Financial Performance - Standard Chartered PLC reported its financial results for the year ended December 31, 2023, highlighting key performance metrics[3]. - The company achieved a net profit of 15.2 billion, up 8% year-on-year, driven by strong growth in retail banking and wealth management[3]. - The bank's cost-to-income ratio improved to 55%, down from 58% in the previous year, indicating better operational efficiency[3]. - The company expects a revenue growth of 6-8% for the upcoming fiscal year, supported by strategic initiatives and market expansion[3]. - The company's profit before tax was 5,093 million, up from 4,286 million, indicating a growth of 18.9%[42]. - The net profit for the year was 3,462 million, an increase from 2,902 million, which is a rise of 19.4%[42]. - Total operating income reached 18,019 million, compared to 16,318 million in the previous year, marking an increase of 10.4%[42]. - The company reported a total comprehensive income for the year of 4,263 million, compared to a loss of 876 million in the previous year[43]. - The company reported a significant increase in cash flow hedge reserves, which rose to 767 million from a loss of 619 million[43]. Customer Deposits and Loans - Customer deposits increased by 10% to 1 billion in technology and digital transformation over the next three years to enhance customer experience[3]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[40]. - The company anticipates continued growth in fee income driven by increased demand for wealth management and retail products[81]. - The company plans to expand its market presence through strategic initiatives and potential acquisitions in the upcoming fiscal year[81]. Credit Risk and Impairment - As of December 31, 2023, the group reported a credit impairment provision of 5.601 billion, down from 6.075 billion in 2022, indicating a reduction of approximately 7.8%[19]. - The expected credit loss calculation has been slightly increased due to climate risk assessments, but this will not be recorded as additional provisions at the end of 2023[55]. - The company achieved a credit impairment of (528) million, an improvement from (836) million last year, reflecting a decrease of approximately 36.8%[71]. - The net credit impairment for loans and advances to banks and customers decreased to 606 million in 2023 from 743 million in 2022, representing a reduction of approximately 18.4%[100]. - The provision for expected credit losses is determined based on the present value of expected cash shortfalls under various scenarios, discounted at the original effective interest rate[94]. Audit and Compliance - The audit covered 10 entities across 8 countries, representing 78% of the group's absolute profit before tax, 87% of absolute operating income, and 94% of total assets[10]. - The audit team executed concentrated procedures on cash balances for key entities in Germany, Australia, Ghana, and Cameroon[14]. - The audit opinion does not cover other information outside the financial statements, and no significant inconsistencies or misstatements were found in the strategy report or board report[36]. - The company confirmed that the strategy report and board report are consistent with the financial statements and have been prepared in accordance with applicable legal requirements[36]. - The company is committed to maintaining high governance standards and has engaged external experts to support compliance efforts[40]. Climate Risk and Sustainability - The group has incorporated climate risk considerations into its risk management framework, aligning with its commitment to achieve net-zero emissions by 2050[16]. - The group’s annual report includes a section on sustainable development, detailing how climate change impacts are reflected in financial statements[17]. - The group assesses climate risk impacts on financial reporting, aligning with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)[55]. - The company has set net-zero targets for 11 out of 12 high-carbon industries as part of its strategy to manage transition risks[55]. - The company emphasizes the importance of managing transition risks before they convert into credit losses, particularly in high-carbon sectors[55]. Shareholder Returns - The company announced a share repurchase plan on February 16, 2023, with a total cost of HKD 1 billion for repurchasing 116,710,492 shares, representing 4.03% of the issued ordinary shares[45]. - The proposed final dividend for ordinary shares for 2023 is 21 cents per share, which will be recorded as retained earnings distribution in the financial statements for the year ending December 31, 2023[112]. - The interim dividend declared for 2023 is HKD 6,167 million, compared to HKD 4,119 million for 2022, marking a 49.8% increase[111]. - The total dividends declared for the year 2022/2021 amounted to HKD 14,401 million, an increase from HKD 9,274 million in the previous year[111]. Financial Instruments and Valuation - The fair value of financial assets reported by the group was 301.976 billion, an increase from 282.263 billion in 2022[29]. - The fair value of financial liabilities was 139.157 billion, down from 149.765 billion in 2022[29]. - The group identified significant estimation uncertainty in the valuation of complex financial instruments and unlisted equity investments[30]. - The fair value of financial instruments is determined using valuation techniques that rely on observable market inputs whenever possible, with significant judgment involved in cases where non-observable inputs are used[140]. - The group employs valuation techniques that include discounted cash flow analysis and pricing models, with fair value classified into three levels based on the observability of significant inputs[145].
渣打集团(02888) - 2023 - 年度业绩