Standard Chartered says weakness in emerging markets and financial market unit

Standard Chartered Shanghai Towers

Standard Chartered said first-quarter operating profit fell by a 'high single-digit percentage' amid weakness in emerging-market currencies and its financial-markets business.

Bloomberg News reports that the profit decline was in line with the bank’s expectations, Standard Chartered said in a statement to Hong Kong’s stock exchange Thursday.

Revenue growth in the period dropped by a “low single-digit percentage” from a year earlier, said the company, which generates more than three-quarters of its earnings in Asia.

The bank is reviewing businesses to cut back or withdraw from less-profitable markets after suspending last year a target to increase revenue by at least 10% and writing down its South Korean business by $1bn. Revenue and profit in the first half of this year will be 'challenged', the bank said in March as it reported its 2013 profit.

Costs at the bank, led by Chief Executive Officer Peter Sands, were unchanged from a year earlier as expenses at its consumer-banking unit fell by a 'low single-digit' rate, it said. 

To access the complete Bloomberg article hit the link below

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