It’s Asia, innit? The London argot is basic, but it encapsulates the main reason London-headquartered Standard Chartered is such a stock market darling. But another reason is as important: the bank is generally well run.

Three-fifths of the bank’s revenues and profits last year came from Asia-Pacific, and less than a quarter of the rest from the current banking trouble spots of the UK, Europe and the US. More importantly for management evaluations than its historical, long-term choice of country focus, the bank also kept expenses under control. Like HSBC, its UK-based, Asia-focused rival, Standard Chartered’s operating costs rose by a 10th, led by rising staff costs in Asia. Unlike HSBC, however, its top-line growth at least kept pace.

Peter Sands, chief executive, believes that staff costs – mostly retention-related – will ease a little. That assumes no more Korea-style problems, where a staff revolt cost $206m. Still, Standard Chartered will do its own bit to soften those pressures: hiring is expected to add about 2 per cent to its 87,000 headcount this year, similar to 2011. The near one-tenth jump in 2010 in employee numbers was responsible for a large chunk of last year’s cost increase.