Standard Chartered said operating profit in the first quarter declined 'slightly as wholesale banking revenue fell.
Bloomberg reports that revenue grew from a year earlier as an increase in consumer banking income offset a 'mid single digit decrease in wholesale operations, the London-based company said in a statement Wednesday, without giving specific figures.
CEO Peter Sands, 51, is trying to increase revenue by at least 10% a year while keeping cost growth at a similar pace, as he hires and opens branches in China and Africa.
Standard Chartered, which gets most of its profit from Asia, last year reached a $667m settlement with U.S. regulators who said it violated sanctions with Iran.
'Stanchart will surely grow this year, but it remains to be seen whether they can achieve their double-digit targets', said Sandy Mehta, chief executive officer of Value Investment Principals Ltd. in Hong Kong, which doesn’t own shares in the bank. 'The year is off to a slow start so some catch-up will be required'.
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