StanChart gross annual profit rises 46per cent, misses estimates
27 February, 2020
Standard Chartered on Thursday (Feb 27) posted a 45.5 % rise in annual profit, weathering the financial fallout from global trade tensions and political protests in Hong Kong with earnings growth in its main markets.
The bank, making the majority of its revenue in Asia, posted a pretax profit of US$3.71 billion, up from US$2.55 billion in 2018 and slightly below the US$3.94 billion average of analysts' forecasts compiled by the bank.
The bank said it could take longer to accomplish its target of a 10per cent return on tangible equity previously targeted for 2021, after flagging in October that the goal had are more difficult amid worsening global economic conditions.
Source: www.channelnewsasia.com
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