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.