Consolidated income statement
Financial statements Financial statements
Consolidated income statement
For the year ended 31 December 2018
Interest income Interest expense Net interest income Fees and commission income Fees and commission expense Net fee and commission income Net trading income Other operating income Operating income Staff costs Premises costs General administrative expenses Depreciation and amortisation Operating expenses Operating proft before impairment losses and taxation Credit impairment Other impairment
Goodwill Other Proft from associates and joint ventures Proft before taxation Taxation Proft for the year
Proft attributable to: Non-controlling interests Parent company shareholders Proft for the year
Earnings per share: Basic earnings per ordinary share Diluted earnings per ordinary share The Notes on pages 244 to 355 form an integral part of these fnancial statements.
Notes
3
4 5 6
7 8 9 9 32 10
31.12.18 $million
17,264 (8,471) 8,793 4,029
(537) 3,492 1,683
821 14,789 (7,074)
(790) (2,926)
(857) (11,647)
3,142 (653)
? (182) 241 2,548 (1,439) 1,109
31.12.17 $million
14,435 (6,254) 8,181 3,942
(430) 3,512 1,527 1,205 14,425 (6,758) (823) (2,007) (829) (10,417) 4,008 (1,362)
(320) (179) 268 2,415 (1,147) 1,268
29
55
49
1,054
1,219
1,109
1,268
cents
cents
12
18.7
23.5
12
18.5
23.3
236
Standard Chartered Annual Report 2018
Strategic report
Directors' report
Consolidated statement of comprehensive income
For the year ended 31 December 2018
Proft for the year Other comprehensive (loss)/income
Items that will not be reclassifed to income statement: Own credit gains/(losses) on fnancial liabilities designated at fair value through proft or loss Equity instruments at fair value through other comprehensive income Actuarial (losses)/gains on retirement beneft obligations Taxation relating to components of other comprehensive income
Items that may be reclassifed subsequently to income statement: Exchange differences on translation of foreign operations:
Net (losses)/gains taken to equity Net gains/(losses) on net investment hedges Share of other comprehensive income/(loss) from associates and joint ventures Debt instruments at fair value through other comprehensive income/available-for-sale investments: Net valuation (losses)/gains taken to equity Reclassifed to income statement Cash fow hedges: Net gains taken to equity Reclassifed to income statement Taxation relating to components of other comprehensive income Other comprehensive (loss)/income for the year, net of taxation Total comprehensive income for the year
Total comprehensive income attributable to: Non-controlling interests Parent company shareholders Total comprehensive income for the year
Notes
30 10
14 10
31.12.18 $million
1,109
382 394
36 (19) (29)
(1,189)
(1,462) 282 33
(128) 31
34 7 14
(807) 302
31.12.17 $million
1,268
(238) (249)
? 32 (21)
1,532
1,637 (288)
(1)
369 (233)
35 11 2 1,294 2,562
29
34
50
268
2,512
302
2,562
Risk review and capital review
Financial statements
Supplementary information
237
Financial statements Financial statements
Consolidated balance sheet
As at 31 December 2018
Assets Cash and balances at central banks Financial assets held at fair value through proft or loss Derivative fnancial instruments Loans and advances to banks1 Loans and advances to customers2 Investment securities Other assets Current tax assets Prepayments and accrued income Interests in associates and joint ventures Goodwill and intangible assets Property, plant and equipment Deferred tax assets Assets classifed as held for sale Total assets
Notes
13,35 13
13,14 13,15 13,15
13 20 10
32 17 18 10 21
31.12.18 $million
57,511 87,132 45,621 61,414 256,557 125,901 35,401
492 2,505 2,307 5,056 6,490 1,047 1,328 688,762
31.12.17 $million
58,864 27,564 47,031 78,188 282,288 117,025 33,490
491 2,307 2,307 5,013 7,211 1,177
545 663,501
Liabilities Deposits by banks Customer accounts Repurchase agreements and other similar secured borrowing Financial liabilities held at fair value through proft or loss Derivative fnancial instruments Debt securities in issue Other liabilities Current tax liabilities Accruals and deferred income Subordinated liabilities and other borrowed funds Deferred tax liabilities Provisions for liabilities and charges Retirement beneft obligations Liabilities included in disposal groups held for sale Total liabilities
13 13 13,16 13 13,14 13,22 23 10
13,27 10 24 30 21
29,715 391,013
1,401 60,700 47,209 46,454 38,309
676 5,393 15,001
563 1,330
399 247 638,410
30,945 370,509
39,783 16,633 48,101 46,379 35,257
376 5,493 17,176
404 183 455
? 611,694
Equity Share capital and share premium account Other reserves Retained earnings Total parent company shareholders' equity Other equity instruments Total equity excluding non-controlling interests Non-controlling interests Total equity Total equity and liabilities
28
7,111
7,097
11,878
12,767
26,129
26,641
45,118
46,505
28
4,961
4,961
50,079
51,466
29
273
341
50,352
51,807
688,762
663,501
1 Reverse repurchase agreements and other similar secured lending balances held at amortised cost of $3,815 million (31 December 2017: $20,694 million) have been included with loans and advances to banks
2 Reverse repurchase agreements and other similar secured lending balances held at amortised cost of $3,151 million (31 December 2017: $33,581 million) have been included with loans and advances to customers
The Notes on pages 244 to 355 form an integral part of these fnancial statements.
