Business

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.

Reuters

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business