 1, | | | | 51 | 018981, | | Singapore | | 52 | 2 nd Floor, 115 West Street, Sandton, Johannesburg, 2196, South Africa | | | | | 1 Floor, International House, Shaaban Robert Street / Garden Avenue, | | | | 53 | PO Box 9011, Dar Es Salaam, Tanzania, United Republic of | | | | | No. 140, 11 th , 12 th and 14 th Floor, Wireless Road, Lumpini, Patumwan, | | | | 54 | | Bangkok, 10330, | Thailand | | | Buyukdere Cad. Yapi Kredi Plaza C Blok, Kat 15, Levent, Istanbul, 34330, | | | | 55 | Turkey | | | | | Standard Chartered Bank Bldg, 5 Speke Road, PO Box 7111, Kampala, | | | | 56 | Uganda | | | | 57 | 14 Mackinnon Road, Nakasero, Kampala, 141769, Uganda | | | | | Arjaan Office Towers, Office 105, Dubai Media City, United Arab | | | | 58 | Emirates | | | | | Unit IH-00-01-07-OF-05, Level 7, IH-00-01-CP-05, Dubai International | | | | 59 | Financial Centre, Dubai, United Arab Emirates | | | | | Standard Chartered Bank, 7 th Floor, Building One, Gate Precinct, DIFC, | | | | 60 | PO Box 999, Dubai, United Arab Emirates | | | | | Part of Level 15, Standard Chartered Bank Building, Plot 8, Burj | | | | 61 | Downtown, Dubai, United Arab Emirates | | | | | Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, | | | | 62 | United States | | | | | Office 1809, 18 | Floor Sky Tower, Shams Abu Dhabi, Al Reem Island, Abu | | | 63 | Dhabi, United Arab Emirates | | | | 64 | 251 | Little Falls Drive, Wilmington DE 19808, United States | | | | Level 3, #CP1.L01 and CP2.L01, Capital Place, 29 Lieu Giai, Ngoc Ha | | | | 65 | Ward, Hanoi, 10000, Vietnam | | | | 66 | Victoria House, State House Avenue, Victoria, MAHE, Seychelles | | | | 67 | Gervinusstrasse 17, 60322, Frankfurt am Main, Hesse, Germany | | | Standard Chartered | Annual Report 2025432 ![]() | | | | | --- | --- | --- | | | Address | | | | Ground Floor, Two Dockland Central, Guild Street, North Dock, Dublin, | | | 68 | D01 K2C5, Ireland | | | | 60B, Orchard Road, #06-18, Tower 2, The Atrium @ Orchard, 238891, | | | 69 | Singapore | | | | 17F, 47, Jong-ro, Jongno-gu, (17F, 100, Gongpyeong-dong, Jongno-gu), | | | 70 | Seoul, Korea, Republic of | | | 71 | Bucktrout House, Glategny Esplanade, St Peter Port, GY1 3HQ, Guernsey | | | 72 | 30 Rue Schrobilgen, 2526, Luxembourg | | | 73 | Luis Alberto de Herrera 1248, Torre II, Piso 11, Esc. 1111, Uruguay | | | 74 | 5-4, Bongeunsa-ro 29-gil, Gangnam-gu, Seoul, 06109, Korea | | | | Standard Chartered Tower, 201 Century Avenue, Pudong, Shanghai, | | | 75 | 200120, | China | | | 1201 1-2, 15-16, 12/F, Unit No.1, Building No.1, No. 1 Dongsanhuan Zhong | | | 76 | Road, Chaoyang District, Beijing, China | | | | 18/F., Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, | | | 77 | Kowloon, Hong Kong | | | | 15/F., Two International Finance Centre, No. 8 Finance Street, Central, | | | 78 | Hong Kong | | | | 39/F., Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay, | | | 79 | Hong Kong | | | 80 | 32/F., 4-4A Des Voeux Road, Central, Hong Kong | | | 81 | 14 th Floor, One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong | | | | 14/F, Standard Chartered Bank Building, 4-4A Des Voeux Road, Central, | | | 82 | Hong Kong | | | 83 | IFC 5, St Helier, JE1 1ST, Jersey | | | 84 | 47, Jong-ro, Jongno-gu, Seoul, 110-702, Korea, Republic of | | | 85 | 2F, 47, Jong-ro, Jongno-gu, Seoul, Korea, Republic of | | | | Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, | | | 86 | MH96960, | Marshall Islands | | | 3 rd Floor Main SCB Building, I.I Chundrigar Road, Karachi, Sindh, 74000, | | | 87 | Pakistan | | | | 1F, No.177 & 3F-6F, 18F, No.179, Liaoning Street, Zhongshan Dist., Taipei, | | | 88 | 104, Taiwan (Province of China) | | | | C/O Corporation Service Company, 251 Little Falls Drive, Wilmington | | | 89 | DE 19808, | United States | | 90 | 16 Raffles Quay, #16-02, Hong Leong Building, 048581, Singapore | | | | Suite 12100, | 12/F., YF Life Tower, 33 Lockhart Road, Wan Chai, | | 91 | Hong Kong | | | 92 | 1 st Floor, UB Plaza, No. 1 & 2, Vittal Mallya Road, Bengalur, India | | | | 12 th Floor, Crescenzo Business District, Plot no. C-38/39, G-Block, Bandra | | | 93 | – Kurla Complex, Bandra East, Mumbai, Maharashtra, 400051, India | | | | 16 th Floor, WeWork Hub 71, Al Khatem Tower, ADGM Square, Al Maryah | | | 94 | Island, Abu Dhabi, United Arab Emirates | | | 95 | 218 | Haihe East Road, Hedong District, Tianjin, 300012, China | | | Parker Andrews Ltd, 5 th Floor. The Union Building, 51-59 Rose Lane, | | | 96 | Norwich, NR1 1BY | | | | Unit 1 – 127A, WeWork Futura, Magarpatta Road, Kirtane Baug, | | | 97 | Hadpsar I.E., Pune – 411013, Maharashtra, India | | | | L17-11, Floor 17, Vincom Center, 72 Le Thanh Ton, Ben Nghe Ward, | | | 98 | District 1, Ho Chi Minh City, Vietnam | | | 99 | 30 th floor, One Taikoo Place, 979 King’s Road, Hong Kong, Hong Kong | | | 100 | 5.01 and 5.02 Convention Tower, DWTC, Dubai, United Arab Emirates | | | | Al Tamimi & Company International Limited, Tornado Tower, No. 17, | | | 101 | 19 th Floor, Doha, Qatar | | | 102 | 100 | Longwater Avenue, Reading, Berkshire, RG2 6GP, United Kingdom | | | DD-14-116-033, 15, Al Khatem Tower, WeWork Hub 71, Abu Dhabi Global | | | 103 | Market Square, Abu Dhabi, Al Maryah Island, United Arab Emirates | | | 104 | Office 7, 35-37 Ludgate Hill, London, EC4M 7JN | | | | Eastland Citadel, 6 th Floor, No.102, Hosur Road, Madiwala Check post, | | | 105 | Bangalore, 560 029, India | | | 106 | 53 Boulevard Royal, Grand Duchy of Luxembourg, 2449, Luxembourg | | | 107 | 1 st Floor, 6-8 Eastcheap, London, EC3M 1AE | | | | G01-02, Wisma Haji Mohd Taha Building, Jalan Gadong, BE4119, | | | 108 | Brunei Darussalam | | | 109 | 38 Beach Road, #19-11 South Beach Tower, 189767, Singapore | | | | 10 Marina Boulevard #08-08, Marina Bay Financial Centre, 018983, | | | 110 | Singapore | | | 111 | 1095 | Avenue of Americas, New York City NY 10036, United States | | | | | | --- | --- | --- | | | Address | | | 112 | 3 Jalan Pisang, c/o Watiga Trust Ltd, 199070, Singapore | | | | c/o Ocorian Corporate Services (Mauritius) Ltd, 6 th Floor, Tower A, 1, | | | 113 | Exchange Square, Wall Street, Ebene, Mauritius – 72201, Mauritius | | | | c/o Maples Finance Limited, PO Box 1093 GT, Queensgate House, | | | 114 | Georgetown, Grand Cayman, Cayman Islands | | | | Level 1, Wisma Standard Chartered, Jalan Teknologi 8, Taman | | | | Teknologi Malaysia, Bukit Jalil, 57000 Kuala Lumpur, Wilayah | | | 115 | Persekutuan, Malaysia | | | | Al Faisaliah Office Tower Floor No 7 (T07D), King Fahad Highway, | | | 116 | Olaya District, P.O box 295522, Riyadh, 11351, Saudi Arabia | | | 117 | No. 2734, | 3 rd Floor, Sector – I, HSR Layout, Bangalore, 560102, India | | | The Company’s Registered Office, Vistra Corporate Services Centre, | | | 118 | Wickhams Cay II, Road Town, Tortola, VG1110, Virgin Islands, British | | | | Standard Chartered House, Stand No. 4642, Corner of Mwaimwene | | | 119 | Road and Addis Ababa Drive, Lusaka, Lusaka, 10101, Zambia | | | | Units 1101B (Office use only), No. 235 Tianhebei Rd., Tianhe District, | | | 120 | Guangzhou City, Guangdong Province, China | | | | Unit 802B, 803, 1001A,1002B,1003-1005,1101-1105, 201-1205,1302C,1303, | | | | No. 235 | Tianhe North Road, Tianhe District, Guangzhou City, | | 121 | Guangdong Province, China | | | | C/O Teneo Financial Advisory Limited, The Colmore Building, | | | 122 | 20 Colmore Circus, Queensway, Birmingham, B4 6AT, United Kingdom | | | 123 | Jiron Huascar 2055, Jesus Maria, Lima, 15072, Peru | | | 124 | 10 Earlsfort Terrace, Dublin 2, Dublin, D02 T380, Ireland | | | | TMF Trust Labuan Limited, Brumby Centre, Lot 42, Jalan Muhibbah, | | | 125 | 87000 | Labuan F.T., Malaysia | | | c/o King & Wood Mallesons, Level 61, Governor Phillip Tower, 1 Farrer | | | 126 | Place, Sydney NSW 2000, Australia | | | | 2402B, | 24 th Floor, Tamouh Tower, Tamouh, Abu Dhabi, Al Reem Island, | | 127 | United Arab Emirates | | | 128 | 2 Place de Paris, 2314, Luxembourg | | | 129 | No 1 Grenville Street, St Helier, JE2 4UF, Jersey | | | 130 | 77 Robinson Road, #25-00 Robinson 77, 068896, Singapore | | | 131 | Level 22, 120 | Spencer Street, Melbourne VIC 3000, Australia | | | Room 1915, | 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, | | 132 | Hong Kong | | | 133 | One Central Plaza, Temple Bar, Dublin 2, Dublin, D02 EF64, Ireland | | | 134 | 27 Fitzwilliam Street, Dublin, D02 TP23, Ireland | | | | Unit 705, Innovation One, Dubai International Financial Centre, Dubai, | | | 135 | United Arab Emirates | | | | No. 2734, | Sector-I, HSR Layout, HSR Layout, Bangalore, Bangalore South, | | 136 | Karnataka, 560102, India | | | | 1 st Floor Building 33, Waterford Office Park, Waterford Drive, Fourways, | | | 137 | Gauteng, 2191, South Africa | | | | Stand No. 4642, Corner of Mwaimwena Road and Addis Ababa Drive, | | | 138 | Lusaka, 10101, | Zambia | | | BurDubai First Business Center Office number B2007-258, Dubai, | | | 139 | United Arab Emirates | | | | Intertrust Corporate Services (Cayman) Limited, 190 Elgin | | | 140 | Avenue,George Town, Grand Cayman, KY1-9005, Cayman Islands | | | | Unit 605-07, 6/F Wing OnCentre, 111 Connaught Road, Central, | | | 141 | Sheung Wan, Hong Kong | | | 142 | 1221 | A, Devika Tower, 12 th Floor, 6 Nehru Place, New Delhi 110019 | | 143 | 16 Raffles Quay, #18-02, Hong Leong Building, 048581, Singapore | | | | The Colmore Building, 20 Colmore Circus, Queensway, Birmingham, | | | 144 | B4 6AT, United Kingdom | | | 145 | 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore | | | 146 | 9 Raffles Place, #18-21 Republic Plaza, 048619, Singapore | | | | Acclime Singapore Pte. Ltd, 9 Raffles Place #18-21, Republic Plaza, | | | 147 | 048619, | Singapore | | | WeWork, One Central Plaza, Dame Street, Dublin 2, Dublin, D02 K7K5, | | | 148 | Ireland | | | | IQEQ Corporate Services (Mauritius) Ltd, 33, Edith Cavell Street, | | | 149 | Port Louis, 11324, Mauritius | | | 150 | One, Central Plaza, Dame Street, Dublin 2, Dublin, D02 K7K5, Ireland | | | | Level C, No. 888 2 nd Huanhu West Road, Nanhui New Town, | | | 151 | Pudong New Area, Shanghai | | | | 8 Marina Boulevard, Level 26, Marina Bay Financial Centre, Tower 1, | | | 152 | 018981, | Singapore | Annual Report 2025 | Standard Chartered 433 Financial statements ![]() #### Financial statements #### Notes to the financial statements 41. Related undertakings of the Group continued | | | | --- | --- | | | Address | | | 12 th Floor, Parinee Crescenzo Building, Plot C-38 & 39, G Block Bandra (E) | | 153 | Opp. MCA Ground, Mumbai, 400051, India | | | Unit 8C-17B, Xinlikang Building, 3044 Xinghai Blvd, Nanshan District, | | 154 | Shenzhen, China | | | Dedicated desk # 14-123-039, 15 th Floor, Al Khatem Tower, ADGM | | 155 | Square, Abu Dhabi, United Arab Emirates | | 156 | 6 Battery Road #13-01, 049909, Singapore | | | 4 th Floor, 274, Chitalia House, Dr. Cawasji Hormusji Road, Dhobi Talao, | | 157 | Mumbai City, Maharashtra, India 400 002, Mumbai, 400 002, India | Other notes | | | | --- | --- | | | Other notes | | | The Group has determined that these undertakings are excluded from | | | being consolidated into the Groups accounts, and do not meet the | | | definition of a Subsidiary under IFRS. See note 32 for the consolidation | | 158 | policy and disclosure of the undertaking. | | 159 | Registered as a Limited company under the Law of China | | 160 | Limited liability company | | | The Group has determined the principal place of operation to be | | 161 | United Kingdom | | | The Group has determined the principal place of operation to be | | 162 | Hong Kong | | | Company is exempt from the requirements of the companies Act | | | relating to the audit of individual accounts by virtue of S479A of the | | | Companies Act 2006 Company names and associated numbers of the | | | subsidiaries taking an audit exemption for the year ended 31 December | | | 2025 are Standard Chartered Holdings Limited 02426156, Standard | | | Chartered I H Limited 08414408, Finventures UK Limited 04275894, | | | Standard Chartered Strategic Investments Limited 01388304, Standard | | | Chartered NEA Limited 05345091, SCMB Overseas Limited 01764223, | | | Standard Chartered Africa Limited 00002877and Standard Chartered | | | Securities (Africa) Holdings Limited 05843604. | | | In line with section 479C of the Companies Act 2006, the Parent | | | undertaking (Standard Chartered PLC Company) guarantees all | | | outstanding liabilities to which the subsidiary company is subject | | | at the end of the financial year including external liabilities of | | | Finventures UK Limited ($2.3million), Standard Chartered NEA Limited | | 163 | ($22.0million) and SCMB Overseas Limited ($6.3million) | | 164 | Directly held related undertaking | | 165 | Group’s ultimate ownership for CurrencyFair entities is 43.422% | Description of shares | | | | --- | --- | | | Description | | A | Class A Ordinary shares | | B | Class B Ordinary shares | | C Class C Ordinary shares | | | D Class D Ordinary shares | | | E | Class A2 shares | | F | Class B Shares | | G | Class B Equity interest | | H | Series A Preferred | | I Series B Preferred | | | J | Preference shares | | K | Series A preference shares | | L Series B preference shares | | | M Redeemable preference shares | | | N | Series B Redeemable preference shares | | O | Series C2 preference shares | | P | Series C3 preference shares | | Q | Redeemable non-cumulative preference shares | | R | Compulsory convertible cumulative preference shares | | S | Irredeemable convertible preference shares | | T | Irredeemable non-cumulative preference shares | | U | Class B Non-cumulative preference shares | | V Class C Non-cumulative preference shares | | | | | | --- | --- | | W | Class D Non-cumulative preference shares | | X Charter capital | | | Y | Limited Partnership | | Z | Partnership Interest | | AA | Membership interest | | AB | Trust | | AC | Uncertificated | | AD | Deferred shares | | AE | Guarantee | | AF | D1 Preference | | AG | S1 Preference | | AH | S2 Preference | Business activity | | | | --- | --- | | | Activity | | i | Banking & Financial Services | | ii | Commercial real estate | | iii | Data Analytics | | iv | Digital Venture | | v | Investment holding company | | vi | Leasing and Finance | | vii | Research & development | | viii | Support Services | | ix | Others | Save for those disclosed in this Annual Report, there were no other significant investments held, nor were there material acquisitions or disposals of subsidiaries during the year under review. Apart from those disclosed in this Annual Report, there were no material investments or additions of capital assets authorised by the Board at the date of this Annual Report. Standard Chartered | Annual Report 2025434 ![]() In this section 436 Supplementary financial information 444 Supplementary people information 450 Supplementary sustainability information 458 Climate reporting index 466 Shareholder information 470 Glossary ## Supplementary ## information #### Case study ## Helping clients with health, wealth and ## wellness In November 2025, we launched a new health and wellness proposition for affluent clients, partnering with medical insurer Bupa Global and WHOOP, afitness and health wearables specialist. The proposition, available in Hong Kong, Singapore and India, brings together international private medical insurance, digital healthcare access and data-driven wellness insights for a holistic and proactive approach to health and wellness. The launch follows growing demand for solutions that integrate health, prevention and long-term wellbeing. Read more: sc.com/bupawhoop Annual Report 2025 | Standard Chartered 435 Supplementary information ![]() ## Supplementary financial information #### The supplementary financial information is unaudited unless otherwise stated Five-year summary 2025 $million 2024 $million 2023 $million 2022 $million 2021 $million Operating profit before impairment losses and taxation 7,638 7,041 6,468 5,405 3,777 Impairment losses on loans and advances and other credit risk provisions (672) (547) (508) (836) (254) Other impairment (65) (588) (1,008) (425) (372) Profit before taxation 6,963 6,014 5,093 4,286 3,347 Profit attributable to shareholders 5,085 4,050 3,469 2,948 2,315 Loans and advances to banks 1 43,901 43,593 44,977 39,519 44,383 Loans and advances to customers 1 286,788 281,032 286,975 310,647 298,468 Total assets 919,955 849,688 822,844 819,922 827,818 Deposits by banks 1 30,846 25,400 28,030 28,789 30,041 Customer accounts 1 530,161 464,489 469,418 461,677 474,570 Shareholders’ equity 46,593 44,388 44,445 43,162 46,011 Total capital resources 2 63,420 61,666 62,389 63,731 69,282 Information per ordinary share Cents Cents Cents Cents Cents Basic earnings per share 195.4 141.3 108.6 85.9 61.3 Underlying earnings per share 229.7 168.1 128.9 97.9 85.8 Dividends per share 3 61.0 37.0 27.0 18.0 12.0 Net asset value per share 2,007.0 1,781.3 1,629.0 1,453.3 1,456.4 Net tangible asset value per share 1,730.0 1,541.1 1,393.0 1,249.0 1,277.0 Return on assets(%) 4 0.6 0.5 0.4 0.4 0.3 Ratios % % % % % Reported return on ordinary shareholders’ tangible equity 11.9 9.7 8.4 6.8 4.8 Underlying return on ordinary shareholders’ tangible equity 14.7 11.7 10.1 7.7 6.8 Reported cost-to-income ratio 63.5 64.0 64.1 66.9 74.3 Underlying cost-to-income ratio 59.1 59.9 64.1 66.2 70.5 Capital ratios: CET1 5 14.1 14.2 14.1 14.0 14.1 Total capital 5 20.6 21.5 21.2 21.7 21.3 1 Excludes amounts held at fair value through profit or loss. 2 Shareholders’ funds, non-controlling interests, and subordinated loan capital. 3 Dividend paid during the year per share. 4 Represents profit attributable to shareholders divided by the total assets of the Group. 5 Unaudited. Standard Chartered | Annual Report 2025436 ![]() Analysis of underlying performance by key market The following tables provide information for key markets in which the Group operates. The numbers are prepared on amanagement view. Refer to Note 2 for details. 2025 Hong Kong $million Korea $million China $million Taiwan $million Singapore $million India $million UAE $million UK $million US $million Other $million Group $million Operating income 5,347 1,088 1,149 590 3,059 1,499 1,173 1,665 1,201 4,123 20,894 Operating expenses (2,429) (789) (804) (345) (1,784) (912) (650) (1,464) (628) (2,542) (12,347) Operating profit beforeimpairment losses and taxation 2,918 299 345 245 1,275 587 523 201 573 1,581 8,547 Credit impairment (253) (66) (78) (22) (116) (42) 39 45 (71) (112) (676) Other impairment (2) 1 (5) – (12) (3) – 4 (1) (24) (42) Profit from associates and joint ventures – – 114 – (5) – – (6) – (32) 71 Underlying profit beforetaxation 2,663 234 376 223 1,142 542 562 244 501 1,413 7,900 Total assets employed 217,291 51,350 50,188 21,875 123,610 32,750 22,065 243,016 63,350 94,460 919,955 Of which: loans and advances to customers 3 89,641 29,089 14,358 11,905 65,083 12,286 8,715 60,519 24,938 33,052 349,586 Total liabilities employed 218,190 44,055 43,435 19,203 113,762 24,736 20,467 244,932 52,605 83,984 865,369 Of which: customer accounts³ 187,753 34,177 36,692 17,722 100,598 16,333 17,873 86,852 22,541 64,633 585,174 2024¹ Operating income 4,581 1,125 1,402 588 2,564 1,538 1,161 1,445 939 4,353 19,696 Operating expenses (2,296) (763) (796) (341) (1,557) (957) (553) (1,538) (532) (2,457) (11,790) Operating profit beforeimpairment losses and taxation 2,285 362 606 247 1,007 581 608 (93) 407 1,896 7,906 Credit impairment (266) (54) (152) (38) (53) (37) 139 36 (1) (131) (557) Other impairment (117) (1) (28) – (135) (72) (28) (130) (26) (51) (588) Profit from associates and joint ventures – – 67 – 5 – – (4) – (18) 50 Underlying profit beforetaxation¹ 1,902 307 493 209 824 472 719 (191) 380 1,696 6,811 Total assets employed 2 193,212 47,578 42,064 22,042 104,850 32,407 23,194 249,988 54,263 80,090 849,688 Of which: loans and advances to customers 3 86,034 26,745 15,763 11,860 65,166 12,981 8,699 64,714 18,551 29,044 339,557 Total liabilities employed 2 193,498 39,237 32,768 18,628 96,925 24,856 17,782 260,633 40,922 73,155 798,404 Of which: customer accounts 3 166,420 28,703 27,853 17,252 86,250 18,601 14,872 90,473 16,066 56,773 523,263 1 Underlying profit before taxation has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. 