Standard Chartered posts record profits of $6.9bn

 
City A.M. Reporter

STANDARD Chartered this morning notched up another year of record profit, despite a big fine from US regulators for breaching its sanctions on Iran.

London-listed Standard Chartered this morning posted record pre-tax profits of $6.9bn (£4.5bn) for the full year – up from $6.8bn in 2011 – although it fell short of consensus.

The bank has ridden Asia's rise through the last decade and said it hired just over 2,000 staff last year, adding that it could expand by a similar amount this year.

Standard Chartered said it cut its bonus pool by seven per cent after its $667m fine from US regulators for breaching its sanctions on Iran and three other countries.

"Standard Chartered remains a growth story and we are sticking to our strategy, focusing on the basics of good banking, in markets we know well, with clients and customers with whom we have deep relationships," chairman John Peace said.

The bank pledged a 10.5 per cent rise in its dividend to 84 cents a share.