Standard Chartered warns that 2013 profits may fall as Asian growth slows
December 5, 2013, 12:24 am TWN
LONDON--Asia-focused bank Standard Chartered warned that profit is likely to fall this year after a slowdown in Asian growth over the past five months.
“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, in particular in Financial Markets,” the bank said in a trading update.
The bank said that is likely to leave income for the full year “broadly flat” from 2012.
Operating profit in its consumer bank will be down by at least 10 percent because of problems in Korea, the bank said, with profit from wholesale banking expected to be flat from a year ago.