2 Balance sheet numbers have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 reflecting change from management basis to financial basis. 3 Loans and advances to customers includes FVTPL and customer accounts includes FVTPL and repurchase agreements. Annual Report 2025 | Standard Chartered 437 Supplementary information ![]() Analysis of operating income by product and segment The following tables provide a breakdown of the Group’s underlying operating income by product and client segment. 2025 2024 Corporate & Investment Banking $million Wealth & Retail Banking $million Ventures $million Central & other items $million Total $million Corporate & Investment Banking 1 $million Wealth & Retail Banking 1 $million Ventures $million Central & other items 1 $million Total $million Transaction Services 6,005 – – – 6,005 6,434 – – – 6,434 Payments andLiquidity 4,155 – – – 4,155 4,605 – – – 4,605 Securities & PrimeServices 648 – – – 648 611 – – – 611 Trade & Working Capital 1,202 – – – 1,202 1,218 – – – 1,218 Global Banking 2,229 – – – 2,229 1,935 – – – 1,935 Lending & Financial Solutions 1,905 – – – 1,905 1,677 – – – 1,677 Capital Market &Advisory 324 – – – 324 258 – – – 258 Global Markets 3,863 – – – 3,863 3,450 – – – 3,450 Macro Trading 3,116 – – – 3,116 2,852 – – – 2,852 Credit Trading 753 – – – 753 644 – – – 644 Valuation &OtherAdj (6) – – – (6) (46) – – – (46) Wealth Solutions – 3,086 – – 3,086 – 2,490 – – 2,490 Investment Products – 2,347 – – 2,347 – 1,827 – – 1,827 Bancassurance – 739 – – 739 – 663 – – 663 Deposits &Mortgages – 4,080 – – 4,080 – 4,170 – – 4,170 CCPL & Other Unsecured Lending – 1,080 – – 1,080 – 1,081 – – 1,081 Ventures – – 415 – 415 – – 183 – 183 Digital Banks – – 195 – 195 – – 142 – 142 SCV – – 220 – 220 – – 41 – 41 Treasury & Other 297 218 – (379) 136 116 280 – (443) (47) Total underlying operating income 12,394 8,464 415 (379) 20,894 11,935 8,021 183 (443) 19,696 1 Segment results have been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025. #### Supplementary financial information Standard Chartered | Annual Report 2025438 ![]() Insured and uninsured deposits SCB operates and provides services to customers across many countries and insured deposits is determined on the basis of limits enacted within local regulations. 2025 2024 Insured deposits Uninsured deposits Insured deposits Uninsured deposits Bank deposits $million Customer accounts $million Bank deposits $million Customer accounts $million Total $million Bank deposits $million Customer accounts $million Bank deposits $million Customer accounts $million Total $million Current accounts 10 18,704 25,144 167,530 211,388 8 15,596 19,844 152,101 187,549 Savings deposits – 34,046 – 94,855 128,901 – 31,977 – 86,579 118,556 Time deposits 28 32,740 7,513 200,463 240,744 – 28,417 6,717 170,752 205,886 Other deposits – 51 8,944 36,785 45,780 – 104 9,393 37,737 47,234 Total 38 85,541 41,601 499,633 626,813 8 76,094 35,954 447,169 559,225 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 domicile or residence of the clients. 2025 2024 UK deposits Non-UK deposits UK deposits Non-UK deposits Bank deposits $million Customer accounts $million Bank deposits $million Customer accounts $million Total $million Bank deposits $million Customer accounts $million Bank deposits $million Customer accounts $million Total $million Current accounts 448 8,001 24,706 178,233 211,388 544 7,734 19,308 159,963 187,549 Savings deposits – 318 – 128,583 128,901 – 145 – 118,411 118,556 Time deposits 566 7,554 6,975 225,649 240,744 315 7,731 6,402 191,438 205,886 Other deposits 950 11,994 7,994 24,842 45,780 2,342 12,744 7,051 25,097 47,234 Total 1,964 27,867 39,675 557,307 626,813 3,201 28,354 32,761 494,909 559,225 Contractual maturity of Loans, Investment securities and Deposits 2025 Loans and advances to banks $million Loans and advances to customers $million Investment securities– Treasury andother eligibleBills $million Investment securities – Debt securities $million Investment securities– Equity shares $million Bank deposits $million Customer accounts $million One year or less 67,606 170,999 69,082 39,457 – 37,171 514,547 Between one and five years 11,109 75,643 85 83,024 – 4,464 67,336 Between five and ten years 1,572 23,308 – 22,287 – 4 1,211 Between ten years and fifteen years 164 13,841 – 5,659 – – 1,528 More than fifteen years and undated 122 65,794 – 32,863 10,287 – 552 Total 80,573 349,585 69,167 183,290 10,287 41,639 585,174 Total amortised cost and FVOCI exposures 43,901 286,788 Of which: Fixed interest rateexposures 36,651 150,052 Of which: Floating interest rateexposures 7,250 136,736 Annual Report 2025 | Standard Chartered 439 Supplementary information ![]() 2024 Loans and advances to banks $million Loans and advances to customers $million Investment securities– Treasury andother eligibleBills $million Investment securities – Debt securities $million Investment securities– Equity shares $million Bank deposits $million Customer accounts $million One year or less 66,448 181,863 41,966 47,959 – 29,678 463,566 Between one and five years 12,122 63,006 41 74,197 – 6,281 57,062 Between five and ten years 1,680 21,139 – 23,319 – 3 849 Between ten years and fifteen years 71 13,236 – 5,876 – – 1,217 More than fifteen years and undated 239 60,313 – 26,743 6,480 – 569 80,560 339,557 42,007 178,094 6,480 35,962 523,263 Amortised cost and FVOCI exposures 43,593 281,032 Of which: Fixed interest rateexposures 35,383 153,575 Of which: Floating interest rateexposures 8,210 127,457 Maturity and yield of Debt securities, alternative tier one and other eligible bills held at amortised cost One year or less Between one and fiveyears Between five and tenyears More than ten years Total $million Yield % $million Yield % $million Yield % $million Yield % $million Yield % Central andother government agencies • US 3,234 1.06 10,495 1.35 4,038 0.94 4,197 2.59 21,964 1.47 • UK 129 0.80 331 2.51 49 0.88 – – 509 1.92 • Other 4,916 2.36 9,243 2.59 3,799 2.90 19 6.90 17,977 2.60 Other debt securities 1,770 6.42 3,403 5.51 5,514 4.67 6,113 4.69 16,800 5.03 As at 31 December 2025 10,049 2.64 23,472 2.46 13,400 3.03 10,329 3.84 57,250 2.87 One year or less Between one and fiveyears Between five and tenyears More than ten years Total $million Yield % $million Yield % $million Yield % $million Yield % $million Yield % Central and other government agencies • US 1,864 1.53 9,607 1.98 5,187 1.88 4,353 2.76 21,011 2.08 • UK 192 1.70 684 2.07 44 0.88 – – 920 1.93 • Other 3,081 3.20 11,454 3.39 2,932 3.93 25 7.55 17,492 3.46 Other debt securities 1,687 6.21 2,676 6.30 4,620 4.86 6,731 5.41 15,714 5.49 As at 31 December 2024 6,824 3.45 24,421 3.12 12,783 3.42 11,109 4.38 55,137 3.48 The maturity distributions are presented in the above table on the basis of contractual maturity dates. The weighted average yield for each range of maturities is calculated by dividing the annualised interest income for the year by the book amount ofdebt securities at that date. #### Supplementary financial information Standard Chartered | Annual Report 2025440 ![]() Average balance sheets and yields and volume and price variances Average balance sheets For the purposes of calculating net interest margin the following adjustments are made: • Reported net interest income is adjusted to remove interest expense on amortised cost liabilities used to provide funding tothe financial markets business. • Financial instruments measured at fair value through profit or loss are classified as non-interest earning. • Premiums on financial guarantees purchased to manage interest earning assets are treated as interest expense IntheGroup’s view this results in a net interest margin that is more reflective of banking book performance. The following tables set out the average balances for the Group’s assets and liabilities for the periods ended 31 December 2025 and 31 December 2024 under the revised definition of net interest margin. 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 information presented in these tables would be significantly different had such balances been determined on a daily basis. Average assets 2025 Average non-interest- earning balance $million Average interest- earning balance $million Interest income $million Gross yield interest- earning balance % Gross yield total balance % Cash and balances at central banks 10,160 61,692 2,126 3.45 2.96 Gross loans and advances to banks 42,579 47,298 2,209 4.67 2.46 Gross loans and advances to customers 69,057 289,758 14,147 4.88 3.94 Impairment provisions against loans and advances tobanks and customers – (5,151) – – – Investment securities – Treasury and Other Eligible Bills 24,397 31,037 1,210 3.90 2.18 Investment securities – Debt Securities 66,974 126,296 4,855 3.84 2.51 Investment securities – Equity Shares 7,790 – – – – Property, plant and equipment and intangible assets 6,378 – – – – Prepayments, accrued income and other assets 145,005 – – – – Investment associates and joint ventures 1,264 – – – – Total average assets 373,604 550,930 24,547 4.46 2.66 Adjustment for trading book funding cost and others 783 Total average assets 373,604 550,930 25,330 4.60 2.74 Average assets 2024 Average non-interest- earning balance $million Average interest- earning balance $million Interest income $million Gross yield interest- earning balance % Gross yield total balance % Cash and balances at central banks 9,815 57,294 2,520 4.40 3.76 Gross loans and advances to banks 43,184 44,394 2,368 5.33 2.70 Gross loans and advances to customers 57,614 286,588 16,314 5.69 4.74 Impairment provisions against loans and advances tobanks and customers – (5,463) – – – Investment securities – Treasury and Other Eligible Bills 16,101 26,594 1,495 5.62 3.50 Investment securities – Debt Securities 58,362 129,931 5,165 3.98 2.74 Investment securities – Equity Shares 5,278 – – – – Property, plant and equipment and intangible assets 6,299 – – – – Prepayments, accrued income and other assets 123,832 – – – – Investment associates and joint ventures 1,105 – – – – Total average assets 321,590 539,338 27,862 5.17 3.24 Adjustment for trading book funding cost and others 650 Total average assets 321,590 539,338 28,512 5.29 3.31 Annual Report 2025 | Standard Chartered 441 Supplementary information ![]() Average liabilities 2025 Average non-interest- bearing balance $million Average interest- bearing balance $million Interest expense $million Rate paid interest- bearing balance % Rate paid total balance % Deposits by banks 17,545 23,599 664 2.81 1.61 Customer accounts: Current accounts 41,812 142,460 3,869 2.72 2.10 Savings deposits – 128,464 1,659 1.29 1.29 Time deposits 25,589 198,558 8,128 4.09 3.63 Other deposits 37,551 5,836 222 3.80 0.51 Debt securities in issue 12,702 72,254 3,432 4.75 4.04 Accruals, deferred income and other liabilities 156,522 1,292 66 5.11 0.04 Subordinated liabilities and other borrowed funds – 9,448 552 5.84 5.84 Non-controlling interests 392 – – – – Shareholders’ funds 50,510 – – – – 342,623 581,911 18,592 3.19 2.01 Adjustment for trading book funding cost and others (4,446) Total average liabilities and shareholders’ funds 342,623 581,911 14,146 2.43 1.53 Average liabilities 2024 Average non-interest- bearing balance $million Average interest- bearing balance $million Interest expense $million Rate paid interest- bearing balance % Rate paid total balance % Deposits by banks 16,834 21,686 806 3.72 2.09 Customer accounts: Current accounts 41,870 127,624 5,134 4.02 3.03 Savings deposits – 114,641 2,292 2.00 2.00 Time deposits 20,937 187,694 8,340 4.44 4.00 Other deposits 34,954 10,291 510 4.96 1.13 Debt securities in issue 11,958 65,521 3,610 5.51 4.66 Accruals, deferred income and other liabilities 143,771 1,024 60 5.86 0.04 Subordinated liabilities and other borrowed funds – 11,306 744 6.58 6.58 Non-controlling interests 395 – – – – Shareholders’ funds 50,425 – – – – 321,144 539,787 21,496 3.98 2.50 Adjustment for trading book funding cost and others (4,096) Total average liabilities and shareholders’ funds 321,144 539,787 17,400 3.22 2.02 #### Supplementary financial information Standard Chartered | Annual Report 2025442 ![]() Net interest margin 2025 $million 2024 $million Interest income (reported) 24,547 27,862 Adjustment for trading book funding cost and others 1 783 650 Interest income adjusted for trading book funding cost and others 25,330 28,512 Average interest-earning assets 550,930 539,338 Gross yield (%) 4.60 5.29 Interest expense (reported) 18,592 21,496 Adjustment for trading book funding cost and others (4,446) (4,096) Interest expense adjusted for trading book funding cost and others 14,146 17,400 Average interest-bearing liabilities 581,911 539,787 Rate paid (%) 2.43 3.22 Net yield (%) 2.17 2.07 Net interest income adjusted for trading book funding cost and others 11,184 11,112 Net interest margin (%) 2.03 2.06 1 Adjusted net interest income has been re-presented in line with the RNS on Re-Presentation of Financial Information issued on 2 April 2025 to reflect the reclassification of funding cost mismatches and treasury currency management activities to non-net interest income (non NII). Adjusted NII is reported NII less trading book funding cost, treasury currency management activities, cash collateral and prime service. 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 liabilities, 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 liabilities. 2025 versus 2024 2024 versus 2023 (Decrease)/increase in interest due to: Net increase/ (decrease) ininterest $million (Decrease)/increase in interest due to: Net increase/ (decrease) ininterest $million Volume $million Rate $million Volume $million Rate $million Interest earning assets Cash and unrestricted balances atcentralbanks 152 (546) (394) (455) 142 (313) Loans and advances to banks 136 (295) (159) 12 261 273 Loans and advances to customers 172 (2,339) (2,167) (845) 1,463 618 Investment securities 31 (626) (595) (362) 420 58 Total interest-earning assets 491 (3,806) (3,315) (1,650) 2,286 636 Interest bearing liabilities Subordinated liabilities and other borrowed funds (109) (83) (192) (65) (144) (209) Deposits by banks 54 (196) (142) (88) 100 12 Customer accounts: Current accounts and savings deposits 595 (2,488) (1,893) (69) 1,343 1,274 Time and other deposits 314 (813) (499) 242 483 725 Debt securities in issue 320 (498) (178) (3) 239 236 Total interest-bearing liabilities 1,174 (4,078) (2,904) 17 2,021 2,038 Annual Report 2025 | Standard Chartered 443 Supplementary information ![]() ## Supplementary people information Global 1 2025 2024 2023 2022 % change Full-time equivalent (FTE) 81,832 81,097 84,958 83,195 0.9 Headcount (year end) 81,892 81,145 85,007 83,266 0.9 Employed workers (permanent) 81,047 80,459 84,073 82,319 0.7 Of which: women 36,498 36,217 37,598 37,259 0.8 Fixed-term workers (temporary) 845 686 934 947 23.2 Of which: women 423 336 453 429 25.9 Non-employed workers (NEW) 17,010 13,667 12,537 13,962 24.5 Non-outsourced (NEW) 2 7,991 5,149 4,925 5,873 55.2 Outsourced (NEW) 3 9,019 8,518 7,612 8,089 5.9 Headcount (12-month average) 81,204 83,292 85,353 82,987 (2.5) Men FTE 44,097 43,653 45,993 44,709 1.0 Headcount 44,116 43,665 46,004 44,734 1.0 Full time 43,958 43,615 45,975 44,683 0.8 Part time 158 50 29 51 216.0 Women FTE 36,882 36,518 38,014 37,642 1.0 Headcount 36,921 36,553 38,051 37,688 1.0 Full time 36,711 36,410 37,926 37,551 0.8 Part time 210 143 125 137 46.9 Undisclosed 4 FTE 853 926 950 844 (7.9) Headcount 855 927 952 844 (7.8) Full time 845 921 944 843 (8.3) Part time 10 6 8 1 66.7 Nationalities 138 133 129 131 3.8 Position type 2025 2024 2023 2022 % change Management team 10 14 13 13 (28.6) Of which: women 5 6 7 6 (16.7) Of which: women (%) 50 42.9 53.8 46.2 16.7 Management team and their directreports 5 97 123 133 131 (21.1) Of which: women 32 42 48 43 (23.8) Of which: women (%) 33.0 34.1 36.1 32.8 (3.4) Senior leadership 6 4,532 4,385 4,541 4,422 3.4 Of which: women 1,497 1,453 1,474 1,420 3.0 Of which: women (%) 33.0 33.1 32.5 32.1 (0.3) Rest of employees 77,360 76,760 80,466 78,844 0.8 Of which: women 35,424 35,100 36,577 36,268 0.9 Of which: women (%) 45.8 45.7 45.5 46.0 0.1 Of which: who have supervisory responsibilities 9,863 9,912 11,009 11,067 (0.5) Of which: women 3,589 3,593 3,905 3,995 (0.1) Of which: women (%) 36.4 36.2 35.5 36.1 0.4 Business FTE 29,594 29,544 29,909 30,589 0.2 Business headcount 29,621 29,563 29,929 30,619 0.2 Of which: women 15,309 15,331 15,335 15,794 (0.1) Support services FTE 52,238 51,554 55,049 52,607 1.3 Support services headcount 52,271 51,582 55,078 52,647 1.3 Of which: women 21,612 21,222 22,716 21,894 1.8 Standard Chartered | Annual Report 2025444 ![]() Region 7 2025 2024 2023 2022 % change Asia FTE 68,888 67,911 71,097 69,329 1.4 Asia headcount 68,920 67,936 71,123 69,364 1.4 Asia women headcount 31,719 31,264 32,452 32,033 1.5 Asia employed workers headcount 68,276 67,452 70,394 68,585 1.2 Asia fixed-term workers headcount 644 484 729 779 33.1 Asia full-time headcount 68,649 67,819 71,051 69,257 1.2 Asia part-time headcount 271 117 72 107 131.6 Africa FTE 3,561 3,984 4,452 4,777 (10.6) Africa headcount 3,562 3,985 4,453 4,777 (10.6) Africa women headcount 1,881 2,085 2,333 2,497 (9.8) Africa employed workers headcount 3,494 3,904 4,366 4,729 (10.5) Africa fixed-term workers headcount 68 81 87 48 (16.0) Africa full-time headcount 3,558 3,981 4,452 4,775 (10.6) Africa part-time headcount 4 4 1 2 – Middle East FTE 4,054 4,035 4,123 4,128 0.5 Middle East headcount 4,060 4,036 4,124 4,144 0.6 Middle East women headcount 1,442 1,430 1,433 1,421 0.8 Middle East employed workers headcount 3,981 3,978 4,066 4,084 0.1 Middle East fixed-term workers headcount 79 58 58 60 36.2 Middle East full-time headcount 4,058 4,036 4,122 4,142 0.5 Middle East part-time headcount 2 – 2 2 – Americas FTE 1,129 1,077 1,154 1,090 4.8 Americas headcount 1,129 1,077 1,154 1,091 4.8 Americas employed workers headcount 1,129 1,077 1,154 1,091 4.8 Americas fixed-term workers headcount – – – – – Americas full-time headcount 1,120 1,076 1,153 1,088 4.1 Americas part-time headcount 9 1 1 3 800.0 Europe FTE 4,200 4,090 4,132 3,871 2.7 Europe headcount 4,221 4,111 4,153 3,890 2.7 Europe women headcount 1,387 1,301 1,322 1,249 6.6 Europe employed workers headcount 4,167 4,048 4,093 3,830 2.9 Europe fixed-term workers headcount 54 63 60 60 (14.3) Europe full-time headcount 4,129 4,034 4,067 3,815 2.4 Europe part-time headcount 92 77 86 75 19.5 Age 2025 2024 2023 2022 % change <30 years FTE 10,794 10,968 13,168 13,826 (1.6) <30 years headcount 10,807 10,973 13,176 13,836 (1.5) <30 years women headcount 5,558 5,775 6,848 7,397 (3.8) 30–50 years FTE 63,088 62,663 63,309 61,651 0.7 30–50 years headcount 63,122 62,689 63,334 61,691 0.7 30–50 years women headcount 27,795 27,433 27,432 26,870 1.3 >50 years FTE 7,950 7,467 8,480 7,718 6.5 >50 years headcount 7,963 7,483 8,497 7,739 6.4 >50 years women headcount 3,568 3,345 3,771 3,421 6.7 Annual Report 2025 | Standard Chartered 445 Supplementary information ![]() #### Supplementary people information Talent management 8 2025 2024 2023 2022 % change Global voluntary turnover – FTE 7,182 7,491 8,200 12,645 (4.1) Global turnover – FTE 9,507 10,505 9,712 14,388 (9.5) Global voluntary turnover rate (%) 8.9 9.1 9.7 15.5 (1.7) Global turnover rate (%) 11.8 12.7 11.5 17.6 (7.2) Men turnover FTE 5,295 5,854 5,214 8,021 (9.6) Men (%) 12.2 13.1 