These fnancial statements were approved by the Board of directors and authorised for issue on 26 February 2019 and signed on its behalf by:
Jos? Vi?als Chairman
238
Standard Chartered Annual Report 2018
Bill Winters Group Chief Executive
Andy Halford Group Chief Financial Offcer
Strategic report
Consolidated statement of changes in equity
For the year ended 31 December 2018
Directors' report
Risk review and capital review
Financial statements
Share capital
and share premium account $million
Capital and Own credit
merger adjustment reserves1 reserve $million $million
Fair value Fair value through through other other compre- comprehensive hensive
Available income income -for-sale reserve reserve reserve ? debt ? equity $million $million $million
Cash fow hedge reserve $million
Translation reserve $million
Parent
company
Non-
Retained shareholders' Other equity controlling
earnings
equity instruments interests
$million
$million $million $million
Total $million
At 1 January 2017
7,091 17,129
289
(4)
?
? (85) (5,805) 25,753 44,368 3,969 321 48,658
Proft after tax for the year
?
?
?
?
?
?
?
? 1,219
1,219
?
49 1,268
Other comprehensive (loss)/income
?
? (235) 87
?
?
40 1,351
502
1,293
?
1 1,294
Distributions
?
?
?
?
?
?
?
?
?
?
?
(51) (51)
Shares issued, net of
expenses
6
?
?
?
?
?
?
?
?
6
?
?
6
Other equity instruments
issued, net of expenses
?
?
?
?
?
?
?
?
?
?
992
? 992
Net own shares
adjustment
?
?
?
?
?
?
?
?
10
10
?
? 10
Share option expense,
net of taxation
?
?
?
?
?
?
?
? 125
125
?
? 125
Dividends3
?
?
?
?
?
?
?
? (445)
(445)
?
? (445)
Other movements4
?
?
?
?
?
?
?
?
(71)
(71)
?
215 (50)
As at 31 December 2017 7,097 17,129
54 83
?
?
(45) (4,454) 26,641 46,505 4,961 341 51,807
IFRS 9 reclassifcations6
?
?
? (83) (131) 45
?
? 169
?
?
?
?
IFRS 9 re-
measurements6
?
?
?
?
?
4
?
?
31
35
?
? 35
Expected credit loss, net
?
?
?
? 65
?
?
? (1,074)7 (1,009)
?
(8) (1,017)
Tax impact
?
?
?
? (11)
5
?
? 179
173
?
? 173
Impact of IFRS 9 on share
of joint ventures and
associates, net of tax
?
?
?
?
?
(1)
?
?
(51)
(52)
?
? (52)
IFRS 9 transition
adjustments
?
?
? (83) (77) 53
?
? (746)
(853)
?
(8) (861)
As at 1 January 2018
7,097 17,129
54
? (77) 53 (45) (4,454) 25,895 45,652 4,961 333 50,946
Proft after tax for the year
?
?
?
?
?
?
?
? 1,054 1,054
?
55 1,109
Other comprehensive income/(loss)
?
?
358
? (84) 67
35 (1,158)
(4)2
(786)
?
(21) (807)
Distributions
?
?
?
?
?
?
?
?
?
?
? (97) (97)
Shares issued,
net of expenses
14
?
?
?
?
?
?
?
?
14
?
? 14
Net own shares
adjustment
?
?
?
?
?
?
?
?
1
1
?
?
1
Share option expense,
net of taxation
?
?
?
?
?
?
?
? 158
158
?
? 158
Dividends3
?
?
