Financial Performance - Standard Chartered PLC reported its financial results for the year ending December 31, 2023, with a focus on maintaining compliance with international accounting standards[2]. - The group's absolute pre-tax profit for 2023 was 78%, a decrease from 82% in 2022[11]. - The group's absolute operating income for 2023 was 87%, compared to 89% in 2022[11]. - The company's profit before tax was 5,093 million, up from 4,286 million in 2022, marking a growth of 18.9%[37]. - The net profit for the year was 3,462 million, an increase from 2,902 million in 2022, which is a rise of 19.3%[37]. - Basic earnings per share rose to 108.6 cents, compared to 85.9 cents in the previous year, indicating a growth of 26.4%[37]. - The company reported a significant recovery in other comprehensive income, totaling 801 million compared to a loss of 3,778 million in 2022[38]. - The total comprehensive income for the year was 4,263 million, compared to a loss of 876 million in the previous year[38]. Audit and Compliance - The audit covered complete financial data from 10 entities across 8 countries, representing 78% of pre-tax profit, 87% of operating income, and 94% of total assets[9]. - The audit opinion confirmed that the financial statements present a true and fair view of the group's financial position as of December 31, 2023[4]. - The company emphasized the importance of assessing external risks, including geopolitical factors, in its ongoing operations and financial reporting[8]. - The company is committed to transparency and adherence to the UK Corporate Governance Code in its financial reporting practices[8]. - The company has established internal controls to ensure the accuracy of financial reporting[32]. - The audit committee's work and effectiveness of risk management and internal control systems were described in the annual report[32]. - The company confirmed that the strategic report and board report provided information consistent with the financial statements[30]. Credit Risk and Impairment - Key audit matters included credit impairment, accounting treatment for investments in joint ventures, and valuation of high-risk financial instruments[9]. - As of December 31, 2023, the company reported a credit impairment provision of 5.601 billion (compared to 6.075 billion in 2022)[18]. - The expected credit loss (ECL) is influenced by factors such as the Chinese commercial real estate (CRE) investment portfolio, sovereign downgrades, high interest rates, inflation, and geopolitical uncertainties[20]. - The company reported a credit impairment of 508 million, down from 836 million in 2022, showing a decrease of 39.1%[37]. - The company assessed credit risk based on borrower credit ratings, with significant changes in ratings indicating increased credit risk[90]. - The total credit impairment decreased to 508 million in 2023 from 836 million in 2022, marking a decline of approximately 39.2%[95]. Climate Risk Management - Climate risk management is integrated into the group's risk framework, reflecting increasing stakeholder concern about climate change impacts[15]. - The company is committed to aligning its financial reporting with climate change impacts, aiming for net-zero emissions by 2050[16]. - The group assesses climate risk impacts on financial reporting, aligning disclosures with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations[50]. - 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[50]. - The group has set net-zero targets for 11 out of 12 high-carbon industries as part of its strategy to manage transition risks[50]. Strategic Initiatives - The company plans to continue its strategic initiatives, including market expansion and potential acquisitions, to enhance growth prospects[2]. - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[40]. - The company has initiated new strategies focusing on technology development and market expansion, particularly in the Asia region[68]. Financial Position and Assets - Total assets for the group in 2023 accounted for 94%, slightly down from 95% in 2022[11]. - The fair value of financial assets measured at fair value as of December 31, 2023, is 301.976 billion, an increase from 282.263 billion in 2022, while financial liabilities measured at fair value are 139.157 billion, down from 149.765 billion in 2022[24]. - The company reported a total of 139 million in other temporary differences in 2023, compared to (11) million in 2022[103]. - The total amount of issued debt securities was 10,817 million[126]. Governance and Risk Management - The company is committed to enhancing its governance and compliance measures to mitigate risks associated with fraud and regulatory breaches[34]. - The company conducted a robust assessment of emerging and principal risks[32]. - The company has sufficient capital and liquidity to meet minimum regulatory capital and liquidity requirements, as confirmed by stress testing and recovery plans[53]. - The company has implemented remedial measures to address significant deficiencies in special access rights management controls, resulting in a decrease in risk compared to the previous year[25]. Taxation - The current tax expense for the year was 1,631 million, with an effective tax rate of 32.0%[98]. - The total pre-tax profit for the year was 5,093 million, leading to a tax expense of 1,197 million calculated at the UK corporate tax rate of 23.5%[100]. - The company recorded a tax loss of 1.4 billion related to the impairment of its investment in Bohai Bank[99]. Shareholder Returns - 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[107]. - The company paid dividends to ordinary shareholders amounting to 568 million, compared to 393 million in the previous year, indicating a 44.5% increase[42]. - The interim dividend declared for 2023 is 6,167 million, compared to 4,119 million for 2022, reflecting an increase of approximately 49.8%[106]. Financial Instruments and Valuation - The company utilizes valuation techniques to determine fair value for financial instruments in inactive markets, ensuring accurate financial reporting[119]. - The fair value of financial instruments is determined using valuation techniques that rely on observable market inputs, with significant judgment involved in estimating the fair value of level 3 assets[135]. - The company has a strategy for acquiring non-trading equity instruments at fair value through other comprehensive income for strategic purposes rather than capital gains[114]. - The company has established robust risk management strategies to mitigate adverse outcomes related to the cessation of interbank offered rates[127].
渣打集团(02888) - 2023 - 年度业绩