11.4 18.2 (6.9) Women turnover FTE 4,143 4,546 4,394 6,230 (8.9) Women (%) 11.4 12.3 11.6 16.8 (7.1) Women as a % of global turnover FTE 43.6 43.3 45.2 43.3 0.7 Asia turnover FTE 7,970 8,780 8,293 12,501 (9.2) Asia (%) 11.8 12.7 11.8 18.4 (7.2) Africa turnover FTE 498 609 387 523 (18.3) Africa (%) 13.5 14.7 8.6 10.8 (8.7) Middle East turnover FTE 493 460 475 523 7.2 Middle East (%) 12.5 11.4 11.4 12.7 9.2 Americas turnover FTE 129 171 120 188 (24.6) Americas (%) 11.7 15.1 10.5 17.8 (22.7) Europe turnover FTE 417 485 438 653 (13.9) Europe (%) 10.2 11.9 11.0 17.7 (14.3) <30 years turnover FTE 2,094 2,302 2,593 4,137 (9.0) <30 years (%) 20.1 19.6 19.2 30.5 2.5 30–50 years turnover FTE 6,286 7,067 6,242 9,303 (11.0) 30–50 years (%) 10.3 11.4 9.9 15.2 (9.3) >50 years turnover FTE 1,127 1,137 878 947 (0.8) >50 years (%) 12.5 13.3 11.0 13.1 (6.2) Average tenure (years) – men 7.9 7.8 7.3 7.1 1.3 Average tenure (years) – women 8.6 8.4 7.9 7.6 2.4 Global new hires – FTE 9 10,581 7,176 12,145 17,432 47.4 Global new hire rate (%) 13.0 8.6 14.2 21.0 51.3 Men new hire FTE 5,915 3,777 6,875 9,683 56.6 Men (%) 13.5 8.4 14.9 21.7 61.3 Women new hire FTE 4,666 3,314 5,044 7,384 40.8 Women (%) 12.8 8.9 13.2 19.6 43.6 Women as a % of global new hires FTE 44.1 46.2 41.5 42.4 (4.5) Asia new hire FTE 9,226 6,077 10,653 15,441 51.8 Asia (%) 13.5 8.7 14.9 22.4 55.4 Africa new hire FTE 152 202 236 463 (24.8) Africa (%) 4.0 4.8 5.2 9.3 (16.0) Middle East new hire FTE 482 381 379 471 26.5 Middle East (%) 12.0 9.3 9.0 11.3 28.1 Americas new hire FTE 163 77 156 180 111.7 Americas (%) 14.7 6.8 13.7 17.0 116.8 Europe new hire FTE 558 439 721 876 27.0 Europe (%) 13.5 10.7 17.8 23.3 26.6 <30 years new hire FTE 4,371 3,109 4,963 7,673 40.6 <30 years (%) 40.8 25.8 35.5 54.7 58.1 30–50 years new hire FTE 5,915 3,856 6,841 9,357 53.4 Standard Chartered | Annual Report 2025446 ![]() Talent management 8 2025 2024 2023 2022 % change 30–50 years (%) 9.7 6.2 10.8 15.2 56.5 >50 years new hire FTE 295 211 341 401 40.1 >50 years (%) 3.2 2.4 4.2 5.4 32.5 Roles filled internally (%) 9 47.4 45.7 32.3 37.3 3.8 Of which: filled by women (%) 40.9 40.7 41.6 41.0 0.6 Absenteeism rate (%) 10 1.3 1.3 1.3 1.4 (5.3) Job fit with interest (%) 11 75.0 79.0 80.0 77.0 (5.1) Learning 12 2025 2024 2023 2022 % change Employees receiving training (%) 99.2 99.1 99.5 99.5 0.1 Women (%) 99.2 99.2 – – – Men (%) 99.1 99.1 – – – Undisclosed (%) 4 98.4 99.0 – – (0.6) Senior leadership (%) 6 99.7 99.8 – – (0.1) Non Senior Role 13 99.1 99.1 – – – Employees receiving training for personal development(%) 89.8 92.7 96.2 91.6 (3.1) Women (%) 87.5 92.5 95.8 90.0 (5.4) Men (%) 91.7 92.7 96.5 92.9 (1.1) Senior leadership (%) 6 95.0 88.8 93.4 94.9 7.0 Average number of training hours per employee 36.8 34.8 38.0 36.9 5.6 Women 35.7 33.8 37.0 35.4 5.6 Men 37.6 35.5 38.8 38.1 5.9 Undisclosed 4 37.6 40.6 – – (7.4) Employed workers 36.7 34.9 38.1 37.1 5.2 Fixed-term workers 41.4 25.0 33.3 21.9 65.7 Senior leadership 6 34.5 27.4 – – 25.9 Non senior role 13 36.9 35.2 – – 4.8 Average cost of training per employee ($) 14 706 702 730 743 0.5 Diversity 2025 2024 2023 2022 % change % of women remained employed 12 months after theirreturn from parental leave 80.3 79.5 75.2 72.4 1.0 % of employees that remained employed bythecompany 12 months after their return fromparental leave 82.2 82.1 79.1 72.6 0.2 % of Information Technology (IT) and/or Engineering roles filled by women 15 24.6 24.4 24.2 24.0 1.2 % of senior leadership and managerial roles filled bywomen 6,16 35.3 35.3 34.6 35.0 0.1 % of middle management roles filled bywomen 16 36.4 36.2 35.5 36.1 0.4 % of non-managerial positions filled bywomen 16 47.0 47.2 47.0 47.6 (0.4) % of women total promotions 46.8 47.6 46.0 46.1 (1.7) Executive and non-executive directors 17 Men 6 7 8 8 (14.3) Women 5 5 5 6 – Men (%) 54.5 58.3 61.5 57.1 (6.5) Women (%) 45.5 41.7 38.5 42.9 9.1 White British or other White (including minority-White groups) 7 8 9 11 (12.5) Asian/Asian British 4 4 4 3 – Black/African/Caribbean/Black British – – – – – Annual Report 2025 | Standard Chartered 447 Supplementary information ![]() Diversity 2025 2024 2023 2022 % change Mixed/Multiple Ethnic groups – – – – – Other Ethnic group 20 – – – – – White British or other White (including minority-White groups) (%) 63.6 66.7 69.2 78.6 (4.5) Asian/Asian British (%) 36.4 33.3 30.8 21.4 9.1 Black/African/Caribbean/ Black British (%) – – – – – Mixed/Multiple Ethnic groups (%) – – – – – Other Ethnic group (%) – – – – – Number of senior positions (CEO, CFO, SID and Chair) 18 Men 3 3 3 3 – Women 1 1 1 1 – White British or other White (including minority-White groups) 4 4 4 4 – Asian/Asian British – – – – – Black/African/Caribbean/Black British – – – – – Mixed/Multiple Ethnic groups – – – – – Other Ethnic group 20 – – – – – Executive management 19 11 15 14 14 (26.7) Men 6 9 7 8 (33.3) Women 5 6 7 6 (16.7) Men (%) 54.5 60.0 50.0 57.1 (9.1) Women (%) 45.5 40.0 50.0 42.9 13.6 White British or other White (including minority-White groups) 7 6 5 6 16.7 Asian/Asian British 4 6 6 6 (33.3) Black/African/Caribbean/Black British – 1 1 1 (100.0) Mixed/Multiple Ethnic groups – – – – – Not specified/prefer not to say – 1 2 1 (100.0) Other Ethnic group 20 – 1 – – (100.0) White British or other White (including minority-White groups) (%) 63.6 40.0 35.7 42.9 59.1 Asian/Asian British (%) 36.4 40.0 42.9 42.9 (9.1) Black/African/Caribbean/Black British (%) – 6.7 7.1 7.1 (100.0) Mixed/Multiple Ethnic Groups (%) – – – 0.0 – Not specified/prefer not to say (%) – 6.7 14.3 7.1 (100.0) Other Ethnic group (%) – 6.7 – – (100.0) UK senior leadership (% declared) 6,21 UK Black Ethnicity 1.5 2.5 2.5 2.5 (38.0) UK Ethnic Minority 19.3 28.4 27.8 26.4 (32.1) Work-related Health & Safety 2025 2024 2023 2022 % change Fatalities – – 3 1 – Fatalities (rate per million hours worked) – – 0.03 0.01 – Major injuries 22,23,24,25 16 15 21 20 6.7 Major injuries (rate per million hours worked) 26 0.1 0.08 0.11 0.11 25.0 Recordable work-related injuries 27,28 142 125 115 83 13.6 Recordable work-related injuries (rate per million hoursworked) 26,27 0.9 0.7 0.59 0.44 28.6 Work-related ill-health (fatalities) – – – – – Lost Time Injuries (rate per million hours worked) 26 0.1 0.13 Not reported Not reported – #### Supplementary people information Standard Chartered | Annual Report 2025448 ![]() 1 Excludes 500 employees (headcount) from Digital Ventures entities (Appro, Audax, Cashenable, Furaha, Labamu, Letsbloom, Libeara, MyZoi, Solv Kenya, TASConnect, Qatalyst, Zodia Custody, Zodia Markets). Excludes 456 Person of Interest (headcount) following a recategorisation of worker types from 2022, i.e.independent non-executive directors, advisors, external auditors and regulators. Includes employees operating in discontinued/restructured businesses. Percentage change refers to the percentage change from 2024 to 2025. All figures above are presented to one decimal place and the corresponding percentage changes are derived from actual data without rounding toone decimalplacetoremain as accurate as possible. 2 Non-outsourced NEWs are resources engaged on a time and materials basis where task selection and supervision is the responsibility of the Bank, suchasagencyworkers. 3 Outsourced NEWs are arrangements with a third-party vendor where the delivery is based on a specific service or outcome at an agreed price, irrespective ofthenumber of resources required to perform the service. These resources are not considered as the Group’s headcount. 4 The disclosure of gender information is not mandatory in some markets. 5 Management Team and colleagues who report to them, excluding administrative or executive support roles (personal assistant, business planning managers). 6 Senior leadership is defined as Managing Directors and Band 4 (including Management Team). 7 Region metrics are now aligned with the geographical regions and all prior periods’ data has been aligned with these geographical regions. 8 Turnover metrics are based on permanent employed workers only. New hire metrics are based on external new hires. Turnover and new hire metrics are based onaverage 12 month FTE. These metrics are not shown for the undisclosed gender population due to a small population size. 9 Approximately 50 per cent increase in hiring volumes from 2024 to 2025 represents a deliberate and aggressive re-acceleration. This step change reflects not only renewed growth momentum, but also pent-up demand resulting from prior year hiring constraints. The scale of the increase for both FTE and NEW is driven by acombination of factors, including (a) Growth hiring in priority areas like CIB tech, WRB Tech, CIB Ops, WRB Ops (b)Capability building in areas like AI, Data aligned with strategic initiatives (c) Targeted hiring for specific programs, such as FFG, Keystone, Catalyst. This expansion has been supported through a balanced mix offull-time hires and NEW hiring channels/models, ensuring functions but especially T&O maintains both speed and quality while scaling. 10 Represents health and disability related absence. 11 ‘Employee job satisfaction’ question has been retired and replaced with ‘Job fit with interest’ which is part of the Employee Value Proposition (EVP) questions. 12 Learning metrics exclude non-employed workers (NEWs). Training for personal development is defined as all training excluding mandatory or role specific training. The strength of our learning agenda is reflected with 99.2 per cent of our employees receiving training in 2025. Across the year, we have consolidated learning programmes to more effectively and efficiently deliver skills and knowledge-building to colleagues. The biggest campaigns (as driven by business / function heads) were in spaces like AI and New programmes have been designed to focus on ‘in the flow of work’ which has been a driver of digital consumption. These actions have resulted in an increase of the number of overall training hours per employee. 13 All colleagues excluding Senior leadership as defined in 6. 14 Average cost of training per employee includes cost of learning management system. 15 Represents the percentage of Information Technology (IT) and/or Engineering roles filled by women. IT and/or engineering roles is defined as employees who workin the ITjob function, including engineering roles (excluding Innovation, Transformation and Ventures) and/or certain job families in the Data and Analyticsjob function. 16 Represents the percentage of women that are in the respective population groups. For the purpose of this metric, managerial/middle management roles areconsidered as roles that have people leader responsibilities excluding senior leadership. Non-managerial roles do not have people leader responsibilities. 17 Executive and non-executive directors refer to the UK PLC Board. Data has been collected by way of the directors’ annual self-declarations. 18 For the purpose of this metric, senior positions in the Board include the Group Chair, Group Chief Executive, Group Chief Financial Officer andSeniorIndependentDirector. 19 For the purpose of this metric, executive management refers to Management team plus Group Company Secretary. 20 Other Ethnic Group: ‘All other ethnic groups excluding White, Asian, Black and Mixed’. 21 Ethnicity percentage has been derived based on colleagues who have declared their ethnicity against the overall UK population (includingcolleagueswhohave not made a declaration). 22 Out of 16 major injuries, 10 are commuting related. 23 Per UK HSE definition, and local reporting requirements. 24 Most common type of major injury is fractures (56%). 25 2025 includes five contractor/visitor. 2024 includes three contractor/visitor. 2023 includes five contractor/visitor. 2022 includes one contractor/visitor. 26 2025 hours worked 158,361,339. 2024 hours worked 179,485,255. 2023 hours worked 192,870,120. 2022 hours worked 188,758,285. 27 2025 includes 37 contractor/visitor. 2024 includes 21 contractor/visitor. 2023 includes 31 contractor/visitor. 2022 includes 18 contractor /visitor. 28 These figures were updated with 4 injuries recorded in 2025 but occurred in 2024. Annual Report 2025 | Standard Chartered 449 Supplementary information ![]() Environmental and Social Risk Management (ESRM) 2025 2024 2023 Number of participants in ESRM training sessions¹ 12,864 2 3,029 3 2,609 4 Number of transactions reviewed 685 747 708 Number of clients reviewed 1,204 1,449 1,341 Client exits due to non-compliance with Position Statements 6 10 41 Equator Principles reporting Project finance mandates Project-related corporate loans Project-related refinance &project-related acquisitionfinance⁸ Project finance advisoryservices⁹ Cat A 5 Cat B 6,10 Cat C 7 Cat A Cat B Cat C Cat A Cat B Cat C Total 2023 13 23 3 1 4 2 – – 1 1 Total 2024 11 11 32 8 7 6 2 1 2 1 1 Total 2025 13 41 16 5 5 4 1 1 – 4 2025 Project finance mandates Project-related corporate loans Project-related refinance &project-related acquisitionfinance⁸ Project finance advisoryservices⁹ A B C A B C A B C Sector Mining – – – – – – – – – – Infrastructure 1 17 15 3 3 3 – – – 1 Oil and Gas 4 – – 1 – – – – – 3 Power 8 23 1 – 1 – 1 1 – – Others 12 – 1 – 1 1 1 – – – – Region Americas 3 9 9 – 1 – – – – – Asia-Pacific 3 20 6 2 – 4 – – – – Europe, Middle East and Africa 7 12 1 3 4 – 1 1 – 4 Designation 13 Designated Country 4 13 12 – 1 1 – – – – Non-Designated Country 9 28 4 5 4 3 1 1 – – Independent review Yes 13 30 6 5 4 – 1 1 – – No – 11 10 – 1 4 – – – – 1 The metric was updated in 2023 as all participants are counted for each live training or e-learning session. An employee may attend either or both types of training during the year. 2 Includes 3,103 participants in live training sessions and 9,761 participants who completed e-learning sessions. The increase in the number of e-learning attendees isdue to the rise in WRB completion numbers for the Sustainability Foundation Programme. Additionally, the number of live trainings conducted, along with the number of participants, increased due to a process improvement in the client ESGRA process in 2025. Consequently, ESRM has conducted additional upskilling sessions and Position Statements briefing trainings. 3 Includes 2,261 participants in live training sessions and 768 participants who completed e-learning sessions. 4 Includes 1,338 participants in live training sessions and 1,271 participants who completed e-learning sessions. 5 Cat A or Category A are projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented. 6 Cat B or Category B are projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largelyreversible and readily addressed through mitigation measures. 7 Cat C or Category C are projects with minimal or no adverse environmental and social risks and/or impacts. 8 In line with Equator Principles (EP4), Standard Chartered now reports those transactions that trigger project-related refinance and project-related acquisition finance. 9 In line with Equator Principles (EP4), Standard Chartered only requires to report the sector and region for Project Finance Advisory Services, and may exclude theCategory and Independent Review, as the projects are often at an early stage of development and not all information is available. 10 The Group’s 2023 number of Cat B Project Finance mandates was erroneously reported at 29 cases in the 2024 Annual Report and Accounts and we have restated this to 23 projects to correct this error. 11 2024 numbers are restated as additional transactions have been identified in 2025 reporting cycle. 12 Sectors covered under ‘others’ include agro-industries, transport, chemicals and manufacturing. 13 Designation is split into Designated and Non-Designated Countries. Designated Countries are deemed by the Equator Principles to have robust environmental andsocial governance, legislation systems and institutional capacity designed to protect their people and the natural environment. Non-Designated Countries arecountries that are not found on the list of Designated Countries. The list of countries can be found at www.equator-principles.com. ## Supplementary sustainability ## information Standard Chartered | Annual Report 2025450 ![]() Environment Units 2025 2024 2023 2024 – 2025 % change Reporting coverage of data Offices reporting No. of offices 796 824 762 -3% Net internal area of occupied property m 2 864,961 850,817 880,515 2% Annual operating income from 1 October to 30 September $million 20,818 19,110 17,414 9% Scope 1 and 2 GHG emissions 1 Scope 1 emissions 2 tCO 2 e 5,792 7,696 8,488 -25% Scope 2 emissions (location-based) tCO 2 e 74,591 82,837 85,741 -10% Scope 2 emissions (market-based) tCO 2 e 0 17,272 26,246 -100% Total Scope 1 and 2 emissions (market-based) tCO 2 e 5,792 24,968 34,734 -77% Scope 1 and 2 emissions (UK and offshore area only) tCO 2 e 0 0 248 0% Scope 3 GHG emissions 3 Category 1: Purchased goods and services 4 tCO 2 e 251,761 319,078 346,819 -21% Category 2: Capital goods tCO 2 e 41,799 43,716 42,707 -4% Category 4: Upstream transportation and distribution 5 tCO 2 e 16,904 27,268 24,125 -38% Category 5: Waste generated inoperations tCO 2 e 349 379 520 -8% Category 6: Business travel (airtravel) tCO 2 e 52,375 53,326 48,046 -2% Category 6: Business travel (miscellaneous other than air travel) tCO 2 e 8,446 16,420 8,918 -49% Category 7: Employee commuting 6 tCO 2 e 60,348 81,065 71,228 -26% Category 8: Upstream leased assets 7 tCO 2 e 4,397 4,186 4,431 5% Category 13: Downstream leased assets (real estate) 8 tCO 2 e 4,799 7,119 7,898 -33% Category 15: Investments 9,10 tCO 2 e 50,880,000 47,661,000 45,337,000 7% Total Scope 3 tCO 2 e 51,321,178 48,213,557 45,891,692 6% Total Scope 1, 2 and 3 tCO 2 e 51,326,970 48,238,525 45,926,426 6% 1 Our Scope 1 and 2 emissions and Scope 3 Category 8: Upstream leased assets (data centres) emissions calculations for the most recent reporting year were independently assured by Global Documentation Ltd. The assurance scope includes the owned vehicle fleet and fugitive emissions. 2 As we aim to improve our emissions measurement and reporting year-on-year, we have included owned vehicle fleet emissions in our Scope 1 data since 2024 (733tCO 2 e in 2025 and 1,340 tCO 2 e in 2024) and fugitive emissions since 2023 (3,035 tCO 2 e in 2025, 3,877 tCO 2 e in 2024 and 5,266 tCO 2 e in 2023). 3 Scope 3 Category 3, Category 9, Category 10, Category 11, Category 12 and Category 14 are not relevant for the Group due to the nature of our business, products and services and operations, such that their emissions are not deemed material. Emissions from Scope 3 Category 2, Category 4, Category 5, Category 7, Category 8 and Category 13 are also not deemed material. 4 We have restated our Scope 3 Category 1: Purchased goods and services emissions data for the 2024 reporting year from 345,193 tCO 2 e to 319,078 tCO 2 e due to one of our largest suppliers (by spend) restating their publicly reported emissions. The supplier restatement is a result of improved data accuracy within its calculations. 5 We recognise the role of sustainable aviation fuel (SAF) as a lever in lifecycle greenhouse gas (GHG) emissions of logistics emissions. In line with emerging international standards and guidance, we account for the use of SAF in our emissions calculations by applying its verified lifecycle carbon intensity compared toconventional jet fuel for our logistics emissions. Our emissions reductions from SAF (through The Book and Claim Model) are only recognised when supported byrobust certification, traceability, and sustainability criteria to avoid double counting and ensure genuine climate benefit. We will continue to monitor evolving standards to align with best practice as frameworks mature. Category 4 emissions for 2025 were 17,467 t CO 2 e when excluding the purchase of SAF. 6 Category 7: Employee commuting includes both emissions from commuting (28,864 tCO 2 e) and emissions associated with home office working (31,484 tCO 2 e). 