?
?
?
?
?
? (975)
(975)
?
? (975)
Other movements
?
?
?
?
?
?
?
?
?
?
?
38
3
As at 31 December 2018 7,111 17,129
412
? (161) 120 (10) (5,612) 26,129 45,118 4,961 273 50,352
1 Includes capital reserve of $5 million, capital redemption reserve of $13 million and merger reserve of $17,111 million
2 Comprises actuarial gain/(loss), net of taxation and share from associates and joint ventures $(4) million (31 December 2017: $50 million)
3 Comprises dividends paid net of scrip $539 million (31 December 2017: $nil) and dividends on preference shares classifed as equity and Additional Tier 1 securities $436 million (31 December 2017: $445 million). (refer Note 11)
4 Other movements of $(71) million is mainly due to issue of shares by Nepal to its non-controlling interests including premium ($19 million) as the adjustment to the carrying value of Group's share of the issue. This is offset by other equity adjustments of $(90) million
5 Other movements of $21 million relates to issue of shares by Nepal to its non-controlling interests including premium ($12 million) as the increase in non-controlling interest. The remaining $9 million relates to an acquisition
6 As per Note 41 Transition to IFRS 9 Financial Instruments
7 The Group's initial estimate of credit impairment provisions on adoption of IFRS 9 was $6,720 million. Following refnement of the Group's expected loss models, the estimate of the opening credit impairment provisions has been revised down by $222 million to $6,498 million, and the net expected credit loss of $(1,296) million adjusted against retained earnings has similarly decreased by $222 million to $1,074 million
8 Mainly due to additional share capital issued by Angola subscribed by its non-controlling interests without change in shareholding percentage
Note 28 includes a description of each reserve.
The Notes on pages 244 to 355 form an integral part of these fnancial statements.
Supplementary information
239
Financial statements Financial statements
Cash fow statement
For the year ended 31 December 2018
Cash fows from operating activities: Proft before taxation Adjustments for non-cash items and other adjustments included within income statement
Change in operating assets Change in operating liabilities Contributions to defned beneft schemes UK and overseas taxes paid Net cash from/(used in) operating activities Cash fows from investing activities: Purchase of property, plant and equipment Disposal of property, plant and equipment Acquisition of investment in subsidiaries, associates, and joint ventures, net of cash acquired Dividends received from subsidiaries, associates and joint ventures Disposal of subsidiaries Purchase of investment securities Disposal and maturity of investment securities Net cash (used in)/from investing activities Cash fows from fnancing activities: Issue of ordinary and preference share capital, net of expenses Exercise of share options Purchase of own shares Issue of Additional Tier 1 capital, net of expenses Gross proceeds from issue of subordinated liabilities Interest paid on subordinated liabilities Repayment of subordinated liabilities Proceeds from issue of senior debts Repayment of senior debts Interest paid on senior debts Investment from non-controlling interests Dividends paid to non-controlling interests and preference shareholders Dividends paid to ordinary shareholders Net cash used in fnancing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Effect of exchange rate movements on cash and cash equivalents Cash and cash equivalents at end of the year
Notes
34 34 34 30 10
18
32 32
Group
31.12.18 $million
31.12.17 $million
2,548
2,635 (12,837) 33,859
(143) (770) 25,292
2,415
3,241 (13,625)
5,819 (143) (915)
(3,208)
(171) 85
?
67 7
(276,388) 263,983 (12,417)
(165) 29
(44)
2 ? (265,186) 261,316 (4,048)
28
14
6
9
10
(8)
?
28
?
992
34
500
?
34
(602)
(743)
34
(2,097)
(2,984)
34
9,766
2,292
34
(7,030)
(4,162)
34
(507)
(896)
?
21
(533) (539) (1,027) 11,848 87,231
(496) ?
(5,960) (13,216) 96,977
(1,579)
3,470
35
97,500
87,231
Company
31.12.18 $million
31.12.17 $million
790
232 61
(462) ? ?
621
207
615 459 575
? (14) 1,842
? ?
?
1,035 ? ?
621 1,656
? ?
(1,000)
392 ? ?
2,850 2,242
14 9 (8) ? 500 (507) (474) 4,552 (3,141) (355) ?
(436) (539) (385) 1,892 15,714
? 17,606
6 10
? 992
? (353) (1,249) 1,501 (3,237) (825)
?
(445) ?
(3,600) 484
15,230
? 15,714
240
Standard Chartered Annual Report 2018
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