Standard Chartered Chief Executive Mervyn Davies said the Asia-focused bank wanted to stay independent as it reported 2004 profit in line with market expectations on Wednesday. Pretax profit for the year to December 31 rose 39 percent to $2.16 billion versus an analyst consensus forecast of $2.11 billion, keeping the stock flat in late-morning trade. The bank increased revenue and cut bad debts sharply.
Davies said the figures showed the bank, a regular subject of take-over talk, could deliver for shareholders on its own.
"We want to stay independent and we have got a very strong and exciting future," Davies told reporters on a conference call.
Standard Chartered is seen as a take-over target in the global banking race because of its focus on high-growth markets in Asia and the Middle East.
The bank's shares have outperformed an index of UK banks in recent weeks, partly on rumours that a big US player such as J.P. Morgan might buy a stake.
The bank's biggest shareholder, Asian tycoon Khoo Teck Puat, died last year, leaving his family with a 13.4 percent stake. Davies emphasised the family's links with Standard Chartered.
He said the family had been long-term supportive shareholders but that it was up to them to decide what to do with their shares.
"If you own the stock for the long-term growth story you will hold on to them but if you own them because you think they are about to be taken out you might be put off by Mervyn's comments," said Dresdner Kleinwort Wasserstein analyst Simon Maughan, who has a "reduce" rating on the stock.
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