7 Emissions from third-party collocated data centres have been reclassified to Scope 3 Category 8 from Scope 3 Category 1. We reevaluated the nature of our lessee relationship with these assets and, in line with the GHG Protocol, believe this data aligns more closely to Scope 3 Category 8. We have reclassified these emissions inour 2023 and 2024 comparatives, which were already reported separately from other Category 1 emissions. 8 Category 13: Downstream leased assets are leased spaces within locations where the Group is either the owner or main tenant of the building. 9 Category 15: Investments includes financed and facilitated emissions and are measured on a one- to two-year lag based on the availability of third-party and client data. Facilitated emissions are calculated on a three-year rolling average. Category 15 emissions are rounded to the nearest 1,000 tCO 2 e. 10 Prior year total financed emissions have been restated following a restatement in the oil and gas sector absolute emissions. The prior period has been restated toapply the Group’s methodology of only counting Scope 3 emissions on upstream production activities (including diversified and integrated counterparties). Therewas no impact on the baseline year. Annual Report 2025 | Standard Chartered 451 Supplementary information ![]() Units 2025 2024 2023 2024 – 2025 % change Scope 1 and 2 GHG emissions (market-based) intensity tCO 2 e/$ million 0 1 2 -100% Environmental resource efficiency Energy Indirect non-renewable energyconsumption GWh 126 125 142 1% Indirect renewable energyconsumption GWh 13 14 16 -7% Direct non-renewable energyconsumption GWh 8 12 13 -33% Direct renewable energyconsumption GWh 2 2 2 0% Energy consumption GWh 150 154 173 -3% Energy consumption intensity GWh/$ million 0.0072 0.0081 0.0099 -11% Energy consumption (UK and offshore area only) GWh 5 7 6 -29% Water Water consumption million litres 413 446 393 -7% Water intensity kL/m 2 0.4775 0.5242 0.4463 -9% Waste 1 Waste generated kg 670,935 725,230 998,407 -7% Waste intensity kg/m 2 0.7757 0.8524 1.1339 -9% Waste reused or recycled % 74 61 52 21% 1 Does not include any hazardous waste. #### Supplementary sustainability information Hong Kong Stock Exchange ESG Reporting Code Scopes 1 and 2 emissions disclosure Part D of the ESG Reporting Code (Appendix C2 to The Rules Governing the Listing of Securities on the Stock Exchange ofHongKong Limited), paragraph 17(1), requires issuers to disclose their Scope 1 and Scope 2 greenhouse gas emissions pursuant to paragraphs 28(a), 28(b) and 29 on a mandatory basis for the same reporting period as the annual report. Therefore, we have provided our estimated Scope 1 and 2 emissions for the 1 January 2025 to 31 December 2025 reporting period in the following table. This differs from the Scope 1 and 2 emissions disclosed elsewhere in this Annual Report, which are reported for the period 1 October 2024 to 30 September 2025 to align our reporting with the reporting period used in previous years andfor target setting. This allows comparability over time and with our 2025 Scope 1 and 2 net zero emissions target. Reporting year to 30 September 2025 allows sufficient time for independent third-party assurance to be completed and for obtaining external third-party data where needed prior tothe publication of the Group’s Annual Report. 1 January 2025 to 31 December 2025 emissions 2025 t CO 2 e Scope 1 and 2 GHG emissions Scope 1 emissions 5,751 Scope 2 emissions 75,162 Total Scope 1 and 2 emissions 80,913 These emissions have been measured in accordance with thelocation-based measurement approach under the Greenhouse Gas Protocol for 1 January 2025 to 31 December 2025, using all reasonable and supportable information that was available to the Group at the reporting date without undue cost or effort. The totals include an estimate of the emissions for 1 October 2025 to 31 December 2025, as only partial data is available for this quarter. This has not been assured and has been calculated using the fourth quarter of2024 as a proxy to avoid seasonal variations, updated where possible for reviewed data available. All other inputs and assumptions (e.g. emissions factors andboundaries) are the same as those described on page 93and in our Environmental Reporting Criteria available atsc.com/sustainabilitylibrary. Standard Chartered | Annual Report 2025452 ![]() Supplier spend % of total third-party spend Number of supplier organisations with spend in 2025 Number of local suppliers (bypayment market 1,2) Number of global suppliers 4 (by payment market) Top 10 sourcing locations by % overall spend Singapore 37.34% 1,341 902 439 United Kingdom 17.47% 803 507 296 Hong Kong 14.40% 738 458 280 India 7.00% 1,816 1,644 172 China³ 4.01% 821 723 98 Korea 3.66% 532 505 27 United Arab Emirates 2.04% 370 208 162 Malaysia 1.57% 444 333 111 United States 2.75% 283 152 131 Taiwan 1.72% 456 382 74 Regional spend Asia 72.32% 6,934 6,333 601 Europe and Americas 21.56% 1,247 901 346 Africa and the Middle East 6.12% 2,442 2,155 287 Category spend Technology 42.54% 1,501 1,276 225 Professional Services 16.23% 1,804 1,625 179 Property 13.76% 2,190 2,133 57 Marketing 13.42% 1,622 1,538 84 Human Resources 7.89% 1,259 1,150 109 Banking Operations 3.41% 342 315 27 Travel 1.71% 376 344 32 Office Supplies 0.68% 656 633 23 Others 0.35% 377 375 2 1 Suppliers are counted by generic name (e.g. all DHL legal entities are counted as one DHL). 2 The same supplier may be used in more than one market. 3 ‘China’ refers to the People’s Republic of China and, for the purposes of this document only, excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special Administrative Region (Macau) and Taiwan, Korea or South Korea. 4 Suppliers with payments in more than one market. Annual Report 2025 | Standard Chartered 453 Supplementary information ![]() 1. Mobilise sustainable finance Pillar Key performance indicators Period Status 2025 progress update Sustainable finance Mobilise $300 billion in sustainable finance (SF)¹ 2021– 2030 Mobilised $157 billion between January 2021 and September 2025. Strong progress was made in 2025 despite contrasting regional sentiment. We remain on track for our overall target in 2030. 2. Operationalise interim 2030 financed emissions targets to meet our 2050 net zero ambition Pillar Key performance indicators Period Status 2025 progress update Operations Net zero in our operations (Scope1and 2 GHG) 2019– 2025 In 2025, we achieved our net zero target across Scope 1 and 2 emissions, marking a significant milestone. We reduced our carbon footprint by 96 per cent froma 2018 baseline of 148 ktCO 2 e to just 6 ktCO 2 e. This achievement underscores our commitment to decarbonise our real estate portfolio and aligns withthe overall Group’s net zero agenda. Residual emissions that persist despite our rigorous efforts to minimise them are counterbalanced by purchasing and retiring carbon credits as described in the carboncredits section on page 94. Increase renewable energy sourcing to 100% by 2025 (RE100 compliant) 2022– 2025 Our RE100 performance for 2025 is 95 per cent. Whilewe strived to achieve 100 per cent, market maturity varies significantly by geography, which constrains full coverage, particularly within Africa and the Middle East (for example, Bahrain, Qatar, Botswana, Cameroon, Côte d’Ivoire, Tanzania and Zambia). Inthese markets we continue to actively monitor developments and aim to transition to RE100 certified mechanisms as they become available. Divert 90% of waste from the landfillby 2030 2020– 2030 We continue to push for 90 per cent waste avoidance from landfill by 2030. Overall, this commitment translates to better waste segregation and management through awareness programmes. As of 2025, we have reduced our overall waste generated by 49 per cent from our 2018 baseline and achieved 74 per cent avoidance from landfill. Suppliers Direct at least 50% of our total spend 2 with suppliers who have setscience-based emissions reductiontargets 2023– 2027 In 2025, we allocated 54 per cent of our total supplier expenditure to partners who have science-based emissions reduction targets. This achievement highlights our commitment to the decarbonisation ofour supply chain in support of the Group’s net zeroagenda. 1 We define mobilisation of sustainable finance as our share of any investment or financial service provided to clients that supports: (1) the preservation and/or improvement of biodiversity, nature or the environment; (2) the long-term avoidance/decrease of GHG emissions, including the alignment of a client’s business andoperations with a 1.5°C trajectory or national net zero pathway (known as transition finance); (3) a social purpose; or (4) incentivising our clients to meet their own sustainability objectives (known as sustainability-linked finance). It is a measure of total capital mobilised and considers the total value committed on facilities provided to clients. Mobilisation is the provision of capital that, as per the legal contractual documents, meet the sustainable finance verification criteria, or SLL eligibility, as of the date of execution of the trade. 2 Spend includes Scope 3, Category 1: Purchased Goods and Services and Capital Goods suppliers excluding non-addressable spend. Addressable spend is defined asexternal costs incurred by Standard Chartered in the normal course of business where Supply Chain Management has influence over where the spend is placed. It excludes costs such as government and brokerage fees, rates and taxes and employee expenses. It also excludes any Category 1 co-location data centres, which are calculated on energy use and reported separately under Scope 3. #### Supplementary sustainability information #### Sustainability Aspirations Standard Chartered | Annual Report 2025454 ![]() 2. Operationalise interim 2030 financed emissions targets to meet our 2050 net zero ambition Pillar Key performance indicators Period Status 2025 progress update Financed emissions Achieve 2030 interim financed emissions reduction in our highest emitting sectors 1 : • -29% in Oil and Gas (absolute) from a 2020 baseline • -46–67% in Power (production intensity) from a 2021 baseline • -22–32% in Steel (production intensity) from a 2021 baseline • -85% emissions reduction in Thermal Coal Mining (absolute) from a 2020 baseline • Maintain a 1.5°C compliant production-intensity in Aluminum from a 2021 baseline • Reduce our alignment delta inShipping to 0% from a2021baseline • -44–63% in Automotive Manufacturers (physical intensity) from a 2021 baseline • -22% in Cement (production intensity) from a 2021 baseline • -47–74% in Commercial Real Estate (production intensity) from a2021baseline • 33% reduction in aviation sector physical intensity from a2021baseline • -15–23% in Residential Mortgages (production intensity) from a2021baseline • Agriculture target of 2.4-2.6°C Implied Temperature Rise against a 2023 (2.96°C) baseline 2020/ 2021/ 2023– 2030 Progress on our net zero sector targets remains ontrack for most high emitting sectors. An increase in emissions was observed in the aluminum sector; however, the sector remains below the 2030 target. Portfolio progress slowed slightly in the automotive manufacturing sector. The sector is however still trending down towards the 2030 target. Read more on our progress towards our interim net zero targets on pages 97 to 107 Facilitated emissions Achieve 2030 interim facilitated emissions reduction in our highest emitting sector: • -27% in oil and gas (absolute) from a 2021 baseline 2021– 2030 In 2024, facilitated emissions increased from prior years. Facilitations are highly cyclical, due to interest rates and the global price of oil. During 2024, this cyclicality has continued with a return to market of many Oil and Gas counterparties, which has seen the facilitated emissions increase. Read more on our progress towards our interim net zero targets on page 97 to 107 1 Refer to the Group’s ‘Net Zero Methodological White Paper – The journey continues’ via sc.com/sustainabilitylibrary and our Position Statements available atsc.com/positionstatements. Annual Report 2025 | Standard Chartered 455 Supplementary information ![]() 3. Enhance and deepen leadership within the sustainability ecosystem Pillar Key performance indicators Period Status 2025 progress update Market integrity, trust, conduct and compliance Partnering to lead the fight against financialcrime: • Demonstrate leadership in the fight against financial crime. Contribute to improving confidence in the financial system through our engagement with international, regional and local industry bodies and standard setters • Engage in outreach programmes and public-private partnerships to raise awareness on financial crime risks toprotect our clients and communities, develop and share intelligence relating tofinancial crime Ongoing During 2025, the Group’s continuous commitment to leading the fight againstfinancial crime was demonstrated through strong industry and regulatory collaboration. The Group continued positive engagement with international and regional standard-setters, such as the Financial Action Task Force and Wolfsberg Group. Across our geographical footprint, we work in partnership with regulators and industry associations to inform and reform financial crime legislation and regulation. The Group promotes effective financial crime compliance and risk identification through participation at financial crime conferences as speakers, panelists and subject matter experts. We engage with our clients and our communities, ensuring they are educated on key financial crime risks that impact lives and undermine governance and security. Additionally, public-private partnerships remain a key focus of the Group by evolving existing partnerships and providing support to countries and bodies seeking to establish new information-sharing arrangements. Innovation Hubs Execution of at least 12 transactions by 2027 that are aligned with Standard Chartered’s sustainability themed Innovation Hubs 2025– 2027 Our five thematic Innovation Hubs – Adaptation Finance, Blended Finance Programmes, Carbon Markets & Finance, Nature Finance and Circular Economy – focus on emerging sustainability themes that are nascent but ripe for scale. The Hubs drive innovation in the market across sustainability. We executed on seven novel transactions aligned to the themes of the Hubs in 2025. Read more about the work conducted by the Hubs on pages 78 to 82 #### Supplementary sustainability information #### Sustainability Aspirations Standard Chartered | Annual Report 2025456 ![]() 4. Drive social impact with our clients and communities Pillar Key performance indicators Period Status 2025 progress update People We aspire to have 35% representation 1 ofwomen at a global senior level 2 by end of2025 2016– 2025 Women leadership representation at the end of 2025 was 33.0 per cent. We continue to take steps towards advancing gender equality. The current gap will be addressed as we continue to strengthen the senior leadership talent pipeline through our people processes and development initiatives – including targeted deployment and recruitment campaigns (where permitted by local law). Communities Invest 0.75% of prior year operating profit (PYOP) in our communities Ongoing Achieved 1.3 per cent PYOP, refer to pages 114 to 115 for additional details. Enable and support a total of 250,000 jobs by2030 3 through the following breakdown: • 125,000 decent jobs 4 accessed byyouthparticipants • 125,000 direct jobs 5 enabled by supported microbusinesses 2019– 2030 In 2025, Standard Chartered Foundation completed a review of its headline sustainability aspiration targets. The target has now been adjusted to 250,000 jobs enabled and supported between 2019 and2030. Standard Chartered Foundation programmes 6 enabled and supported 16,310 jobs in 2025, bringing the total jobs enabled so far to 106,570 since 2019. We remain on track for overall target in 2030. 1 Subject to local legal requirements. 2 Senior level refers to roles that are at least at the level of Executive Director (Band 4) and Managing Director (Band 3) as of 31 December of each reporting year. 3 This target has been revised upwards from 140,000 to 250,000 jobs enabled by 2030, due to (1) a revision of the employability KPI to account for under-served male participants and (2) moving the baseline from 2024 to 2019 to show progress since the start of programming. 4 Decent jobs comprises formal employment and self-employment. ‘Decent’ aligns with the International Labour Organization (ILO) definition, but in recognition ofthe challenges in many markets to satisfy every criteria for ‘decent’, our programmes count those participants who have met minimum wage plus at least two additional ILO criteria. 5 Direct jobs comprise paid employment opportunities (direct employees, active associates, contractors, support/gig workers, and the entrepreneurs themselves) directly created by the supported microbusinesses. These may be part-time or full-time, with each job accounted for as a single unit. This KPI is based on actual data collated from project alumni, estimates based on empirical research, and ex-post project evaluations. 