standard chartered profit plunges 24
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
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

 



GMT 07:55 2017 Tuesday ,28 March

Wafaa Amer wears Hijab in 'The Flood'

GMT 03:34 2017 Thursday ,16 February

Maastricht aims to rekindle European dream, 25 years on

GMT 05:12 2017 Saturday ,01 July

‘Star Wars’ droid R2-D2 auctioned for $2.8m

GMT 01:34 2016 Friday ,28 October

PAP president arrives in Cairo

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 23:08 2018 Monday ,22 January

BOC announces 2018 programme

GMT 09:46 2015 Thursday ,30 July

Tom Cruise attend 'Mission: Impossible' premiere

GMT 01:18 2017 Wednesday ,22 February

Three astronauts touch down after 6 months in space

GMT 11:04 2017 Wednesday ,22 February

Top US envoys to meet Mexico president to calm tension

GMT 11:33 2017 Saturday ,11 November

PM lauds sacrifices of Pakistan Army against terrorism

GMT 14:56 2017 Thursday ,17 August

Alibaba profit nearly doubles on robust revenues

GMT 15:06 2017 Monday ,13 March

Europe-Turkey rift widens
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday