Saturday 24 February 2018

Standard Chartered says profit growth up by low-single digit so far this year

Asia-focused Standard Chartered Plc said its operating profit so far this year grew at a low single-digit rate, with the third quarter weighed down by depreciation in emerging markets currencies and market volatility.

Income for the quarter fell by a low single-digit percentage from a year earlier, the bank said in its third-quarter trading update on Tuesday. The bank, which is listed in both Hong Kong and London, does not publish third-quarter profit figures.

Stanchart's shares have been hit by concerns about a slowdown in Asia derailing its decade-long growth. They are down 3 percent in London trading this year, one of the worst performing bank stocks in Europe.

Exposure to Asian currencies has been a further drag, as the weak Indian rupee and Indonesian rupiah translate to lower reported U.S. dollar earnings.

"In the third quarter we delivered a resilient performance despite an uncertain macro environment," group Chief Executive Peter Sands said in the statement.


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