Saturday, November 28, 2015   

StanChart flags weak first half after profits tumble 16pc, takes US$1b hit for South Korean business
(03-05 18:12)

Standard Chartered profits fell by 16 percent to US$3.98 billion for the year ended December 31, the bank said today, noting that the bank’s momentum has slowed.
The British bank wrote down its South Korean business by US$1 billion, while other impairment including private equity investments writedowns added up to US$129 million. Loan impairment in South Korea surged US$148 million, or 66 per cent, to US$371
Group Chief Executive Peter Sands (Pictured) admitted that 2013 “was not a great year for Standard Chartered.’’ He added that the bank expects modest growth this year and that “performance in the first half of 2014 will remain challenged both at an income and profit level.’’
Earnings per share shrank by 9 per cent at 204.0 US cents from 225.2 US cents in 2012 and return on equity also fell to 11.2 per cent compared with 12.8 per cent in 2012.
Net interest income increased by US$375 million, or 3 per cent to US$11.15 billion.
Non-interest income, including net fees and commissions, trading and other operating income, fell by US$487 million to US$7.51 billion.
The bank, which promotes itself as being “here for good’’ said unsecured loan impairments increased sharply. Loan impairment soared by 35 percent to US$1.62 billion.
Net trading income fell by US$331 million, or 12 per cent, to US$2.40 billion.
Operating income fell by 1 per cent compared with 2012 at US$18.66 billion.
Hong Kong income grew by 11 percent to US$1.56 billion, but operating expenses increased by US$24 million, or 3 per cent, to US$795 million, the bank said. Loan impairment was US$44 million higher at US$139 million.--The Standard

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