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Tuesday, October 29, 2013

StanChart posts muted growth during Jan-Sept 2013

Standard Chartered on Tuesday said it saw a “resilient performance” in the third quarter, slowed by the Group’s performance in South Korea and Singapore.

The London-based but Asia-focused bank said its income and operating profit grew by a “low single digit” for the nine months ended September 30, 2013, compared to the same period last year.

Income for the third quarter was down by a “low single digit” percentage compared to the same period in 2012.

Operating profit for consumer banking for the first nine months of the year was down by a “mid single-digit percentage”, with its operations in Korea having a “material impact”, the group said in a statement.

Excluding Korea, the Group’s consumer banking helped grow income and profits by “high single digit percentages“.

Income for wholesale banking was flat for the first nine months of the year, compared to the same time period in 2012, with operating profit for the sector was up by a “low single digit percentage” in the same time period.

“In the third quarter, we delivered a resilient performance despite an uncertain macro environment,” group chief executive Peter Sands said in the statement.

The announcement excluded the impact of a $260 million UK bank levy, the impairment of goodwill for Korea, and a payment of $340 million in August last year to a New York regulator for violating US sanctions on Iran and other countries.

The bank had posted a goodwill impairment of $1 billion in Korea, representing a lower value of assets in the country, in August.

Standard Chartered, in the same month, said its first-half net profit fell 24 per cent to $2.13 billion, with some of its businesses in emerging Asian markets seeing slower growth.

Source: thehindubusinessline


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