6 The Standard Chartered Foundation portfolio comprises directly funded programmes and associated programmes that are aligned with the Foundation’s strategy but, for regulatory reasons, are funded locally by Standard Chartered entities. Concluded in the year Ongoing aspirations Achieved On track Not achieved Not on track Annual Report 2025 | Standard Chartered 457 Supplementary information ![]() In line with our ‘comply or explain’ obligation under the UK Financial Conduct Authority’s (FCA) UK Listing Rule 6.6.6R (8), wecanconfirm that we have made disclosures consistent with the Taskforce on Climate-related Financial Disclosures (TCFD)recommendations and recommended disclosures. The following table references these disclosures, along with theclimate-related information required under Part D of the Environmental, Social and Governance Reporting Code (AppendixC2to The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited) and sections 414CAand 414CB of the UK Companies Act 2006. TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Governance a The Board’s oversight of climate-related risks and opportunities Companies Act 2006 Section 414CB(2A) (a) 19(a)(i) how the body(s) or individual(s) determines whether appropriate skills and competencies are available orwill be developed to oversee strategies designed torespond to climate-related risks and opportunities 153-154, 288 19(a)(ii) how and how often the body(s) or individual(s) isinformed about climate-related risks andopportunities 122-127 19(a)(iii) how the body(s) or individual(s) takes into account climate-related risks and opportunities when overseeing the issuer’s strategy, its decisions on major transactions, and its risk management processes andrelated policies, including whether the body(s) orindividual(s) has considered trade-offs associated with those risks and opportunities 122-127 19(a)(iv) how the body(s) or individual(s) oversees the setting of, and monitors progress towards, targets related toclimate-related risks and opportunities, including whether and how related performance metrics are included in remuneration policies 122-128 178,187 b Management’s role in assessing and managing climate- related risks and opportunities Companies Act 2006 Section 414CB(2A) (a) 19(a)(i) how the body(s) or individual(s) determines whether appropriate skills and competencies are available orwill be developed to oversee strategies designed torespond to climate-related risks and opportunities 153-154, 288 19(a)(ii) how and how often the body(s) or individual(s) isinformed about climate-related risks andopportunities 122-127 19(b)(i) whether the role is delegated to a specific management-level position or management-level committee and how oversight is exercised over that position or committee 122-127 19(b)(ii) whether management uses controls and procedures to support the oversight of climate-related risks andopportunities and, if so, how these controls andprocedures are integrated with other internalfunctions 122-127, 292 Strategy a Climate-related risks and opportunities the Group has identified over the short, medium and long term Companies Act 2006 Section 414CB(2A) (d) 20(a) describe climate-related risks and opportunities that could reasonably be expected to affect the issuer’s cash flows, its access to finance or cost of capital overthe short, medium or long term 107-110 287-302 20(b) explain, for each climate-related risk the issuer has identified, whether the issuer considers the risk to be aclimate-related physical risk or climate-related transition risk 109-110 20(c) specify, for each climate-related risk and opportunity the issuer has identified, over which time horizons – short, medium or long term – the effects of each climate-related risk and opportunity could reasonably be expected to occur 109-110 #### Supplementary sustainability information #### Climate reporting index 1 Climate-related financial disclosure regulations requirements under the UK Companies Act 2026, paragraph 414CB(2A), are mapped under the equivalent TCFDrecommended disclosures. Standard Chartered | Annual Report 2025458 ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Strategy 20(d) explain how the issuer defines ‘short term’, ‘medium term’ and ‘long term’ and how these definitions are linked to the planning horizons used by the issuer forstrategic decision-making 108 24(a) how climate-related risks and opportunities have affected its financial position, financial performance and cash flows for the reporting period 109-110 332-333 24(b) the climate-related risks and opportunities identified in paragraph 24(a) for which there is a significant riskof a material adjustment within the next annualreporting period to the carrying amounts ofassetsand liabilities reported in the related financialstatements 109-110 332-333 25(a) how the issuer expects its financial position to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities, taking into consideration 109-110 300-304 332-333 25(a)(i) its investment and disposal plans 109-110 300-304 332-333 25(a)(ii) its planned sources of funding to implement itsstrategy 109-110 300-304 332-333 25(b) how the issuer expects its financial performance and cash flows to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities 109-110 300-304 332-333 b Impact of climate- related risks and opportunities on the Group’s businesses, strategy and financial planning Companies Act 2006 Section 414CB(2A) (e) 20(a) describe climate-related risks and opportunities that could reasonably be expected to affect the issuer’s cash flows, its access to finance or cost of capital over the short, medium or long term 107-110 287-302 21(a) a description of the current and anticipated effects ofclimate-related risks and opportunities on the issuer’s business model and value chain 83-88 90-91 110 298-302 21(b) a description of where in the issuer’s business modeland value chain climate-related risks and opportunities are concentrated (for example, geographical areas, facilities and types of assets) 83-88 90-110 287-302 22 An issuer shall disclose information that enables anunderstanding of the effects of climate-related risks and opportunities on its strategy and decision-making 83-88 109-110 298-302 22(a) information about how the issuer has responded to, and plans to respond to, climate-related risks and opportunities in its strategy and decision-making, including how the issuer plans to achieve any climate-related targets it has set and any targets itisrequired to meet by law or regulation 83-88 90-107, 110 22(a)(i) current and anticipated changes to the issuer’s business model, including its resource allocation, toaddress climate-related risks and opportunities 83-88 90-107, 110 22(a)(ii) current and anticipated adaptation and mitigation efforts (whether direct or indirect) 83-88 90-107, 110 Annual Report 2025 | Standard Chartered 459 Supplementary information ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Strategy 22(a)(iii) any climate-related transition plan the issuer has (including information about key assumptions used indeveloping its transition plan, and dependencies onwhich the issuer’s transition plan relies), or an appropriate negative statement where the issuer does not have a climate-related transition plan 90-91 22(b) information about how the issuer is resourcing, and plans to resource, the activities disclosed in accordance with paragraph 22(a) 77, 83-88 90-95, 98-106 23 an issuer shall disclose information about the progress of plans disclosed in previous reporting periods in accordance with paragraph 22(a) 83-88 90-107 24(a) how climate-related risks and opportunities have affected its financial position, financial performance and cash flows for the reporting period 109-110 332-333 24(b) the climate-related risks and opportunities identified in paragraph 24(a) for which there is a significant riskof a material adjustment within the next annualreporting period to the carrying amounts ofassetsand liabilities reported in the related financialstatements 109-110 332-333 25(a) how the issuer expects its financial position to changeover the short, medium and long term, given its strategy to manage climate-related risks and opportunities, taking into consideration 109-110 298-302 332-333 25(a)(i) its investment and disposal plans 109-110 298-302 332-333 25(a)(ii) its planned sources of funding to implement itsstrategy 109-110 298-302 332-333 25(b) how the issuer expects its financial performance and cash flows to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities 109-110 298-302 332-333 c Resilience of the Group’s strategy, taking into consideration different climate- related scenarios including a two degrees Celsius or lower scenario Companies Act 2006 Section 414CB(2A) (f) 24(a) how climate-related risks and opportunities have affected its financial position, financial performance and cash flows for the reporting period 109-110 332-333 24(b) the climate-related risks and opportunities identified in paragraph 24(a) for which there is a significant riskof a material adjustment within the next annualreporting period to the carrying amounts ofassets and liabilities reported in the related financial statements 109-110 332-333 25(a) how the issuer expects its financial position to changeover the short, medium and long term, given its strategy to manage climate-related risks and opportunities, taking into consideration 109-110 298-302 332-333 25(a)(i) its investment and disposal plans 109-110 298-302 332-333 25(a)(ii) its planned sources of funding to implement itsstrategy 109-110 298-302 332-333 #### Supplementary sustainability information #### Climate reporting index Standard Chartered | Annual Report 2025460 ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Strategy 25(b) how the issuer expects its financial performance and cash flows to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities 109-110 298-302 332-333 26(a) the issuer’s assessment of its climate resilience as atthe reporting date, which shall enable an understanding of 298-302 26(a)(i) the implications, if any, of the issuer’s assessment for its strategy and business model, including how the issuer would need to respond to the effects identified in the climate-related scenario analysis 90 109-110 298-302 26(a)(ii) the significant areas of uncertainty considered intheissuer’s assessment of its climate resilience 298-302 26(a)(iii) the issuer’s capacity to adjust, or adapt its strategy and business model to climate change over the short, medium or long term 83-88 90-110 298-302 26(b)(i)(1) which climate-related scenarios the issuer used forthe analysis and the sources of such scenarios 298-302 26(b)(i)(2) whether the analysis included a diverse range ofclimate-related scenarios 298-302 26(b)(i)(3) whether the climate-related scenarios used for theanalysis are associated with climate-related transition risks or climate-related physical risks 298-302 26(b)(i)(4) whether the issuer used, among its scenarios, aclimate-related scenario aligned with the latest international agreement on climate change 298-302 26(b)(i)(5) why the issuer decided that its chosen climate-related scenarios are relevant to assessing its resilience toclimate-related changes, developments oruncertainties 298-302 26(b)(i)(6) time horizons the issuer used in the analysis 298-302 26(b)(i)(7) what scope of operations the issuer used in the analysis (for example, the operation, locations andbusiness units used in the analysis) 298-302 26(b)(ii) the key assumptions the issuer made in the analysis 298-302 26(b)(iii) the reporting period in which the climate-related scenario analysis was carried out 298-302 27(a)(ii) whether and how the issuer uses climate-related scenario analysis to inform its identification of climate-related risks 298-302 Risk management a Our processes for identifying and assessing climate- related risks Companies Act 2006 Section 414CB(2A) (b) 27(a)(i) the inputs and parameters the issuer uses (forexample, information about data sources and thescope of operations covered in the processes) 287-302 27(a)(iii) how the issuer assesses the nature, likelihood and magnitude of the effects of those risks (for example, whether the issuer considers qualitative factors, quantitative thresholds or other criteria) 109-110 287-302 27(b) the processes the issuer uses to identify, assess, prioritise and monitor climate-related opportunities (including information about whether and how the issuer uses climate-related scenario analysis to inform its identification of climate-related opportunities) 109-110 287-302 Annual Report 2025 | Standard Chartered 461 Supplementary information ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Risk management b Our processes for managing climate- related risks Companies Act 2006 Section 414CB(2A) (b) 27(a)(iv) whether and how the issuer prioritises climate-related risks relative to other types of risks 287-302 27(a)(v) how the issuer monitors climate-related risks 116 287-302 27(a)(vi) whether and how the issuer has changed the processes it uses compared with the previous reporting period 287-302 27(b) the processes the issuer uses to identify, assess, prioritise and monitor climate-related opportunities (including information about whether and how the issuer uses climate-related scenario analysis to inform its identification of climate-related opportunities) 109-110 287-302 c How the Group’s processes for identifying, assessing and managing climate-related risks are integrated into the Group’s overall risk management Companies Act 2006 Section 414CB(2A) (c) 27(c) the extent to which, and how, the processes for identifying, assessing, prioritising and monitoring climate-related risks and opportunities are integratedinto and inform the issuer’s overall risk management process 116 287-302 Metrics and targets a The metrics used by the Group to assess climate-related risks and opportunities in line with our strategy and risk management processes Companies Act 2006 Section 414CB(2A) (h) 30 An issuer shall disclose the amount and percentage ofassets or business activities vulnerable to climate-related transition risks 235 260-262 31 An issuer shall disclose the amount and percentage ofassets or business activities vulnerable to climate-related physical risks Explained – refer to page 71 for rationale 32 An issuer shall disclose the amount and percentage ofassets or business activities aligned with climate-related opportunities 85-88 33 An issuer shall disclose the amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities 85-88 93-99 34 An issuer shall disclose: a an explanation of whether and how the issuer isapplying a carbon price in decision making (forexample, investment decisions, transfer pricing, and scenario analysis); and b the price of each metric tonne of greenhouse gas emissions the issuer uses to assess the costs of itsgreenhouse gas emissions; or an appropriate negative statement that the issuer does not apply a carbon price in decision-making 72 298-302 35 An issuer shall disclose whether and how climate-related considerations are factored into remuneration policy, or an appropriate negative statement. Thismay form part of the disclosure underparagraph19(a)(iv) 128, 178, 187 #### Supplementary sustainability information #### Climate reporting index Standard Chartered | Annual Report 2025462 ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Metrics and targets 36 An issuer is encouraged to disclose industry-based metrics that are associated with one or more particular business models, activities or other common features that characterise participation in an industry. In determining the industry-based metrics that the issuer discloses, an issuer is encouraged to refer to andconsider the applicability of the industry-based metrics associated with disclosure topics described in the IFRS S2 Industry-based Guidance on implementing Climate-related Disclosures and other industry-based disclosure requirements prescribed under other international ESG reporting frameworks 83-88 92-106 289-302 451-452 b Scope 1, Scope 2, and Scope 3 greenhouse gas (GHG) emissions, and the related risks Companies Act 2006 Section 414CB(2A) (h) 28 An issuer shall disclose its absolute gross greenhouse gas emissions generated during the reporting period 1 , expressed as metric tons of CO 2 equivalent, classifiedas: a Scope 1 greenhouse gas emissions; b Scope 2 greenhouse gas emissions; and c Scope 3 greenhouse gas emission 2,3 Explain: 1 We are not able to present all disclosures for the same period asthe financial statements, which we have explained – refer to pages 71 and 74 for rationale. 2 Scope 3 financed emissions data does not yet include emissions related to undrawn loan commitments – refer to page 71 forrationale. 3 Scope 3 financed emissions are inclusive of emission scopes that we deem to be material to each sector. We do not include all Scope 3 emissions for each reported sector. 92 452 99-106 29(a) measure its greenhouse gas emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) unless required by a jurisdictional authority or another exchange on which the issuer is listed to use a different method for measuring greenhouse gasemissions 92, 97 29(b) disclose the approach it uses to measure itsgreenhouse gas emissions including 92-97, 99 29(b)(i) the measurement approach, inputs and assumptionsthe issuer uses to measure its greenhouse gas emissions 92, 93, 96 97, 99 29(b)(ii) the reason why the issuer has chosen the measurement approach, inputs and assumptions ituses to measure its greenhouse gas emission 92, 93, 96 97, 99 29(b)(iii) any changes the issuer made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes 92, 93, 96 97, 99 29(c) for Scope 2 greenhouse gas emissions disclosed inaccordance with paragraph 28(b), disclose its location-based Scope 2 greenhouse gas emissions, and provide information about any contractual instruments that is necessary to enable an understanding of the issuer’s Scope 2 greenhouse gasemissions 93-94 209 451-452 29(d) for Scope 3 greenhouse gas emissions disclosed inaccordance with paragraph 28(c), disclose the categories included within the issuer’s measure ofScope 3 greenhouse gas emissions, in accordance with the Scope 3 categories described in the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011) 92 Some categories are immaterial – refer to page 72 for rationale Annual Report 2025 | Standard Chartered 463 Supplementary information ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Metrics and targets c The targets used by the Group to manage climate- related risks and opportunities and our performance against targets Companies Act Section 414b(2A) (g) 22(a)(iv) how the issuer plans to achieve any climate-related targets (including any greenhouse gas emissions targets (if any)), described in accordance with paragraphs 37 to 40 83-88 90-107 37 An issuer shall disclose (a) the qualitative and quantitative climate-related targets the issuer has setto monitor progress towards achieving its strategic goals; and (b) any targets the issuer is required to meet by law or regulation, including any greenhouse gas emissions targets. For each target, the issuer shalldisclose 75-77 83-85 92-94 97-99, 106 454-457 37(a) the metric used to set the target 83-85 92-99, 106 454-457 37(b) the objective of the target (for example, mitigation, adaptation or conformance with science-based initiatives) 83-85 92 97, 106 37(c) the part of the issuer to which the target applies (forexample, whether the target applies to the issuer in its entirety or only a part of the issuer, such as aspecific business unit or geographic region) 83-85 92-99, 106 454-457 37(d) the period over which the target applies 83-85 92-99, 106 454-457 37(e) the base period from which progress is measured 83-85 92-99, 106 454-457 37(f) milestones or interim targets (if any) 98-107 37(g) if the target is quantitative, whether the target isanabsolute target or an intensity target 83-85, 93, 99, 106 37(h) how the latest international agreement on climate change, including jurisdictional commitments that arise from that agreement, has informed the target 97, 106 38(a) whether the target and the methodology for setting the target has been validated by a third party 97 38(b) the issuer’s processes for reviewing the target 90-107 122-127 38(c) the metrics used to monitor progress towards reaching the target; and 83-85 92-107 38(d) any revisions to the target and an explanation for those revisions 98 39 An issuer shall disclose information about its performance against each climate-related target andan analysis of trends or changes in the issuer’sperformance 83-85 92-107 40(a) which greenhouse gases are covered by the target Immaterial – refer to page 72 for rationale 40(b) whether Scope 1, Scope 2 or Scope 3 greenhouse gas emissions are covered by the target 76-77 90-106 #### Supplementary sustainability information #### Climate reporting index Standard Chartered | Annual Report 2025464 ![]() TCFD pillar TCFD recommended disclosure 1 Hong Kong Listing Rules Appendix C2 Part D requirement Page Metrics and targets 40(c) whether the target is a gross greenhouse gas emissions target or a net greenhouse gas emissions target. If the issuer discloses a net greenhouse gas emissions target, the issuer is also required to separately disclose its associated gross greenhouse gas emissions targe 93-95 97 40(d) whether the target was derived using a sectoral decarbonisation approach 100-105 40(e) the issuer’s planned use of carbon credits to offset greenhouse gas emissions to achieve any net greenhouse gas emissions target. In explaining its planned use of carbon credits, the issuer shall disclose 94-95 97 40(e)(i) the extent to which, and how, achieving any net greenhouse gas emissions target relies on the use ofcarbon credits 94-95 97 40(e)(ii) which third-party scheme(s) will verify or certify the carbon credits 94-95 40(e)(iii) the type of carbon credit, including whether the underlying offset will be nature-based or based ontechnological carbon removals, and whether theunderlying offset is achieved through carbon reduction or removal 94-95 40(e)(iv) any other factors necessary to enable an understanding of the credibility and integrity of the carbon credits the issuer plans to use (for example, assumptions