Standard Chartered reports single-digit profit growth

  • AFP, London
  • Updated: Oct 29, 2013 15:56 IST

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 %age", 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 %ages".



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 %age" 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% to $2.13 billion, with some of its businesses in emerging Asian markets seeing slower growth.

From Around the Web
Sponsored by Revcontent

also read

Govt will have to create an ecosystem of trust to pass GST: Mitra
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome