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Standard Chartered Bank - Reference Number ZC18 Directors' Report and Financial Statements

However, one other factor that cannot be ignored within the framework of a long run analysis, a factor which is closely linked to institutional criteria, is the role of politics and political institutions. Douglass C. North and Mary M. Shirley have recently underlined the overwhelming influence of politics and political institutions as determinants of financial development. 10 Peter Gourevitch and James Shinn highlight that it is these factors, within the broader context of regulation, that are relevant for corporate governance. They situate features of this scenario within the framework of the political system whereas other authors have done so within the. | Standard Chartered Bank Reference Number ZC18 Directors Report and Financial Statements 31 December 2010 Standard Chartered Incorporated in England with limited liability by Royal Charter 1853 Principal Office 1 Aldermanbury Square London EC2V 7SB England Standard Chartered Bank Contents Page Financial review 3 Financial risk management 14 Report of the directors 20 Statement of Directors responsibilities 23 Report of the auditors 24 Financial statements 25 Notes to the accounts 32 2 Standard Chartered Bank Financial Review Group summary The Group has delivered another record performance for the eighth year in succession. Operating income increased by 941 million or 6 per cent to 16 155 million. Operating profit rose 20 per cent to 6 230 million. On a constant currency basis operating income rose 3 per cent and operating profit rose 16 per cent. The normalised cost to income ratio was 55.9 per cent compared to 51.3 per cent in 2009 and reflects the conscious decision to continue investing in both businesses to underpin the Group s future growth. Investments in 2010 include - opening new branches investing in new business lines hiring front office relationship staff improving systems and investing in the brand. Additionally increased regulatory and compliance costs as well as pressure on talent retention as competition returns strongly to our key markets has led to a cost growth of 14 per cent. Our disciplined approach to risk has resulted in credit quality improvement in both businesses. Consumer Banking experienced lower impairment in 2010 its lowest average loss rate for 10 years. Wholesale Banking early alert indicators improved steadily throughout 2010 and do not show any particular concentration in terms of industry or geography. Overall the Group s asset quality is good and the level of impairment is significantly below the levels seen in 2009. The Group continues to adopt a conservative stance to balance sheet management with a continued emphasis on .