Himalayan News Service

Kathmandu, February 26

Standard Chartered PLC, as per the results announced recently in London and Hong Kong for

the year ended December 31, 2003 has shown impressive results.

According to a press statement issued by the Standard Chartered Bank, Nepal office, profit before tax rose by 22 per cent to $1542 million in 2003 compared to $1262 million in 2002. Net revenue went up by 5 per cent to $4753 million from $4539 million in 2002.

Costs of Standard Chartered increased by four per cent to $2664 million, however it was only $2557 in 2002, according to a press statement. Debt Charge during the year 2003 went down to 25 per cent to $536 million compared to $712 million in 2002. Normalised earnings per share stood at 89.6 cents, compared to 74.9 cents in 2002, which is an increment by 20 per cent. Similarly, annual dividend per share increased by 10.6 per cent to 52 cent.

Chairman of Standard Charted PLC Bryn Sanderson was quoted in the press statement as

saying, "Our group has delivered another strong performance."

Not only did our business succeed in making up for the uncertain economic start to 2003, we also went on to achieve strong growth over the previous year," Sanderson was quoted in the press statement.