The banking sector is in focus as we speak to Singapore’s largest foreign bank serving some 900,000 retail customers in the lion city. 

Yes – we’re going to talk about Standard Chartered Bank. Founded over 160 years ago, the bank currently has a presence in 53 of the world’s most dynamic markets and serves clients in a further 64.  

The bank opened its first branch in 1859 in Singapore, and became one of the first international banks to receive a Qualifying Full Bank licence in 1999. 

Fast forward to 2022, the firm launched its digital bank venture Trust Bank in partnership with FairPrice Group, to drive digitalisation in the industry. 

The firm had in late February announced an 18 per cent increase in pre-tax profit. It also laid out its expectations for the coming years, projecting income to grow 5 to 7 per cent between 2024 and 2026, down from the 10 per cent seen in 2023. 

But how far is this driven by its business within ASEAN markets, and how far will its digital bank venture contribute to top and bottom line growth?

And with the US Federal Reserve widely expected to cut interest rates this year, what will net interest margins look like for Standard Chartered, and how does it intend to get around lower NIMs?

On Under the Radar, The Evening Runway’s finance presenter Chua Tian Tian posed these questions to Patrick Lee, Cluster CEO, Singapore & ASEAN Markets, Standard Chartered Bank.