standard chartered profit plunges 24
Last Updated : GMT 02:43:09
Arab Today, arab today
Arab Today, arab today

Slower growth in emerging Asian markets

Standard Chartered profit plunges 24%

Arab Today, arab today

Arab Today, arab today Standard Chartered profit plunges 24%

Two women inside a Standard Chartered bank branch in Hong Kong
London - Arab Today

Two women inside a Standard Chartered bank branch in Hong Kong Standard Chartered said Tuesday its first-half net profit fell 24 percent, with some of its businesses in emerging Asian markets seeing slower growth .
The London-based but Asia-focused bank said net profit fell to US$2.13 billion for the six months to June 30, from $2.81 billion in the same period last year.
Operating income rose four percent to reach $9.75 billion from $9.37 billion in the previous year.
The bank, which focuses partly on emerging markets, was hit by a weak performance in South Korea with revenue falling five percent in the first half.
It posted a goodwill impairment of $1 billion in Korea, representing a lower value of assets in the country.
Performance was also affected by weak numbers in Singapore where profits fell 12 percent, but the bank saw improvements in its African market where profits were up 10 percent.
\"This year markets like Hong Kong, India and Africa delivered impressive growth, whilst Korea, Singapore and Other Asia-Pacific faltered,\" group chief executive Peter Sands said in a filing to the Hong Kong stock exchange.
Sands said the group was unlikely to see double-digit revenue growth this year due to uncertainty and \"growing turbulence\" in the global economy.
The company will not strive for financial growth by increasing bad debts, chairman John Peace said of its projected single-digit growth for the year.
Growth will not be \"at the expense of increased risks or higher levels of bad debt. It\'s a sensible balance that we strike across our portfolio,\" Peace told a press conference in Hong Kong.
The bank also saw loan impairment increase by $155 million to $730 million for the reported time period, an increase of 27 percent.
\"The external environment will remain challenging for the foreseeable future,\" Peace said, adding the bank was in the right markets and has the right strategy in place to deliver growth.
Shares in global banking giant HSBC slumped nearly five percent in Hong Kong Tuesday a day after it announced a 22 percent rise in half-year net profits, falling short of analysts\' expectations.

Source: AFP

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*

standard chartered profit plunges 24 standard chartered profit plunges 24

 



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*

standard chartered profit plunges 24 standard chartered profit plunges 24

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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