Standard Chartered, one of Hong Kong’s three currency-issuing banks, reported worse-than-expected earnings for the third quarter because of high impairment charges related to exposure to China’s property sector.
The emerging-markets focused lender made a net loss of US$35 million for the July to September period, against a profit of US$964 million a year earlier.
The London-based bank, which generates much of its revenue in Asia, reported US$633 million in pre-tax profit, compared with US$1.39 billion last year, missing analysts’ estimates of US$1.49 billion polled by Bloomberg.
“We have continued to make strong progress in the third quarter against the five strategic actions outlined last year, delivering a solid set of results,” chief executive Bill Winters said in a statement to the Hong Kong stock exchange on Thursday. “Wealth management has continued its recovery with double-digit income growth, and the financial markets performance has been resilient against a strong comparator period.
The news is published by EMEA Tribune & SCMP
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