regarding the permanence of the carbon offset) 94-95 41 In preparing disclosures to meet the requirements in paragraphs 21 to 26 and 37 to 38, an issuer shall refer to and consider the applicability of cross-industry metrics (see paragraphs 28 to 35) and (ii) industry-based metrics (see paragraph 36) 289-302 Annual Report 2025 | Standard Chartered 465 Supplementary information ![]() Dividend and interest payment dates Ordinary shares Final dividend Results and dividend announced 24 February 2026 Ex-dividend date 18 (HK) 19 (UK) March 2026 Record date for dividend 20 March 2026 Last date to amend currency election instructions for cash dividend\* 16 April 2026 Dividend payment date 14 May 2026 \* In either US dollars, pound sterling or Hong Kong dollars. Preference shares 1st half yearly dividend 2nd half yearly dividend 73 ∕8 per cent non-cumulative irredeemable preference shares of £1 1 April 2026 1 October 2026 81 ∕4 per cent non-cumulative irredeemable preference shares of £1 each 1 April 2026 1 October 2026 6.409 per cent non-cumulative redeemable preference shares of $5 each 30 January and 30 April 2026 30 July and 30 October 2026 7.014 per cent non-cumulative redeemable preference shares of $5 each 30 January 2026 30 July 2026 ShareCare ShareCare is available to shareholders on the Company’s UK register who have a UK address and bank account. It allows you to hold your Standard Chartered PLC shares in a nominee account. Your shares will be held in electronic form, so you will no longer have to worry about keeping your share certificates safe. If you join ShareCare, you will still be invited to attend the Company’s AGM and you will receive any dividend at the same time as everyone else. ShareCare is free to join and there are no annual fees to pay. If you would like to receive more information, please visit sc.com/sharecare or contact the shareholder helpline on0370 702 0138 Donating shares to ShareGift Shareholders who have a small number of shares often find ituneconomical to sell them. An alternative is to consider donating them to the charity ShareGift (registered charity 1052686), which collects donations of unwanted shares until there are enough to sell and uses the proceeds to support UK charities. There is no implication for capital gains tax (no gain or loss) when you donate shares to charity, and UK taxpayers may be able to claim income tax relief on the value of their donation. Further information can be obtained from the Company’s registrars or from ShareGift on 020 7930 3737 or from www.sharegift.org Bankers’ Automated Clearing System Dividends can be paid straight into your bank or building society account. Please register online at investorcentre.co.uk or contact ourregistrars for a dividend mandate form ## Shareholder information Annual General Meeting (AGM) The AGM will be held on Thursday, 7 May 2026 at 11.00am UKtime (6.00pm Hong Kong time). Further details regarding the format, location and business to be transacted at the meeting will be disclosed within the 2026 Notice of AGM. Details of voting at the Company’s AGM and of proxy votes cast can be found on the Company’s website at sc.com/agm Interim results The interim results will be announced to the London Stock Exchange and the Stock Exchange of Hong Kong Limited and put on the Company’s website. Country-by-country reporting In accordance with the requirements of the Capital Requirements (country-by-country reporting) Regulations 2013, the Group will publish additional country-by-country information in respect of the year ended 31 December 2025, on or before 31 December 2026. We have also published our UK tax strategy. Read our latest country-by-country report sc.com/country-by-country-disclosure Pillar 3 reporting In accordance with the Pillar 3 disclosure requirements, theGroup has published the Pillar 3 disclosures in respect ofthe year ended 31 December 2025. Read our Pillar 3 disclosures sc.com/financial-results Standard Chartered | Annual Report 2025466 ![]() Registrars and shareholder enquiries If you have any enquiries relating to your shareholding andyou hold your shares on the UK register, please contact our registrar at investorcentre.co.uk. Alternatively, please contact Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZZ or call the shareholder helpline number on 0370 702 0138. If you hold your shares onthe Hong Kong branch register and you have enquiries, please contact Computershare Hong Kong Investor Services Limited, 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong. You can check your shareholding at www.computershare.com/hk/investors Substantial shareholders The Company and its shareholders have been granted partial exemption from the disclosure requirements under Part XV of the Securities and Futures Ordinance (SFO). Asaresult of this exemption, shareholders, directors and chiefexecutives no longer have an obligation under Part XV of the SFO (other than Divisions 5, 11 and 12 thereof) to notify the Company of substantial shareholding interests, and theCompany is no longer required to maintain a register ofinterests of substantial shareholders under section 336 ofthe SFO, nor a register of directors’ and chief executives’ interests under section 352 of the SFO. The Company is, however, required to file with The Stock Exchange of Hong Kong Limited any disclosure of interests made in the UK. Taxation The Company has a Group-wide policy on tax strategy andgovernance, which details that we seek to apply our approach to tax in all jurisdictions in which we operate and are committed to paying all taxes legally due. This policy isapproved by the Board annually and is available on our website sc.com/regulatory-disclosures. No tax is currently withheld from payments of dividends byStandard Chartered PLC. Shareholders and prospective purchasers should consult an appropriate independent professional adviser regarding the tax consequences of an investment in shares in light of their particular circumstances, including the effect of any national, state or local laws. Chinese translation If you would like a Chinese language version of the 2025 Annual Report, please contact Computershare Hong Kong Investor Services Limited, 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong. 二〇二五年年報之中文譯本可向香港中央證券登記有限公司索取, 地址：香港灣仔皇后大道東183號合和中心17M樓。 Shareholders on the Hong Kong branch register who haveasked to receive corporate communications in either Chinese or English can change this election by contacting Computershare. If there is any inconsistency between the English version of this document and any translation of the English version, the English version shall prevail. Electronic communications If you hold your shares on the UK register and in future you would like to receive the Annual Report electronically rather than by post, please register online at: www.investorcentre.co.uk. Click on ‘register now’ and follow the instructions. You will need to have your Shareholder or ShareCare reference number to hand. You can find this on your share certificate orShareCare statement. Once you have registered and confirmed your email communication preference, you will receive future notifications via email enabling you to submit your proxy vote online. In addition, as a member of Investor Centre, you will be able to manage your shareholding online and change your bank mandate or address information. Important notices Forward-looking statements The information 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 limitation, projections, estimates, commitments, plans, approaches, ambitions and targets (including, without limitation, ESG commitments, ambitions and targets). Forward-looking statements often use words such as ‘may’, ‘could’, ‘will’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘believe’, ‘plan’, ‘seek’, ‘aim’, ‘continue’ or otherwords of similar meaning to any of the foregoing. Forward-looking statements may also (or additionally) be identified by the fact that they do not relate only to historical or current facts. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties and other factors that could cause actual results, and the Group’s plans and objectives, to differ materially from those expressed or implied 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 objectives to differ materially from those expressed or implied in forward-looking statements. Annual Report 2025 | Standard Chartered 467 Supplementary information The factors include (but are not limited to): changes in global,political, economic, business, competitive and market forces or conditions, or in future exchange and interest rates; changes in environmental, geopolitical, social or physical risks; legal, regulatory and policy developments, including regulatory measures addressing climate change and broader sustainability-related issues; the development of standards and interpretations, including evolving requirements and practices in ESG reporting; the ability of the Group, together with governments and other stakeholders to measure, manage and mitigate the impacts of climate change and broader sustainability-related issues effectively; risks arising out of health crises and pandemics; risks of cyber attacks, data, information or security breaches or technology failures involving the Group; changes in tax rates or policy; future business combinations or dispositions; and other factors specific to the Group, including those identified in this AnnualReport and financial 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activities of the Group, they should not be taken as arepresentation that such trends or activities 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 historical or published 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 disclaims any obligation to revise or update any forward-looking statement contained within this document, regardless of whether those statements are affected as aresult of new information, future events or otherwise. Please refer to this Annual Report and the financial statements of the Group for a discussion of certain of the risksand factors that could adversely impact the Group’s actual results, and cause its plans and objectives, to differmaterially from those expressed or implied in any forward-looking statements. Non-IFRS performance measures and alternativeperformance measures The Group financial statements have been prepared in accordance with UK-adopted international accounting standards and International Financial Reporting Standards (IFRS) as adopted by the European Union. Standard Chartered PLC’s financial statements have been prepared in accordance with UK-adopted international accounting standards (IAS) as applied in conformity with section 408 of the Companies Act 2006. This document may contain financial measures and ratios not specifically defined under IFRS or IAS and/or alternative performance measures as defined in the European Securities and Market Authority guidelines. Such measures may exclude certain items that management believes are notrepresentative of the underlying performance of the business and which distort period-on-period comparison. These measures are not a substitute for IAS or IFRS measures and are based on a number of assumptions that are subject to uncertainties and change. Please refer to this Annual Report and the financial statements of the Group for further information, including reconciliations between the underlying and reported measures. Financial instruments Nothing in this document shall constitute, in any jurisdiction, an offer or solicitation to sell or purchase any securities orother financial instruments, nor shall it constitute arecommendation or advice in respect of any securities orother financial instruments or any other matter. Basis of preparation and caution regarding datalimitations This section is specifically relevant to, among others, thesustainability and climate models, calculations and disclosures throughout this report. The information contained in this document has been prepared on the following basis: i disclosures in the Strategic report, Financial review, Sustainability review, Directors’ report, Risk review and Capital review and Supplementary information are unaudited unless otherwise stated; ii all information, positions and statements set out in thisdocument are subject to change without notice; iii the information included in this document does not constitute any investment, accounting, legal, regulatory ortax advice or an invitation or recommendation to enter into any transaction; iv the information included in this document may have been prepared using models, methodologies and data that aresubject to certain limitations. These limitations include: thelimited availability of reliable data, data gaps and thenascent nature of the methodologies and technologies underpinning this data; the limited standardisation ofdata (given, among other things, limited international coordination on data and methodology standards); and future uncertainty (due, among other things, to changing projections relating to technological development and global and regional laws, regulations and policies, and thecurrent inability to make use of strong historical data); v models, external data and methodologies used in information included in this document are or could be subject to adjustment which is beyond our control; vi any opinions and estimates should be regarded as indicative, preliminary and for illustrative purposes only. Expected and actual outcomes may differ from those set out in this document (as explained in the ‘Forward-looking statements’ section above); #### Shareholder information Standard Chartered | Annual Report 2025468 ![]() vii some of the related information appearing in this document may have been obtained from public and other sources and, while the Group believes such information tobe reliable, it has not been independently verified bytheGroup and no representation or warranty ismade by the Group as to its quality, completeness, accuracy, fitness for a particular purpose or noninfringement ofsuchinformation; viii for the purposes of the information included in this document, a number of key judgements and assumptions have been made. It is possible that the assumptions drawn, and the judgement exercised may subsequently turn out to be inaccurate. The judgements and data presented inthis document are not a substitute for judgements andanalysis made independently by the reader; ix any opinions or views of third parties expressed in thisdocument are those of the third parties identified, and notof the Group, its affiliates, directors, officers, employees or agents. By incorporating or referring toopinions and views of third parties, the Group is not, in any way, endorsing or supporting such opinions or views; x while the Group bears primary responsibility for the information included in this document, it does not accept responsibility for the external input provided by any third parties for the purposes of developing the information included in this document; xi the data contained in this document reflects available information and estimates at the relevant time; xii where the Group has used any methodology or tools developed by a third party, the application of the methodology or tools (or consequences of its application) shall not be interpreted as conflicting with any legal orcontractual obligations and such legal or contractual obligations shall take precedence over the application ofthe methodology or tools; xiii where the Group has used any underlying data provided or sourced by a third party, the use of the data shall not beinterpreted as conflicting with any legal or contractual obligations and such legal or contractual obligations shalltake precedence over the use of the data; xiv this Important Notice is not limited in applicability to thosesections of the document where limitations to data, metrics and methodologies are identified and where this Important Notice is referenced. This Important Notice applies to the whole document; xv further development of reporting, standards or other principles could impact the information included in this document or any metrics, data and targets included inthis document (it being noted that ESG reporting and standards are subject to rapid change and development); and xvi while all reasonable care has been taken in preparing theinformation included in this document, neither the Group nor any of its affiliates, directors, officers, employees or agents make any representation or warranty as to its quality, accuracy or completeness, and they accept no responsibility or liability for the contents of this information, including any errors of fact, omission or opinion expressed. You are advised to exercise your own independent judgement (with the advice of your professional advisers asnecessary) with respect to the risks and consequences ofany matter contained in this document. The Group, its affiliates, directors, officers, employees oragents expressly disclaim any liability and responsibility forany decisions or actions that you may take and for any damage or losses you may suffer from your use of or reliance on the information contained in this document. Copyright in all materials, text, articles and information contained in this document (other than third-party materials, text, articles and information) is the property of, and may only be reproduced with permission of an authorised signatory of, the Group. Copyright in materials, text, articles and information created by third parties and the rights under copyright of such parties are hereby acknowledged. Copyright in all other materials not belonging to third parties and copyright in these materials as a compilation vests and shall remain at all times copyright of the Group and should not be reproduced or used except for business purposes on behalf of the Group or save with theexpress prior written consent of an authorised signatory of the Group. All rights reserved. Annual Report 2025 | Standard Chartered 469 Supplementary information ## Glossary Additional Tier 1 capital (AT1) Instruments other than Common EquityTier 1 that meet the Capital Requirements Regulation (as it forms part of UK domestic law) criteria for inclusion in Tier 1 capital. Additional value adjustment (AVA) See Prudent valuation adjustment. Advanced Internal Rating Based (AIRB) approach The approach is used under the Basel framework to calculate credit risk capital based on the Group’s own estimates of prudential parameters. Alternative performance measures (APM) A financial measure of historical orfuture financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. Assets under management (AUM) Total market value of assets such asdeposits, securities and funds held by the Group on behalf of the clients. Association of Southeast Asian Nations (ASEAN) A political and economic union of 10 Southeast Asian Countries. Includes the Group’s operations in Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Basel III The global regulatory standards oncapital adequacy and liquidity developed by the Basel Committee onBanking Supervision (BCBS) inresponse to the financial crisis of2007 to 2009. Itwas originally issuedin December 2010 and finalised in December 2017. The standards have been in the process of being phased into UK policy since 2022. Basel Committee on Banking Supervision (BCBS) A forum on banking supervisory matters which develops global supervisory standards for the banking industry. Its members are officials from45 central banks or prudential supervisors from 28 countries andterritories. Basic earnings per share (EPS) Represents earnings divided by thebasic weighted average number ofshares. Basis point (bps) One hundredth of a per cent (0.01percent). Capital-lite income Income derived from