logo-loader

Standard Chartered income to be flat this year with Covid recovery uneven

Published: 07:34 03 Aug 2021 BST

Standard Chartered PLC -

Standard Chartered PLC (LSE:STAN) said it expects income to be flat this year with an uneven recovery from Covid across its markets.

The bank has a big presence in India as well as Asia and other emerging markets and half-year profits jumped 57% to US$2.56bn, but this was largely attributable to an improvement in its bad debt provisions.

Operating income fell 6% to US$7.63bn as a record first half for wealth management and strong banking trading were offset by lower interest rates.

Profitability or net interest margin (NIM) was stable at 1.22% while expenses rose 8% to US$5.1bn.

Standard Chartered said it is restarting interim dividend payments at 3c, which will be one-third of the full-year total.

A new US$250mln share buyback will also be launched imminently, said the Asia-focused bank.

Bill Winters, chief executive, said he was encouraged by the first-half performance and is confident of a return to income growth in the second half.

Going forward, the bank said it expects to resume income growth at between 5-7% annually from 2022 onwards, while credit impairments are expected to remain low for the rest of the year.

Costs might rise above forecasts this year depending on the size of bonuses, though the bank said it is still targeting a figure of US$10bn.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

2 hours, 43 minutes ago