Friday, April 25, 2014   

Weak profit outlook hits StanChart shares
(12-05 13:36)

Shares in Standard Chartered tumbled in Hong Kong after the bank warned that operating profit could fall at least 10 percent this year.
The Asia-focused lender said it had been adversely affected by weakness in its South Korean business, which had tempered improvement elsewhere.
Because of this, it said operating profit in the consumer banking arm would be down by “a double digit rate'' from last year's US$1.75 billion. It also said wholesale banking profit would be flat.
The news sent the bank's shares tumbling 6 percent in early trade before recovering slightly to end the morning session 4.38 percent lower.
“Difficult market conditions that began in August have continued in the second half and are likely to remain through to the year end. This has had a significant impact on business performance in the second half,'' a statement on the bank’s website said Wednesday.
“Income for the full year is expected to be broadly flat on 2012,'' the bank said.
The bank last month lowered its annual revenue growth target to a range of 7 to 9 percent for the next “couple of years,’’ from an initial forecast of at least 10 percent.—AFP

   
Other Business breaking news:
European equities rebound (04-24 19:13)
Spain cuts jobless rate to 25.73pc (04-24 18:15)
Bitcoin exchange MtGox to start liquidation process: lawyer (04-24 17:50)
Canon sees profit up on weak yen (04-24 17:36)
Draghi wants to publish ECB minutes (04-24 17:35)
Large Scania shareholder accepts Volkswagen bid (04-24 16:43)
German business confidence up in April (04-24 16:40)
Spain logs fastest growth in six years (04-24 16:39)
Hang Seng up, Shanghai down (04-24 16:37)
AstraZeneca drugs group says profits halved (04-24 16:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.