products with lowrisk-weighted asset consumption orproducts which are non-funding innature. Capital Requirements Directive (CRD) A capital adequacy legislative packageadopted by the Prudential Regulation Authority. CRD comprises the Capital Requirements Directive and the UK onshored Capital Requirements Regulation (CRR). The package implements the Basel III framework together with transitional arrangements for some of its requirements. CRD IV came into force on 1 January 2014. TheEU CRR II and CRD V amending theexisting 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 finalised the UK’s version of the CRR II for implementation on 1 January 2022. Capital resources Sum of Tier 1 and Tier 2 capital after regulatory adjustments. Cash-generating unit (CGU) The smallest identifiable group of assets that generates cash inflows largely independent of the cash inflows from other assets or groups of assets. Cash shortfall The difference between the cash flows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. Clawback An amount an individual is required topay back to the Group, which must be returned to the Group under certain circumstances. Commercial real estate Includes office buildings, industrial property, medical centres, hotels, malls, retail stores, shopping centres, farmland, multi-family housing buildings, warehouses, garages, and industrial properties. Commercial real estate loans are those backed by a package of commercial real estate assets. Common Equity Tier 1 capital (CET1) Consists of the common shares issuedby the Group and related sharepremium, retained earnings, accumulated other comprehensive income and other disclosed reserves, eligible non-controlling interests andregulatory adjustments required inthecalculation of CET 1. CET1 ratio/CET1 capital ratio A measure of the Group’s CET1 capital asa percentage of risk-weighted assets. Contractual maturity The final payment date of a loan orother financial instrument, at which point all the remaining outstanding principal and interest is due to be paid. Countercyclical capital buffer (CCyB) Part of a set of macroprudential instruments, designed to help counter procyclicality in the financial system. CCyB as defined in the Basel III standard provides for an additional capital requirement of up to 2.5 per cent of risk-weighted assets in a given jurisdiction. The Bank of England’s Financial Policy Committee has the power to set the CCyB rate for the UK.Each bank must calculate its institution-specific CCyB rate, defined as the weighted average of the CCyB rates in effect across the jurisdictions inwhich it has credit exposures. Theinstitution-specific CCyB rate isthen applied to a bank’s total risk-weighted assets. Climate Risk Assessment (CRA) An internal assessment conducted on in-scope corporate clients to assess our client’s exposure to climate risks, across Physical and Transition risks and their ability to manage and mitigate these risks. These climate considerations areintegrated into credit risk analysis and portfolio management. Standard Chartered | Annual Report 2025470 ![]() Counterparty credit risk The risk that a counterparty defaults before satisfying its obligations under aderivative, a securities financing transaction or a similar contract. Court The Court is the decision-making body of Standard Chartered Bank Group. Itiscollectively responsible for leading the Group within a framework of prudent and effective 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. Credit conversion factor (CCF) An estimate of the amount the Group expects a customer to have drawn further on a facility limit at the point ofdefault. This is either prescribed bythe Capital Requirements Regulation ormodelled by the Group. Credit default swaps (CDS) A credit derivative is an arrangement where 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. Capital Requirements Regulation (CRR) A regulation that aims to decrease the likelihood that banks become insolvent. Credit institutions An institution whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account. Credit risk mitigation A process to mitigate potential creditlosses from any given account, customer or portfolio by using a range of tools such as collateral, netting agreements, credit insurance, credit derivatives and guarantees. Credible Transition Plan (CTP) A credible climate transition plan is atime-bound, action plan that clearly outlines how a company will invest in orpivot existing assets, operations, andentire business model towards atrajectory that aligns with the most ambitious climate science. Credit grade 12 (CG12) An account which exhibits well definedmajor weaknesses in areas such as management, cash flow, financial position, market conditions and/or performance of the client thatwould likely affect repayment on existing terms. The client is experiencing financial difficulties but there is no current expectation of a loss of principal or interest at this stage and there isnoindication of unlikeliness to repay (itis still a performing asset) Credit grade 13 (CG13) Any account which exhibits one or more of the symptoms of unlikeliness to pay and/or instances when an obligor is more than 90 days past due is classified as CG13. Credit grade 14 (CG14) Any account where the expected gross cash flows are less than the net outstanding exposure in the Likely scenario is classified as CG14. Credit valuation adjustments (CVA) An adjustment to the fair value ofderivative contracts that reflects thepossibility 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 individuals andcompanies which are not credit institutions including securities sold under repurchase agreement (see repo/reverse repo). Such funds are recorded as liabilities in the Group’s balance sheet under customer accounts. Days past due One or more days that interest and/orprincipal payments are overduebased on the contractual terms ofthetransaction. Debit valuation adjustment (DVA) An adjustment to the fair value ofderivative contracts that reflect thepossibility that the Group may default and not pay the full market value ofcontracts. Debt securities Assets on the Group’s balance sheetthat represent certificates ofindebtedness of credit institutions, public bodies or other undertakings, excluding those issued by central banks. Debt securities in issue Transferable certificates of indebtedness of the Group to the bearer of the certificate. These are liabilities of the Group and include certificates of deposits. Default Financial assets in default, which includes CG13 and CG14, are at least 90days past due in respect of principal or interest and/or where the assets areotherwise considered to be unlikely to pay, including those that are creditimpaired. Deferred tax asset (DTA) Income taxes recoverable in future periods in respect of deductible temporary differences between the accounting and tax base of an asset or liability 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 liability (DTL) Income taxes payable in future periods in respect of taxable temporary differences between the accounting and tax base of an asset or liability thatwill result in taxable amounts infuture periods. Defined benefit obligation The present value of expected future payments required to settle the obligations of a defined benefit scheme resulting from employee service. Defined benefit scheme Retirement benefit plans under which amounts to be paid as retirement benefits are determined by reference toa formula usually based on employees’ earnings and/or years ofservice. Annual Report 2025 | Standard Chartered 471 Supplementary information Defined contribution scheme A pension or other post-retirement benefit scheme where the employer’s obligation is limited to its contributions to the fund. Delinquency A debt or other financial obligation isina state of delinquency when payments are overdue. Loans and advances are 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 institutions by the Group including securities sold under repo. Refer to ‘Repurchase agreement (repo) / reverse repurchase agreement (reverse repo)’. Diluted earnings per share Represents earnings divided by the weighted average number of shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dividend per share Represents the entitlement of each shareholder of the profits of the Company. Calculated in the lowest unitof currency in which the shares arequoted. Early alert, purely (EA-PP) An account that exhibits characteristics which present credit concerns over customer’s capacity to repay its debt obligations, but where the problem isexpected to be short-term, and thedefault risk remains low. Early alert non-purely precautionary (EA-NPP) Accounts that present material creditconcerns which may result in a default by the client if left unaddressed. EA-PP accounts should be reviewed onan ongoing basis and can be re-categorised to NPP, where the situation has further deteriorated and cause material credit concerns over customer’s debt servicing capability. Account can be placed on EA-NPP directly, without being placed as PP, if the deterioration is rapid and material and causes imminent credit concerns. Effective tax rate The tax on profit or losses on ordinaryactivities as a percentage ofprofit orloss on ordinary activities beforetaxation. Encumbered assets On balance sheet assets pledged orused as collateral in respect ofcertain of the Group’s liabilities. Eurozone Represents the 19 EU countries that have adopted the euro as their common currency. Expected credit loss (ECL) Represents the present value ofexpected cash shortfalls over theresidual term of a financial asset, undrawn commitment or financial guarantee. This comprises ECL generated by the models, management judgements and individually assessed credit impairment provisions. Expected loss (EL) The Group measure of anticipated 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 anticipated loss based on probability 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 including any undrawn commitments. Exposure at default (EAD) The estimation of the extent to which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 principal, so that exposure is typically less than the approved loanlimit. External Credit Assessment Institution (ECAI) External credit ratings are used toassign risk-weights under the standardised approach for sovereigns, corporates and institutions. The external ratings are from credit rating agencies registered or certified in accordance with the credit rating agencies regulation or from a central bank issuing credit ratings, which is exempt from the application of this regulation. Facilitated Emissions Refers to the greenhouse gas emissions that result from the facilitation of financial transactions by financial institutions. Financed Emissions Emissions attributed to a financial institution when financing a client. Financial Conduct Authority (FCA) The governing body that regulates theconduct of financial firms and, forcertain firms, prudential standards in the UK. It has a strategic objective toensure that the relevant markets function well. Forbearance Takes place when a concession ismade to the contractual terms ofaloan in response to an obligor’s financial difficulties. The Group classifies such modified loans as either‘Forborne – not impaired loans’ or‘Loans subject to forbearance – impaired’. Once a loan is categorised as either of these, it will remain in oneof these two categories until the loan matures or satisfies the ‘curing’ conditions described in Note 8 to the financial statements. Forborne – not impaired loans Loans where the contractual terms have been modified due to financial difficulties of the borrower, but the loanis not considered to be impaired. 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. #### Glossary Standard Chartered | Annual Report 2025472 ![]() Funding valuation adjustment (FVA) An adjustment to fair value in respect of derivative contracts that reflects thefunding costs that the market participant would incorporate when determining an exit price. Funds Transfer Pricing (FTP) FTP sets the funding rate for internal pricing, representing the internal marginal cost of funding of the Group and is used to determine the transfer pricing of the interest rate and liquidity risks between businesses and Treasury. G-SIB buffer/G-SII buffer A CET1 capital buffer which results fromdesignation as a G-SIB. The G-SIB 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 UK, the G-SIB buffer is implemented via the CRD as Global Systemically Important Institutions (G-SII) buffer requirement. Global Systemically Important Banks (G-SIBs)/Globally Systemically Important Institutions (G-SIIs) Global banking financial institutions whose size, complexity and systemic interconnectedness mean that theirdistress or failure would cause significant disruption to the wider financial system and economic activity. The list of G-SIBs is assessed under aframework established by the FinancialStability Board and the Basel Committee on Banking Supervision. Inthe UK, the G-SIB framework is implemented via the CRD and G-SIBs are referred to as Global Systemically Important Institutions (G-SIIs). Green and Sustainable Product Framework Sets out qualifying themes and activities that may be considered eligible as ‘green’, ‘social’ or ‘sustainable’. Thishas been externally reviewed byMorningstar Sustainalytics and hasbeen informed by industry and supervisory principles and standards such as the ICMA Green Bond Principlesand EU Taxonomy for sustainable activities. Gulf Cooperation Council (GCC) The Gulf Cooperation Council is a regional organisation consisting of Bahrain, Kuwait, Oman, Qatar, Saudia Arabia, and the United Arab Emirates. Interest rate risk The risk of an adverse impact on theGroup’s income statement due tochanges in interest rates. Internal model approach (IMA) The approach used to calculate market risk capital and risk-weighted assets with an internal market risk model approved by the Prudential Regulation Authority under the terms of CRD/CRR. Internal ratings-based approach (IRB) Risk-weighting methodology in accordance with the Basel Capital Accord where capital requirements arebased on a firm’s own estimates ofprudential parameters. International Accounting Standard (IAS) A standard that forms part of the International Financial Reporting Standards framework. International Accounting Standards Board (IASB) An independent standard-setting bodyresponsible for the development and publication of IFRS and approvinginterpretations of standardsrecommended by the IFRS Interpretations Committee (IFRIC). International Financial Reporting Standards (IFRS) A set of international accounting standards developed and issued by theInternational Accounting Standards Board, consisting of principles-based guidance contained within IFRS and IAS. All companies that have issued publicly traded securities in the EU arerequired to prepare annual and interim reports under IFRS and IAS endorsed by the EU. IFRS Interpretations Committee (IFRIC) Supports the IASB in providing authoritative guidance on the accounting treatment of issues not specifically dealt with by existing IFRSand IAS. Investment grade A debt security, treasury bill or similar 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, including certain exposures held off-balance sheet as adjusted bystipulated credit conversion factors. Intended to be a simple, non-risk-based backstop measure. Liquidation portfolio A portfolio of assets beyond our current risk appetite metrics held for liquidation. Liquidity coverage ratio (LCR) The ratio of the stock of high-quality liquid assets to expected net cash outflows over the following 30 days. High-quality liquid assets should be unencumbered, liquid in markets during a time of stress and, ideally, be central bank eligible. Loan exposure Loans and advances to customers reported on the balance sheet held atamortised cost or Fair Value through Other Comprehensive Income, non- cancellable credit commitments and cancellable credit commitments for credit cards and overdraft facilities. Loans and advances to banks Drawn amounts loaned to credit institutions including securities bought under reverse repo. Loans and advances tocustomers This represents drawn lending made under bilateral agreements with customers entered in the normal course of business and is based on the legal form of the instrument. Loans past due Loans on which payments have been due for up to a maximum of 90 days including those on which partial payments are being made. Loans subject to forbearance –impaired Loans where the terms have been renegotiated on terms not consistent with current market levels due to financial difficulties of the borrower. Loans in this category are necessarily impaired. See ‘forbearance. Annual Report 2025 | Standard Chartered 473 Supplementary information Loan-to-value ratio (LTV) 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 determining the appropriate level of risk for the loan and therefore the correct price of the loan to the borrower. Loss given default (LGD) The percentage of an exposure that alender expects to lose in the event ofobligor default. 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. 