Arab Today, arab today standard chartered q1 profit down 22
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Standard Chartered Q1 profit down 22%

Arab Today, arab today

Arab Today, arab today Standard Chartered Q1 profit down 22%

Standard Chartered bank
Hong Kong - AFP

Asia-focused British bank Standard Chartered said Tuesday its first-quarter profit fell more than 20 percent year-on-year, missing analysts' expectations.

Profit before tax for the three months ended March 31 fell 22 percent to $1.47 billion from $1.88 billion in the same period last year, the bank said in a filing to the Hong Kong stock exchange.

The figure was below the average estimate of $1.6 billion predicted by four analysts polled by Bloomberg News.

"Trading conditions remain challenging and the actions we are taking to de-risk, cut costs and build capital are having an impact on near-term performance," group chief executive Peter Sands said in the filing.

Sands said the bank's underlying business volumes "generally remain strong".

Loan impairment increased 80 percent to $476 million from $265 million last year, while operating income for the period fell four percent year-on-year.

Former JPMorgan investment bank head Bill Winters is to replace Sands, who had issued profit warnings in the past year that sparked shareholder calls for a boardroom cull.

Bosses at the bank announced in March that they would forgo their bonuses after 2014 profits fell by more than a third.

The British lender said profit after tax for 2014 came in at $2.51 billion, down from $3.99 billion in 2013. It described the result as "disappointing".

Standard Chartered said in January it would axe 2,000 jobs around the world this year as it tries to make savings of $400 million in a structural overhaul.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today standard chartered q1 profit down 22 Arab Today, arab today standard chartered q1 profit down 22

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today standard chartered q1 profit down 22 Arab Today, arab today standard chartered q1 profit down 22

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday