Standard Chartered profits rise despite huge fine

Standard Chartered logo Standard's chairman Sir John Peace said the bank will strive to "do the right thing"

Standard Chartered bank managed to increase profits last year despite being hit by a huge fine for breaking sanctions on Iran.

The London-listed firm saw pre-tax profits rise 1% to $6.9bn (£4.5bn), just short of analysts' forecasts.

The bank also said it had cut its bonus pool by 7% after the $667m fine from US regulators for breaching sanctions on Iran and three other countries.

Standard has ridden Asia's boom through the last decade.

Sir John Peace, the bank's chairman, said in a statement that he recognised there was still work to be done to rebuild public trust in banks, and that questions remain about how banks reward their management and staff.

He said: "We know that we will be held to our brand promise, Here for Good, and continue to work hard to embed this commitment in everything we do.

"We are not pretending we will get everything right, but Here for Good means we will try to do the right thing."

The bank said that income rose 8% to $19.07bn, and that it hired about 2,000 people last year.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features & Analysis

  • Stained glass of man with swordFrance 1 England 0

    The most important battle you have probably never heard of


  • Golden retriever10 things

    Dogs get jealous, and nine more nuggets from the week's news


  • Pro-Israel demonstrators shout slogans while protesting in Berlin - 25 July 2014Holocaust guilt

    Gaza conflict leaves Germans confused over who to support


  • The emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-SabahFreedoms fear

    Growing concern for rights as Kuwait revokes citizenships


Elsewhere on the BBC

  • CastleRoyal real estate

    No longer reserved for kings and queens, some find living in a castle simply divine

Programmes

  • Leader of Hamas Khaled MeshaalHARDtalk Watch

    BBC exclusive: Hamas leader on the eagerness to end bloodshed in Gaza

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.