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 specific crystallised risk, behaviour, conduct oradverse performance outcome. Master netting agreement An agreement between two counterparties that have multiple derivative contracts with each other that provide for the net settlement of all contracts through a single payment, in a single currency, in the event of default on, or termination of, any onecontract. Mezzanine capital Financing that combines debt and equity characteristics. For example, aloan that also confers some profit participation to the lender. Minimum requirement for own funds and eligible liabilities (MREL) A requirement under the Bank Recovery and Resolution Directive for EU resolution authorities to set a minimum requirement for own funds and eligible liabilities for banks, implementing the Financial Stability Board’s Total Loss Absorbing Capacity (TLAC) standard. MREL is intended to ensure that there issufficient equity and specific types ofliabilities to facilitate an orderly resolution that minimises any impact on financial stability and ensures the continuity of critical functions and avoids exposing taxpayers to loss. Net asset value (NAV) per share Ratio of net assets (total assets less total liabilities) to the number of ordinary 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 impairment provisions, restricted balances with central banks, derivatives (net of master netting agreements), investment debt and equity securities, and letters of credit and guarantees. Net interest income (NII) The difference between interest received on assets and interest paid onliabilities. Net stable funding ratio (NSFR) 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 liquidity measure designed to restrain the amount of wholesale borrowing and encourage stable funding over a year. Net-zero Net-zero refers to a condition in which human-caused residual greenhouse gas emissions are balanced by human-led removals over a specified period and within specified boundaries. Net-zero roadmap Our Net-zero Roadmap refers to the short and medium-term objectives and quantifiable targets the Group has set to achieve net zero carbon emissions inour operations by 2025 and in our financed emissions by 2050. Non-linearity Non-linearity of expected credit loss occurs when the average of expected credit loss for a portfolio is higher than the base case (median) because a bad economic environment could have a larger impact on ECL calculation than a good economic environment. Non-performing loans (NPLs) Any loan that is more than 90 days past due or is otherwise individually impaired. All NPLs are reported as partof Stage 3 classification of loans (see‘Stage 3’). Normalised Refer to Underlying/normalised intheAlternative performance measuressection. Operating expenses Employee and premises costs, generaland administrative expenses, depreciation and amortisation. Underlying operating expenses excludeexpenses as described in theUnderlying/normalised in the Alternative Performance Measures section. A reconciliation between underlying and reported earnings iscontained in Note 2 to the financialstatements. Operating income oroperatingprofit Net interest, net fee and net trading income, as well as other operating income. Underlying operating income represents the income line items above, on an underlying basis. See Underlying/ normalised in the Alternative Performance Measures section. Over-the-counter (OTC) derivatives A bilateral transaction (e.g. derivatives) not exchange traded and valued using valuation models. Own credit adjustment (OCA) An adjustment to the Group’s issued debt designated at fair value through profit or loss that reflects the possibility that the Group may default and not pay the full market value of the contracts. Physical risks Risks arising from increasing severity and frequency of climate and weather-related events, which candamage property and other infrastructure, disrupt supply chains, and impact food production. Thiscouldlead to declining asset valuations andchallenges with insurance claims, resulting in greater financial losses. Indirect effects on the macroeconomic environment, such as lower output and productivity, may exacerbate these direct impacts. #### Glossary Standard Chartered | Annual Report 2025474 ![]() Pillar 1 The first pillar of the Basel framework which provides the approach to calculation of the minimum capital requirements for credit, market and operational risk. Minimum capital requirements are 8 per cent of the Group’s risk-weighted assets. Pillar 2 The second pillar 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 mitigants are not available. Pillar 3 The third pillar of the Basel framework which aims to provide a consistent and comprehensive disclosure framework that enhances comparability betweenbanks and further promotes improvements in risk practices. Priority Banking Priority Banking customers are individuals who have met certain criteria for deposits, Assets under management, mortgage loans ormonthly payroll. Criteria varies bycountry. Private equity investments Equity securities 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 institutional investors and used to fund investment strategies such as leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. Probability of default (PD) An internal estimate for each borrower grade of the likelihood that an obligor will default on an obligation over a given time horizon. Probability weighted Obtained by considering the values themetric can assume, weighted by the probability of each value occurring. Profit/(loss) attributable toordinary shareholders Profit (loss) for the year after non-controlling interests and dividends declared in respect of preference shares classified as equity. Prudent valuation adjustment (PVA) An adjustment to CET1 capital to reflectthe difference between fair value andprudent value positions, where theapplication of prudence results inalower absolute carrying value than recognised in the financial statements. Prudential Regulation Authority (PRA) The statutory body responsible for theprudential supervision of banks, building societies, credit unions, insurers and a small number of significant investment firms in the UK. The PRA isapart of the Bank of England. Regulatory consolidation The regulatory consolidation ofStandard Chartered PLC are consolidated results that differs from the statutory consolidation in that itincludes certain subsidiaries on aproportionate consolidation basis. These entities are equity consolidated for statutory accounting purposes. The regulatory consolidation excludes certain entities, which are consolidated for statutory accounting purposes. Repurchase agreement (repo) /reverse repurchase agreement (reverse repo) A repo is a short-term funding agreement, which allows a borrower tosell a financial asset, such as asset-backed securities 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. Residential mortgage A loan to purchase a residential property which 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. Return on risk-weighted assets (RoRWA) Profit before tax for year as a percentage of RWA. Profit may be statutory or underlying and is specified where used. See ‘Risk-weighted assets Revenue-based carbon intensity A measurement of the quantity ofgreenhouse gases emitted by our clients per USD of their revenue. Risk-weighted assets (RWA) 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 provisions. Risks not in VaR (RNIV) A framework for identifying and quantifying marginal 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 historical market data not being available. Roll rate A model used to estimate loan losses using a matrix that gives average loanmigration rate from delinquency states from period to period. A matrix multiplication is then performed to generate the final PDs by delinquency bucket over different time horizons. Scope 1 emissions Arise from the consumption of energy from direct sources during the use ofproperties occupied by the Group. On-site combustion of fuels including diesel, liquefied petroleum gas and natural gas is recorded using meters or,where metering is not available, collated from fuel vendor invoices. Annual Report 2025 | Standard Chartered 475 Supplementary information Scope 2 emissions Arise from the consumption of energy from indirect sources – primarily electricity – within the space occupied by the Group, whether leased or owned. This can include base building services under landlord control but over which we typically hold a reasonable degree of influence. Scope 3 emissions Occur in the value chain of the Group,including both upstream and downstream emissions, but arise from sources not controlled by the Group. Secured (fully and partially) 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origination. All other secured loans are considered to be partially secured. Securitisation The process by which credit exposures are aggregated into a pool, which isused to back new securities. Under traditional securitisation transactions, assets are sold to a structured entity which then issues new securities to investors at different levels of seniority (credit tranching). This allows the credit quality of the assets to be separated from the credit rating of the originating institution and transfers risk to external investors in a way that meets their risk appetite. Under synthetic securitisation transactions, the transfer of risk is achieved using credit derivatives or guarantees, and the exposures being securitised remain exposures of the originating institution. Senior debt Debt that takes priority over other unsecured or otherwise more junior debt owed by the issuer. Senior debt has greater seniority 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. Significant increase in credit risk (SICR) Assessed by comparing the risk of default of an exposure at the reporting date to the risk of default at origination (after considering the passage of time). Solo A consolidated group of Standard Chartered Bank Group companies asdefined by the Prudential Regulation Authority and differs from Standard Chartered Bank Company in that itincludes the full consolidation ofcertainsubsidiaries. Sovereign exposures Exposures to central governments andcentral government departments, central banks and entities owned or guaranteed by the aforementioned. Sovereign exposures, as defined by the European Banking Authority, include only exposures to central governments. Stage 1 Financial assets within the scope ofIFRS 9 ECL that have not experienced asignificant increase in credit risk since origination and impairment recognised on the basis of 12 months expected credit losses. Stage 2 Financial assets within the scope ofIFRS 9 ECL that have experienced asignificant increase in credit risk sinceorigination and impairment isrecognised on the basis of lifetime expected credit losses. Stage 3 Financial assets within the scope ofIFRS 9 ECL that are in default andconsidered credit-impaired (non-performing loans). Standardised approach In relation to credit risk, a method forcalculating credit risk capital requirements using External Credit Assessment Institution (ECAI) ratings and supervisory risk weights. In relation to operational risk, a method of calculating the operational capital requirement by the application of a supervisory defined percentage charge to the gross income of eight specified business lines. Structured note An investment tool which pays a returnlinked to the value or level of a specified asset or index and sometimes offers capital protection if the value declines. Structured notes can be linkedto equities, interest rates, funds, commodities and foreign currency. Subordinated liabilities Liabilities which, in the event of insolvency or liquidation of the issuer, are subordinated to the claims ofdepositors and other creditors oftheissuer. Sustainability aspirations A series of targets and metrics that guide our efforts to promote social andeconomic development and deliver sustainable outcomes. Theseaspirations focus on the areas we can make the most material contribution tothe delivery of the UNSustainable Development Goals (SDGs). TheSDGsare 17 interconnected global goals adopted in 2015 that serve asablueprint for a more sustainable futureby 2030, aiming to end poverty and inequality, protect the planet, andensure peace, health, and prosperityworldwide. Sustainable Finance assets Assets from clients whose activities are aligned with the Sustainability Bond Framework and/or from transactions for which the use of proceeds will be utilised directly to contribute towards eligible themes and activities set outwithin the Sustainability BondFramework. Sustainable Finance income Our sustainable finance income is prepared on an underlying basis, which includes client income generated from our sustainable finance product suite net of funding costs, as well as from clients recognised as green, social, sustainable or transition pureplays. Sustainability-Linked Loan Any type of loan instrument for whichthe economic characteristics canvary depending on whether the counterparty achieves ambitious, material and quantifiable predetermined sustainability performance targets. #### Glossary Standard Chartered | Annual Report 2025476 ![]() Tier 1 capital The sum of CET1 capital and AdditionalTier 1 capital. Tier 1 capital ratio Tier 1 capital as a percentage ofrisk- weighted assets. Tier 2 capital Tier 2 capital comprises qualifying subordinated liabilities and related share premium accounts. Total loss absorbing capacity (TLAC) An international standard for TLAC issued by the FSB, which requires G-SIBsto have sufficient loss-absorbing and recapitalisation capacity available inresolution, to minimise impacts onfinancial stability, maintain the continuity of critical functions and avoid exposing public funds to loss. Transition risks Risks arising from the adjustment towards a carbon-neutral economy, which will require significant structural changes to the economy. These changes will prompt a reassessment ofa wide range of asset values, a change in energy prices, and a fall in income and creditworthiness of some borrowers. Inturn, this could lead to credit losses for lenders and market losses forinvestors. 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 equities and liabilities on the Group’s UK tax resident entities’ balance sheets. Key exclusions from chargeable equities and liabilities include Tier 1 capital, insured or guaranteed retail deposits, repos secured on certain sovereign debt and liabilities subject tonetting. Unbiased Not overly optimistic or pessimistic, represents information that is not slanted, weighted, emphasised, de-emphasised or otherwise manipulated to increase the probability that the financial information will be received favourably or unfavourably byusers. Underlying Refer to ‘Underlying/normalised’ intheAlternative performance measuressection. Unlikely to pay Indications of unlikeliness to pay include: placing the credit obligation onnon-accrued status; the recognition of a specific credit adjustment resulting from a significant perceived decline incredit quality subsequent to the Group taking on the exposure; selling the credit obligation at a material credit-related economic loss; the Group consenting to a distressed restructuring of the credit obligation where this is likely to result in a diminished financial obligation caused by the material forgiveness, or postponement, of principal, interest or, where relevant fees; filing for the obligor’s bankruptcy or a similar order in respect of an obligor’s credit obligation to the Group;the obligor has sought or has been placed in bankruptcy or similar protection where this would avoid or delay repayment of a credit obligation to the Group. Value at Risk (VaR) A quantitative measure of market risk estimating the potential loss that will not be exceeded in a set time period ata set statistical confidence level. Value in Use (ViU) 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 identified as impaired and is subject to an impairment provision, the stage may be reached whereby it is concluded that there is no realistic prospect offurther recovery. Write-downs will occurwhen, and to the extent that, thewhole or part of a debt is considered irrecoverable. Annual Report 2025 | Standard Chartered 477 Supplementary information ![]() Sustainability and ESG reporting The Group includes Environmental, Social and Governance (ESG) and sustainability information in this Annual Report, providing investors and stakeholders with an understanding of the implications of relevant sustainability-related risks and opportunities and progress against our objectives. We have observed our obligations under: (i) sections 414CA and 414CB of the UK Companies Act 2006; (ii) the UK’s Financial Conduct Authority’s Listing Rules in respect of climate-related disclosures; and (iii) the ESG Reporting Guide contained in Appendix C2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. We have made disclosures consistent with the Task Force onClimate-Related Financial Disclosures (TCFD) recommendations and recommended disclosures throughoutthis Annual Report. Additionally, we publish an ESG reporting index against thevoluntary Global Reporting Initiative (GRI) Universal Standards and select GRI Topic Standards, and the World Economic Forum Stakeholder Capitalism Metrics framework. Read more on the Group’s sustainability-related disclosures at sc.com/sustainabilitylibrary Alternative performance measures The Group uses a number of alternative performance measures in the discussion of its performance. These measures exclude certain items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. They provide the reader with insight into how management measures theperformance of the business. For more information on Standard Chartered visit sc.com All information presented in the Group Chair’s statement, andGroup Chief Executive’s and Group Chief Financial Officer’s reviews are on an underlying basis unless otherwise stated. A reconciliation from underlying to reported and definitions of alternative performance measures can be found on page 65. Unless another currency is specified, the word ‘dollar’ orsymbol ‘$’ in this document means US dollar and the word‘cent’ or symbol ‘c’ means one-hundredth ofone US dollar. Disclosures in the Strategic report, Financial review, Sustainability review, Directors’ report, Risk review and Capital review and Supplementary information are unaudited unless otherwise stated. Unless context requires within the document, ‘China’ refers tothe People’s Republic of China and, for the purposes of this document only, excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special Administrative 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, Philippines, Singapore, Sri Lanka, Thailand, Vietnam, China, Hong Kong, Japan, Korea, Macau and Taiwan; Africaincludes Botswana, Côte d’Ivoire, Egypt, Ghana, Kenya, Mauritius, Nigeria, South Africa, Tanzania, Uganda and Zambia. TheMiddle East includes Bahrain, Iraq, Oman, Pakistan, Qatar and Saudi Arabia and the United Arab Emirates. Europe includes Belgium, Falkland Islands, France, Germany, Jersey, Luxembourg, Poland, Sweden, Türkiye and the United Kingdom. The Americas includes Argentina, Brazil, Colombia and the UnitedStates. Within the tables in this report, blank spaces indicate that thenumber is not disclosed, dashes indicate that the number is zero and ‘nm’ stands for not meaningful. Standard Chartered PLC is incorporated in England and Wales with limited liability and is headquartered in London. The Group’s head office provides guidance on governance and regulatory standards. Standard Chartered PLC Stock codes are: LSE STAN. LN and HKSE 02888. #### About this report Standard Chartered | Annual Report 2025478 ![]() © Standard Chartered PLC. All rights reserved. The STANDARD CHARTERED wordmark, its logo device and associated product brand names are owned by Standard Chartered PLC and centrally licensed to its operating entities. Registered Office: 1 Basinghall Avenue, London EC2V 5DD. Telephone +44 (0) 20 7885 8888. Principal place of business in Hong Kong: 32 nd Floor, 4-4A Des Voeux Road, Central, Hong Kong. Registered in England No. 966425. Printed by Park Communications, acarbon‑neutral printer, using paper suppliedby Fedrigoni Group. This product is made of FSC®‑certified Splendorgel Extra White. Park works to the EMAS standard and itsEnvironmental Management System iscertified to ISO 14001. This publication has been manufactured using 100% offshore wind electricity sourced from UK wind. 100% of the inks used are vegetable oil based, 95% of press chemicals are recycled for further use and, on average 99% of any waste associated with this production will berecycled and the remaining 1% used togenerate energy. This is a certified climate‑neutral print product for which carbon emissions generated by the paper have been calculated and offset by supporting recognised carbon offset projects. The carbon offset projects are audited and certified according to international standards and demonstrably reduce emissions. The climate‑neutral labelincludes a unique ID number specific tothis product which can be tracked at www.climatepartner.com, giving details ofthe carbon offsetting process including information on the emissions volume and the carbon offset project being supported. Designed and produced by Black Sun Global, part of the Positive Change Group www.blacksun‑global.com ![]() Standard Chartered PLC Annual Report 2025 Global headquarters Standard Chartered Group 1 Basinghall Avenue London, EC2V 5DD United Kingdom +44 (0)20 7885 8888 Digital Annual Report sc.com/annualreport Shareholder enquiries ShareCare information sc.com/sharecare +44 (0)370 702 0138 ShareGift information ShareGift.org +44 (0)20 7930 3737 Registrar information UK Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol, BS99 6ZZ +44 (0)370 702 0138 Hong Kong Computershare Hong Kong Investor Services Limited 17M Floor, Hopewell Centre 183 Queen’s Road East Wan Chai Hong Kong computershare.com/hk/investors LSE stock code: STAN.LN HKSE stock code: 02888 Chinese translation Computershare Hong Kong Investor Services Limited 17M Floor, Hopewell Centre 183 Queen’s Road East WanChai Hong Kong Register for electronic communications investorcentre.co.uk